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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.

 

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Related Issuers
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-5
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-HE4
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-4
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-HE11
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-HE16
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-5
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-6
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-7
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-8
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-4
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-6
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-7
CS First Boston Mortgage Securities Corp 2001-HE25
CS First Boston Mortgage Securities Corp 2001-HE30
CS First Boston Mortgage Securities Corp 2002-HE1
CS First Boston Mortgage Securities Corp, CSFB ABS Trust Series 2001-HE8
CSFB ABS Trust Mortgage Pass-Through Certificates, Series 2001-HE20
CSFB ABS Trust Series 2001-HE16
CSFB Home Equity Pass-Through Certificates, Series 2004-8
CSFB Mortgage Pass-Through Certificates, Series 2001-HE17
Rating Action:

Moody's downgrades certain Credit Suisse subprime RMBS

26 May 2009

New York, May 26, 2009 -- Moody's Investors Service has downgraded the rating of 123 securities from 30 subprime RMBS transactions issued by Credit Suisse. These actions are part of an ongoing review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit enhancement relative to updated collateral loss projections. The revised loss projections generally result from deterioration in collateral performance in recent months. Additionally, most affected transactions have, at some point, passed performance triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior to 2H 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions, in this case ranging from 55% to 80%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

The complete rating actions follow:

CSFB ABS Trust Series 2001-HE16

Cl. M-1, Downgraded to B2; previously on 6/24/2008 Downgraded to Ba2

Cl. M-2, Downgraded to C; previously on 6/24/2008 Downgraded to Caa2

Cl. B, Downgraded to C; previously on 6/24/2008 Downgraded to Ca

CSFB ABS Trust Series 2001-HE17

Cl. M-1, Downgraded to B1; previously on 6/24/2008 Downgraded to A2

Cl. M-2, Downgraded to C; previously on 6/24/2008 Downgraded to Caa1

CSFB ABS Trust Series 2001-HE20

Cl. M-1, Downgraded to Baa3; previously on 6/24/2008 Downgraded to A1

Cl. M-2, Downgraded to Ca; previously on 6/24/2008 Downgraded to B1

Cl. B, Downgraded to C; previously on 10/24/2006 Downgraded to Ca

CSFB ABS Trust Series 2001-HE25

Cl. M-1, Downgraded to Baa1; previously on 10/24/2006 Downgraded to Aa2

Cl. M-2, Downgraded to Ca; previously on 6/20/2006 Downgraded to Baa1

Cl. B, Downgraded to C; previously on 10/24/2006 Downgraded to Ca

CSFB ABS Trust Series 2001-HE30

Cl. M-1, Downgraded to Baa2; previously on 1/3/2002 Assigned Aa2

Cl. M-2, Downgraded to Ca; previously on 5/11/2007 Downgraded to Baa3

Cl. M-F-1, Downgraded to A1; previously on 1/3/2002 Assigned Aa2

Cl. M-F-2, Downgraded to Baa3; previously on 7/28/2005 Downgraded to Baa1

Cl. B, Downgraded to C; previously on 5/11/2007 Downgraded to Caa3

Cl. B-F, Downgraded to Ca; previously on 10/24/2006 Downgraded to Caa3

CSFB ABS Trust Series 2001-HE8

Cl. M-1, Downgraded to Baa1; previously on 3/30/2001 Assigned Aa2

Cl. M-2, Downgraded to Ba3; previously on 3/30/2001 Assigned A2

Cl. B, Downgraded to C; previously on 7/28/2005 Downgraded to Ba2

CSFB ABS Trust Series 2002-HE1

Cl. M-1, Downgraded to Baa2; previously on 11/13/2007 Downgraded to A2

Cl. M-2, Downgraded to Ca; previously on 6/24/2008 Downgraded to Ba3

Cl. B, Downgraded to C; previously on 11/13/2007 Downgraded to Ca

CSFB ABS Trust Series 2002-HE11

Cl. M-2, Downgraded to Ba2; previously on 6/24/2008 Downgraded to Baa3

Cl. B-1, Downgraded to C; previously on 6/24/2008 Downgraded to Caa3

CSFB ABS Trust Series 2002-HE16

Cl. M-2, Downgraded to Baa2; previously on 5/29/2002 Assigned A2

Cl. B-1, Downgraded to B1; previously on 11/13/2007 Downgraded to Ba3

CSFB ABS Trust Series 2002-HE4

Cl. M-1, Downgraded to Baa1; previously on 10/28/2005 Upgraded to Aa1

Cl. M-2, Downgraded to B2; previously on 11/13/2007 Downgraded to Baa3

Cl. M-F-1, Downgraded to A3; previously on 2/26/2002 Assigned Aa2

Cl. M-F-2, Downgraded to Ba3; previously on 10/28/2005 Downgraded to Baa1

Cl. B, Downgraded to C; previously on 11/13/2007 Downgraded to B2

Cl. B-F, Downgraded to C; previously on 8/1/2006 Downgraded to Caa3

CSFB Home Equity Pass-Thru Ctfs 2004-8

Cl. M-4, Downgraded to Ba1; previously on 1/29/2008 Downgraded to Baa2

Cl. M-5, Downgraded to B1; previously on 1/29/2008 Downgraded to Baa3

Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba1

Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded to B1

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa1

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Caa3

Home Equity Asset Trust 2002-1

Cl. M-1, Downgraded to A3; previously on 6/27/2002 Assigned Aa2

Cl. M-2, Downgraded to Ba3; previously on 8/6/2007 Downgraded to Baa2

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to Caa3

Home Equity Asset Trust 2002-2

Cl. M-1, Downgraded to A3; previously on 7/29/2002 Assigned Aa2

Cl. M-2, Downgraded to B1; previously on 8/6/2007 Downgraded to Baa1

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to Caa2

Home Equity Asset Trust 2002-3

Cl. M-1, Downgraded to Baa2; previously on 9/26/2002 Assigned Aa2

Cl. M-2, Downgraded to Caa1; previously on 8/6/2007 Downgraded to Ba1

Cl. B-1, Downgraded to C; previously on 7/23/2007 Downgraded to Caa3

Home Equity Asset Trust 2002-4

Cl. M-1, Downgraded to Baa1; previously on 10/29/2002 Assigned Aa2

Cl. M-2, Downgraded to B3; previously on 8/6/2007 Downgraded to Baa1

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to Caa1

Home Equity Asset Trust 2002-5

Cl. M-1, Downgraded to A2; previously on 1/6/2003 Assigned Aa2

Cl. M-2, Downgraded to Baa3; previously on 1/6/2003 Assigned A2

Cl. B-1, Downgraded to Ca; previously on 8/6/2007 Downgraded to Caa1

Home Equity Asset Trust 2003-1

Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded to Caa1

Home Equity Asset Trust 2003-2

Cl. M-1, Downgraded to Baa1; previously on 4/9/2003 Assigned Aa2

Cl. M-2, Downgraded to Ba2; previously on 4/9/2003 Assigned A1

Cl. M-3, Downgraded to Ca; previously on 8/6/2007 Downgraded to Baa3

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to Caa1

Home Equity Asset Trust 2003-3

Cl. M-1, Downgraded to A2; previously on 9/22/2006 Upgraded to Aa1

Cl. M-2, Downgraded to Baa3; previously on 9/22/2006 Upgraded to A1

Cl. M-3, Downgraded to B3; previously on 8/6/2007 Downgraded to Baa3

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to B3

Home Equity Asset Trust 2003-5

Cl. M-1, Downgraded to Baa1; previously on 8/28/2003 Assigned Aa2

Cl. M-2, Downgraded to Baa3; previously on 8/28/2003 Assigned A2

Cl. M-3, Downgraded to Ba3; previously on 8/6/2007 Downgraded to Baa1

Cl. B-1, Downgraded to Ca; previously on 8/6/2007 Downgraded to B3

Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded to Caa2

Home Equity Asset Trust 2003-6

Cl. M-2, Downgraded to Caa1; previously on 11/14/2003 Assigned A2

Cl. M-3, Downgraded to C; previously on 8/6/2007 Downgraded to Baa2

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to B1

Home Equity Asset Trust 2003-7

Cl. M-1, Downgraded to A3; previously on 12/23/2003 Assigned Aa2

Cl. M-2, Downgraded to Baa3; previously on 12/23/2003 Assigned A2

Cl. M-3, Downgraded to Ba3; previously on 12/23/2003 Assigned A3

Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded to Ba1

Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded to B3

Home Equity Asset Trust 2003-8

Cl. M-1, Downgraded to A2; previously on 1/5/2004 Assigned Aa2

Cl. M-2, Downgraded to Baa3; previously on 1/5/2004 Assigned A2

Cl. M-3, Downgraded to Ba3; previously on 1/5/2004 Assigned A3

Cl. B-1, Downgraded to Caa3; previously on 1/5/2004 Assigned Baa1

Cl. B-2, Downgraded to Ca; previously on 8/6/2007 Downgraded to Ba1

Cl. B-3, Downgraded to C; previously on 8/6/2007 Downgraded to B3

Home Equity Asset Trust 2004-1

Cl. M-2, Downgraded to Ba1; previously on 1/29/2008 Downgraded to Baa3

Cl. M-3, Downgraded to B1; previously on 1/29/2008 Downgraded to Ba1

Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded to B1

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa2

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Ca

Home Equity Asset Trust 2004-2

Cl. M-2, Downgraded to Baa3; previously on 1/29/2008 Downgraded to Baa2

Cl. M-3, Downgraded to Ba3; previously on 1/29/2008 Downgraded to Baa3

Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba3

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa1

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Ca

Home Equity Asset Trust 2004-3

Cl. M-2, Downgraded to B1; previously on 1/29/2008 Downgraded to Baa3

Cl. M-3, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba2

Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded to B3

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa3

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Ca

Home Equity Asset Trust 2004-4

Cl. M-3, Downgraded to Baa2; previously on 1/29/2008 Downgraded to A2

Cl. M-4, Downgraded to Baa3; previously on 1/29/2008 Downgraded to Baa1

Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded to Baa2

Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba1

Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded to Ba3

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa1

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Ca

Home Equity Asset Trust 2004-5

Cl. M-3, Downgraded to Baa3; previously on 1/29/2008 Downgraded to A3

Cl. M-4, Downgraded to Ba1; previously on 1/29/2008 Downgraded to Baa2

Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded to Baa3

Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba3

Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded to B2

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to Caa3

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Ca

Home Equity Asset Trust 2004-6

Cl. M-3, Downgraded to Baa3; previously on 1/29/2008 Downgraded to A2

Cl. M-4, Downgraded to Ba1; previously on 1/29/2008 Downgraded to Baa1

Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded to Baa2

Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded to Baa3

Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded to Ba3

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to B3

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Caa3

Home Equity Asset Trust 2004-7

Cl. M-5, Downgraded to Ba1; previously on 1/29/2008 Downgraded to Baa2

Cl. M-6, Downgraded to Caa1; previously on 1/29/2008 Downgraded to Ba1

Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded to Ba3

Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded to B3

Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded to Caa3

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF167260

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades certain Credit Suisse subprime RMBS
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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