New York, July 01, 2016 -- Moody's Investors Service has upgraded the ratings of twenty-nine
tranches, downgraded the ratings of two tranches, and confirmed
the ratings of ninety-one tranches, backed by Prime Jumbo
RMBS loans, issued by miscellaneous issuers.
Complete rating actions are as follows:
Issuer: Chase Mortgage Finance Trust Series 2007-A1
Cl. 6-A1, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Cl. 7-A1, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Issuer: Chase Mortgage Finance Trust, Series 2005-S2
Cl. A-1, Confirmed at B3 (sf); previously on
Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. A-16, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. A-17, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Cl. A-18, Confirmed at Ca (sf); previously on
Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Cl. A-27, Upgraded to Baa3 (sf); previously on
Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. A-29, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Issuer: Citicorp Mortgage Securities Trust 2006-4
Cl. IIA-1, Confirmed at B3 (sf); previously on
Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. IIIA-1, Confirmed at Baa3 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Issuer: Citicorp Mortgage Securities Trust, Series 2006-6
Cl. A-4, Confirmed at B1 (sf); previously on
Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. A-11, Confirmed at Caa3 (sf); previously
on Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain
Cl. A-PO, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Issuer: Citicorp Mortgage Securities, Inc. 2005-8
Cl. IA-5, Confirmed at Ca (sf); previously on
Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Issuer: Citicorp Mortgage Securities, Inc. 2006-1
Cl. IA-3, Confirmed at B1 (sf); previously on
Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. IA-4, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-5, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-9, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-10, Confirmed at C (sf); previously on
Jun 17, 2016 C (sf) Placed Under Review Direction Uncertain
Cl. IA-11, Confirmed at C (sf); previously on
Jun 17, 2016 C (sf) Placed Under Review Direction Uncertain
Cl. IA-12, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-13, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IIIA-1, Confirmed at Ba3 (sf); previously
on Jun 17, 2016 Ba3 (sf) Placed Under Review Direction Uncertain
Cl. IIIA-2, Upgraded to B3 (sf); previously on
Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain
Cl. A-PO1, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. A-PO2, Confirmed at B1 (sf); previously on
Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. VA-1, Upgraded to B2 (sf); previously on
Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Issuer: Citicorp Mortgage Securities, Inc. 2006-3
Cl. IA-2, Upgraded to Baa3 (sf); previously on
Aug 27, 2013 Upgraded to Ba3 (sf)
Cl. IA-4, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-9, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-10, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-14, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-15, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-16, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-18, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IA-19, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. A-PO, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IIA-1, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. IIA-PO, Confirmed at Caa2 (sf); previously
on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain
Cl. IIIA-1, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. IIIA-2, Confirmed at Ca (sf); previously
on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Issuer: CSFB Mortgage-Backed Pass-Through Certificates,
Series 2003-23
Cl. I-A-4, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-6, Downgraded to Baa3 (sf); previously
on Feb 15, 2013 Affirmed Baa2 (sf)
Cl. I-A-7, Confirmed at Baa2 (sf); previously
on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain
Cl. I-A-15, Confirmed at Baa2 (sf); previously
on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain
Cl. I-A-18, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. I-A-21, Confirmed at Ba1 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. A-P, Downgraded to Ba1 (sf); previously on
Feb 15, 2013 Affirmed Baa2 (sf)
Cl. I-P, Confirmed at Ba1 (sf); previously on
Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Issuer: CSFB Mortgage-Backed Pass-Through Certificates,
Series 2003-27
Cl. IV-A-4, Confirmed at Baa2 (sf); previously
on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain
Cl. IV-A-7, Confirmed at Baa3 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Cl. IV-A-8, Confirmed at Baa3 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Cl. IV-A-16, Confirmed at Ba1 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. IV-A-17, Confirmed at Baa3 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Cl. IV-P, Confirmed at Baa3 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Cl. VII-A-1, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. VIII-A-1, Confirmed at Baa1 (sf);
previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction
Uncertain
Cl. IX-A-1, Confirmed at Baa2 (sf); previously
on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain
Cl. A-P, Confirmed at Baa1 (sf); previously on
Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. D-P, Confirmed at Baa1 (sf); previously on
Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Issuer: GMACM Mortgage Loan Trust 2005-AR1
Cl. 1-A-1, Confirmed at Caa2 (sf); previously
on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain
Cl. 1-A-2, Confirmed at Caa2 (sf); previously
on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain
Cl. 2-A, Confirmed at Caa2 (sf); previously on
Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain
Cl. 4-A, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Cl. 5-A, Confirmed at B2 (sf); previously on
Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Issuer: MASTR Asset Securitization Trust 2005-2
Cl. 1-A-3, Confirmed at A3 (sf); previously
on Jun 17, 2016 A3 (sf) Placed Under Review Direction Uncertain
Cl. 1-A-4, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Issuer: Merrill Lynch Mortgage Investors Trust 2005-A10
Cl. A, Confirmed at B1 (sf); previously on Jun 17,
2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. A-IO, Confirmed at B1 (sf); previously on
Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Issuer: Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4
Cl. III-A, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR9
Trust
Cl. II-B-2, Confirmed at Caa3 (sf); previously
on Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain
Issuer: WaMu Mortgage Pass-Through Certificates, Series
2004-S3
Cl. 1-A-4, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 1-A-5, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 1-A-6, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 2-A-6, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 2-A-7, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 2-A-8, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 3-A-2, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. 3-A-3, Confirmed at Baa1 (sf); previously
on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain
Cl. P, Confirmed at Baa1 (sf); previously on Jun 17,
2016 Baa1 (sf) Placed Under Review Direction Uncertain
Issuer: Wells Fargo Mortgage Backed Securities 2005-14 Trust
Cl. I-A-1, Upgraded to Ba2 (sf); previously
on Apr 2, 2013 Affirmed Ba3 (sf)
Cl. I-A-2, Upgraded to Caa2 (sf); previously
on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Cl. I-A-5, Upgraded to Ba2 (sf); previously
on Sep 10, 2015 Upgraded to Ba3 (sf)
Cl. I-A-PO, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-1, Confirmed at B1 (sf); previously
on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-2, Confirmed at Ca (sf); previously
on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Cl. II-A-PO, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Issuer: Wells Fargo Mortgage Backed Securities 2005-18 Trust
Cl. II-A-1, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-2, Confirmed at Ca (sf); previously
on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain
Cl. II-A-5, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-7, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-8, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-10, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-11, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-PO, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Issuer: Wells Fargo Mortgage Backed Securities 2005-AR1 Trust
Cl. II-A-1, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Issuer: Wells Fargo Mortgage Backed Securities 2005-AR13
Trust
Cl. A-3, Upgraded to Ba2 (sf); previously on
Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. I-A-1, Upgraded to Ba2 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. I-A-2, Upgraded to Ba2 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. I-A-5, Upgraded to Baa2 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. I-A-6, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. I-A-7, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-1, Upgraded to Baa2 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-2, Upgraded to Baa2 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. III-A-1, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. IV-A-1, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Issuer: Wells Fargo Mortgage Backed Securities 2005-AR2 Trust
Cl. I-A-1, Confirmed at B3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-1, Upgraded to B1 (sf); previously
on May 14, 2010 Downgraded to B3 (sf)
Cl. II-A-2, Upgraded to B1 (sf); previously
on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain
Cl. II-A-4, Upgraded to B1 (sf); previously
on May 14, 2010 Downgraded to B2 (sf)
Cl. III-A-1, Upgraded to Baa3 (sf); previously
on Aug 17, 2012 Downgraded to Ba3 (sf)
Issuer: Wells Fargo Mortgage Backed Securities 2005-AR4 Trust
Cl. I-A-1, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. I-A-3, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-1, Upgraded to Baa2 (sf); previously
on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain
Cl. II-A-2, Upgraded to Baa1 (sf); previously
on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain
Issuer: CSMC Resecuritization Trust 2006-1R
Cl. 1-A-1, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. 1-A-2, Confirmed at Caa1 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC
Trust Certificates, Series 2005-WF1
Cl. I-A-3, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain
Cl. I-A-4, Upgraded to Baa2 (sf); previously
on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain
Cl. I-A-5, Upgraded to B2 (sf); previously
on Jul 13, 2009 Downgraded to C (sf)
Cl. I-A-X, Upgraded to Baa3 (sf); previously
on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain
Cl. II-A-1, Upgraded to Ba3 (sf); previously
on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain
RATINGS RATIONALE
Today's actions conclude the review actions for 113 bonds announced on
June 17th, 2016 relating to the existence of an error in the prepayment
shift percentage input to the cash-flow waterfalls used by Moody's
to review these transactions since their prior rating actions.
The cash-flow waterfalls did not capture the correct prepayment
shift percentages and were allocating an incorrect portion of principal
prepayments to subordinate bonds. The errors have now been corrected,
and today's rating actions on these 113 bonds reflect the appropriate
allocation of principal prepayments, as well as the recent performance
of the underlying pools and Moody's updated loss expectations on
those pools.
While classes II-A-6 and A-P of CSFB Mortgage-Backed
Pass-Through Certificates, Series 2003-23 were impacted
by the factors noted above, the rating downgrades on these two bonds
are mainly due to other corrections to the cash-flow model used
in rating this transaction. The downgrade of class II-A-6
is mainly due to a correction to the interest payment cross-collateralization,
which is now calculated after the payment of interest but before the payment
of principal to related senior bonds, instead of after interest
and principal payments to each group as had been previously calculated.
The correction resulted in less principal paid to class II-A-6.
The downgrade of class A-P is mainly due to a correction in the
allocation of realized losses to the bond. In previous analysis
under-collateralization loss was incorrectly allocated to class
A-P, resulting in unduly high reimbursements to that class.
The rating actions on the remaining bonds are driven by the performance
of their underlying pools. The ratings upgraded are a result of
improving performance of the related pools and/or an increase in credit
enhancement available to the bonds.
The principal methodology used in these ratings was "US
RMBS Surveillance Methodology" published in November 2013.
The principal methodology used in rating CSMC Resecuritization Trust 2006-1R
and Deutsche Mortgage Securities, Inc. Re-REMIC Trust
Certificates, Series 2005-WF1 was "Moody's Approach to Rating
Resecuritizations" published in February 2014. Please see the Ratings
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 May 2016 from 5.5%
in May 2015. Moody's forecasts an unemployment central range of
4.5% to 5.5% for the 2016 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 2016. 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_SF435152
A list of updated estimated pool losses and bond recoveries is being posted
on an ongoing basis for the duration of this review period and may be
found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243269
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.
Michael Gallagher
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
Youriy Koudinov
VP - Senior Credit Officer
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
Moody's takes action on $1.28 Billion of Prime Jumbo RMBS issued in 2003-2007
