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Rating Action:

Moody's takes action on $245 Million of Alt-A and Option ARM RMBS issued from 2003-2004

03 Oct 2013

New York, October 03, 2013 -- Moody's Investors Service has upgraded the ratings of 21 tranches and downgraded the ratings of 12 tranches from eight transactions backed by Alt-A and Option ARM RMBS loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2004-25

Cl. 1-A-3, Downgraded to Caa3 (sf); previously on May 11, 2012 Downgraded to Caa1 (sf)

Cl. 1-A-5, Upgraded to Caa3 (sf); previously on Mar 3, 2011 Downgraded to Ca (sf)

Issuer: FNBA Mortgage Loan Trust 2004-AR1

Cl. A-1, Upgraded to A3 (sf); previously on Jun 15, 2012 Upgraded to Baa2 (sf)

Cl. A-2, Upgraded to A1 (sf); previously on Jun 15, 2012 Confirmed at Baa1 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Jun 15, 2012 Confirmed at Baa3 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Jun 15, 2012 Confirmed at B3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Jun 15, 2012 Confirmed at C (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2003-2

Cl. 1-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Cl. 2-A-1, Downgraded to B1 (sf); previously on May 2, 2012 Downgraded to Ba1 (sf)

Cl. 4-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Cl. 4-A-2, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Cl. 4-A-X, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Cl. 5-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa2 (sf)

Cl. 5-A-2, Downgraded to B1 (sf); previously on May 2, 2012 Downgraded to Ba3 (sf)

Cl. 6-A-1, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Cl. 6-A-X, Downgraded to Ba2 (sf); previously on May 2, 2012 Downgraded to Baa3 (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-11

Cl. B-1, Upgraded to Ca (sf); previously on Feb 15, 2013 Affirmed C (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Feb 15, 2013 Affirmed B1 (sf)

Issuer: MASTR Alternative Loan Trust 2004-7

Cl. 6-A-1, Downgraded to Ba3 (sf); previously on Apr 26, 2012 Confirmed at Baa3 (sf)

Cl. 15-PO, Downgraded to B1 (sf); previously on Feb 28, 2011 Downgraded to Ba2 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Cl. 1-A4A, Upgraded to Ba1 (sf); previously on May 14, 2012 Downgraded to Ba3 (sf)

Cl. 1-A4B, Upgraded to Ba1 (sf); previously on May 14, 2012 Downgraded to Ba3 (sf)

Cl. 2-M1, Upgraded to Ba3 (sf); previously on May 14, 2012 Downgraded to B1 (sf)

Cl. 2-M2, Upgraded to Caa2 (sf); previously on Mar 2, 2011 Downgraded to Ca (sf)

Issuer: Structured Asset Securities Corp Trust 2004-21XS

Cl. 1-A4, Upgraded to Ba3 (sf); previously on Mar 2, 2011 Downgraded to B2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. 1-A5, Upgraded to Ba1 (sf); previously on May 14, 2012 Upgraded to Ba3 (sf)

Cl. 2-A4A, Upgraded to A3 (sf); previously on Mar 2, 2011 Downgraded to Baa2 (sf)

Cl. 2-A4B, Upgraded to Baa1 (sf); previously on May 14, 2012 Downgraded to Ba1 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-23XS

Cl. 1-A3A, Upgraded to Baa1 (sf); previously on Feb 4, 2013 Downgraded to Baa3 (sf)

Cl. 1-A3B, Upgraded to Ba1 (sf); previously on Feb 4, 2013 Downgraded to Ba3 (sf)

Cl. 1-A3C, Upgraded to Baa3 (sf); previously on Feb 4, 2013 Downgraded to Ba1 (sf)

Cl. 1-A3D, Upgraded to Baa3 (sf); previously on Feb 4, 2013 Downgraded to Ba1 (sf)

Cl. 2-A1, Upgraded to Ba2 (sf); previously on Feb 4, 2013 Downgraded to Ba3 (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, faster pay-down of the bonds due to prepayments/faster liquidations and improvement in the credit enhancement available to the bonds. The downgrades are largely due to the weaker performance of the underlying small pools.

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

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 8.1% in August 2012 to 7.3% in August 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects house prices to continue to rise in 2013. 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_SF343994

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

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.

Soumya Vasudevan
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

Amita Shrivastava
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 $245 Million of Alt-A and Option ARM RMBS issued from 2003-2004
No Related Data.
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