info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
DIVERSITY & INCLUSION
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Bear Stearns Asset Backed Securities I Trust 2005-AQ1
Bear Stearns Asset Backed Securities I Trust 2005-AQ2
Bear Stearns Asset Backed Securities I Trust 2005-EC1
Bear Stearns Asset Backed Securities I Trust 2005-FR1
Bear Stearns Asset Backed Securities I Trust 2005-HE1
Bear Stearns Asset Backed Securities I Trust 2005-HE10
Bear Stearns Asset Backed Securities I Trust 2005-HE11
Bear Stearns Asset Backed Securities I Trust 2005-HE12
Bear Stearns Asset Backed Securities I Trust 2005-HE2
Bear Stearns Asset Backed Securities I Trust 2005-HE4
Bear Stearns Asset Backed Securities I Trust 2005-HE5
Bear Stearns Asset Backed Securities I Trust 2005-HE6
Bear Stearns Asset Backed Securities I Trust 2005-HE7
Bear Stearns Asset Backed Securities I Trust 2005-HE8
Bear Stearns Asset Backed Securities I Trust 2005-HE9
Bear Stearns Asset Backed Securities I Trust 2005-TC1
Bear Stearns Asset Backed Securities I Trust 2005-TC2
Bear Stearns Asset Backed Securities I Trust 2006-EC1
Bear Stearns Asset Backed Securities I Trust 2006-EC2
Bear Stearns Asset Backed Securities I Trust 2006-HE1
Bear Stearns Asset Backed Securities I Trust 2006-HE10
Bear Stearns Asset Backed Securities I Trust 2006-HE2
Bear Stearns Asset Backed Securities I Trust 2006-HE3
Bear Stearns Asset Backed Securities I Trust 2006-HE4
Bear Stearns Asset Backed Securities I Trust 2006-HE5
Bear Stearns Asset Backed Securities I Trust 2006-HE6
Bear Stearns Asset Backed Securities I Trust 2006-HE7
Bear Stearns Asset Backed Securities I Trust 2006-HE8
Bear Stearns Asset Backed Securities I Trust 2006-HE9
Bear Stearns Asset Backed Securities I Trust 2006-PC1
Bear Stearns Asset Backed Securities I Trust 2007-AQ1
Bear Stearns Asset Backed Securities I Trust 2007-AQ2
Bear Stearns Asset Backed Securities I Trust 2007-FS1
Bear Stearns Asset Backed Securities I Trust 2007-HE1
Bear Stearns Asset Backed Securities I Trust 2007-HE2
Bear Stearns Asset Backed Securities I Trust 2007-HE3
Bear Stearns Asset Backed Securities I Trust 2007-HE4
Bear Stearns Asset Backed Securities I Trust 2007-HE5
Bear Stearns Asset Backed Securities I Trust 2007-HE6
Bear Stearns Asset Backed Securities I Trust 2007-HE7
Bear Stearns Structured Products Trust 2007-EMX1
Rating Action:

Moody's downgrades $6.6 bn of Subprime RMBS issued by Bear Stearns

21 May 2010

New York, May 21, 2010 -- Moody's Investors Service has downgraded the ratings of 201 tranches, confirmed the ratings of 16 tranches, and upgraded 1 tranche from 40 RMBS transactions issued by Bear Stearns. The collateral backing these deals primarily consists of first-lien, fixed and/or 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.

The above mentioned approach "Subprime RMBS Loss Projection Update: February 2010" is adjusted slightly when estimating losses on pools left with a small number of loans. To project losses on pools with fewer than 100 loans, Moody's first estimates a "baseline" average rate of new delinquencies for the pool (typically 20% for subprime 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 and hence the stress applied. 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 2005 vintage, the adjusted rate of new delinquency would be 20.20%.

If current delinquency levels 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 0.2 to 2.0 for current delinquencies ranging from less than 2.5% to greater than 50% respectively. Delinquencies for subsequent years and ultimate expected losses are projected using the approach described in the methodology publication.

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 tranches included in this action, noted below, are wrapped by CIFG Assurance North America, Inc. (CIFG); these securities are rated at their underlying rating pursuant to the withdrawal of CIFG's insurance financial strength rating on November 2, 2009.

The principal methodology used in these ratings was Moody's "Subprime RMBS Loss Projection Update: February 2010", published in Feburary 2010 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. 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: Bear Stearns Asset Backed Securities I Trust 2005-AQ1

Cl. M-1, Downgraded to A2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3 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 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ2

Cl. A-3, Downgraded to Ba2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B2 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: Bear Stearns Asset Backed Securities I Trust 2005-EC1

Cl. A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Aa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa1 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: Bear Stearns Asset Backed Securities I Trust 2005-FR1

Cl. M-1, Downgraded to Ba3; previously on Jan 13, 2010 A2 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: Bear Stearns Asset Backed Securities I Trust 2005-HE1

Cl. M-1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3; 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 Ca 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: Bear Stearns Asset Backed Securities I Trust 2005-HE10

Cl. A-3, Downgraded to Aa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE11

Cl. A-2, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B3; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B1 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: Bear Stearns Asset Backed Securities I Trust 2005-HE12

Cl. I-A-2, Downgraded to A2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Baa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Aa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B3; 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 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE2

Cl. M-1, Downgraded to Baa3; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; 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 Caa3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE4

Cl. M-1, Confirmed at Aa3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE5

Cl. M-1, Confirmed at A1; 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 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

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE6

Cl. M-1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE8

Cl. A-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE9

Cl. I-A-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Financial Guarantor: CIFG Assurance North America, Inc. (Insured Rating Withdrawn on Nov 2,2009)

Underlying Rating: Currently Aaa; previously on Jan 17, 2008 Assigned Aaa

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-TC1

Cl A-3, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 Aa2 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 Mar 24, 2009 Downgraded to Baa3

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 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-TC2

Cl. A-2, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, 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 A2 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 Ba2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3 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 B2 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-EC1

Cl. A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Aa1; 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 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-EC2

Cl. A-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Aa1; 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 Ba2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE1

Cl. I-A-2, Downgraded to A1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Baa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to Caa1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. I-M-2, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. I-M-3, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. I-M-4, Downgraded to C; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to A2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to B1; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to Ca; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. II-M-3, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. II-M-4, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE10

Cl. I-A-1, Confirmed at A1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. I-M-2, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE2

Cl. I-A-2, Downgraded to Ba2; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to B3; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ba3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE3

Cl. A-2, Downgraded to Ba2; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba2 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: Bear Stearns Asset Backed Securities I Trust 2006-HE4

Cl. I-A-2, Downgraded to Caa3; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE5

Cl. I-A-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa2; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B3 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: Bear Stearns Asset Backed Securities I Trust 2006-HE6

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Caa2; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE7

Cl. I-A-1, Downgraded to Ba2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to Ba1; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE8

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE9

Cl. I-A-1, Confirmed at Baa2; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-PC1

Cl. A-2, Downgraded to A1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; 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 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AQ1

Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to C; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-AQ2

Cl. A-1, Downgraded to Caa1; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Ca 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: Bear Stearns Asset Backed Securities I Trust 2007-FS1

Cl. I-A-1, Confirmed at Ba3; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE1

Cl. I-A-1, Confirmed at B3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. II-1A-1, Upgraded to Ba1; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to Caa3; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to Caa3; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. II-3A, Downgraded to Caa3; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE2

Cl. I-A-1, Downgraded to B1; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to Baa3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to Caa3; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-1A-4, Downgraded to C; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-3A, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE3

Cl. I-A-1, Downgraded to Ba1; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE4

Cl. I-A-1, Downgraded to Ba2; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa2; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE5

Cl. I-A-1, Downgraded to Baa2; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa3; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Caa2; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE6

Cl. I-A-1, Downgraded to Caa3; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ca; 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: Bear Stearns Asset Backed Securities I Trust 2007-HE7

Cl. I-A-1, Downgraded to Caa2; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Cl. III-A-1, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. III-A-2, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Structured Products Trust 2007-EMX1

Cl. A-1, Confirmed at A1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ba3; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. M-5, 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/viewresearchdoc.aspx?docid=PBS_SF205882

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

Moody's downgrades $6.6 bn of Subprime RMBS issued by Bear Stearns
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. 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 or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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 JPY125,000 to approximately JPY550,000,000.

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

​
Moodys.com