Moody's downgrades Countrywide Alt-A deals
New York, January 09, 2008 -- Moody's Investors Service has downgraded the ratings of 30 tranches and
has placed under review for possible downgrade the ratings of 16 tranches
from 15 deals issued by Countrywide in 2007. Additionally,
5 downgraded tranche remains on review for possible further downgrade.
The collateral backing these classes consists of primarily first lien,
fixed and adjustable-rate, Alt-A mortgage loans.
The ratings were downgraded and placed under review for downgrade based
on higher than anticipated rates of delinquency, foreclosure,
and REO in the underlying collateral relative to credit enhancement levels.
In its re-rating Moody's has also applied its published methodology
updates to the non delinquent portion of the transactions.
Complete list of rating actions:
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-12T1
Cl. M-1 Currently Aa3 on review for possible downgrade,
Cl. M-3, Downgraded to Ba1, previously A3,
Cl. M-5, Downgraded to B1, previously Baa2,
Cl. B-1, Downgraded to B3, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-13
Cl. B-1, Downgraded to Baa1, previously A3,
Cl. B-2, Downgraded to Ba3, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-14T2
Cl. M Currently Aa3 on review for possible downgrade.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-1T1
Cl. M-1 Currently Aa3 on review for possible downgrade,
Cl. M-2, Downgraded to Baa1, previously A1,
Cl. M-3, Downgraded to Baa3, previously A2,
Cl. M-4, Downgraded to Ba1, previously A3,
Cl. M-5, Downgraded to B1, previously Baa2,
Cl. B-1, Downgraded to B3, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-2CB
Cl. B-1, Downgraded to Baa2, previously A3,
Cl. B-2, Downgraded to Ba3, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-4CB
Cl. M Currently Aa3 on review for possible downgrade,
Cl. B-1, Downgraded to Ba1, previously A2,
Cl. B-2, Downgraded to B3 on review for possible further
downgrade, previously Baa2.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-5CB
Cl. B-1, Downgraded to Baa1, previously A3,
Cl. B-2, Downgraded to Ba2, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-9T1
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-5, Downgraded to B3 on review for possible further
downgrade, previously A3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-HY2
Cl. M Currently Aa2 on review for possible downgrade,
Cl. B-1, Downgraded to Ba1, previously A2,
Cl. B-2, Downgraded to B3 on review for possible further
downgrade, previously Baa1.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-HY4
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 Baa3, previously A2,
Cl. B-1, Downgraded to Ba2, previously A3,
Cl. B-2, Downgraded to B3 on review for possible further
downgrade, previously Baa2.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-HY6
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 Baa2, previously A3,
Cl. M-7, Downgraded to Ba2, previously Baa2.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-J1
Cl. 3-M-1 Currently Aa2 on review for possible downgrade,
Cl. 3-M-2 Currently Aa3 on review for possible downgrade,
Cl. 3-M-3, Downgraded to B1, previously
Baa1,
Cl. 3-B, Downgraded to Caa2, previously Baa3.
Issuer: CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-J2
Cl. M Currently Aa3 on review for possible downgrade,
Cl. B-1, Downgraded to Ba2, previously A3,
Cl. B-2, Downgraded to B3 on review for possible further
downgrade, previously Baa2.
Issuer: CHL Mortgage Pass-Through Trust 2007-HYB1
Cl. M Currently Aa2 on review for possible downgrade,
Cl. B-1, Downgraded to B2, previously A2,
Cl. B-2, Downgraded to Caa2, previously Baa2.
Issuer: CHL Mortgage Pass-Through Trust 2007-HYB2
Cl. M Currently Aa2 on review for possible downgrade,
Cl. B-1, Downgraded to Ba2, previously A2,
Cl. B-2, Downgraded to Caa2, previously Baa2.
For further information please see www.Moodys.com
New York
Navneet Agarwal
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Joseph Rocco
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653