Moody's downgrades CWABS subprime deals issued in 2007
New York, December 10, 2007 -- Moody's Investors Service has downgraded the ratings of 70 tranches and
placed on review for possible downgrade the ratings of 21 tranches from
12 deals issued by CWABS Asset-Backed Certificates Trust in 2007.
Additionally, 6 downgraded tranches remain on review for possible
further downgrade. The collateral backing these classes consists
of primarily first lien, fixed and adjustable-rate,
subprime mortgage loans.
In its analysis, Moody's has combined its published methodology
updates as of July 13th, 2007 to the non delinquent portion of the
transactions. Collateral backing these transactions is also experiencing
higher than anticipated rates of delinquency, foreclosure,
and REO relative to credit enhancement levels.
Complete list of Rating Actions:
Issuer: CWABS Asset-Backed Certificates Trust 2007-1
Cl. M-1 Currently Aa1 on review for possible downgrade,
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to A3, previously A1,
Cl. M-5, Downgraded to Baa3, previously A2,
Cl. M-6, Downgraded to Ba3, previously A3,
Cl. M-7, Downgraded to B3 on review for possible further
downgrade, previously Baa1,
Cl. M-8, Downgraded to Caa1, previously Baa2,
Cl. M-9, Downgraded to Ca, previously Baa3,
Cl. B, Downgraded to C, previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-2
Cl. M-1 Currently Aa1 on review for possible downgrade,
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to Baa1, previously A1,
Cl. M-5, Downgraded to Ba1, previously A2,
Cl. M-6, Downgraded to Ba3, previously A3,
Cl. M-7, Downgraded to B3, previously Baa1,
Cl. M-8, Downgraded to Caa3, previously Baa2,
Cl. M-9, Downgraded to C, previously Baa3,
Cl. B, Downgraded to C, previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-3
Cl. M-1 Currently Aa1 on review for possible downgrade,
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to Baa2, previously A1,
Cl. M-5, Downgraded to Ba2, previously A2,
Cl. M-6, Downgraded to B2, previously A3,
Cl. M-7, Downgraded to Caa1, previously Baa1,
Cl. M-8, Downgraded to C, previously Baa2.
Issuer: CWABS Asset-Backed Certificates Trust 2007-5
Cl. M-3 Currently Aa2 on review for possible downgrade,
Cl. M-4 Currently Aa3 on review for possible downgrade,
Cl. M-5, Downgraded to A3, previously A1,
Cl. M-6, Downgraded to Baa3, previously A2,
Cl. M-7, Downgraded to Ba3, previously A3,
Cl. M-8, Downgraded to B3 on review for possible further
downgrade, previously Baa1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-6
Cl. M-1 Currently Aa1 on review for possible downgrade,
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to Baa3, previously A1,
Cl. M-5, Downgraded to Ba2, previously A2,
Cl. M-6, Downgraded to B2, previously A3,
Cl. M-7, Downgraded to Caa2, previously Baa1,
Cl. M-8, Downgraded to C, previously Baa2.
Issuer: CWABS Asset-Backed Certificates Trust 2007-7
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to A2, previously A1,
Cl. M-5, Downgraded to Baa1, previously A2,
Cl. M-6, Downgraded to Baa3, previously A3,
Cl. M-7, Downgraded to Ba2, previously Baa1,
Cl. M-8, Downgraded to B1, previously Baa2,
Cl. M-9, Downgraded to B3 on review for possible further
downgrade, previously Baa3.
Issuer: CWABS Asset-Backed Certificates Trust 2007-8
Cl. M-5, Downgraded to A3, previously A2,
Cl. M-6, Downgraded to Baa1, previously A3,
Cl. M-7, Downgraded to Baa3, previously Baa1,
Cl. M-8, Downgraded to Ba2, previously Baa2,
Cl. M-9, Downgraded to B1, previously Baa3,
Cl. BV, Downgraded to B3 on review for possible further downgrade,
previously Ba1,
Cl. BF, Downgraded to B3 on review for possible further downgrade,
previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-9
Cl. M-5, Downgraded to A3, previously A2,
Cl. M-6, Downgraded to Baa2, previously A3,
Cl. M-7, Downgraded to Ba1, previously Baa1,
Cl. M-8, Downgraded to Ba2, previously Baa2,
Cl. M-9, Downgraded to B2, previously Baa3,
Cl. B, Downgraded to B3 on review for possible further downgrade,
previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-11
Cl. M-9, Downgraded to Ba1, previously Baa2,
Cl. B, Downgraded to Ba3, previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-BC1
Cl. M-1 Currently Aa1 on review for possible downgrade,
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to Baa1, previously A1,
Cl. M-5, Downgraded to Ba2, previously A2,
Cl. M-6, Downgraded to B2, previously A3,
Cl. M-7, Downgraded to Caa3, previously Baa1,
Cl. M-8, Downgraded to C, previously Baa2,
Cl. M-9, Downgraded to C, previously Baa3,
Cl. B, Downgraded to C, previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-BC2
Cl. M-2 Currently Aa2 on review for possible downgrade,
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to A2, previously A1,
Cl. M-5, Downgraded to Baa1, previously A2,
Cl. M-6, Downgraded to Ba1, previously A3,
Cl. M-7, Downgraded to B1, previously Baa1,
Cl. M-8, Downgraded to B3, previously Baa1,
Cl. M-9, Downgraded to Ca, previously Baa2,
Cl. B, Downgraded to C, previously Ba1.
Issuer: CWABS Asset-Backed Certificates Trust 2007-BC3
Cl. M-3 Currently Aa3 on review for possible downgrade,
Cl. M-4, Downgraded to A2, previously A1,
Cl. M-5, Downgraded to A3, previously A2,
Cl. M-6, Downgraded to Baa3, previously A3,
Cl. M-7, Downgraded to Ba2, previously Baa1,
Cl. M-8, Downgraded to B2, previously Baa2,
Cl. M-9, Downgraded to Caa2, previously Baa3,
Cl. B, Downgraded to C, previously Ba1.
For more information see www.Moodys.com
New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Gregory Bessermann
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653