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