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Rating Action:

Moody's takes action on $2.2 Billion of Subprime RMBS

27 May 2014

New York, May 27, 2014 -- Moody's Investors Service has upgraded the ratings of 85 tranches and downgraded the ratings of four tranches from 32 transactions issued by various issuers, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: HSBC Home Equity Loan Trust (USA) 2007-1

Cl. A-M, Downgraded to Aa2 (sf); previously on Aug 28, 2013 Downgraded to Aa1 (sf)

Cl. A-S, Downgraded to Aa1 (sf); previously on Aug 28, 2013 Confirmed at Aaa (sf)

Cl. M-1, Downgraded to A2 (sf); previously on Aug 28, 2013 Confirmed at A1 (sf)

Cl. M-2, Downgraded to Baa2 (sf); previously on Aug 28, 2013 Confirmed at A3 (sf)

Issuer: RAMP Series 2005-RS3 Trust

Cl. M-2, Upgraded to Baa2 (sf); previously on Jul 11, 2013 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded to B2 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Jul 11, 2013 Upgraded to Ca (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE7

Cl. I-A-1, Upgraded to B2 (sf); previously on Aug 7, 2013 Upgraded to Caa1 (sf)

Issuer: RAMP Series 2005-EFC1 Trust

Cl. M-3, Upgraded to Baa1 (sf); previously on Jul 11, 2013 Upgraded to Baa2 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Jul 11, 2013 Upgraded to B1 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC2 Trust

Cl. M-3, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa1 (sf)

Cl. M-4, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to Ba2 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Aug 1, 2012 Confirmed at Caa2 (sf)

Issuer: RAMP Series 2005-EFC3 Trust

Cl. M-3, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa2 (sf)

Cl. M-4, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to Ba3 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Jul 11, 2013 Upgraded to Ca (sf)

Cl. M-6, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC4 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Jul 11, 2013 Upgraded to Baa3 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Jul 11, 2013 Upgraded to B2 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC5 Trust

Cl. M-1, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa1 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 11, 2013 Upgraded to B1 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC6 Trust

Cl. M-1, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa2 (sf)

Cl. M-2, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded to B3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS1 Trust

Cl. A-I-4, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to Ba2 (sf)

Cl. A-I-5, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded to B2 (sf)

Cl. A-I-6, Upgraded to Ba1 (sf); previously on Jul 11, 2013 Upgraded to Ba3 (sf)

Cl. M-I-1, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Cl. M-II-1, Upgraded to Ba1 (sf); previously on Aug 1, 2012 Upgraded to B1 (sf)

Issuer: RAMP Series 2005-RS2 Trust

Cl. M-2, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa2 (sf)

Cl. M-3, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to Ba3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Jul 11, 2013 Upgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RS4 Trust

Cl. M-2, Upgraded to A3 (sf); previously on Jul 11, 2013 Upgraded to Baa1 (sf)

Cl. M-3, Upgraded to Baa3 (sf); previously on Jul 11, 2013 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded to B3 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS6 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Jul 11, 2013 Upgraded to Baa3 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Jul 11, 2013 Upgraded to B2 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS7 Trust

Cl. A-3, Upgraded to Baa2 (sf); previously on Jul 11, 2013 Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Jul 11, 2013 Upgraded to B3 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS8 Trust

Cl. A-3, Upgraded to Baa2 (sf); previously on Jul 11, 2013 Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Jul 11, 2013 Upgraded to Caa1 (sf)

Issuer: RAMP Series 2005-RZ3 Trust

Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 11, 2013 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Aug 1, 2012 Upgraded to Caa2 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Issuer: RAMP Series 2006-EFC2 Trust

Cl. A-3, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. A-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2006-NC2 Trust

Cl. A-2, Upgraded to B2 (sf); previously on Apr 6, 2010 Downgraded to Caa1 (sf)

Cl. A-3, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2006-RS4 Trust

Cl. A-3, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. A-4, Upgraded to Caa2 (sf); previously on Jan 9, 2013 Upgraded to Ca (sf)

Issuer: RAMP Series 2006-RZ2 Trust

Cl. A-2, Upgraded to Ba2 (sf); previously on Dec 2, 2013 Upgraded to B1 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Dec 2, 2013 Upgraded to B3 (sf)

Issuer: RAMP Series 2006-RZ3 Trust

Cl. A-2, Upgraded to Baa2 (sf); previously on Jul 15, 2011 Downgraded to Ba1 (sf)

Cl. A-3, Upgraded to Baa3 (sf); previously on Jul 20, 2012 Confirmed at Ba2 (sf)

Issuer: RASC Series 2005-AHL1 Trust

Cl. M-1, Upgraded to Baa3 (sf); previously on Jul 17, 2013 Upgraded to Ba2 (sf)

Issuer: RASC Series 2005-AHL3 Trust

Cl. A-2, Upgraded to Ba2 (sf); previously on Dec 2, 2013 Upgraded to B1 (sf)

Cl. A-3, Upgraded to B3 (sf); previously on Dec 2, 2013 Upgraded to Caa2 (sf)

Issuer: RASC Series 2005-KS11 Trust

Cl. M-1, Upgraded to Ba1 (sf); previously on Jul 17, 2013 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Jul 17, 2013 Upgraded to Caa3 (sf)

Issuer: RASC Series 2005-KS12 Trust

Cl. M-1, Upgraded to Ba1 (sf); previously on Dec 2, 2013 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Dec 2, 2013 Upgraded to Caa2 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Dec 2, 2013 Upgraded to Baa2 (sf)

Issuer: RASC Series 2005-KS3 Trust

Cl. M-4, Upgraded to A3 (sf); previously on Nov 13, 2013 Upgraded to Baa1 (sf)

Cl. M-5, Upgraded to Ba1 (sf); previously on Nov 13, 2013 Upgraded to B1 (sf)

Cl. M-6, Upgraded to B3 (sf); previously on Nov 13, 2013 Upgraded to Caa2 (sf)

Issuer: RASC Series 2005-KS4 Trust

Cl. M-2, Upgraded to Baa3 (sf); previously on Nov 13, 2013 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Nov 13, 2013 Upgraded to Caa1 (sf)

Issuer: RASC Series 2005-KS5 Trust

Cl. M-4, Upgraded to Baa1 (sf); previously on Nov 13, 2013 Upgraded to Baa2 (sf)

Cl. M-5, Upgraded to Ba1 (sf); previously on Nov 13, 2013 Upgraded to B1 (sf)

Cl. M-6, Upgraded to B2 (sf); previously on Nov 13, 2013 Upgraded to Caa1 (sf)

Issuer: RASC Series 2005-KS7 Trust

Cl. M-3, Upgraded to Baa2 (sf); previously on Jul 17, 2013 Upgraded to Ba1 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Jul 17, 2013 Upgraded to B3 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Jul 15, 2011 Upgraded to Ca (sf)

Issuer: RASC Series 2005-KS8 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Dec 2, 2013 Upgraded to Baa2 (sf)

Cl. M-3, Upgraded to Ba1 (sf); previously on Dec 2, 2013 Upgraded to B1 (sf)

Cl. M-4, Upgraded to B2 (sf); previously on Dec 2, 2013 Upgraded to Caa1 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Mar 5, 2013 Affirmed C (sf)

Issuer: RASC Series 2005-KS9 Trust

Cl. M-3, Upgraded to Baa3 (sf); previously on Dec 2, 2013 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Dec 2, 2013 Upgraded to Caa1 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Mar 5, 2013 Affirmed C (sf)

Issuer: RASC Series 2006-KS5 Trust

Cl. A-3, Upgraded to B3 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. A-4, Upgraded to Caa2 (sf); previously on Jul 20, 2012 Upgraded to Ca (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectations on the pools. The upgrades are a result of improving performance of the related pools and/or faster pay-down of the bonds due to high prepayments/faster liquidations.The downgrades are a result of deteriorating performance and/or structural features resulting in higher expected losses for the bonds than previously anticipated.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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

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 6.3% in April 2014 from 7.5% in April 2013. Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 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 2014. 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_SF368759

A list of updated estimated pool losses and 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_SF345728

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 received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

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.

As the section on loss and cash flow analysis describes, 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Siddharth Jain
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

Deepika Kothari
VP - Sr Credit Officer/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

Moody's takes action on $2.2 Billion of Subprime RMBS
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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