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Rating Action:

Moody's takes action on $1.16 Billion of Alt-A and Resecuritized RMBS issued from 2005 to 2007

09 Jan 2017

New York, January 09, 2017 -- Moody's Investors Service has upgraded the ratings of 42 tranches from 12 transactions and downgraded 9 tranches from one transaction, backed by Alt-A mortgage loans, issued by Multiple issuers.

Complete rating actions are as follows:

Issuer: Citigroup Mortgage Loan Trust 2006-AR3

Cl. 1-A1A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. 2-1AX, Upgraded to Ca (sf); previously on Feb 22, 2012 Downgraded to C (sf)

Cl. 2-2AX, Upgraded to Ca (sf); previously on Feb 22, 2012 Downgraded to C (sf)

Cl. 2-A1A, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Cl. 2-A2A, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Cl. 2-A3A, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Cl. 2-A4A, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Issuer: Citigroup Mortgage Loan Trust 2006-AR6

Cl. 2-A1, Upgraded to Caa1 (sf); previously on Apr 16, 2013 Downgraded to Caa2 (sf)

Cl. 2-A2, Upgraded to Caa1 (sf); previously on Apr 16, 2013 Upgraded to Caa2 (sf)

Cl. 2-A3, Upgraded to Caa1 (sf); previously on Apr 16, 2013 Upgraded to Caa2 (sf)

Issuer: Citigroup Mortgage Loan Trust 2006-AR9

Cl. 1-A3, Upgraded to A1 (sf); previously on Nov 4, 2015 Upgraded to Ba3 (sf)

Cl. 1-A4, Upgraded to A3 (sf); previously on Aug 22, 2016 Upgraded to B2 (sf)

Cl. 1-M1, Upgraded to Ba2 (sf); previously on Aug 22, 2016 Upgraded to Caa2 (sf)

Cl. 1-M2, Upgraded to Caa3 (sf); previously on Feb 4, 2009 Downgraded to C (sf)

Issuer: Citigroup Mortgage Loan Trust 2007-AR1

Cl. A2, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A3, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2007-OPX1

Cl. A-1A, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-1B, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-2, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-3A, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-3B, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-4A, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-4B, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-5A, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. A-5B, Downgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Issuer: Citigroup Mortgage Loan Trust Series 2005-10

Cl. I-A3A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Issuer: Citigroup Mortgage Loan Trust Series 2005-8

Cl. II-A1, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. II-A2, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. II-A3, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf)

Cl. II-PO, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. II-XS, Upgraded to Caa2 (sf); previously on Jun 26, 2014 Downgraded to Caa3 (sf)

Cl. II-A4A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-2

Cl. I-A1, Upgraded to B3 (sf); previously on Aug 22, 2016 Confirmed at Caa1 (sf)

Cl. I-A3, Upgraded to B3 (sf); previously on Aug 22, 2016 Confirmed at Caa1 (sf)

Cl. I-A2A, Upgraded to Baa2 (sf); previously on Aug 22, 2016 Upgraded to Ba1 (sf)

Cl. I-A2B, Upgraded to B3 (sf); previously on Aug 22, 2016 Upgraded to Caa1 (sf)

Cl. I-A3A, Upgraded to Ba3 (sf); previously on Aug 22, 2016 Upgraded to B2 (sf)

Cl. I-A3B, Upgraded to Caa2 (sf); previously on Aug 22, 2016 Confirmed at Ca (sf)

Cl. I-A5A, Upgraded to Ba2 (sf); previously on Aug 22, 2016 Upgraded to B1 (sf)

Cl. I-A5B, Upgraded to Caa2 (sf); previously on Aug 22, 2016 Confirmed at Ca (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-3

Cl. II-A2, Upgraded to Caa1 (sf); previously on Nov 19, 2010 Downgraded to Caa2 (sf)

Cl. II-A2A, Upgraded to Ba1 (sf); previously on Nov 19, 2010 Downgraded to B2 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-4

Cl. A, Upgraded to B1 (sf); previously on Nov 19, 2010 Downgraded to B3 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF1

Cl. A-4, Upgraded to A2 (sf); previously on Jul 27, 2016 Upgraded to Baa1 (sf)

Cl. A-5, Upgraded to A1 (sf); previously on Jul 27, 2016 Upgraded to A3 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Jul 27, 2016 Upgraded to Caa1 (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF2

Cl. AF-5, Upgraded to Caa1 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. AF-6A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Cl. AF-6B, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Underlying Rating: Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. AF-7, Upgraded to Caa1 (sf); previously on Sep 14, 2015 Downgraded to Caa3 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2007-RS8

Cl. 1-A-1, Upgraded to Caa3 (sf); previously on Nov 14, 2013 Downgraded to Ca (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the large increase in credit enhancement available to bonds due to the distribution of funds related to the $1.125 billion Citigroup settlement. The upgrade of CL.1-A-1 in Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2007-RS8 is due to the upgrade of its underlying bond CL. 2-A3A from Citigroup Mortgage Loan Trust 2006-AR3.

The rating downgrades are primarily due to significant undercollateralization to the bonds.

The actions reflect the recent performance of the underlying pools and Moody's updated loss expectation on these pools.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. The methodology used for rating Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2007-RS8 was "Moody's Approach to Rating Resecuritizations" published in Feburary 2014. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

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 4.7% in December 2016 from 5.0% in December 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2017 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 2017. 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 may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF446005

A list of updated estimated transaction pool losses and bond recoveries are being posted on an ongoing basis for the duration of this review period and may be found at:

Excel:

Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198174

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.

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 or category/class of debt, this announcement provides certain 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 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.

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

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.

Chloe Zhang
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

Eric Fellows
Senior Vice President/Manager
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

No Related Data.
© 2019 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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