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Rating Action:

Moody's takes action on $280.9 Million of Alt-A RMBS issued by Countrywide

07 Oct 2016

NOTE: On October 18, 2016, the press release was corrected as follows: In the debt list, under the issuer CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-30CB, the third line was changed to "Cl. 1-A-9, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade." Revised release follows.

New York, October 07, 2016 -- Moody's Investors Service has upgraded the ratings of 21 tranches and confirmed the ratings of 19 tranches from 6 transactions backed by Alt-A RMBS loans issued by Countrywide Mortgage (CW). The tranches that were placed on review for upgrade on July 22nd, 2016, are due to the distribution of funds related to the $8.5 billion settlement related to CW's pre-crisis servicing practices and alleged breaches of representations and warranties, between Bank of America, N.A., parent of CW, and Bank of New York Mellon as trustee.

Complete rating actions are as follows:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-30CB

Cl. 1-A-3, Upgraded to B1 (sf); previously on Jul 22, 2016 B3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-6, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-9, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-10, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-11, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-12, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-13, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-14, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-16, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at B3 (sf); previously on Jul 22, 2016 B3 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-J4

Cl. B, Upgraded to Ca (sf); previously on Mar 22, 2011 Downgraded to C (sf)

Cl. M-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. M-2, Upgraded to Caa3 (sf); previously on Mar 22, 2011 Downgraded to C (sf)

Cl. 1-A-5, Confirmed at Baa3 (sf); previously on Jul 22, 2016 Baa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-6, Upgraded to Baa1 (sf); previously on Jul 22, 2016 Baa2 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-7, Upgraded to Baa1 (sf); previously on Jul 22, 2016 Baa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Upgraded to Baa1 (sf); previously on Jul 22, 2016 Baa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-J6

Cl. PO, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-1, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-X, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-X, Confirmed at B1 (sf); previously on Jul 22, 2016 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-16

Cl. A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Upgraded to Ba2 (sf); previously on Jul 22, 2016 B2 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Ba2 (sf); previously on Jul 22, 2016 B2 (sf) Placed Under Review for Possible Upgrade

Cl. A-5, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. X-1, Upgraded to Caa3 (sf); previously on Nov 23, 2010 Downgraded to C (sf)

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2004-5CB

Cl. PO, Confirmed at B2 (sf); previously on Jul 22, 2016 B2 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-1, Confirmed at B2 (sf); previously on Jul 22, 2016 B2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at Ba3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2004-6CB

Cl. A, Upgraded to Aa1 (sf); previously on Jul 22, 2016 A1 (sf) Placed Under Review for Possible Upgrade

Cl. M-1, Upgraded to Baa3 (sf); previously on Jul 22, 2016 Ba3 (sf) Placed Under Review for Possible Upgrade

Cl. M-2, Upgraded to B3 (sf); previously on Mar 28, 2011 Downgraded to C (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Mar 28, 2011 Downgraded to C (sf)

RATINGS RATIONALE

The rating actions consider the recent performance of the underlying pools and reflect Moody's updated loss expectation on these pools together with changes in tranche level credit enhancement.

The rating upgrades primarily reflect the receipt of CW settlement in those transactions. The rating upgrades incorporate the positive effect of recoveries and reduction of loss on the affected bonds as well as any increases in credit enhancement related to recoveries or otherwise, on subordinated bonds. The rating confirmations primarily reflect losses incurred and outstanding on the bonds after settlement recoveries, Moody's updated loss expectation on the bonds and related pools, and bond specific credit enhancement in the transactions.

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

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 4.9% in August 2016 from 5.1% in August 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_SF440933

A list of updated estimated transaction pool losses and bond recoveries are being posted on an ongoing basis for the duration of this review period and may be found at:

Excel:

Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198174

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.

Chloe Zhang
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

Eric Fellows
Senior Vice President/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

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.

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