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Rating Action:

Moody's takes action on $342 Million of Prime Jumbo RMBS issued from 2002-2004

20 Aug 2013

New York, August 20, 2013 -- Moody's Investors Service has downgraded the ratings of 70 tranches and confirmed the rating of one tranche backed by Prime Jumbo RMBS loans, issued by CSFB.

Complete rating actions are as follows:

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26

Cl. III-X, Downgraded to B2 (sf); previously on May 24, 2012 Confirmed at Ba3 (sf)

Cl. III-M-2, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19

Cl. I-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-14, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-19, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-23, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. I-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. II-P, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. C-B-2, Downgraded to Ca (sf); previously on May 24, 2012 Downgraded to Caa2 (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-25

Cl. I-A-4, Downgraded to Baa3 (sf); previously on Apr 25, 2013 Downgraded to Baa1 (sf)

Cl. I-A-7, Downgraded to Ba3 (sf); previously on Apr 25, 2013 Downgraded to Baa3 (sf)

Cl. I-A-8, Downgraded to Ba1 (sf); previously on Apr 25, 2013 Downgraded to Baa2 (sf)

Cl. I-A-9, Downgraded to Ba1 (sf); previously on Apr 25, 2013 Downgraded to Baa2 (sf)

Cl. I-A-11, Downgraded to Baa3 (sf); previously on Apr 25, 2013 Downgraded to Baa1 (sf)

Cl. I-P, Downgraded to Ba1 (sf); previously on Apr 25, 2013 Downgraded to Baa2 (sf)

Cl. II-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

Cl. 1-A-3, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. II-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-2, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A-4, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A-6, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A-7, Downgraded to Ba1 (sf); previously on Apr 10, 2012 Downgraded to Baa1 (sf)

Cl. IV-A-8, Downgraded to Ba1 (sf); previously on Apr 10, 2012 Downgraded to Baa1 (sf)

Cl. IV-A-16, Downgraded to Ba1 (sf); previously on Apr 10, 2012 Downgraded to Baa1 (sf)

Cl. IV-A-17, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-X, Downgraded to B1 (sf); previously on Apr 10, 2012 Confirmed at Ba3 (sf)

Cl. V-A-3, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. V-A-4, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. VI-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. VI-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. VII-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. VIII-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IX-A-1, Downgraded to Baa2 (sf); previously on Apr 10, 2012 Downgraded to Baa1 (sf)

Cl. A-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. D-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-29

Cl. I-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to A3 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. V-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. VI-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. VII-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. VIII-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. D-P-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. D-P-2, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. D-P-3, Downgraded to A3 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR15

Cl. II-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. II-X, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR24

Cl. IV-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. C-B-2, Downgraded to C (sf); previously on May 6, 2011 Downgraded to Ca (sf)

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR28

Cl. I-A-1, Downgraded to Ba1 (sf); previously on Jan 25, 2013 Downgraded to Baa3 (sf)

Cl. II-A-1, Downgraded to Ba1 (sf); previously on Jan 25, 2013 Downgraded to Baa3 (sf)

Cl. IV-A-1, Downgraded to Ba1 (sf); previously on Jan 25, 2013 Downgraded to Baa3 (sf)

Cl. V-A-1, Downgraded to Ba1 (sf); previously on Jan 25, 2013 Downgraded to Baa3 (sf)

Cl. VI-M-1, Confirmed at A3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR30

Cl. I-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. V-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-1

Cl. I-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. I-X, Downgraded to B1 (sf); previously on Feb 22, 2012 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. In addition, the downgrades reflect the exposure of the affected bonds to tail risk due to the pro-rata pay nature of the transactions.

In addition, Class Cl. VI-M-1 from CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR28 is backed by an overcollateralized pool and was incorrectly placed on review in the June 19, 2013 rating action addressing tail risk in RMBS Shifting Interest/Pro-rata deals. The rating on this tranche should not have been placed on review and it is being confirmed in today's rating action.

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.

As detailed in the methodology noted above, subject to the results of a stress scenario analysis, Moody's caps the ratings of bonds exposed to tail-end risk to A3 (sf) or below, unless the bonds are expected to pay off within a year or are expected to pay off well before the underlying pool is expected to be small pool (100 loans).

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 8.2% in July 2012 to 7.4% in July 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_SF339119

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/viewresearchdoc.aspx?docid=PBS_SF243269

For more information please see www.moodys.com.

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.

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.

Ilana J Fried
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 $342 Million of Prime Jumbo RMBS issued from 2002-2004
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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