New York, April 06, 2010 -- Moody's Investors Service has downgraded the ratings of 130 tranches from
30 RMBS transactions issued by RAMP. Additionally, Moody's
confirmed the existing ratings of 16 tranches and upgraded the rating
of one tranche from these transactions. The collateral backing
these deal primarily consists of first-lien, fixed and adjustable-rate
subprime residential mortgages.
The actions are a result of the continued performance deterioration in
Subprime pools in conjunction with home price and unemployment conditions
that remain under duress. The actions reflect Moody's updated
loss expectations on subprime pools issued from 2005 to 2007. For
details regarding Moody's approach to estimating losses on subprime pools
originated in 2005, 2006, and 2007, please refer to
the methodology publication "Subprime RMBS Loss Projection Update:
February 2010" available on Moodys.com.
To assess the rating implications of the updated loss levels on subprime
RMBS, each individual pool was run through a variety of scenarios
in the Structured Finance Workstation® (SFW), the cash flow
model developed by Moody's Wall Street Analytics. This individual
pool level analysis incorporates performance variances across the different
pools and the structural features of the transaction including priorities
of payment distribution among the different tranches, average life
of the tranches, current balances of the tranches and future cash
flows under expected and stressed scenarios. The scenarios include
ninety-six different combinations comprising of six loss levels,
four loss timing curves and four prepayment curves. The volatility
in losses experienced by a tranche due to small increments in losses on
the underlying mortgage pool is taken into consideration when assigning
ratings.
Certain tranches included in this action, noted below, are
wrapped by Financial Guaranty Insurance Company (Insured Rating Withdrawn
3/25/2009). 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.
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: RAMP Series 2005-EFC1 Trust
Cl. M-1, Confirmed at Aa1; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B1; previously on Jan
13, 2010 Aa3 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca; previously on Jan
13, 2010 A3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC2 Trust
Cl. M-1, Confirmed at Aa1; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba1; previously on Jan
13, 2010 Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Caa1; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC3 Trust
Cl. M-1, Confirmed at Aa1; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba1; previously on Jan
13, 2010 Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Caa1; previously on Jan
13, 2010 Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 A2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Baa3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Confirmed at Aaa; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC4 Trust
Cl. A-2, Downgraded to Aa1; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Aa2; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba2; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 A3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Ba2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 B2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC5 Trust
Cl. A-2, Downgraded to A1; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Baa1; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B3; previously on Jan
13, 2010 Aa3 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 A3 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ba2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 B2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC6 Trust
Cl. A-I-2, Downgraded to Aa3; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Downgraded to A3; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to A1; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B2; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Baa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-EFC7 Trust
Cl. A-I-3, Downgraded to Caa3; previously
on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa3; previously on Mar 20,
2009 Downgraded to B3
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-I-4, Downgraded to C; previously
on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to C; previously on Apr 8,
2008 Downgraded to B3
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-II, Downgraded to Ca; previously on Jan
13, 2010 B3 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca; previously on Mar 20,
2009 Downgraded to B3
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Issuer: RAMP Series 2005-NC1 Trust
Cl. A-I-3, Downgraded to Caa3; previously
on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa3; previously on Mar 20,
2009 Downgraded to Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-I-4, Downgraded to C; previously
on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to C; previously on Oct 17,
2008 Downgraded to Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-II, Downgraded to Ca; previously on Jan
13, 2010 Caa1 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca; previously on Mar 20,
2009 Downgraded to Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Issuer: RAMP Series 2005-RS1 Trust
Cl. A-I-4, Downgraded to B1; previously
on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to Caa2; previously
on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to Ba2; previously
on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to Caa2; previously
on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to C; previously
on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to C; previously
on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to C; previously
on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C; previously
on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS2 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-3, Confirmed at Aaa; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to A3; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa1; previously on Jan
13, 2010 Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 A2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Baa3 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS3 Trust
Cl. A-I-A3, Downgraded to Aa3; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-B1, Downgraded to Aa3; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-B2, Downgraded to A1; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to Aa2; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba2; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2; previously on Jan
13, 2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca; previously on Jan
13, 2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS4 Trust
Cl. A-4, Downgraded to Aa2; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Baa3; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa1; previously on Jan
13, 2010 A2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Baa2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS5 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Downgraded to A2; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to A2; previously on Jan
13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Caa1; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS6 Trust
Cl. A-I-3, Downgraded to Aa1; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-1, Downgraded to Aa1; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-2, Downgraded to Aa2; previously
on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B1; previously on Jan
13, 2010 A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ca; previously on Jan
13, 2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS7 Trust
Cl. A-2, Downgraded to Baa2; previously on Jan
13, 2010 Baa1 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa1; previously on Jan
13, 2010 Baa2 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS8 Trust
Cl. A-2, Confirmed at Ba2; previously on Jan
13, 2010 Ba2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa2; previously on Jan
13, 2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2005-RS9 Trust
Cl. A-I-3, Downgraded to Caa2; previously
on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Caa2; previously on Oct 17,
2008 Downgraded to Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-I-4, Downgraded to Ca; previously
on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca; previously on Mar 20,
2009 Downgraded to Caa3
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Cl. A-II, Downgraded to Ca; previously on Jan
13, 2010 Caa2 Placed Under Review for Possible Downgrade
Underlying Rating: Downgraded to Ca; previously on Mar 20,
2009 Downgraded to Caa2
Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn 3/25/2009)
Issuer: RAMP Series 2006-EFC1 Trust
Cl. A-2, Downgraded to Baa2; previously on Jan
13, 2010 Aa1 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to B2; previously on Jan
13, 2010 Aa3 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ca; previously on Jan
13, 2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-EFC2 Trust
Cl. A-2, Confirmed at Baa3; previously on Jan
13, 2010 Baa3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa2; previously on Jan
13, 2010 Ba2 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-1S, Downgraded to C; previously on Jan
13, 2010 B1 Placed Under Review for Possible Downgrade
Cl. M-2S, Downgraded to C; previously on Jan
13, 2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-NC1 Trust
Cl. A-2, Downgraded to B2; previously on Jan
13, 2010 A3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to C; previously on Jan 13,
2010 Baa1 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-NC2 Trust
Cl. A-2, Downgraded to Caa1; previously on Jan
13, 2010 Baa3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to C; previously on Jan 13,
2010 Ba1 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 Ba3 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-NC3 Trust
Cl. A-2, Downgraded to Caa1; previously on Jan
13, 2010 Ba3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS1 Trust
Cl. A-I-2, Downgraded to Caa1; previously
on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade
Cl. A-I-3, Downgraded to Ca; previously
on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to Caa3; previously on Jan
13, 2010 B3 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS2 Trust
Cl. A-2, Downgraded to Caa1; previously on Jan
13, 2010 B2 Placed Under Review for Possible Downgrade
Cl. A-3A, Downgraded to Ca; previously on Jan
13, 2010 B2 Placed Under Review for Possible Downgrade
Cl. A-3B, Downgraded to C; previously on Jan
13, 2010 B3 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS3 Trust
Cl. A-2, Confirmed at B3; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa3; previously on Jan
13, 2010 Caa2 Placed Under Review for Possible Downgrade
Cl. A-4, Confirmed at Ca; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS4 Trust
Cl. A-2, Upgraded to Aa1; previously on Mar 20,
2009 Downgraded to A2
Cl. A-3, Downgraded to Caa2; previously on Jan
13, 2010 Ba3 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on Jan 13,
2010 B1 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on Jan 13,
2010 Caa2 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS5 Trust
Cl. A-3, Confirmed at B3; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on Jan 13,
2010 Caa3 Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2006-RS6 Trust
Cl. A-2, Downgraded to Caa1; previously on Jan
13, 2010 B3 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ca; previously on Jan
13, 2010 Caa3 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2007-RS1 Trust
Cl. A-1, Confirmed at Aaa; previously on Jan
13, 2010 Aaa Remained On Review for Possible Downgrade
Cl. A-2, Confirmed at Aa2; previously on Jan
13, 2010 Aa2 Remained On Review for Possible Downgrade
Cl. A-3, Downgraded to Ca; previously on Jan
13, 2010 Caa2 Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to C; previously on Jan 13,
2010 Ca Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2007-RS2 Trust
Cl. A-1, Confirmed at B3; previously on Jan 13,
2010 B3 Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to Ca; previously on Jan
13, 2010 Caa2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to C; previously on Jan 13,
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_SF198822
A list of updated estimated pool losses and tranche recovery details is
being posted on an ongoing basis for the duration of this review period
and may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF198689
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 Rocco
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's downgrades 5.2 bn of Subprime RMBS issued by RAMP