Moody's downgrades GSAMP subprime deals issued in 2007
New York, December 04, 2007 -- Moody's Investors Service has downgraded the ratings of 36 tranches and
has placed under review for possible downgrade the ratings of 4 tranches
from 6 transactions issued by GSAMP Trust in 2007. Additionally,
one downgraded tranche remains 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: GSAMP Trust 2007-FM1
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 Ba2, previously Baa1,
Cl. M-8, Downgraded to Ba3, previously Baa2,
Cl. M-9, Downgraded to B3, previously Baa2,
Cl. B-1, Downgraded to Caa3, previously Ba1,
Cl. B-2, Downgraded to C, previously Ba2.
Issuer: GSAMP Trust 2007-FM2
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 Baa2, previously A3,
Cl. M-7, Downgraded to Ba1, previously Baa1,
Cl. M-8P, Downgraded to Ba2, previously Baa2,
Cl. M-8D, Downgraded to Ba2, previously Baa2,
Cl. M-9, Downgraded to B1, previously Baa2,
Cl. B-1, Downgraded to Caa1, previously Ba1,
Cl. B-2, Downgraded to C, previously Ba2.
Issuer: GSAMP Trust 2007-H1
Cl. M-6, Downgraded to Baa1, previously A3,
Cl. M-7, Downgraded to Baa3, previously Baa1,
Cl. M-8, Downgraded to Ba1, previously Baa2,
Cl. M-9, Downgraded to B3, previously Baa3.
Issuer: GSAMP Trust 2007-HE1
Cl. B-1, Downgraded to Ba3, previously Ba1,
Cl. B-2, Downgraded to B3 on review for possible further
downgrade, previously Ba2.
Issuer: GSAMP Trust 2007-HE2
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 Ba3, previously Baa2,
Cl. M-9, Downgraded to B1, previously Baa3.
Issuer: GSAMP Trust 2007-NC1
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 Baa2, previously A2,
Cl.M-6, Downgraded to Ba2, previously A3,
Cl.M-7, Downgraded to Ba3, previously Baa1,
Cl.M-8, Downgraded to B1, previously Baa2,
Cl.M-9, Downgraded to Caa2, previously Baa3,
Cl.B-1, Downgraded to C, previously Ba1,
Cl.B-2, Downgraded to C, previously Ba2.
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