Moody's downgrades ratings of certain tranches issued by CSFB Home Equity Asset Trust in 2002 and 2003
New York, March 06, 2007 -- Moody's Investors Service has downgraded the ratings of 23 tranches
issued by CSFB Home Equity Asset Trust in 2002 and 2003. Each of
these deals is primarily backed by first-lien, subprime fixed
and adjustable rate mortgage loans.
For each transaction being downgraded, the event of step-down
has adversely affected the amount of credit enhancement available to the
subordinate bonds despite relatively lower than anticipated losses to
date. The downgrades are attributed to the recent pace of losses
and subsequent erosion of overcollateralization due to limited amounts
of available excess spread. Higher than anticipated loss severities
on liquidated collateral have contributed to the accelerated pace of losses.
Complete rating actions are as follows:
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-1
Cl. B-1, downgraded to B3; previously Baa2.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-2
Cl. B-1, downgraded to B2; previously Baa2.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-3
Cl. B-1, downgraded to B3; previously Baa2.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-4
Cl. B-1, downgraded to Ba3; previously Baa2.
Issuer: Credit Suisse First Boston Mortgage Acceptance Corp.
Series 2002-5
Cl. B-1, downgraded to B1; previously Baa2.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1
Cl. B-1, downgraded to Ba1; previously Baa1,
Cl. B-2, downgraded to B2; previously Ba1,
Cl. B-3, downgraded to Caa3; previously B1.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-2
Cl. B-1, downgraded to B2, previously Baa3,
Cl. B-2, downgraded to Caa3, previously B1.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-3
Cl. B-1, downgraded to Ba2; previously Baa1,
Cl. B-2, downgraded to Caa2; previously Ba2,
Cl. B-3, downgraded to Caa3; previously Ba3.
.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-4
Cl. B-3, downgraded to B1; previously Ba3.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-5
Cl. B-1, downgraded to Ba2; previously Baa1,
Cl. B-2, downgraded to B2; previously Baa2,
Cl. B-3, downgraded to Caa3; previously Baa3.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-6
Cl. B-1, downgraded to Baa2; previously Baa1,
Cl. B-2, downgraded to B1; previously Baa2,
Cl. B-3, downgraded to Caa2; previously Baa3.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-7
Cl. B-2, downgraded to Ba2; previously Baa2,
Cl. B-3, downgraded to B3; previously Baa3.
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-8
Cl. B-3, downgraded to Ba3; previously Baa3.
For more information please 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
Joseph Rocco
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653