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Rating Action:

Moody's downgrades $1.6 bn of CES-HELOC RMBS issued by CWABS

10 Jun 2010

New York, June 10, 2010 -- Moody's Investors Service has downgraded the ratings of 36 tranches and confirmed the ratings of 7 tranches from 21 RMBS transactions issued by CWABS. The collateral backing these deals primarily consists of closed-end second (CES) mortgages and/or home equity lines of credit (HELOC).

The actions are a result of the continued performance deterioration in second lien pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on the second lien pools in relation to existing credit protection. For details regarding Moody's approach to estimating losses on second lien securities, please refer to the methodology publication "Second Lien RMBS Loss Projection Methodology: April 2010" available on Moodys.com.

Certain tranches included in this action, noted below, are wrapped by MBIA Insurance Corporation (rated B3) or Syncora Guarantee Inc. (rated Ca). 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. Certain other tranches included in this action, noted below, are wrapped by Financial Guaranty Insurance Company (FGIC). Moody's withdrew the insurance financial strength rating of FGIC in March 2009. As a result securities wrapped by FGIC are rated at their underlying rating without consideration of FGIC's guaranty. RMBS securities wrapped by Ambac Assurance Corporation are rated at their underlying rating without consideration of Ambac's guaranty.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Rating Methodologies sub-directory. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

Complete rating actions are as follows:

Issuer: CWABS Asset-Backed Certificates Trust 2006-SPS1

Cl. A, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-SPS2

Cl. A, Downgraded to C; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-A

Notes, Downgraded to Caa2; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-B

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Cl. 2-A, Downgraded to Caa2; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-C

Notes, Downgraded to Caa2; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Master Trust, Series 2003-E

Notes, Downgraded to Caa2; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Revolving Home Equity Asset-Backed Notes, Series 2004-O

Cl. 1-A, Downgraded to Caa3; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to Ca; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-D

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to Caa2; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-E

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Cl. 2-A, Downgraded to Caa1; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-F

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Cl. 2-A, Downgraded to Caa2; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-J

Cl. 1-A, Downgraded to Caa1; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to B3; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-K

Cl. 1-A, Downgraded to Caa3; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to Ca; previously on Apr 16, 2010 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-L

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to Ca; previously on Apr 16, 2010 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-M

Cl. 1-A, Downgraded to Caa2; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Confirmed at Ca; previously on Apr 16, 2010 Downgraded to Ca and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-N

Cl. 1-A, Downgraded to Caa3; previously on Apr 16, 2010 Caa2 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Downgraded to Ca; previously on Apr 16, 2010 Caa2 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-Q

Cl. 1-A, Confirmed at Caa3; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: Syncora Guarantee Inc. (Downgraded to Ca, Outlook Developing on March 9, 2009)

Cl. 2-A, Downgraded to Ca; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: Syncora Guarantee Inc. (Downgraded to Ca, Outlook Developing on March 9, 2009)

Issuer: CWABS Revolving Home Equity Loan Trust, Series 2004-S

Cl. A, Downgraded to Caa3; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: CWABS Revolving Home Equity Loan Trust, Series 2004-T

Cl. 1-A, Confirmed at Ca; previously on Apr 16, 2010 Downgraded to Ca and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 2-A, Confirmed at Ca; previously on Apr 16, 2010 Downgraded to Ca and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CWABS Revolving Home Equity Loan Trust, Series 2004-U

Cl. 1-A, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Cl. 2-A, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2003-S2

Cl. A-4, Downgraded to A2; previously on Mar 18, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to A1; previously on Mar 18, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on Mar 18, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2003-SC1

Cl. M-1, Downgraded to Ba1; previously on Mar 18, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3; previously on Mar 18, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-4, Confirmed at B3; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. B, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF207536

For more information please see www.moodys.com.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph DiMiceli
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades $1.6 bn of CES-HELOC RMBS issued by CWABS
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