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Rating Action:

Moody's takes action on $1.09 Billion RMBS issued in 2003-2007

19 Dec 2019

NOTE: On May 1, 2020, the press release was corrected as follows: The second, third, eighth, and ninth paragraphs of the Regulatory Disclosures section were added, and at the end of the press release, the first contact was changed to Zhiyu Jiang. Revised release follows.

New York, December 19, 2019 -- Moody's Investors Service (Moody's) has upgraded the ratings of 42 tranches and downgraded the ratings of two tranches from 23 transactions backed Option ARM, Alt-A and Subprime loans.

Complete rating actions are as follows:

Issuer: First Franklin Mortgage Loan Trust 2004-FF7

Cl. M1, Upgraded to Aa1 (sf); previously on Oct 25, 2017 Upgraded to A1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FF12

Cl. M-1, Upgraded to Aaa (sf); previously on Oct 16, 2018 Upgraded to Aa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF9

Cl. I-A, Upgraded to A1 (sf); previously on Jan 30, 2018 Upgraded to Baa1 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2

Cl. M-3, Downgraded to B2 (sf); previously on Jun 22, 2016 Downgraded to B1 (sf)

Issuer: Saxon Asset Securities Trust 2005-1

Cl. M-3, Upgraded to B1 (sf); previously on Sep 22, 2015 Upgraded to Caa1 (sf)

Issuer: Saxon Asset Securities Trust 2006-1

Cl. M-2, Upgraded to B3 (sf); previously on Feb 4, 2019 Upgraded to Caa3 (sf)

Issuer: Saxon Asset Securities Trust 2006-2

Cl. A-3C, Upgraded to Aaa (sf); previously on Dec 20, 2018 Upgraded to Aa1 (sf)

Cl. A-3D, Upgraded to Aa1 (sf); previously on Dec 20, 2018 Upgraded to Aa2 (sf)

Issuer: Saxon Asset Securities Trust 2007-3

Cl. 1-A, Upgraded to Baa1 (sf); previously on Feb 1, 2019 Upgraded to Ba1 (sf)

Cl. 2-A2, Upgraded to Ba1 (sf); previously on Feb 1, 2019 Upgraded to B1 (sf)

Cl. 2-A3, Upgraded to B2 (sf); previously on Feb 1, 2019 Upgraded to Caa1 (sf)

Cl. 2-A4, Upgraded to B2 (sf); previously on Feb 1, 2019 Upgraded to Caa1 (sf)

Issuer: Greenpoint Mortgage Funding Trust 2005-AR4

Cl. I-A-2a, Upgraded to Ba3 (sf); previously on Aug 18, 2015 Upgraded to B3 (sf)

Cl. I-A-3, Upgraded to Caa1 (sf); previously on Aug 18, 2015 Upgraded to Caa3 (sf)

Cl. I-A-2b Underlying, Upgraded to Ba3 (sf); previously on Aug 18, 2015 Upgraded to B3 (sf)

Cl. I-A-2b Grantor Trust, Upgraded to Ba3 (sf); previously on Aug 18, 2015 Upgraded to B3 (sf)

Issuer: GreenPoint Mortgage Funding Trust 2006-OH1

Cl. A-1, Upgraded to Caa1 (sf); previously on Dec 9, 2010 Downgraded to Caa3 (sf)

Issuer: Greenpoint Mortgage Funding Trust 2007-AR3

Cl. A1, Upgraded to Caa1 (sf); previously on Dec 9, 2010 Downgraded to Caa3 (sf)

Issuer: IndyMac INDX Mortgage Loan Trust 2006-FLX1

Cl. A-1, Upgraded to Baa1 (sf); previously on Jul 5, 2018 Upgraded to Ba1 (sf)

Issuer: Lehman XS Trust Series 2005-6

Cl. 1-A1, Upgraded to Caa2 (sf); previously on Sep 2, 2014 Downgraded to Ca (sf)

Cl. 1-A4, Upgraded to Caa2 (sf); previously on Sep 3, 2010 Downgraded to Ca (sf)

Issuer: Lehman XS Trust, Mortgage Pass Through Certificates, Series 2006-14N

Cl. 1-A1A, Upgraded to Caa1 (sf); previously on Sep 4, 2012 Confirmed at Caa3 (sf)

Cl. 1-A1B, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Confirmed at Ca (sf)

Cl. 2-A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Issuer: RASC Series 2005-KS10 Trust

Cl. M-3, Upgraded to Ba1 (sf); previously on Dec 20, 2018 Upgraded to Ba2 (sf)

Issuer: RASC Series 2006-KS2 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Apr 12, 2017 Upgraded to Aa2 (sf)

Cl. M-2, Upgraded to A3 (sf); previously on Apr 12, 2017 Upgraded to Baa3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2003-2

M-1, Downgraded to B3 (sf); previously on Jun 10, 2013 Upgraded to B1 (sf)

Issuer: Renaissance Home Equity Loan Trust 2005-1

Cl. AF-4, Upgraded to Baa2 (sf); previously on Jan 26, 2018 Upgraded to Ba2 (sf)

Cl. AF-5, Upgraded to Ba2 (sf); previously on Jan 26, 2018 Upgraded to Ba3 (sf)

Cl. AF-6, Upgraded to Ba1 (sf); previously on Jan 26, 2018 Upgraded to Ba2 (sf)

Cl. AV-3, Upgraded to Baa2 (sf); previously on Jan 26, 2018 Upgraded to Ba1 (sf)

Issuer: Structured Adjustable Rate Mortgage Loan Trust 2005-3XS

Cl. M2, Upgraded to B3 (sf); previously on Dec 24, 2018 Upgraded to Caa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-16XS

Cl. A4A, Upgraded to A1 (sf); previously on Dec 28, 2018 Upgraded to A3 (sf)

Cl. A3A, Upgraded to A2 (sf); previously on Dec 28, 2018 Upgraded to Baa1 (sf)

Cl. A4B, Upgraded to A1 (sf); previously on Dec 28, 2018 Upgraded to A3 (sf)

Underlying Rating: Upgraded to A1 (sf); previously on Dec 28, 2018 Upgraded to A3 (sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at Caa1, Outlook Developing on Dec 12, 2018.)

Cl. A3B, Upgraded to A2 (sf); previously on Dec 28, 2018 Upgraded to Baa1 (sf)

Underlying Rating: Upgraded to A2 (sf); previously on Dec 28, 2018 Upgraded to Baa1 (sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at Caa1, Outlook Developing on Dec 12, 2018.)

Issuer: Structured Asset Securities Corp Trust 2004-9XS

Cl. 1-A5, Upgraded to Baa3 (sf); previously on Dec 8, 2014 Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Baa3 (sf); previously on Dec 8, 2014 Upgraded to Ba3 (sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at Caa1, Outlook Developing on Dec 12, 2018.)

Cl. 1-A6, Upgraded to Baa2 (sf); previously on Dec 8, 2014 Upgraded to Ba2 (sf)

Underlying Rating: Upgraded to Baa2 (sf); previously on Dec 8, 2014 Upgraded to Ba2 (sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at Caa1, Outlook Developing on Dec 12, 2018.)

Issuer: Structured Asset Securities Corp Trust 2006-WF2

Cl. M1, Upgraded to Aaa (sf); previously on Dec 17, 2018 Upgraded to Aa3 (sf)

Cl. M2, Upgraded to B2 (sf); previously on Dec 17, 2018 Upgraded to Caa2 (sf)

Issuer: Structured Asset Securities Corp Trust 2007-WF1

Cl. A1, Upgraded to Ba3 (sf); previously on Aug 8, 2017 Upgraded to B2 (sf)

Cl. A5, Upgraded to Ca (sf); previously on Apr 12, 2010 Downgraded to C (sf)

Cl. A6, Upgraded to Ba3 (sf); previously on Aug 8, 2017 Upgraded to B2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to an improvement in the credit enhancement available to the bonds. The rating downgrades are primarily due to deteriorating credit enhancement and pool performance. The rating downgrade on Cl. M-3 from Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2 is due to the outstanding interest shortfalls on the bond that are not expected to be recouped. The rating actions reflect the recent performance and Moody's updated loss expectations on the underlying pools.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in February 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate.The unemployment rate fell to 3.5% in November 2019 from 3.7% in November 2018. Moody's forecasts an unemployment central range of 3.8% to 4.2% for the 2020 year. Deviations from this central scenario could lead to rating actions in the sector. House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2020. Lower increases than Moody's expects or decreases could lead to negative rating actions. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

A list of these actions including CUSIP identifiers and the associated pool losses may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF485937

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody’s either did not receive or take into account one or more third-party due diligence assessment(s) regarding the underlying assets or financial instruments (the “Due Diligence Assessment(s)”) in this credit rating action for Renaissance Home Equity Loan Trust 2003-2, Renaissance Home Equity Loan Trust 2005-1, Saxon Asset Securities Trust 2005-1, Saxon Asset Securities Trust 2006-1, Saxon Asset Securities Trust 2006-2, Saxon Asset Securities Trust 2007-3 and Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2.

The Due Diligence Assessment(s) referenced herein were prepared and produced solely by parties other than Moody’s. While Moody’s uses Due Diligence Assessment(s) only to the extent that Moody’s believes them to be reliable for purposes of the intended use, Moody’s does not independently audit or verify the information or procedures used by third-party due-diligence providers in the preparation of the Due Diligence Assessment(s) and makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of the Due Diligence Assessment(s).

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings for Saxon Asset Securities Trust 2005-1, Saxon Asset Securities Trust 2006-1, Saxon Asset Securities Trust 2006-2, Saxon Asset Securities Trust 2007-3 and Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2 have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Moody’s attempted but was not able to disclose the draft rating action press release to Renaissance Home Equity Loan Trust 2003-2 and Renaissance Home Equity Loan Trust 2005-1 or its/their designated agent(s). The rating action press release was issued with no amendment.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see 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 the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Zhiyu Jiang
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Karandeep Bains
VP-Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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