info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

Moody's takes action on $2.9 Billion of Subprime RMBS Issued by Various Trusts

12 Mar 2013

New York, March 12, 2013 -- Moody's Investors Service has downgraded the rating of 16 tranches, upgraded the rating of 20 tranches, affirmed the rating of 134 tranches, and confirmed 1 tranche issued by 18 transactions, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ABFC Asset-Backed Certificates, Series 2005-HE1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Caa2 (sf); previously on Jul 15, 2011 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to C (sf)

Cl. M-9, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE3

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B1 (sf); previously on Aug 2, 2012 Confirmed at B3 (sf)

Cl. M-3, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Issuer: Aegis Asset Backed Securities Trust 2005-2

Cl. M1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Affirmed B3 (sf); previously on Jul 18, 2011 Downgraded to B3 (sf)

Cl. M3, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

Cl. M4, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

Cl. M5, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M6, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B1, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B2, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B3, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R5

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Baa3 (sf); previously on Jul 18, 2011 Downgraded to Baa3 (sf)

Cl. M-3, Affirmed B2 (sf); previously on Aug 21, 2012 Upgraded to B2 (sf)

Cl. M-4, Affirmed Ca (sf); previously on Aug 21, 2012 Upgraded to Ca (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-9, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. A-1B, Affirmed Aaa (sf); previously on Apr 14, 2010 Confirmed at Aaa (sf)

Cl. A-2C, Affirmed Aa1 (sf); previously on Jul 18, 2011 Downgraded to Aa1 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ1

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Caa2 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Oct 16, 2008 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE5

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B3 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2005-OPT2

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa3 (sf); previously on Aug 21, 2012 Confirmed at Ba2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Apr 29, 2010 Downgraded to Caa2 (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 29, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Apr 29, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Cl. AF-4, Affirmed B1 (sf); previously on Jul 15, 2011 Downgraded to B1 (sf)

Cl. AF-5A, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

Cl. AF-5B, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

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

Cl. AF-6, Affirmed B2 (sf); previously on Jul 15, 2011 Downgraded to B2 (sf)

Cl. MF-1, Upgraded to Caa3 (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. MF-2, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. BF, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. MV-3, Upgraded to Ba2 (sf); previously on Aug 23, 2012 Upgraded to B1 (sf)

Cl. MV-4, Upgraded to Caa1 (sf); previously on Aug 23, 2012 Confirmed at Ca (sf)

Cl. MV-5, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. MV-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. BV, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-10

Cl. AF-3, Affirmed Caa2 (sf); previously on Aug 21, 2012 Downgraded to Caa2 (sf)

Cl. AF-4, Affirmed Caa3 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Cl. AF-5, Affirmed Caa3 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Cl. AF-6, Affirmed Caa2 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Cl. MF-1, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-2, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-4, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-5, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-6, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-7, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-8, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. MV-2, Affirmed Caa1 (sf); previously on Apr 14, 2010 Downgraded to Caa1 (sf)

Cl. MV-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-6, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-7, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-8, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-9, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-6

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Apr 14, 2010 Downgraded to B2 (sf)

Cl. M-3, Affirmed Caa2 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Cl. M-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. B, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Issuer: Encore Credit Receivables Trust 2005-2

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Sep 11, 2012 Upgraded to B2 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Sep 11, 2012 Upgraded to Caa3 (sf)

Cl. M-4, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH2

Cl. M1, Confirmed at A1 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Upgraded to B2 (sf); previously on Sep 4, 2012 Confirmed at Caa1 (sf)

Cl. M3, Affirmed C (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Cl. M4, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M5, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M6, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M7, Affirmed C (sf); previously on Oct 16, 2008 Downgraded to C (sf)

Issuer: GSAA Home Equity Trust 2005-10

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa3 (sf); previously on Jun 21, 2010 Downgraded to Ba2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Jun 21, 2010 Downgraded to Caa2 (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-4, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: GSAMP Trust 2005-HE4

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Jun 21, 2010 Downgraded to B2 (sf)

Cl. M-3, Affirmed Ca (sf); previously on Jun 21, 2010 Downgraded to Ca (sf)

Cl. M-4, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Oct 23, 2008 Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa2 (sf); previously on Dec 28, 2010 Upgraded to Ba1 (sf)

Cl. M-4, Affirmed B2 (sf); previousjly on Aug 9, 2012 Upgraded to B2 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE3

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Affirmed Ba1 (sf); previously on Dec 28, 2010 Upgraded to Ba1 (sf)

Cl. M-4, Affirmed Caa1 (sf); previously on Dec 28, 2010 Upgraded to Caa1 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Oct 30, 2008 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3

Cl. M-3, Affirmed Ba2 (sf); previously on Sep 12, 2012 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Dec 28, 2010 Upgraded to Caa1 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC4

Cl. M-3, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Affirmed Ba1 (sf); previously on Sep 12, 2012 Confirmed at Ba1 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Jul 15, 2010 Downgraded to Caa1 (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

RATINGS RATIONALE

The actions are a result of recent performance reviews of these transactions and reflect Moody's updated loss expectations on these pools.

Today's rating actions constitute of a number of downgrades, upgrades, confirmations, and affirmations. The downgrades are primarily due to the tranches' weak interest shortfall reimbursement mechanisms. Structural limitations in these transactions will typically prevent recoupment of interest shortfalls even if funds are available in subsequent periods. Missed interest payments on these tranches can typically only be made up from excess interest after the overcollateralization is built to a target amount. In these transactions since overcollateralization is already below target due to poor performance, any future missed interest payments to these tranches are unlikely to be paid. Moody's caps the ratings of such tranches with weak interest shortfall reimbursement at A3 (sf) as long as they have not experienced any shortfall.

Ratings on tranches that currently have very small unrecoverable interest shortfalls are capped at Baa3 (sf). For tranches with larger outstanding interest shortfalls, Moody's applies "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009. These rating action take into account only credit-related interest shortfall risks.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011 and "Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts" published in March 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for Moody's current view on loan modifications. As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels into 2014.

The above methodologies only apply to pools with at least 40 loans and a pool factor of greater than 5%. Moody's may withdraw its rating when the pool factor drops below 5% and the number of loans in the pool declines to 40 loans or lower unless specific structural features allow for a monitoring of the transaction (such as a credit enhancement floor).

Other factors used in these ratings are described in "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009.

When assigning the final ratings to senior bonds, in addition to the methodologies described above, we considered the volatility of the projected losses and timeline of the expected defaults. For bonds backed by small pools, we also considered the current pipeline composition as well as any specific loss allocation rules that could preserve or deplete the overcollateralization available for the senior bonds at different pace.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.5% in December 2011 to 7.9% in January 2013. Moody's forecasts a unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also 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_SF319959

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://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF198689

REGULATORY DISCLOSURES

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.

In conducting surveillance of these credits, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on these transactions on a periodic basis, at least annually.

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.

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.

Mark Branton
Asst Vice President - 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 $2.9 Billion of Subprime RMBS Issued by Various Trusts
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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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.

​
Moodys.com