New York, March 11, 2011 -- Moody's Investors Service has downgraded the ratings of 128 tranches and
confirmed the rating of 1 tranche from 24 Subprime deals issued by Bear
Stearns. The collateral backing these deals primarily consists
of first-lien, fixed and adjustable rate Subprime residential
mortgages.
RATINGS RATIONALE
The actions are a result of deteriorating performance of Subprime pools
securitized before 2005. Although most of these pools have paid
down significantly, the remaining loans are affected by the housing
and macroeconomic conditions that remain under duress.
The actions reflect Moody's updated loss expectations on Subprime pools
issued from prior 2005. The principal methodology used in these
ratings was "Pre-2005 US RMBS Surveillance Methodology" published
in January 2011.
Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-level
loss expectations relative to current level of credit enhancement.
Moody's took into account credit enhancement provided by seniority,
cross-collateralization, excess spread, time tranching,
and other structural features within the senior note waterfalls.
The above mentioned approach "Pre-2005 US RMBS Surveillance Methodology"
is adjusted slightly when estimating losses on pools left with a small
number of loans to account for the volatile nature of small pools.
Even if a few loans in a small pool become delinquent, there could
be a large increase in the overall pool delinquency level due to the concentration
risk. To project losses on pools with fewer than 100 loans,
Moody's first estimates a "baseline" average rate of new delinquencies
of 11% for pools originated in 2004 and prior. The baseline
rate is generally higher than the average rate of new delinquencies for
larger pools. Once the baseline rate is set, further adjustments
are made based on 1) the number of loans remaining in the pool and 2)
the level of current delinquencies in the pool. The fewer the number
of loans remaining in the pool, the higher the volatility in performance.
Once the loan count in a pool falls below 75, the rate of delinquency
is increased by 1% for every loan less than 75. For example,
for a pool with 74 loans from the 2004 vintage, the adjusted rate
of new delinquency would be 11.11%. In addition,
if the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend. To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.85 to 2.25 for current delinquencies ranging from
less than 10% to greater than 50% respectively. Delinquencies
for subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.
Certain securities, as noted below, are insured by financial
guarantors. For securities insured by a financial guarantor,
the rating on the securities is the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security. The principal
methodology used in determining the underlying rating is the same methodology
for rating securities that do not have a financial guaranty and is as
described earlier.
The primary source of assumption uncertainty is the current macroeconomic
environment, in which unemployment levels remain high, and
weakness persists in the housing market. Overall, Moody's
assumes a further 5% decline in home prices with stabilization
in late 2011, accompanied by continued stress in national employment
levels through that timeframe.
For more information please see www.moodys.com.
Moody's Investors Service received and took into account one or more third
party due diligence reports on the underlying assets or financial instruments
in this transaction and the due diligence reports had a neutral impact
on the rating.
Complete rating actions are as follows:
Issuer: Bear Stearns ABS Trust Certificates, Series 2001-3
Cl. A-1, Downgraded to A2 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to A1 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to A2 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B3 (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C (sf); previously on
Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Apr 8,
2010 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-FR1
Cl. M-2, Downgraded to A2 (sf); previously on
Aug 6, 2004 Assigned Aa3 (sf)
Cl. M-3, Downgraded to B3 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C (sf); previously on
Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-FR3
Cl. M-2, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE10
Cl. M-1, Downgraded to Baa1 (sf); previously
on Jan 6, 2005 Assigned Aa2 (sf)
Cl. M-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C (sf); previously on
Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE11
Cl. M-1, Downgraded to A1 (sf); previously on
Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba1 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C (sf); previously on
Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE5
Cl. M-1, Downgraded to Baa1 (sf); previously
on Aug 2, 2004 Assigned Aa2 (sf)
Cl. M-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C (sf); previously on
Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE7
Cl. M-1, Downgraded to Ba1 (sf); previously on
Sep 30, 2004 Assigned Aa2 (sf)
Cl. M-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-7B, Downgraded to C (sf); previously on
Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE8
Cl. M-2, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE9
Cl. M-1, Downgraded to Ba1 (sf); previously on
Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2002-2
Cl. A-1, Downgraded to Aa3 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to Aa3 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Baa3 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B2 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Apr 8,
2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2003-1
A-2, Downgraded to Baa3 (sf); previously on Apr 8,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
A-1, Downgraded to Baa2 (sf); previously on Apr 8,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
M-1, Downgraded to B3 (sf); previously on Apr 8,
2010 A1 (sf) Placed Under Review for Possible Downgrade
M-2, Downgraded to Ca (sf); previously on Apr 8,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Apr 8,
2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2003-2
Cl. A-1, Downgraded to A1 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to A1 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba3 (sf); previously on
Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Apr 8,
2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2003-3
Cl. A-2, Downgraded to Aa2 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba1 (sf); previously on
Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Apr 8,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2003-ABF1
Cl. A, Downgraded to Aa2 (sf); previously on Nov 23,
2008 Confirmed at Aaa (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Issuer: Bear Stearns Asset Backed Securities Trust 2003-HE1
Cl. M-1, Downgraded to A1 (sf); previously on
Nov 16, 2006 Upgraded to Aaa (sf)
Cl. M-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2004-HE1
Cl. M-1, Downgraded to Aa3 (sf); previously on
Feb 14, 2004 Assigned Aa2 (sf)
Cl. M-2, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2004-HE2
Cl. M-1, Downgraded to Ba1 (sf); previously on
Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ca (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2004-HE3
Cl. M-2, Downgraded to B1 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Ca (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to Ca (sf); previously on
Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2004-HE4
Cl. M-1, Confirmed at Aa3 (sf); previously on
Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities Trust 2004-HE6
Cl. M-2, Downgraded to B3 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities, Inc.,
Series 1999-2
AF-1, Downgraded to Baa2 (sf); previously on Apr 8,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
AF-2, Downgraded to Baa2 (sf); previously on Apr 8,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
MF-1, Downgraded to Caa1 (sf); previously on Apr 8,
2010 Aa2 (sf) Placed Under Review for Possible Downgrade
MF-2, Downgraded to C (sf); previously on Apr 8,
2010 Baa1 (sf) Placed Under Review for Possible Downgrade
BF, Downgraded to C (sf); previously on Apr 8, 2010 Ca
(sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Backed Securities, Inc.,
Series 2000-2
Cl. B, Downgraded to Ba1 (sf); previously on Apr 8,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset Securities I Trust 2004-FR2
Cl. M-1, Downgraded to A1 (sf); previously on
Sep 20, 2004 Assigned Aa2 (sf)
Cl. M-2, Downgraded to B1 (sf); previously on
Sep 20, 2004 Assigned Aa3 (sf)
Cl. M-3, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ca (sf); previously on
Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C (sf); previously on
Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C (sf); previously on
Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C (sf); previously on
Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-8B, Downgraded to C (sf); previously on
Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset-Backed Securities Trust 2002-1
Cl. 1-A5, Downgraded to Aa1 (sf); previously
on Nov 10, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 2-A, Downgraded to A1 (sf); previously on
Nov 10, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba1 (sf); previously on
Nov 10, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ca (sf); previously on
Nov 10, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 10,
2010 Ba3 (sf) Placed Under Review for Possible Downgrade
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF239080
A list of updated estimated pool losses and sensitivity analysis is being
posted on an ongoing basis for the duration of this review period and
may be found at:
Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237255
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information, and confidential
and proprietary Moody's Analytics information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
New York
Edward Hou
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's downgrades $1.3 billion of Subprime RMBS issued by Bear Stearns in 1999 through 2004