Moody's releases review outcome for Australian RMBS
Ratings confirmed on 210 tranches, 115 tranches identified as sensitive to mortgage insurer rating action
Sydney, February 26, 2008 -- Moody's Investors Service has today released the results of its review
of the Australian Residential Mortgage Backed Securities (RMBS) initiated
on February 4, 2008. The review followed the placement on
review for possible downgrade of PMI Mortgage Insurance Ltd (PMI) (IFSR
Aa2), a major provider of mortgage insurance to Australian RMBS.
In total, 325 tranches - totaling AUD83 billion -
from 145 separate transactions were placed on review for possible downgrade.
The review covered Australian term RMBS which are rated by Moody's and
contain mortgage loans insured by PMI. It considered the proportion
of loans insured by PMI, current subordination levels, seasoning
and other structural features.
Moody's has identified three groups of securities:
(1) Securities with ratings independent of PMI's rating.
These are the senior and mezzanine tranches exhibiting current subordination
levels in excess of the current gross subordination required to maintain
their ratings. Moody's has today confirmed the ratings of
the 188 senior tranches and 22 mezzanine tranches falling into this category.
They represent 78% by value of the notes placed under review on
last February 4.
(2) Securities with ratings that can withstand a downgrade of PMI but
may be negatively affected in the event of a more severe rating action.
These are senior and mezzanine tranches, characterized by a relatively
high proportion of PMI-insured mortgage loans within the underlying
portfolios and insufficient note subordination to achieve a complete delinkage
from PMI. 20 senior tranches and 3 mezzanine tranches representing
18.65% of notes under review by value fall into this category.
Moody's has classified them into groups according to the lowest
rating of PMI the current rating of the tranche may withstand.
Moody's has retained these securities on review for possible downgrade
pending outcome of the PMI rating review.
(3) Securities with ratings that will come under pressure in the event
of any PMI downgrade. These are junior tranches whose ratings are
highly correlated to the ratings of the mortgage insurers. 92 tranches
representing 3.35% of notes under review by value fall into
this category. Moody's has retained these securities on review
for possible downgrade pending outcome of the PMI rating review.
Moody's will seek to provide further guidance to the market with
regard to securities retained on review as soon as the review of PMI is
concluded.
The complete rating action for group 1 is as follows:
Senior Aaa's tranches confirmed are:
Apollo Series 2003-1E Trust, Class A, Aaa rating confirmed
Apollo Series 2004-1E Trust, Class 1A, Aaa rating confirmed
Apollo Series 2004-1E Trust, Class 2A, Aaa rating confirmed
Apollo Series 2004-2 Trust, Class A, Aaa rating confirmed
Apollo Series 2005-1E Trust, Class 1A, Aaa rating confirmed
Apollo Series 2005-1E Trust, Class 2A, Aaa rating confirmed
Apollo Series 2005-2 Trust, Class A, Aaa rating confirmed
Apollo Series 2006-1E Trust, Class 1A, Aaa rating confirmed
Apollo Series 2006-1E Trust, Class 2A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Euro Fund IV,
Class A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Euro Fund V,
Class A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI,
Class A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Fund XI, Class
A2, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Fund XII, Class
A3, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Fund XIII,
Class A3, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Fund XIV, Class
A3, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Fund XV, Class
A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Global Fund 2,
Class A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class A-1(a), Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class A-1(b), Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Global Fund I,
Class A, Aaa rating confirmed
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I,
Class A-1, Aaa rating confirmed
Challenger Millennium Series 2007-1E Trust, Class A1,
Aaa rating confirmed
Challenger Millennium Series 2007-1E Trust, Class A2a,
Aaa rating confirmed
Challenger Millennium Series 2007-1E Trust, Class A2b,
Aaa rating confirmed
Challenger Millennium Series 2007-2L Trust, Class A,
Aaa rating confirmed
Crusade Euro Trust No. 1E of 2004, Class A1, Aaa rating
confirmed
Crusade Euro Trust No. 1E of 2004, Class A2, Aaa rating
confirmed
Crusade Euro Trust No. 1E of 2006, Class A1, Aaa rating
confirmed
Crusade Euro Trust No. 1E of 2006, Class A2, Aaa rating
confirmed
Crusade Global Trust No.1 of 2001, Class A-3,
Aaa rating confirmed
Crusade Global Trust No.1 of 2002, Class A, Aaa rating
confirmed
Crusade Global Trust No.1 of 2003, Class A, Aaa rating
confirmed
Crusade Global Trust No.1 of 2004, Class A-1,
Aaa rating confirmed
Crusade Global Trust No.1 of 2004, Class A-2,
Aaa rating confirmed
Crusade Global Trust No.1 of 2006, Class A-1,
Aaa rating confirmed
Crusade Global Trust No.1 of 2006, Class A-2,
Aaa rating confirmed
Crusade Global Trust No.1 of 2006, Class A-3,
Aaa rating confirmed
Crusade Global Trust No.2 of 2001, Class A, Aaa rating
confirmed
Crusade Global Trust No.2 of 2003, Class A, Aaa rating
confirmed
Crusade Global Trust No.2 of 2005, Class A-1,
Aaa rating confirmed
Crusade Global Trust No.2 of 2005, Class A-2,
Aaa rating confirmed
Crusade Trust No.1A of 2005, Class A, Aaa rating confirmed
FirstMac Bond Series 1-2005 Trust, Class A1-1,
Aaa rating confirmed
FirstMac Bond Series 1-2005 Trust, Class A1-2,
Aaa rating confirmed
FirstMac Bond Series 1E-2006 Trust, Notes, Aaa rating
confirmed
FirstMac Bond Series 2-2005 Trust, Class A1, Aaa rating
confirmed
FirstMac Bond Series 3-2005 Trust, Class A, Aaa rating
confirmed
FirstMac Mortgage Funding Trust Series 1-2007, Class A,
Aaa rating confirmed
FirstMac Mortgage Funding Trust Series 1E-2007, Class A1,
Aaa rating confirmed
FirstMac Mortgage Funding Trust Series 1E-2007, Class A2,
Aaa rating confirmed
HBS Trust 2003-1E, Class A, Aaa rating confirmed
HBS Trust 2004-1, Class A, Aaa rating confirmed
HBS Trust 2005-1E, Class A, Aaa rating confirmed
Illawarra Series 2003-1 Trust, Class A-2, Aaa
rating confirmed
Interstar Millennium Series 2002-1G Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2003-1G Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2003-3G Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2003-3G Trust, Class A3,
Aaa rating confirmed
Interstar Millennium Series 2003-5G Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2003-5G Trust, Class A3,
Aaa rating confirmed
Interstar Millennium Series 2004-1E Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2004-2G Trust, Class A,
Aaa rating confirmed
Interstar Millennium Series 2004-4E Trust, Class A1,
Aaa rating confirmed
Interstar Millennium Series 2004-4E Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2005-1G Trust, Class A,
Aaa rating confirmed
Interstar Millennium Series 2005-2L Trust, Class A-1,
Aaa rating confirmed
Interstar Millennium Series 2005-2L Trust, Class A-2,
Aaa rating confirmed
Interstar Millennium Series 2005-3E Trust, Class A-1,
Aaa rating confirmed
Interstar Millennium Series 2005-3E Trust, Class A-2,
Aaa rating confirmed
Interstar Millennium Series 2006-2G Trust, Class A1,
Aaa rating confirmed
Interstar Millennium Series 2006-2G Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2006-3L Trust, Class A1,
Aaa rating confirmed
Interstar Millennium Series 2006-3L Trust, Class A2,
Aaa rating confirmed
Interstar Millennium Series 2006-4H, Class A1, Aaa
rating confirmed
Interstar Millennium Series 2006-4H, Class A2, Aaa
rating confirmed
Kingfisher Trust 2001-1G, Class A, Aaa rating confirmed
Kingfisher Trust 2004-1G, Class A, Aaa rating confirmed
Medallion Trust Series 2003-1G, Class A, Aaa rating
confirmed
Medallion Trust Series 2004-1G, Class A-1, Aaa
rating confirmed
Medallion Trust Series 2004-1G, Class A-2, Aaa
rating confirmed
Medallion Trust Series 2004-1G, Class A-3, Aaa
rating confirmed
Medallion Trust Series 2005-1G, Class A-1, Aaa
rating confirmed
Medallion Trust Series 2005-1G, Class A-2, Aaa
rating confirmed
Medallion Trust Series 2005-1G, Class A-3, Aaa
rating confirmed
Medallion Trust Series 2006-1G, Class A-1, Aaa
rating confirmed
Medallion Trust Series 2006-1G, Class A-2, Aaa
rating confirmed
Medallion Trust Series 2006-1G, Class A-3, Aaa
rating confirmed
National RMBS Trust 2004-1, Class A1, Aaa rating confirmed
National RMBS Trust 2004-1, Class A2, Aaa rating confirmed
National RMBS Trust 2004-1, Class A3, Aaa rating confirmed
National RMBS Trust 2006-3, Class A1, Aaa rating confirmed
National RMBS Trust 2006-3, Class A2, Aaa rating confirmed
Progress 2002-1 Trust, Class A2, Aaa rating confirmed
Progress 2003 E-1 Trust, Class 1A, Aaa rating confirmed
Progress 2003 E-1 Trust, Class 2A, Aaa rating confirmed
Progress 2003-1 Trust, Class A2, Aaa rating confirmed
Progress 2004 E-1 Trust, Class 1A, Aaa rating confirmed
Progress 2004 E-1 Trust, Class 2A, Aaa rating confirmed
Progress 2004-2 Trust, Class A, Aaa rating confirmed
Progress 2005-1 Trust, Class A, Aaa rating confirmed
Progress 2005-2 Trust, Class A, Aaa rating confirmed
Progress 2006-1 Trust, Class A, Aaa rating confirmed
Progress 2007-1G Trust, Class 1A, Aaa rating confirmed
Progress 2007-1G Trust, Class 2A, Aaa rating confirmed
Puma Global Trust No.1, Class A, Aaa rating confirmed
Puma Global Trust No.2, Class A, Aaa rating confirmed
Puma Global Trust No.3, Class A, Aaa rating confirmed
Puma Global Trust No.4, Class A, Aaa rating confirmed
PUMA Global Trust No.5, Class A-1, Aaa rating
confirmed
PUMA Global Trust No.5, Class A-2, Aaa rating
confirmed
PUMA Global Trust No.5, Class A-3, Aaa rating
confirmed
Puma Global Trust S-1, Class A, Aaa rating confirmed
Puma Masterfund H-1, Class A, Aaa rating confirmed
PUMA Masterfund P-10 Series B, Class A, Aaa rating
confirmed
PUMA Masterfund P-10 Series C, Class A , Aaa rating
confirmed
Puma Masterfund P-10, Class A, Aaa rating confirmed
PUMA Masterfund P-11 Series A, Class A, Aaa rating
confirmed
Puma Masterfund P-11 Series B, Class A, Aaa rating
confirmed
PUMA Masterfund P-13 Series A, Class A, Aaa rating
confirmed
PUMA Masterfund P-8 Series B, Class A-2, Aaa
rating confirmed
Puma Masterfund P-8, Class A-2, Aaa rating confirmed
Puma Masterfund P-9, Class A-2, Aaa rating confirmed
PUMA Masterfund S-2 Series A, Class A, Aaa rating confirmed
Puma Masterfund S-3, Class A, Aaa rating confirmed
PUMA Masterfund S-4, Class A, Aaa rating confirmed
RAMS Mortgage Corporation Ltd Series 1, Cl. A, Aaa
rating confirmed
RAMS Mortgage Corporation Ltd Series 11, Class A3, Aaa rating
confirmed
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class A, Aaa rating confirmed
RAMS Mortgage Securities Trust in respect of Series 2007-1HE,
Class A, Aaa rating confirmed
RAMS Mortgage Securities Trust in respect of the Series 2007-2H,
Class A, Aaa rating confirmed
RAMS Mortgage Securities Trust Series 2007-3, Class A,
Aaa rating confirmed
RBS Trust 2003-1, Class A, Aaa rating confirmed
RBS Trust 2003-1, Super Senior, Aaa rating confirmed
RBS Trust 2004-1, Class A, Aaa rating confirmed
RBS Trust 2004-1, Super Senior Notes, Aaa rating confirmed
RBS Trust 2005-1, Class A, Aaa rating confirmed
RBS Trust 2007-1, Class A, Aaa rating confirmed
Resimac Premier Euro 2003-1 Trust, 1A, Aaa rating confirmed
Resimac Premier Euro 2003-1 Trust, 2A, Aaa rating confirmed
Resimac Premier Euro 2004-1E Trust, Class 1A, Aaa rating
confirmed
Resimac Premier Euro 2004-1E Trust, Class 2A, Aaa rating
confirmed
Resimac Premier Euro 2004-2E Trust, Class 1A1, Aaa
rating confirmed
Resimac Premier Euro 2004-2E Trust, Class 1A2, Aaa
rating confirmed
Resimac Premier Euro 2004-2E Trust, Class 2A, Aaa rating
confirmed
RESIMAC Premier Euro 2005-1E Trust, Class 1A, Aaa rating
confirmed
RESIMAC Premier Euro 2005-1E Trust, Class 2A, Aaa rating
confirmed
Resimac Premier Euro 2006-1E Trust, Class 1A, Aaa rating
confirmed
Resimac Premier Euro 2006-1E Trust, Class 2A, Aaa rating
confirmed
RMS Trust 2002-1, Class A3, Aaa rating confirmed
RMS Trust 2003-1E, Class 1A, Aaa rating confirmed
RMS Trust 2003-1E, Class 2A, Aaa rating confirmed
RMS Trust 2004-1E, Class A1, Aaa rating confirmed
RMS Trust 2004-1E, Class A2, Aaa rating confirmed
Series 2001-1 Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2001-1G Medallion Trust, Class A-1, Aaa
rating confirmed
Series 2001-1G Medallion Trust, Class A2 -Tranche
2, Aaa rating confirmed
Series 2002-1 Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2002-1E Swan Trust, Class A, Aaa rating confirmed
Series 2002-1G Medallion Trust, Class A-1, Aaa
rating confirmed
Series 2002-1G Medallion Trust, Class A2 -Tranche
2, Aaa rating confirmed
Series 2002-1G WST Trust, Class A, Aaa rating confirmed
Series 2003-1 Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2004-1 Torrens Trust, Class A-1, Aaa
rating confirmed
Series 2004-1 Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2004-2(W) Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2005-1 Reds Trust, Class A-1, Aaa rating
confirmed
Series 2005-1 Reds Trust, Class A-2, Aaa rating
confirmed
Series 2005-1 Torrens Trust, Class A-1, Aaa
rating confirmed
Series 2005-1 Torrens Trust, Class A-2, Aaa
rating confirmed
Series 2005-2 Reds Trust, Class A-1, Aaa rating
confirmed
Series 2005-2(S) TORRENS Trust, Class A, Aaa rating
confirmed
Series 2006-1E REDS Trust, Class A-1, Aaa rating
confirmed
Series 2006-1E REDS Trust, Class A-2, Aaa rating
confirmed
Series 2006-1E SWAN Trust, Class A1, Aaa rating confirmed
Series 2006-1E SWAN Trust, Class A2, Aaa rating confirmed
Series 2006-1E SWAN Trust, Class A3, Aaa rating confirmed
Series 2007-1E REDS Trust, Class A-1, Aaa rating
confirmed
Series 2007-1E REDS Trust, Class A-2, Aaa rating
confirmed
TORRENS Series 2005-3(E) Trust, Class A-1, Aaa
rating confirmed
TORRENS Series 2005-3(E) Trust, Class A-2, Aaa
rating confirmed
TORRENS Series 2006-1(E) Trust, Class A-1, Aaa
rating confirmed
TORRENS Series 2006-1(E) Trust, Class A-2, Aaa
rating confirmed
Unity Series 2003-1 Trust, Class A, Aaa rating confirmed
WB Trust 2003-1, Class A, Aaa rating confirmed
WB Trust 2003-1, Super Senior, Aaa rating confirmed
WB Trust 2004-1, Class A, Aaa rating confirmed
WB Trust 2005-1, Class A, Aaa rating confirmed
Mezzanine tranches confirmed are:
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I,
Class A-2, Aa1 rating confirmed
Challenger Millennium Series 2007-1E Trust, Class AB,
Aa1 rating confirmed
Challenger Millennium Series 2007-2L Trust, Class AB,
Aa1 rating confirmed
Crusade Euro Trust No. 1E of 2004, Class B, Aa2 rating
confirmed
FirstMac Bond Series 2-2005 Trust, Class AB, Aa1 rating
confirmed
FirstMac Bond Series 3-2005 Trust, Class AB, Aa1 rating
confirmed
FirstMac Mortgage Funding Trust Series 1-2007, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2004-1E Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2004-2G Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2004-4E Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2005-1G Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2005-2L Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2005-3E Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2006-2G Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2006-3L Trust, Class AB,
Aa1 rating confirmed
Interstar Millennium Series 2006-4H, Class AB, Aa1
rating confirmed
RAMS Mortgage Securities Trust in respect of Series 2007-1HE,
Class AB, Aa1 rating confirmed
RAMS Mortgage Securities Trust in respect of the Series 2007-2H,
Class AB, Aa1 rating confirmed
Unity Series 2003-1 Trust, Class AB, Aa1 rating confirmed
WB Trust 2003-1, Class B, Aa1 rating confirmed
WB Trust 2004-1, Class B, Aa2 rating confirmed
WB Trust 2004-1, Class C, A1 rating confirmed
The complete rating action for group 2 is as follows:
Securities able to withstand PMI downgrade to A1:
Crusade Euro Trust No. 1E of 2007, Class A-1,
currently rated Aaa, on review for possible downgrade
Crusade Euro Trust No. 1E of 2007, Class A-2,
currently rated Aaa, on review for possible downgrade
Lion Series 2007-1 Trust, Class A, currently rated
Aaa, on review for possible downgrade
RAMS Mortgage Securities Trust Series 2007-3, Class AB,
currently rated Aa1, on review for possible downgrade
RAMS Mortgage Securities Trust Series UniCredit (1), Class A,
currently rated Aaa, on review for possible downgrade
Securities able to withstand PMI downgrade to A2:
National RMBS Trust 2006-1, Class A, currently rated
Aaa, on review for possible downgrade
Series 2007-1E SWAN Trust, Class A1, currently rated
Aaa, on review for possible downgrade
Series 2007-1E SWAN Trust, Class A2, currently rated
Aaa, on review for possible downgrade
Series 2007-1E SWAN Trust, Class A3, currently rated
Aaa, on review for possible downgrade
Series 2007-1E SWAN Trust, Class A4, currently rated
Aaa, on review for possible downgrade
Securities able to withstand PMI downgrade to A3:
Apollo Series 2007-1E Trust, Class 1A, currently rated
Aaa, on review for possible downgrade
Apollo Series 2007-1E Trust, Class 2A, currently rated
Aaa, on review for possible downgrade
Crusade Euro Trust No. 1E of 2007, Class B, currently
rated Aa2, on review for possible downgrade
Securities able to withstand PMI downgrade to Baa1:
Crusade Global Trust No. 1 of 2007, Class A-1,
currently rated Aaa, on review for possible downgrade
Crusade Global Trust No. 1 of 2007, Class A-2,
currently rated Aaa, on review for possible downgrade
Crusade Global Trust No. 1 of 2007, Class A-3,
currently rated Aaa, on review for possible downgrade
Securities able to withstand PMI downgrade to Baa2:
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class AB, currently rated Aa1, on review for possible downgrade
Securities able to withstand PMI downgrade to Baa3:
Crusade Global Trust No. 2 of 2006, Class A-1,
currently rated Aaa, on review for possible downgrade
Crusade Global Trust No. 2 of 2006, Class A-2,
currently rated Aaa, on review for possible downgrade
Crusade Global Trust No. 2 of 2006, Class A-3,
currently rated Aaa, on review for possible downgrade
HBS Trust 2006-1, Class A, currently rated Aaa,
on review for possible downgrade
Puma Masterfund P-12 Series A, Class A, currently rated
Aaa, on review for possible downgrade
PUMA Masterfund P-12 Series B, Class A, currently rated
Aaa, on review for possible downgrade
The complete rating action for group 3 is as follows:
Apollo Series 2004-1E Trust, Class B, currently rated
Aa2, on review for possible downgrade
Apollo Series 2004-2 Trust, Class B, currently rated
Aa2, on review for possible downgrade
Apollo Series 2005-1E Trust, Class B, currently rated
Aa2, on review for possible downgrade
Apollo Series 2005-2 Trust, Class B, currently rated
Aa2, on review for possible downgrade
Apollo Series 2006-1E Trust, Class B, currently rated
Aa2, on review for possible downgrade
Apollo Series 2007-1E Trust, Class B, currently rated
Aa2, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI,
Class B, currently rated Aa2, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Fund XV, Class
B, currently rated Aa2, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 2,
Class B, currently rated Aa2, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(a), currently rated Aa2, on review for possible
downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(b), currently rated Aa2, on review for possible
downgrade
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I,
Class B, currently rated Aa2, on review for possible downgrade
Challenger Millennium Series 2007-1E Trust, Class B,
currently rated Aa2, on review for possible downgrade
Challenger Millennium Series 2007-2L Trust, Class B,
currently rated Aa2, on review for possible downgrade
Challenger Millennium Warehouse H Trust, Class A, currently
rated Aa3, on review for possible downgrade
Crusade Euro Trust No. 1E of 2004, Class C, currently
rated A2, on review for possible downgrade
Crusade Euro Trust No. 1E of 2007, Class C, currently
rated Aa3, on review for possible downgrade
FirstMac Bond Series 1E-2006 Trust, Class B, currently
rated Aa2, on review for possible downgrade
FirstMac Bond Series 3-2005 Trust, Class B, currently
rated Aa2, on review for possible downgrade
FirstMac Mortgage Funding Trust Series 1-2007, Class B,
currently rated Aa2, on review for possible downgrade
FirstMac Mortgage Funding Trust Series 1E-2007, Class B ,
currently rated Aa2, on review for possible downgrade
HBS Trust 2003-1E, Class B, currently rated Aa2,
on review for possible downgrade
HBS Trust 2004-1, Class B, currently rated Aa2,
on review for possible downgrade
HBS Trust 2005-1E, Class B, currently rated Aa2,
on review for possible downgrade
HBS Trust 2006-1, Class B, currently rated Aa2,
on review for possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B1,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B2,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2004-1E Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2004-2G Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2004-4E Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2005-1G Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2005-2L Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2005-3E Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2006-2G Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2006-3L Trust, Class B,
currently rated Aa2, on review for possible downgrade
Interstar Millennium Series 2006-4H, Class B, currently
rated Aa2, on review for possible downgrade
Kingfisher Trust 2004-1G, Class B, currently rated
Aa2, on review for possible downgrade
Lion Series 2007-1 Trust, Class B, currently rated
Aa2, on review for possible downgrade
Medallion Trust Series 2006-1G, Class B, currently
rated Aa2, on review for possible downgrade
National RMBS Trust 2004-1, Class B, currently rated
Aa2, on review for possible downgrade
National RMBS Trust 2006-1, Class B, currently rated
Aa2, on review for possible downgrade
National RMBS Trust 2006-3, Class B, currently rated
Aa2, on review for possible downgrade
Progress 2003 E-1 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2004 E-1 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2004-2 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2005-1 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2005-2 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2006-1 Trust, Class B, currently rated Aa2,
on review for possible downgrade
Progress 2007-1G Trust, Class B, currently rated Aa2,
on review for possible downgrade
PUMA Global Trust No.5, Class B, currently rated Aa2,
on review for possible downgrade
Puma Global Trust S-1, Class B, currently rated Aa2,
on review for possible downgrade
Puma Masterfund H-1, Class B, currently rated Aa2,
on review for possible downgrade
PUMA Masterfund P-10 Series B, Class B, currently rated
Aa2, on review for possible downgrade
PUMA Masterfund P-10 Series C, Class B, currently rated
Aa2, on review for possible downgrade
Puma Masterfund P-10, Class B, currently rated Aa2,
on review for possible downgrade
PUMA Masterfund P-11 Series A, Class B, currently rated
Aa2, on review for possible downgrade
Puma Masterfund P-11 Series B, Class B, currently rated
Aa2, on review for possible downgrade
Puma Masterfund P-12 Series A, Class B, currently rated
Aa2, on review for possible downgrade
PUMA Masterfund P-12 Series B, Class B, currently rated
Aa2, on review for possible downgrade
PUMA Masterfund P-13 Series A, Class B, currently rated
Aa2, on review for possible downgrade
PUMA Masterfund S-2 Series A, Class B, currently rated
Aa2, on review for possible downgrade
Puma Masterfund S-3, Class B, currently rated Aa2,
on review for possible downgrade
PUMA Masterfund S-4, Class B, currently rated Aa2,
on review for possible downgrade
PUMA Masterfund S-5, Class B, currently rated Aa2,
on review for possible downgrade
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class B, currently rated Aa2, on review for possible downgrade
RAMS Mortgage Securities Trust in respect of Series 2007-1HE,
Class B, currently rated Aa2, on review for possible downgrade
RAMS Mortgage Securities Trust in respect of the Series 2007-2H,
Class B, currently rated Aa2, on review for possible downgrade
RAMS Mortgage Securities Trust Series 2007-3, Class B,
currently rated Aa2, on review for possible downgrade
RAMS Mortgage Securities Trust Series UniCredit (1), Class B,
currently rated Aa2, on review for possible downgrade
RBS Trust 2003-1, Class B, currently rated Aa2,
on review for possible downgrade
RBS Trust 2004-1, Class B, currently rated Aa2,
on review for possible downgrade
RBS Trust 2005-1, Class B, currently rated Aa2,
on review for possible downgrade
RBS Trust 2007-1, Class B, currently rated Aa2,
on review for possible downgrade
Resimac Premier Euro 2003-1 Trust, Class B, currently
rated Aa2, on review for possible downgrade
Resimac Premier Euro 2004-1E Trust, Class 1B, currently
rated Aa2, on review for possible downgrade
Resimac Premier Euro 2004-2E Trust, Class B, currently
rated Aa2, on review for possible downgrade
RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently
rated Aa2, on review for possible downgrade
Resimac Premier Euro 2006-1E Trust, Class 2B, currently
rated Aa2, on review for possible downgrade
RMS Trust 2003-1E, Class 1B, currently rated Aa2,
on review for possible downgrade
Series 2005-1 Reds Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2005-2 Reds Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2005-2(S) TORRENS Trust, Class B, currently
rated Aa2, on review for possible downgrade
Series 2006-1E REDS Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2006-1E SWAN Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2007-1E REDS Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2007-1E SWAN Trust, Class B, currently rated
Aa2, on review for possible downgrade
Series 2007-2 REDS Trust, Class B, currently rated
Aa2, on review for possible downgrade
TORRENS Series 2005-3(E) Trust, Class B, currently
rated Aa2, on review for possible downgrade
TORRENS Series 2006-1(E) Trust, Class B, currently
rated Aa2, on review for possible downgrade
Torrens Series 2007-1 Trust, Class B, currently rated
Aa2, on review for possible downgrade
Unity Series 2003-1 Trust, Class B, currently rated
Aa2, on review for possible downgrade
WB Trust 2003-1, Class C, currently rated A1,
on review for possible downgrade
WB Trust 2004-1, Class D, currently rated Baa1,
on review for possible downgrade
The ratings address the expected loss posed to investors by the legal
final maturity. Moody's ratings address only the credit risks associated
with the transaction. Other non-credit risks have not been
addressed, but may have significant effect on yield to investors.
Moody's ratings are subject to revision, suspension or withdrawal
at any time at our absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold securities
Sydney
Henry Charpentier
Managing Director
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100
Sydney
Arthur Karabatsos
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100