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Rating Action:

Moody's takes action on $1.75 Billion of Prime Jumbo Synthetic and Resecuritized RMBS issued in 2003-2006

09 Dec 2016

NOTE: On December 14, 2016, the press release was corrected as follows: In the second sentence of the sixth paragraph of the Ratings Rationale section, the publication date of the methodology was changed to February 2014. Revised release follows.

New York, December 09, 2016 -- Moody's Investors Service has upgraded the ratings of ten tranches and downgraded the ratings of thirty-one tranches synthetically linked to Prime Jumbo RMBS loans originated by miscellaneous originators via a credit default swap, and upgraded one tranche and downgraded one tranche backed by resecuritized synthetic RMBS.

Complete rating actions are as follows:

Issuer: Real Estate Synthetic Investment Securities, Series 2005-B

Cl. A4, Upgraded to Aaa (sf); previously on Jun 27, 2013 Confirmed at Aa3 (sf)

Issuer: RESI Finance Limited Partnership 2003-A/RESI Finance DE Corporation 2003-A, Series 2003-A

Cl. B6, Upgraded to Baa1 (sf); previously on Nov 12, 2012 Downgraded to Baa2 (sf)

Cl. B7, Upgraded to Baa2 (sf); previously on Nov 12, 2012 Downgraded to Baa3 (sf)

Cl. B8, Upgraded to Baa2 (sf); previously on Nov 12, 2012 Downgraded to Ba1 (sf)

Cl. B9, Upgraded to Baa2 (sf); previously on Nov 12, 2012 Downgraded to Ba2 (sf)

Cl. B10, Upgraded to Baa2 (sf); previously on Nov 12, 2012 Downgraded to Ba3 (sf)

Issuer: RESI Finance Limited Partnership 2003-B

Cl. B1, Downgraded to Baa3 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B2, Downgraded to Ba2 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B3, Downgraded to Ba3 (sf); previously on Dec 4, 2012 Downgraded to Baa2 (sf)

Cl. B4, Downgraded to B1 (sf); previously on Dec 4, 2012 Downgraded to Baa3 (sf)

Cl. B5, Downgraded to B2 (sf); previously on Dec 4, 2012 Downgraded to Ba2 (sf)

Cl. B6, Downgraded to B3 (sf); previously on Dec 4, 2012 Downgraded to Ba3 (sf)

Cl. B7, Downgraded to Caa1 (sf); previously on Dec 4, 2012 Downgraded to B2 (sf)

Cl. B8, Downgraded to Caa2 (sf); previously on Dec 4, 2012 Downgraded to Caa1 (sf)

Cl. B9, Downgraded to Caa3 (sf); previously on Dec 4, 2012 Downgraded to Caa2 (sf)

Issuer: RESI Finance Limited Partnership 2003-C/RESI Finance DE Corporation 2003-C, Series 2003-C

Cl. B1, Downgraded to Ba1 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B2, Downgraded to Ba3 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B3, Downgraded to B2 (sf); previously on Jun 27, 2013 Downgraded to Ba3 (sf)

Cl. B4, Downgraded to Caa1 (sf); previously on Jun 27, 2013 Downgraded to B2 (sf)

Cl. B5, Downgraded to Caa2 (sf); previously on Jun 27, 2013 Downgraded to Caa1 (sf)

Issuer: RESI Finance Limited Partnership 2003-CB1/RESI Finance DE Corporation 2003-CB1

Cl. B2, Downgraded to Baa2 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B3, Downgraded to Ba2 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B4, Downgraded to Ba3 (sf); previously on Jun 27, 2013 Downgraded to Baa1 (sf)

Cl. B5, Downgraded to B1 (sf); previously on Jun 27, 2013 Downgraded to Baa2 (sf)

Cl. B6, Downgraded to Caa1 (sf); previously on Jun 27, 2013 Downgraded to Ba1 (sf)

Issuer: RESI Finance Limited Partnership 2003-D RESI Finance Limited Partnership 2003-D/RESI Finance DE Corporation 2003-D

Cl. B1, Downgraded to Ba2 (sf); previously on Jun 5, 2013 Downgraded to Baa1 (sf)

Cl. B2, Downgraded to B1 (sf); previously on Jun 27, 2013 Downgraded to Ba1 (sf)

Cl. B3, Downgraded to Caa1 (sf); previously on Jun 27, 2013 Downgraded to B2 (sf)

Issuer: RESI Finance Limited Partnership 2004-A RESI Finance Limited Partnership 2004-A/RESI Finance DE Corporation 2004-A

Cl. B1, Downgraded to Ba2 (sf); previously on Feb 15, 2013 Downgraded to Baa3 (sf)

Cl. B2, Downgraded to B1 (sf); previously on Feb 15, 2013 Downgraded to Ba2 (sf)

Issuer: RESI Finance Limited Partnership 2004-B RESI Finance Limited Partnership 2004-B/RESI Finance DE Corporation 2004-B

Cl. A5, Downgraded to Baa2 (sf); previously on Dec 4, 2012 Downgraded to Baa1 (sf)

Cl. B1, Downgraded to B1 (sf); previously on Dec 4, 2012 Downgraded to Ba1 (sf)

Cl. B2, Downgraded to Caa1 (sf); previously on Dec 4, 2012 Downgraded to Ba3 (sf)

Issuer: RESI Finance Limited Partnership 2004-C RESI Finance Limited Partnership 2004-C/RESI Finance DE Corporation 2004-C

Cl. B1, Downgraded to Ba3 (sf); previously on Apr 10, 2012 Downgraded to Ba2 (sf)

Cl. B2, Downgraded to B3 (sf); previously on Apr 10, 2012 Downgraded to B2 (sf)

Issuer: RESI Finance Limited Partnership 2005-A

Class A4 Notes, Upgraded to Aaa (sf); previously on Jun 27, 2013 Confirmed at Aa1 (sf)

Class A5 Notes, Downgraded to Ba2 (sf); previously on Jul 21, 2011 Downgraded to Baa2 (sf)

Issuer: RESI Finance Limited Partnership 2005-C

Cl. A-4, Upgraded to Aaa (sf); previously on Jun 27, 2013 Confirmed at A1 (sf)

Issuer: SASI Finance Limited Partnership 2006-A, Sovereign Asset Synthetic Investment Securities, Series 2006-A

Cl. A, Upgraded to Ba2 (sf); previously on Jul 18, 2011 Downgraded to B2 (sf)

Issuer: Resix Finance Limited Credit-Linked Notes, Series 2003-A

Cl. B10, Upgraded to Baa2 (sf); previously on Dec 4, 2012 Downgraded to Ba3 (sf)

Issuer: Resix Finance Limited Credit-Linked Notes, Series 2003-B

Cl. B9, Downgraded to Caa3 (sf); previously on Dec 4, 2012 Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating actions are the result of a review of the performance of the underlying pools using recently developed cash flow models which considered the timing of cash flows, principal amortization of the bonds, and build-up or reduction in credit enhancement available to the bonds, and reflect Moody's updated loss expectations on these bonds. These transactions were previously analyzed using an alternative, static approach which compared expected losses to enhancement available to the bonds. Both the static approach and the cash flow approach are described in more detail in "US RMBS Surveillance Methodology" published in November 2013.

Due to a combination of features in these prime jumbo RMBS transactions -- such as shifting interest waterfalls, multiple outstanding subordinate bonds, hyper-tranching and pools with substantial remaining loan counts -- use of the cash flow modeling led to rating changes.

The rating upgrades for RESI 2003-A also reflect the increase in credit enhancement available to the bonds owing to the additional support from tranche B-12 which does not receive principal distributions until all other bonds have been reduced to zero. Similarly, the rating upgrades on tranches from RESI 2005-A, RESI 2005-B, RESI 2005-C, and SASI 2006-A reflect a buildup in credit enhancement available to those bonds. In accordance with the Moody's "US RMBS Surveillance Methodology" with regards to shifting interest structures, all tranches upgraded to Aaa have passed the shifting interest stress test whereby our projection of losses was increased and the timing of future defaults was delayed in order to assess the vulnerability of these bonds to tail risk.

The rating downgrades are a result of the changes which incorporate the timing of cash flows and tail risk to the bonds. In addition, the ratings downgrades on tranches from RESI 2003-CB1 RESI 2003-D, RESI 2004-A, RESI 2004-B, and RESI 2005-A take into account the declining credit enhancement available to those bonds.

The rating actions on the resecuritized bonds are a direct result of actions taken on the underlying securities.

For all transactions except Resix Finance Limited Credit-Linked Notes, Series 2003-A and Resix Finance Limited Credit-Linked Notes, Series 2003-B, the principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. For Resix Finance Limited Credit-Linked Notes, Series 2003-A and Resix Finance Limited Credit-Linked Notes, Series 2003-B, the principal methodology used in these ratings was "Moody's Approach to Rating Resecuritizations" published in February 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 4.6% in November 2016 from 5.0% in November 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_SF443815

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

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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