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Rating Action:

Moody's downgrades $1.9 billion of RASC subprime RMBS

01 Jul 2009

New York, July 01, 2009 -- Moody's Investors Service has downgraded the ratings of 130 securities from 25 transactions issued by Residential Asset Securities Corporation. These actions are part of an ongoing review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit enhancement relative to updated collateral loss projections. The revised loss projections generally result from deterioration in collateral performance in recent months. Additionally, most affected transactions have, at some point, passed performance triggers and released portions of credit enhancement. In addition, in certain RASC deals, the over-collateralization accounts and excess spread are cross-collateralized between the different pools within a transaction. Therefore, for these deals, losses incurred on a deteriorating pool could erode the over-collateralization accounts for both pools. As a result, the better performing pool's loss may be allocated to subordinate bonds instead of being absorbed by that pool's outstanding over-collateralization amount. This feature can adversely affect the creditworthiness of certain bonds backed by better performing collateral relative to a non-related collateral group from the same transaction.

Moody's approach to analyzing seasoned subprime pools (i.e. prior to 2H 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions, in this case ranging from 55% to 80%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

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 Credit Policy & Methodologies directory.

The complete rating actions follow:

RASC Series 1999-RS1

A-I-3, Downgraded to Ba1; previously on 11/17/2008 Published at Aa2

A-II, Downgraded to Baa2; previously on 11/17/2008 Published at Aaa

RASC Series 2001-KS2 Trust

Cl. A-I-5, Downgraded to Baa2; previously on 6/29/2001 Assigned Aaa

Cl. A-I-6, Downgraded to Baa1; previously on 6/29/2001 Assigned Aaa

Cl. M-I-1, Downgraded to Ba2; previously on 2/28/2005 Downgraded to A2

Cl. M-I-2, Downgraded to C; previously on 6/7/2006 Downgraded to Baa3

Cl. M-I-3, Downgraded to C; previously on 5/17/2007 Downgraded to Caa2

Cl. A-II, Downgraded to A1; previously on 6/29/2001 Assigned Aaa

Cl. M-II-1, Downgraded to B2; previously on 9/29/2006 Downgraded to A1

Cl. M-II-2, Downgraded to C; previously on 6/7/2006 Downgraded to Baa3

Cl. M-II-3, Downgraded to C; previously on 6/29/2001 Assigned Baa2

RASC Series 2001-KS3 Trust

A-I-5, Downgraded to Baa1; previously on 10/23/2001 Assigned Aaa

A-I-6, Downgraded to A3; previously on 10/23/2001 Assigned Aaa

A-II, Downgraded to Aa3; previously on 10/23/2001 Assigned Aaa

M-I-1, Downgraded to B1; previously on 2/28/2005 Downgraded to A2

M-I-2, Downgraded to C; previously on 6/7/2006 Downgraded to Ba2

M-I-3, Downgraded to C; previously on 6/7/2006 Downgraded to Caa1

M-II-1, Downgraded to Ba1; previously on 10/23/2001 Assigned Aa2

M-II-2, Downgraded to Ca; previously on 10/23/2001 Assigned A2

M-II-3, Downgraded to C; previously on 10/23/2001 Assigned Baa2

RASC Series 2002-KS1 Trust

Cl. A-I-5, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. A-I-6, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. A-IIA, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. A-IIB, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

RASC Series 2002-KS2 Trust

Cl. A-I-5, Downgraded to Aa2; previously on 4/29/2002 Assigned Aaa

Cl. M-I-1, Downgraded to Baa3; previously on 9/25/2006 Downgraded to Aa3

Cl. M-I-2, Downgraded to Ca; previously on 9/25/2006 Downgraded to Ba1

Cl. M-I-3, Downgraded to C; previously on 9/25/2006 Downgraded to Caa3

RASC Series 2003-KS11 Trust

Cl. M-I-2, Downgraded to Baa1; previously on 2/20/2004 Assigned A2

Cl. M-I-3, Downgraded to B3; previously on 2/20/2004 Assigned Baa2

Cl. M-II-1, Downgraded to A1; previously on 2/20/2004 Assigned Aa2

Cl. M-II-2, Downgraded to Baa3; previously on 2/20/2004 Assigned A2

Cl. M-II-3, Downgraded to Caa2; previously on 2/20/2004 Assigned Baa2

RASC Series 2003-KS2 Trust

Cl. M-I-2, Downgraded to Baa1; previously on 4/24/2003 Assigned A2

Cl. M-I-3, Downgraded to Ba1; previously on 4/24/2003 Assigned Baa2

RASC Series 2003-KS4 Trust

Cl. A-II-A, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. A-II-B, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. A-III, Downgraded to Ba3; previously on 11/17/2008 Downgraded to Baa1

Cl. M-I-1, Downgraded to A1; previously on 7/31/2003 Assigned Aa2

Cl. M-I-2, Downgraded to Baa2; previously on 7/31/2003 Assigned A2

Cl. M-I-3, Downgraded to Caa1; previously on 7/31/2003 Assigned Baa2

RASC Series 2003-KS5 Trust

Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-I-6, Downgraded to Ba2; previously on 4/13/2009 Downgraded to Baa2

Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-II-B, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

RASC Series 2003-KS6 Trust

Cl. A-I, Downgraded to Aa3; previously on 8/29/2003 Assigned Aaa

Cl. A-II, Downgraded to Aa3; previously on 8/29/2003 Assigned Aaa

Cl. M-1, Downgraded to Ba2; previously on 1/3/2008 Downgraded to Baa2

Cl. M-2, Downgraded to C; previously on 1/3/2008 Downgraded to B1

Cl. M-3, Downgraded to C; previously on 1/3/2008 Downgraded to B2

RASC Series 2003-KS7 Trust

Cl. A-I-5, Downgraded to Aa2; previously on 9/26/2003 Assigned Aaa

Cl. A-I-6, Downgraded to Aa1; previously on 9/26/2003 Assigned Aaa

Cl. M-I-1, Downgraded to A2; previously on 9/26/2003 Assigned Aa2

Cl. M-I-2, Downgraded to Baa3; previously on 9/26/2003 Assigned A2

Cl. M-I-3, Downgraded to Caa3; previously on 9/26/2003 Assigned Baa2

RASC Series 2003-KS8 Trust

Cl. M-I-1, Downgraded to A1; previously on 11/21/2003 Assigned Aa2

Cl. M-I-2, Downgraded to Baa2; previously on 11/21/2003 Assigned A2

Cl. M-I-3, Downgraded to B3; previously on 11/21/2003 Assigned Baa2

RASC Series 2003-KS9 Trust

Cl. A-I-4, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-I-6, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

Cl. A-II-B, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Baa2

RASC Series 2004-KS1 Trust

Cl. M-I-1, Downgraded to A1; previously on 4/15/2004 Assigned Aa2

Cl. M-I-2, Downgraded to Baa3; previously on 4/15/2004 Assigned A2

Cl. M-I-3, Downgraded to Caa1; previously on 4/15/2004 Assigned Baa2

Cl. M-II-1, Downgraded to Aa3; previously on 4/15/2004 Assigned Aa2

Cl. M-II-2, Downgraded to Baa3; previously on 11/16/2007 Downgraded to Baa1

Cl. M-II-3, Downgraded to B2; previously on 11/16/2007 Downgraded to Ba3

RASC Series 2004-KS10 Trust

Cl. M-1, Downgraded to A1; previously on 11/19/2004 Assigned Aa2

Cl. M-2, Downgraded to Baa3; previously on 11/19/2004 Assigned A2

Cl. M-3, Downgraded to Ba2; previously on 11/16/2007 Downgraded to Baa1

Cl. M-4, Downgraded to Caa3; previously on 11/16/2007 Downgraded to Baa3

Cl. M-5, Downgraded to C; previously on 11/16/2007 Downgraded to Ba2

Cl. M-6, Downgraded to C; previously on 11/16/2007 Downgraded to B1

Cl. B, Downgraded to C; previously on 11/16/2007 Downgraded to B3

RASC Series 2004-KS11 Trust

Cl. M-1, Downgraded to Baa2; previously on 3/23/2009 Downgraded to A2

Cl. M-2, Downgraded to Caa3; previously on 3/23/2009 Downgraded to B3

Cl. M-3, Downgraded to C; previously on 3/23/2009 Downgraded to Caa2

RASC Series 2004-KS12 Trust

Cl. M-1, Downgraded to A2; previously on 1/17/2005 Assigned Aa2

Cl. M-2, Downgraded to Ba3; previously on 3/23/2009 Downgraded to Ba2

Cl. M-3, Downgraded to Ca; previously on 3/23/2009 Downgraded to B3

RASC Series 2004-KS2 Trust

Cl. M-I-1, Downgraded to A1; previously on 4/15/2004 Assigned Aa2

Cl. M-I-2, Downgraded to Baa3; previously on 4/15/2004 Assigned A2

Cl. M-I-3, Downgraded to Ca; previously on 11/16/2007 Downgraded to Ba1

Cl. M-II-1, Downgraded to A1; previously on 4/15/2004 Assigned Aa2

Cl. M-II-2, Downgraded to Baa3; previously on 4/15/2004 Assigned A2

Cl. M-II-3, Downgraded to Ca; previously on 11/16/2007 Downgraded to Ba3

RASC Series 2004-KS3 Trust

Cl. A-I-5, Downgraded to Aa2; previously on 5/28/2004 Assigned Aaa

Cl. A-I-6, Downgraded to Aa1; previously on 5/28/2004 Assigned Aaa

Cl. M-I-1, Downgraded to A2; previously on 5/28/2004 Assigned Aa2

Cl. M-I-2, Downgraded to Baa3; previously on 5/28/2004 Assigned A2

Cl. M-I-3, Downgraded to Ca; previously on 5/28/2004 Assigned Baa2

Cl. M-II-1, Downgraded to A2; previously on 5/28/2004 Assigned Aa2

Cl. M-II-2, Downgraded to Ba1; previously on 5/28/2004 Assigned A2

Cl. M-II-3, Downgraded to Ca; previously on 11/16/2007 Downgraded to Ba2

RASC Series 2004-KS4 Trust

Cl. A-I-4, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Ba2

Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Ba2

Cl. A-I-6, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Ba2

Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Ba2

Cl. A-II-B3, Downgraded to Ba3; previously on 4/13/2009 Downgraded to Ba2

RASC Series 2004-KS5 Trust

Cl. A-I-5, Downgraded to Aa3; previously on 8/16/2004 Assigned Aaa

Cl. A-I-6, Downgraded to Aa2; previously on 8/16/2004 Assigned Aaa

Cl. M-I-1, Downgraded to Baa2; previously on 8/16/2004 Assigned Aa2

Cl. M-I-2, Downgraded to B3; previously on 8/16/2004 Assigned A2

Cl. M-I-3, Downgraded to Caa3; previously on 8/16/2004 Assigned Baa2

Cl. M-II-1, Downgraded to Baa1; previously on 8/16/2004 Assigned Aa2

Cl. M-II-2, Downgraded to B2; previously on 8/16/2004 Assigned A2

Cl. M-II-3, Downgraded to C; previously on 11/16/2007 Downgraded to Ba2

RASC Series 2004-KS6 Trust

Cl. A-I-4, Downgraded to Aa3; previously on 8/30/2004 Assigned Aaa

Cl. A-I-5, Downgraded to A2; previously on 8/30/2004 Assigned Aaa

Cl. A-I-6, Downgraded to A1; previously on 8/30/2004 Assigned Aaa

Cl. M-I-1, Downgraded to Baa3; previously on 8/30/2004 Assigned Aa2

Cl. M-I-2, Downgraded to Ca; previously on 8/30/2004 Assigned A2

Cl. M-I-3, Downgraded to C; previously on 8/30/2004 Assigned Baa2

Cl. M-II-1, Downgraded to A1; previously on 8/30/2004 Assigned Aa2

Cl. M-II-2, Downgraded to B3; previously on 8/30/2004 Assigned A2

Cl. M-II-3, Downgraded to C; previously on 11/16/2007 Downgraded to Ba2

RASC Series 2004-KS7 Trust

Cl. A-I-3, Downgraded to B1; previously on 8/8/2008 Downgraded to Ba3

Current Underlying: Downgraded to B1; previously on 8/8/2008 Published at Ba3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-I-4, Downgraded to B3; previously on 8/8/2008 Downgraded to B1

Current Underlying: Downgraded to B3; previously on 8/8/2008 Published at B1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-I-5, Downgraded to B3; previously on 12/19/2008 Downgraded to B2

Current Underlying: Downgraded to B3; previously on 8/8/2008 Published at B2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-I-6, Downgraded to B3; previously on 8/8/2008 Downgraded to B1

Current Underlying: Downgraded to B3; previously on 8/8/2008 Published at B1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-II-A, Downgraded to Caa2; previously on 12/19/2008 Downgraded to B2

Current Underlying: Downgraded to Caa2; previously on 8/8/2008 Published at B2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-II-B3, Downgraded to Caa2; previously on 12/19/2008 Downgraded to B3

Current Underlying: Downgraded to Caa2; previously on 8/8/2008 Published at B3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

RASC Series 2004-KS8 Trust

Cl. M-II-1, Downgraded to Baa3; previously on 3/23/2009 Downgraded to Baa2

Cl. M-II-2, Downgraded to Caa3; previously on 3/23/2009 Downgraded to B2

Cl. M-II-3, Downgraded to C; previously on 3/23/2009 Downgraded to Ca

RASC Series 2004-KS9 Trust

Cl. A-I-4, Downgraded to B2; previously on 8/8/2008 Published at Baa2

Current Underlying: Downgraded to B2; previously on 8/8/2008 Published at Baa2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-I-5, Downgraded to B3; previously on 8/8/2008 Published at Baa2

Current Underlying: Downgraded to B3; previously on 8/8/2008 Published at Baa2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

Cl. A-I-6, Downgraded to B3; previously on 8/8/2008 Published at Baa2

Current Underlying: Downgraded to B3; previously on 8/8/2008 Published at Baa2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn on 3/25/2009)

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF171655

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
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 $1.9 billion of RASC subprime RMBS
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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