New York, March 30, 2011 -- Moody's Investors Service has downgraded the ratings of 222 tranches and
confirmed the ratings of five tranches from 39 Subprime deals issued by
Residential Asset Mortgage Products (RAMP). 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
securitized before 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.
Certain tranches in transactions serviced by GMAC Mortgage, LLC's
(GMACM), were placed on review for possible downgrade in 2010 due
to two concerns regarding the servicer's practices. Firstly,
GMACM used shared custodial bank accounts for multiple RMBS transactions
and secondly, GMACM had to suspend foreclosures in 25 states due
to irregularities in its foreclosure processes. As GMACM is a subsidiary
of C rated Residential Capital, LLC (RFC), in case of a default,
losses could have been absorbed by the trusts.
Since the tranches were placed on review, GMACM has eliminated the
use of a common bank account across RMBS deals and set up individual accounts
for each transaction. Also, GMACM has reviewed and revamped
its foreclosure process, and has lifted its suspension of foreclosure
sales and evictions on a case by case basis.
Today's ratings actions are based on recent pool performance and
the available credit enhancement. Moody's is not keeping
these bond under further review due to the two issues highlighted above
as they have been resolved.
However, the state attorneys general are engaged in ongoing discussions
with several servicers regarding loan modifications and foreclosure procedures.
The ultimate settlement of those discussions may entail fines, loan
forgiveness, cash payments to borrowers or other features that could
reduce future cash flows to RMBS investors. Moody's will
continue to monitor the outcome and assess future credit implications
on the ratings as the situation evolves.
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. RMBS securities wrapped by Ambac Assurance Corporation
are rated at their underlying rating without consideration of Ambac's
guaranty.
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: RAMP Mortgage Asset-Backed Pass-Through Certificates,
Series 2001-RS1
Cl. A-II, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-4, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2001-RS3 Trust
A-II, Downgraded to Caa1 (sf); previously on Apr 8,
2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-I-5, Downgraded to Caa2 (sf); previously on
Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2002-RS2 Trust
Cl. A-I-5, Downgraded to Baa1 (sf); previously
on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to B1 (sf); previously
on Mar 3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2002-RS3 Trust
Cl. A-I-5, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-1, Downgraded to A3 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-S, Downgraded to A3 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2002-RS4 Trust
Cl. A-I-5, Downgraded to B3 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to B2 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2002-RS5 Trust
Cl. A-I-5, Downgraded to B3 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to B2 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II, Downgraded to B2 (sf); previously on
Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2002-RS6 Trust
Cl. A-I-5, Downgraded to Caa1 (sf); previously
on Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to B3 (sf); previously
on Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-7, Downgraded to Caa1 (sf); previously
on Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II, Downgraded to Caa3 (sf); previously
on Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2002-RS7 Trust
A-1, Downgraded to Caa2 (sf); previously on Apr 8,
2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2002-RZ2 Trust
Cl. M-2, Downgraded to Ba3 (sf); previously on
Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Confirmed at Ca (sf); previously on
Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2002-RZ3 Trust
Cl. M-1, Downgraded to Baa3 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
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 C (sf); previously on
Aug 24, 2010 Downgraded to Caa1 (sf) and Remained On Review for
Possible Downgrade
Issuer: RAMP Series 2002-RZ4 Trust
Cl. A, Confirmed at A3 (sf); previously on Mar 3,
2010 A3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS1 Trust
Cl. A-I-5, Downgraded to Caa1 (sf); previously
on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to B3 (sf); previously
on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to Ca (sf); previously on
Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. M-I-1, Downgraded to Ca (sf); previously
on Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RS10 Trust
Cl. A-I-6, Downgraded to A2 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-7, Downgraded to A1 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to B1 (sf); previously
on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to B2 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RS11 Trust
A-I-6A, Downgraded to Baa1 (sf); previously on
Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
A-I-6B, Downgraded to Baa1 (sf); previously on
Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
Underlying Rating: Downgraded to Baa1 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-I-7, Downgraded to Baa1 (sf); previously on
Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
M-I-1, Downgraded to Caa1 (sf); previously on
Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade
M-I-2, Downgraded to Ca (sf); previously on Mar
3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
M-I-3, Downgraded to Ca (sf); previously on Apr
8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade
M-II-1, Downgraded to A3 (sf); previously on
Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade
M-II-2, Downgraded to Caa3 (sf); previously on
Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
M-II-3, Downgraded to Ca (sf); previously on
Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
M-II-4, Downgraded to C (sf); previously on Mar
3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
M-II-5, Downgraded to C (sf); previously on Apr
8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RS2 Trust
Cl. A-I-5, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II, Downgraded to B2 (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS3 Trust
Cl. A-I-4, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-5, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS4 Trust
Cl. A-I-5, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to B3 (sf); previously
on Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II-A, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II-B, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS5 Trust
A-I-5, Downgraded to B3 (sf); previously on Mar
3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-I-6, Downgraded to B2 (sf); previously on Mar
3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-II-A, Downgraded to B1 (sf); previously on
Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-II-B, Downgraded to B1 (sf); previously on
Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS6 Trust
Cl. A-I-5, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to B3 (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II-A, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-II-B, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: RAMP Series 2003-RS7 Trust
A-I-5, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
A-I-6, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-I-1, Downgraded to B2 (sf); previously on Mar
3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
M-I-2, Downgraded to Ca (sf); previously on Apr
8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
M-I-3, Downgraded to C (sf); previously on Apr
8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
M-II-1, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-II-2, Downgraded to B3 (sf); previously on
Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
M-II-3, Downgraded to C (sf); previously on Apr
8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RS8 Trust
A-I-6A, Downgraded to Baa2 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
A-I-6B, Downgraded to Baa2 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Baa2 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-I-7, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
A-I-8, Downgraded to Baa2 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
M-I-1, Downgraded to Caa3 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-I-2, Downgraded to Ca (sf); previously on Mar
3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
M-I-3, Downgraded to Ca (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
M-II-1, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-II-2, Downgraded to B3 (sf); previously on
Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
M-II-3, Downgraded to C (sf); previously on Mar
3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
M-II-4, Downgraded to C (sf); previously on Sep
27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
M-II-5, Downgraded to C (sf); previously on Sep
27, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RS9 Trust
Cl. A-I-6A, Downgraded to Ba2 (sf); previously
on Apr 8, 2010 Aa2 (sf) Remained On Review for Possible Downgrade
Cl. A-I-6B, Downgraded to Ba2 (sf); previously
on Apr 8, 2010 Aa2 (sf) Remained On Review for Possible Downgrade
Underlying Rating: Downgraded to Ba2 (sf); previously on Apr
8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-7, Downgraded to Ba1 (sf); previously
on Apr 8, 2010 Aa2 (sf) Remained On Review for Possible Downgrade
Cl. M-I-1, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 A2 (sf) Remained On Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to Ba3 (sf); previously
on Apr 8, 2010 A2 (sf) Remained On Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RZ2 Trust
Cl. A-1, Downgraded to A3 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to A3 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. M-1, Downgraded to Ba1 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2 (sf); previously
on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RZ3 Trust
Cl. A-5-A, Downgraded to Baa1 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-5-B, Downgraded to Baa1 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Baa1 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-6, Downgraded to Baa1 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba3 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa3 (sf); previously
on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2003-RZ4 Trust
Cl. A-6, Downgraded to Baa3 (sf); previously
on Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
Underlying Rating: Downgraded to Baa3 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-7, Downgraded to Baa2 (sf); previously
on Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
Cl. M-1, Downgraded to B2 (sf); previously on
Apr 8, 2010 Aa2 (sf) Remained On Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 A3 (sf) Remained On Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Issuer: RAMP Series 2003-RZ5 Trust
A-6-A, Downgraded to Baa2 (sf); previously on
Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
A-6-B, Downgraded to Baa2 (sf); previously on
Apr 8, 2010 Aaa (sf) Remained On Review for Possible Downgrade
Underlying Rating: Downgraded to Baa2 (sf); previously on Apr
8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-7, Downgraded to Baa1 (sf); previously on Mar 3,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
M-1, Downgraded to Caa1 (sf); previously on Mar 3,
2010 Aa3 (sf) Placed Under Review for Possible Downgrade
M-2, Downgraded to Ca (sf); previously on Mar 3,
2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS1 Trust
A-I-6A, Downgraded to Ba2 (sf); previously on
Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
A-I-6B, Downgraded to Ba2 (sf); previously on
Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ba2 (sf); previously on Apr
8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
A-I-7, Downgraded to Ba1 (sf); previously on
Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
M-I-1, Downgraded to Caa3 (sf); previously on
Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
M-I-2, Downgraded to C (sf); previously on Mar
3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
M-I-3, Downgraded to C (sf); previously on Apr
8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade
M-II-1, Downgraded to Baa1 (sf); previously on
Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade
M-II-2, Downgraded to Ca (sf); previously on
Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
M-II-3, Downgraded to C (sf); previously on Apr
8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS10 Trust
Cl. A-I-4, Downgraded to A1 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to A2 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to A1 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Confirmed at Aa2 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS11 Trust
Cl. M-1, Downgraded to Baa1 (sf); previously
on Apr 8, 2010 Aa1 (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. 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 Ba1 (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
Issuer: RAMP Series 2004-RS12 Trust
Cl. A-I-4, Downgraded to Aa1 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to Aa2 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to Aa1 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to B2 (sf); previously
on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Confirmed at Aa3 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Confirmed at A1 (sf); previously
on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to Ba3 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-5, Downgraded to C (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-6, Downgraded to C (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS2 Trust
Cl. A-I-4, Downgraded to B3 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to B2 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Ca (sf); previously
on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to B1 (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to C (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS3 Trust
Cl. A-I-4, Downgraded to Baa1 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to Baa1 (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 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa3 (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C (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 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS4 Trust
Cl. A-I-5, Downgraded to B3 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to B2 (sf); previously
on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to Ba2 (sf); previously
on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS5 Trust
Cl. A-I-5, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. M-II-1, Downgraded to Baa1 (sf); previously
on Apr 8, 2010 Aa2 (sf) Remained On Review for Possible Downgrade
Cl. M-II-2, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 Baa2 (sf) Remained On Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Baa3 (sf) Remained On Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-5, Downgraded to C (sf); previously
on Apr 8, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS6 Trust
Cl. A-I-4, Downgraded to A2 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to A3 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to A2 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Baa2 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to B2 (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to B3 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS7 Trust
Cl. A-I-4, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa1 (sf); previously on Apr
8, 2010 B2 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Cl. A-I-5, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa2 (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Cl. A-I-6, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa1 (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Cl. A-II-A, Downgraded to Ca (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Cl. A-II-B2, Downgraded to Ca (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Cl. A-III, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa2 (sf); previously on Apr
8, 2010 B3 (sf) Placed Under Review for Possible Downgrade*
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)
Issuer: RAMP Series 2004-RS8 Trust
Cl. A-I-4, Downgraded to Ba3 (sf); previously
on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to B1 (sf); previously
on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to Ba3 (sf); previously
on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-3, Downgraded to Aa1 (sf); previously
on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Caa3 (sf); previously
on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C (sf); previously
on Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to B1 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RS9 Trust
Cl. A-I-4, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-5, Downgraded to Caa2 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-I-6, Downgraded to Caa1 (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. M-II-1, Downgraded to B3 (sf); previously
on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Ca (sf); previously
on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-RZ1 Trust
A-I-6, Downgraded to Aa3 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
A-I-7, Downgraded to Aa2 (sf); previously on
Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
A-II, Downgraded to A1 (sf); previously on Apr 8,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
M-1, Downgraded to Baa2 (sf); previously on Apr 8,
2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-2, Downgraded to Caa3 (sf); previously on Apr 8,
2010 A2 (sf) Placed Under Review for Possible Downgrade
M-3, Downgraded to C (sf); previously on Apr 8,
2010 Baa3 (sf) Placed Under Review for Possible Downgrade
M-4, Downgraded to C (sf); previously on Jul 6,
2010 Downgraded to Caa1 (sf) and Remained On 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_SF241290
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://www.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
Maxim Pertsov
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 $3.4 billion of Subprime RMBS issued by GMAC-RFC in 2001 through 2004
