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Rating Action:

Moody's downgrades certain C-Bass Subprime RMBS

16 Apr 2008
Moody's downgrades certain C-Bass Subprime RMBS

New York, April 16, 2008 -- Moody's Investors Service has downgraded the ratings of 139 tranches from 17 subprime RMBS transactions issued by C-BASS. 46 downgraded tranches remain on review for possible further downgrade. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, subprime residential mortgage loans.

The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. The actions described below are a result of Moody's on-going surveillance process.

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5

Cl. B-1, Downgraded to Baa3 from Baa1

Cl. B-2, Downgraded to B1 from Baa2

Cl. B-3, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-4, Downgraded to Caa1 from Ba1

Cl. B-5, Downgraded to Caa3 from Ba2

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6

Cl. B-1, Downgraded to B1 from Baa1

Cl. B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-3, Downgraded to Caa1 from Baa3

Cl. B-4, Downgraded to Caa3 from Ba1

Cl. B-5, Downgraded to Ca from B2

Cl. M-6, Downgraded to Baa2 from A3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7

Cl. B-4, Downgraded to B1 from Ba1

Cl. B-5, Downgraded to Caa1 from Ba2

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2

Cl. B-1, Downgraded to Caa1 from Ba1

Cl. B-2, Downgraded to Caa2 from Ba3

Cl. B-3, Downgraded to Caa3 from B3

Cl. B-4, Downgraded to C from Ca

Cl. M-5, Downgraded to Baa2 from A2

Cl. M-6, Downgraded to B2 from A3

Cl. M-7, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB4

Cl. M-2, Downgraded to A3 from Aa2

Cl. M-3, Downgraded to Ba1 from Aa3

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa2

Cl. B-1, Downgraded to Caa2 from Ba2

Cl. B-2, Downgraded to Caa3 from B2

Cl. B-3, Downgraded to Ca from Caa3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB5

Cl. M-2, Downgraded to A1 from Aa2

Cl. M-3, Downgraded to Baa3 from Aa3

Cl. M-4, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Caa2 from Ba1

Cl. B-2, Downgraded to Caa3 from B1

Cl. B-3, Downgraded to Ca from B3

Cl. B-4, Downgraded to C from Ca

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB6

Cl. M-4, Downgraded to Baa1 from A1

Cl. M-5, Downgraded to Ba2 from A3

Cl. M-6, Downgraded to B1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B2 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Caa1 from Ba3

Cl. B-2, Downgraded to Caa2 from B3

Cl. B-3, Downgraded to Caa3 from B3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB7

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3

Cl. M-4, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Caa1 from Ba3

Cl. B-2, Downgraded to Caa2 from B2

Cl. B-3, Downgraded to Caa3 from B3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8

Cl. M-2, Downgraded to A3 from Aa1

Cl. M-3, Downgraded to Ba1 from Aa2

Cl. M-4, Downgraded to B1 from Aa2

Cl. M-5, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Ba1

Cl. B-1, Downgraded to Caa2 from B1

Cl. B-2, Downgraded to Caa3 from B3

Cl. B-3, Downgraded to Ca from Caa3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB9

Cl. A-3, Downgraded to Aa1 from Aaa

Cl. A-4, Downgraded to Aa3 from Aaa

Cl. M-1, Downgraded to Ba1 from Aa1

Cl. M-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Ba2

Cl. M-8, Downgraded to Caa2 from Ba3

Cl. M-9, Downgraded to Caa3 from B2

Cl. B-1, Downgraded to Ca from Caa1

Cl. B-2, Downgraded to Ca from Caa1

Cl. B-3, Downgraded to C from Caa3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB1

Cl. M-1, Downgraded to A2 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Ba2

Cl. M-7, Downgraded to Caa2 from B1

Cl. M-8, Downgraded to Caa3 from B3

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB2

Cl. M-2, Downgraded to Baa1 from Aa2

Cl. M-3, Downgraded to Baa2 from Aa3

Cl. M-4, Downgraded to Ba3 from A1

Cl. M-5, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Caa1 from Ba2

Cl. B-3, Downgraded to Caa2 from B3

Cl. B-4, Downgraded to C from Ca

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Caa1 from Ba2

Cl. B-3, Downgraded to Caa2 from B3

Cl. B-4, Downgraded to C from Ca

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4

Cl. M-1, Downgraded to A2 from Aa1

Cl. M-2, Downgraded to Ba1 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3

Cl. M-4, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-2, Downgraded to Caa1 from Baa3

Cl. B-3, Downgraded to Caa2 from Ba3

Cl. B-4, Downgraded to Caa3 from B3

Cl. B-5, Downgraded to C from Ca

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

Cl. A-3, Downgraded to Aa2 from Aaa

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa3

Cl. M-8, Downgraded to Caa2 from Ba3

Cl. M-9, Downgraded to Caa3 from B2

Cl. B-1, Downgraded to C from Ca

Issuer: Citigroup Mortgage Loan Trust 2006-CB3

Cl. B-1, Downgraded to Caa2 from B1

Cl. B-2, Downgraded to Caa3 from B3

Cl. B-3, Downgraded to C from Ca

Cl. M-2, Downgraded to A2 from Aa2

Cl. M-3, Downgraded to Ba1 from Aa3

Cl. M-4, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Caa1 from Baa3

Issuer: Citigroup Mortgage Loan Trust, Series 2005-CB8

Cl. B-3, Downgraded to Ba3 from Baa3

Cl. B-4, Downgraded to B2 from Ba1; Placed Under Review for further Possible Downgrade

Cl. B-5, Downgraded to Caa1 from Ba2

A list of these actions including CUSIP identifiers may be found at:

PDF: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF129645

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF129646

For more information please see www.moodys.com.

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gulmira Karaguishiyeva
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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