New York, November 02, 2011 -- Moody's Investors Service has placed 68 manufactured housing loans including
some stick-built single family home loans-backed securities
(MH) aggregating $1.5 billion from 37 deals on review for
possible downgrade and 35 MH securities aggregating $569 million
from 25 deals on review for possible upgrade. The collateral backing
these transactions consists primarily of manufactured housing loans.
The MH securities are very seasoned and were issued between 1992 and 2007.
RATINGS RATIONALE
The loss projections account for continued weakness in the macro economy
and the recent performance of the sector. Cumulative losses have
increased modestly and serious delinquencies, measured as a percentage
of outstanding balance, have remained stable at approximately 3%.
Payment deferrals, a common loss mitigation tool masks true delinquencies
and can account up to half the outstanding pool balance. Deferments
are granted to borrowers who could not pay the full arrears but have demonstrated
the ability to make future installments. Repayment plans are the
capitalization of past due payments to cure the delinquencies.
While deferrals can reduce overall default rates, deferred accounts
that are re-classified as current are still riskier than loans
that have been contractually current. Re-default rates on
deferred accounts are similar to subprime borrowers at 65%.
To estimate losses, Moody's first forecasted losses on the
loans that had a payment deferral based on 65% re-default
rates and 85% severity assumptions. Secondly, losses
were projected on the remaining loans that have not had any payment deferral
based on our annual conditional prepayment rates (CPR), annual constant
default rates (CDR), and 85% severity assumptions.
The CPR rate is derived from the average of actual CPR observed over the
last six months. The CDR rate is based on pipeline defaults --
derived from days-aged delinquencies and Moody's assumptions for
default based on days delinquent or REO (15% for 30 days delinquent
loans, 30% for 60 days delinquent loans, 90%
for more than 90 days delinquent loans, and 100% for loans
in REO). Moody's has further assumed that both CDR and CPR will
remain constant over the life of each deal. A sudden reversal in
the existing trend of projected prepayments, defaults and losses
is not anticipated for these deals as they are well seasoned.
The losses from loans that had a deferrals and those from the remaining
loans based on the CPR-CDR approach are weighed to calculate the
total projected loss for the deal.
Rating Actions
To assess the rating implications Moody's will calculate a deal
specific loss projection and compare it to the tranches' credit enhancement
from subordination; excess spread; and reserve account and third-party
support (if any) and the timing of principal repayment.
Overall, the impact on ratings due to our loss expectations is expected
to be small where only around 4% of the investment grade ratings
are expected to migrate below investment grade. We also placed
6% of the MH tranches on review for possible upgrade primarily
because of the increase in credit support and relatively steady performance
since our previous rating actions on select MH deals in 2010Q4.
Moody's also placed on review bonds rated Aaa, Aa, A,
and Baa where full expected principal repayment exceeds 5, 7,
10, and 10 years respectively because of uncertainty of cash flows
and losses. A- rated bonds will likely migrate to Baa rating
level and Baa rated bonds will likely migrate to Ba rating level even
though they have the same pay-index.
For securities insured by a financial guarantor, the rating on the
securities is the higher of (i) the guarantor's financial strength rating
and (ii) the current underlying rating (i.e., absent
consideration of the guaranty) on the security. Securities wrapped
by Ambac Assurance Corporation are rated at their underlying rating without
consideration of Ambac's guaranty. The principal methodology used
in determining the underlying rating is the same methodology for rating
securities that do not have a financial guaranty and is as described earlier.
The primary source of assumption uncertainty is the current macroeconomic
environment, in which unemployment levels remain high. Moody's
now projects unemployment rate to start declining by fourth quarter of
2011.
The principal methodology used in these ratings was "Moody's Approach
to Rating US Residential Mortgage-Backed Securities" published
in December 2008. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
During the review period Moody's will further refine its assumptions relating
to expected frequency of default and severity of loss on a deal-by-deal
basis. Moody's expects to resolve the review and take final action
on all bonds placed on review within the next 8 weeks.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found on Moody's website.
For more information please see www.moodys.com.
Complete rating actions are as follows:
Issuer: ACE Securities Corp. Manufactured Housing Trust 2003-MH1
Cl. M-1, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on Jul 25, 2003 Assigned Aa2 (sf)
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jul 25, 2003 Assigned Aaa (sf)
Issuer: BankAmerica MH Contract 1997-2
A-IO, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Oct 5, 2004 Confirmed at Aa2 (sf)
Issuer: CountryPlace Manufactured Housing Contract 2005-1
Cl. A-3, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 16, 2009 Downgraded to Baa1 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-4, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 16, 2009 Downgraded to Baa1 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: Green Tree Financial Corporation MH 1992-02
B, Caa1 (sf) Placed Under Review for Possible Downgrade; previously
on Dec 29, 2003 Downgraded to Caa1 (sf)
Issuer: Green Tree Financial Corporation MH 1993-01
B, Caa1 (sf) Placed Under Review for Possible Downgrade; previously
on Aug 2, 2006 Downgraded to Caa1 (sf)
Issuer: Green Tree Financial Corporation MH 1993-02
B, Caa1 (sf) Placed Under Review for Possible Downgrade; previously
on Dec 13, 2004 Downgraded to Caa1 (sf)
Issuer: Green Tree Financial Corporation MH 1993-03
A-7, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 2, 2006 Downgraded to Aa2 (sf)
B, Caa1 (sf) Placed Under Review for Possible Downgrade; previously
on Dec 29, 2003 Downgraded to Caa1 (sf)
Issuer: Green Tree Financial Corporation MH 1993-04
A-5, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 2, 2006Downgraded to Aa2 (sf)
Issuer: Green Tree Financial Corporation MH 1994-01
A-5, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 29, 2003 Downgraded to Aa2 (sf)
Issuer: Green Tree Financial Corp. MH Series 1996-2
M-1, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Sep 23, 2009 Confirmed at B3 (sf)
Issuer: Green Tree Financial Corporation MH 1996-06
M-1, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 30, 2009 Downgraded to Caa1 (sf)
Issuer: Green Tree Financial Corporation MH 1998-8
A-1, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 2, 2006 Downgraded to Ba2 (sf)
Issuer: Green Tree Financial Corporation-MH Contract Series
1997-5
M-1, B2 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 13, 2004 Downgraded to B2 (sf)
Issuer: Lehman ABS Manufactured Housing Contract Senior/Subordinate
Asset-Backed Certificates, Series 2001-B
Cl. A-4, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-1, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-2, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-3, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-5, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-6, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Cl. A-7, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-IOC, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 10, 2009 Upgraded to A2 (sf)
Issuer: Lehman ABS Manufactured Housing Contract Trust 2002-A
Cl. A, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on Sep 24, 2002 Assigned Aaa (sf)
Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A
Cl. A-IO, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Jan 16, 2009 Upgraded to A1 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: Mid-State Capital Corp. 2005-1
Cl. A, A1 (sf) Placed Under Review for Possible Downgrade;
Cl. M-1, Baa1 (sf) Placed Under Review for Possible
Downgrade;
Issuer: Mid-State Trust VI
A-4, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 1, 2011 Confirmed at Baa3 (sf)
A-1, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 1, 2011 Confirmed at Aa1 (sf)
A-2, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 1, 2011 Confirmed at Aa3 (sf)
A-3, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 1, 2011 Confirmed at A2 (sf)
Issuer: Mid-State Trust VII
Notes, Baa1 (sf) Placed Under Review for Possible Downgrade;
Underlying Rating: Baa1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: Origen Manufactured Housing Conract Trust 2005-A
Cl. M-1, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 16, 2005 Assigned Aa2 (sf)
Cl. M-2, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 16, 2005 Assigned A2 (sf)
Cl. B, Baa3 (sf) Placed Under Review for Possible Downgrade;
previously on Dec 14, 2010 Downgraded to Baa3 (sf)
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 16, 2005 Assigned Aaa (sf)
Issuer: Origen Manufactured Housing Conract Trust Collateralized
Notes, Series 2005-B
Cl. M-1, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 14, 2010 Downgraded to A1 (sf)
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Dec 21, 2005 Assigned Aaa (sf)
Issuer: Origen Manufactured Housing Contract Trust 2004-A
Cl. M-1, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 31, 2004 Assigned Aa2 (sf)
Cl. M-2, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 31, 2004 Assigned A2 (sf)
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Mar 31, 2004 Assigned Aaa (sf)
Issuer: Origen Manufactured Housing Contract Trust 2006-A
Cl. A-1, B2 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 14, 2010 Downgraded to B2 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: Origen Manufactured Housing Contract Trust Collateralized
Notes, Series 2004-B
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Oct 12, 2004 Assigned Aaa (sf)
Cl. M-2, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 12, 2004 Assigned A2 (sf)
Issuer: Origen Manufactured Housing Contract Trust Collateralized
Notes, Series 2007-A
Cl. A-1, Caa2 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 14, 2010 Downgraded to Caa2 (sf)
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Issuer: Security Pacific Acceptance Corp., Seller,
Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates,
Series 1995-1
A-4, A1 (sf) Placed Under Review for Possible Downgrade;
previously on Jan 16, 2009 Upgraded to A1 (sf)
Financial Guarantor: Capital Markets Assurance Corporation (Downgraded
to B3, Outlook Negative on Jun 25, 2009)
Issuer: UCFC funding Corporation Series 1997-2
M, B2 (sf) Placed Under Review for Possible Downgrade; previously
on Sep 28, 2004 Downgraded to B2 (sf)
Issuer: Vanderbilt Acquisition Loan Trust (VALT) Manufactured Housing
Contract, Series 2002-1
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Jun 21, 2002 Assigned Aaa (sf)
Cl. A-5, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 21, 2002 Assigned Aa2 (sf)
Cl. M-1, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Jun 21, 2002 Assigned A2 (sf)
Issuer: Vanderbilt Mortgage and Finance Inc. 1999A
IA-6, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 30, 2009 Downgraded to A2 (sf)
IM-1, Baa1 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 30, 2009 Downgraded to Baa1 (sf)
Issuer: Vanderbilt Mortgage and Finance Senior/Subordinate Pass-Through
Certificates, Series 2002-B
Cl. A-5, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to A1 (sf)
Cl. M-1, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to Baa2 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. 2000A
Cl. IIA-1, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Feb 29, 2000 Assigned Aaa (sf)
Cl. IM-1, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Feb 29, 2000 Assigned A2 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. 2000-B
Cl. IM-1, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 30, 2009 Downgraded to Baa2 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. Series
1999-C
IA-5, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 27, 1999 Assigned Aa3 (sf)
IM-1, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Aug 27, 1999 Assigned A2 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. Series
1999-D
Cl. IIA-1, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Sep 23, 2009 Confirmed at Aaa (sf)
Cl. IA-5, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to A1 (sf)
Cl. IM-1, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to Baa2 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc.,
Series 2000-D
Cl. A-5, Aa3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2000 Assigned Aa3 (sf)
Cl. M-1, Baa1 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to Baa1 (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. Series
2001-B
Cl. A-4, Aaa (sf) Placed Under Review for Possible
Downgrade; previously on Aug 23, 2001 Assigned Aaa (sf)
Issuer: Vanderbilt Mortgage and Finance, Inc. Series
2003-A
Cl. M-1, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Dec 16, 2010 Downgraded to Baa2 (sf)
Cl. B-1, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 25, 2003 Assigned Baa2 (sf)
Issuer: Signal Securitization Corp. Series 1998-1
Class A, Baa1 (sf) Placed Under Review for Possible Upgrade;
previously on Oct 29, 2004 Downgraded to Baa1 (sf)
Issuer: Deutsche Financial Capital Securitization, 1997-I
Class A-3, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 8, 2004 Downgraded to A3 (sf)
Class A-4, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 8, 2004 Downgraded to A3 (sf)
Class A-5, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 8, 2004 Downgraded to A3 (sf)
Class A-6, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Apr 8, 2004 Downgraded to A3 (sf)
Issuer: FirstFed Corp. Manufactured Housing Contract Series
1997-1
Class B, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Oct 29, 2004 Downgraded to Ba3 (sf)
Issuer: Green Tree Financial Corporation - Green Tree MH
Contracts, Series 1995-2
B-1, Ba1 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 29, 2003 Downgraded to Ba1 (sf)
Issuer: Green Tree MH Sr/Sub Series 1995-7
M-1, Baa2 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 29, 2003 Downgraded to Baa2 (sf)
Issuer: Green Tree Series 1995-4
M-1, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 29, 2003 Downgraded to A3 (sf)
Issuer: GreenTree Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1995-5
M-1, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 29, 2003 Downgraded to A2 (sf)
Issuer: Greenwich Capital Acceptance, Inc. MH Contract
Series 1995-BA1
B-1, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Oct 18, 2004 Downgraded to Ba3 (sf)
Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A
Cl. M-1, Baa1 (sf) Placed Under Review for Possible
Upgrade; previously on Aug 2, 2006 Upgraded to Baa1 (sf)
Issuer: MERIT Securities Corporation Collateralized Bonds,
Series 12
1-A-3, Baa2 (sf) Placed Under Review for Possible
Upgrade; previously on May 13, 2004 Downgraded to Baa2 (sf)
Issuer: MERIT Securities Corporation Collateralized Bonds,
Series 13
A4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously
on Feb 24, 2004 Downgraded to Baa3 (sf)
Issuer: Oakwood Mortgage Investors, Inc. Series 1997-D
A-3, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Mar 25, 2004 Downgraded to A2 (sf)
A-4, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Mar 25, 2004 Downgraded to A2 (sf)
A-5, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Mar 25, 2004 Downgraded to A2 (sf)
Issuer: Oakwood Mortgage Investors, Inc. Series,
1998-A
A-4, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Mar 25, 2004 Downgraded to A3 (sf)
A-5, A3 (sf) Placed Under Review for Possible Upgrade;
previously on Mar 25, 2004 Downgraded to A3 (sf)
Issuer: UCFC Funding Corporation 1996-2
Class A, A1 (sf) Placed Under Review for Possible Upgrade;
previously on Jan 16, 2009 Upgraded to A1 (sf)
Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3,
Outlook Negative on Jun 25, 2009)
Issuer: UCFC Funding Corporation Series 1997-3
A-4, Baa2 (sf) Placed Under Review for Possible Upgrade;
previously on Sep 28, 2004 Downgraded to Baa2 (sf)
Issuer: UCFC Funding Corporation Series 1997-4
A-4, B1 (sf) Placed Under Review for Possible Upgrade;
previously on Sep 28, 2004 Downgraded to B1 (sf)
Issuer: BankAmerica Manufactured Housing Contract Trust II Series
1997-1
M, B1 (sf) Placed Under Review for Possible Upgrade; previously
on Feb 8, 2006 Downgraded to B1 (sf)
Issuer: BankAmerica MH Contract 1998-2
M, Ba2 (sf) Placed Under Review for Possible Upgrade; previously
on Feb 8, 2006 Downgraded to Ba2 (sf)
Issuer: BankAmerica MH Contract, Series 1998-1
M, Baa1 (sf) Placed Under Review for Possible Upgrade; previously
on Oct 5, 2004 Downgraded to Baa1 (sf)
Issuer: Conseco Finance Securitizations Corp. Manufactured
Housing Contract Senior/Subordinate Pass-Through Certificates
Cl. A-5, Ca (sf) Placed Under Review for Possible
Upgrade; previously on Mar 30, 2009 Downgraded to Ca (sf)
Issuer: Conseco Finance Securitizations Corp. Series 2000-5
Cl. A-6, Ca (sf) Placed Under Review for Possible
Upgrade; previously on Mar 30, 2009 Downgraded to Ca (sf)
Issuer: Conseco Finance Securitizations Corp. Series 2002-1
Class A-1, Baa1 (sf) Placed Under Review for Possible Upgrade;
previously on Aug 2, 2006 Downgraded to Baa1 (sf)
Issuer: Green Tree Financial Corporation - MH Contract Ser.
1997-2
A-6, Baa1 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 13, 2004 Downgraded to Baa1 (sf)
Issuer: Green Tree Financial Corporation MH Series 1997-1
A-5, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 13, 2004 Downgraded to A2 (sf)
A-6, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 13, 2004 Downgraded to A2 (sf)
Issuer: Greenpoint Manufactured Housing Contract Trust 1999-5
Cl. A-4, Ba1 (sf) Placed Under Review for Possible
Upgrade; previously on Oct 6, 2004 Downgraded to Ba1 (sf)
Cl. A-5, Ba1 (sf) Placed Under Review for Possible
Upgrade; previously on Oct 6, 2004 Downgraded to Ba1 (sf)
Cl. M-1A, Ca (sf) Placed Under Review for Possible
Upgrade; previously on Oct 6, 2004 Downgraded to Ca (sf)
Cl. M-1B, Ca (sf) Placed Under Review for Possible
Upgrade; previously on Oct 6, 2004 Downgraded to Ca (sf)
REGULATORY DISCLOSURES
The Global Scale Credit Ratings on this press release that are issued
by one of Moody's affiliates outside the EU are considered EU Qualified
by Extension and therefore available for regulatory use in the EU.
Further information on the EU endorsement status and on the Moody's
office that has issued a particular Credit Rating is available on www.moodys.com.
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Moody's considers the quality of information available on the rated
entity, obligation or credit satisfactory for the purposes of issuing
a rating.
Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent
third-party sources. However, Moody's is not
an auditor and cannot in every instance independently verify or validate
information received in the rating process.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
In addition to the information provided below please find on the ratings
tab of the issuer page at www.moodys.com, for each
of the ratings covered, Moody's disclosures on the lead rating
analyst and the Moody's legal entity that has issued each of the
ratings.
Ilana Fried
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moodys places $2 billion of manufactured housing deals issued between 1992 and 2007 on review
