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Rating Action:

Moody's takes action on $179.2 Million of US RMBS issued from 2003 to 2005

06 May 2022

New York, May 06, 2022 -- Moody's Investors Service ("Moody's") has upgraded the ratings of 12 bonds and downgraded the ratings of 14 bonds from seven US RMBS transactions issued by multiple issuers.

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL465800 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer. This link also contains the associated underlying collateral losses.

Complete rating actions are as follows:

Issuer: Renaissance Home Equity Loan Trust 2005-1

Cl. AF-4, Upgraded to A3 (sf); previously on Dec 19, 2019 Upgraded to Baa2 (sf)

Cl. AF-5, Upgraded to Ba1 (sf); previously on Dec 19, 2019 Upgraded to Ba2 (sf)

Cl. AF-6, Upgraded to Baa3 (sf); previously on Dec 19, 2019 Upgraded to Ba1 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR10 Trust

Cl. A-6, Downgraded to Ba1 (sf); previously on Apr 11, 2012 Downgraded to Baa2 (sf)

Cl. A-7, Downgraded to Ba1 (sf); previously on Apr 11, 2012 Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to Caa1 (sf); previously on Apr 11, 2012 Downgraded to B2 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR6 Trust

Cl. A-1, Downgraded to Ba2 (sf); previously on May 27, 2016 Downgraded to Baa3 (sf)

Cl. A-2, Downgraded to Ba2 (sf); previously on May 27, 2016 Downgraded to Baa3 (sf)

Cl. B-1, Downgraded to Caa2 (sf); previously on May 27, 2016 Downgraded to B3 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR7 Trust

Cl. A-6, Downgraded to Baa3 (sf); previously on Aug 29, 2013 Downgraded to Baa1 (sf)

Cl. A-7, Downgraded to Baa3 (sf); previously on Aug 29, 2013 Downgraded to Baa1 (sf)

Cl. A-8, Downgraded to Baa3 (sf); previously on Aug 29, 2013 Downgraded to Baa1 (sf)

Cl. B-1, Downgraded to B3 (sf); previously on Dec 28, 2018 Downgraded to B1 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust

Cl. I-A-6, Downgraded to Baa3 (sf); previously on Aug 29, 2013 Downgraded to Baa1 (sf)

Cl. I-A-7, Downgraded to Baa3 (sf); previously on Aug 29, 2013 Downgraded to Baa1 (sf)

Cl. I-B-1, Downgraded to B3 (sf); previously on Aug 29, 2013 Downgraded to Ba3 (sf)

Cl. I-B-2, Downgraded to Ca (sf); previously on Dec 3, 2012 Downgraded to Caa2 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR19

Cl. A-1A2, Upgraded to Baa1 (sf); previously on Jun 10, 2019 Upgraded to Baa2 (sf)

Cl. A-1B2, Upgraded to Baa2 (sf); previously on Jun 10, 2019 Upgraded to Ba1 (sf)

Cl. A-1B3, Upgraded to Baa2 (sf); previously on Jun 10, 2019 Upgraded to Ba1 (sf)

Cl. A-1C3, Upgraded to Ba2 (sf); previously on Mar 11, 2020 Upgraded to B1 (sf)

Cl. A-1C4, Upgraded to Ba2 (sf); previously on Mar 11, 2020 Upgraded to B1 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR2

Cl. 1-A-1B, Upgraded to Ba2 (sf); previously on Feb 21, 2019 Upgraded to B1 (sf)

Cl. 2-A-3, Upgraded to Ba1 (sf); previously on May 7, 2018 Upgraded to Ba3 (sf)

Cl. 2-A-1B, Upgraded to Ba2 (sf); previously on May 7, 2018 Upgraded to B1 (sf)

Cl. 2-A-2B, Upgraded to Ba2 (sf); previously on Feb 21, 2019 Upgraded to B1 (sf)

RATINGS RATIONALE

Today's rating actions reflect the recent performance as well as Moody's updated loss expectations on the underlying pools. The rating upgrades are a result of the improving performance of the related pools and/or an increase in credit enhancement available to the bonds. The rating downgrades are primarily due to a deterioration in collateral performance and/or decline in credit enhancement available to the bonds.

In light of the current macroeconomic environment, we revised loss expectations based on forecast uncertainties with regard to the COVID-19 pandemic. Specifically, we have observed an increase in delinquencies, payment forbearance, and payment deferrals since the start of pandemic, which could result in higher realized losses. Our rating actions also take into consideration the buildup in credit enhancement of the bonds, especially in an environment of elevated prepayment rates, which has helped offset the impact of the increase in expected losses spurred by the pandemic.

We estimated the proportion of loans granted payment relief in a pool based on a review of loan level cashflows. In our analysis, we considered a loan to be enrolled in a payment relief program if (1) the loan was not liquidated but took a loss in the reporting period (to account for loans with monthly deferrals that were reported as current), or (2) the actual balance of the loan increased in the reporting period, or (3) the actual balance of the loan remained unchanged in the last and current reporting period, excluding interest-only loans and pay ahead loans. In cases where loan level data is not available, we assumed that the proportion of borrowers enrolled in payment relief programs would be equal to levels observed in transactions of comparable asset quality. Based on our analysis, the proportion of borrowers that are currently enrolled in payment relief plans varied greatly, ranging between approximately 2% and 9% among RMBS transactions issued before 2009. In our analysis, we assume these loans to experience lifetime default rates that are 50% higher than default rates on the performing loans.

In addition, for borrowers unable to make up missed payments through a short-term repayment plan, servicers will generally defer the forborne amount as a non-interest-bearing balance, due at maturity of the loan as a balloon payment. Our analysis considered the impact of six months of scheduled principal payments on the loans enrolled in payment relief programs being passed to the trust as a loss. The magnitude of this loss will depend on the proportion of the borrowers in the pool subject to principal deferral and the number of months of such deferral. The treatment of deferred principal as a loss is credit negative for junior bonds, which could incur write-downs on bonds when missed payments are deferred.

Today's action has considered how the coronavirus pandemic has reshaped US economic environment and the way its aftershocks will continue to reverberate and influence the performance of residential mortgage loans. We expect the public health situation to improve as vaccinations against COVID-19 increase and societies continue to adapt to new protocols. Still, the exit from the pandemic will likely be bumpy and unpredictable and economic prospects will vary.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1231951. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

In addition, Moody's publishes a weekly summary of structured finance credit ratings and methodologies, available to all registered users of our website, www.moodys.com/SFQuickCheck.

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

Up

Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market.

Down

Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud.

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. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications.

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL465800 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Rating Solicitation

• Issuer Participation

• Participation: Access to Management

• Participation: Access to Internal Documents

• Endorsement

• Lead Analyst

• Releasing Office

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

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.

Moody's attempted but was not able to disclose the draft rating action press release to the rated entity or its 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.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

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.

Wenzhao Wu
Asst Vice President - 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

Masako Oshima
Senior Vice President
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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