New York, June 26, 2013 -- Moody's Investors Service has downgraded the ratings of 36 tranches backed
by Alt-A and Option ARM RMBS loans, issued by 10 RMBS transactions
Complete rating actions are as follows:
Issuer: Bear Stearns ALT-A Trust 2004-2
Cl. I-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. I-A-2, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. I-A-3, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: Bear Stearns Asset-Backed Securities Trust 2002-AC1
Cl. PO-1, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-2, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: HarborView Mortgage Loan Trust 2003-3
Cl. 2A-2, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: Impac Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 2002-2
Cl. A-3, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-PO, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba1 (sf); previously on
Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B3 (sf); previously on
Nov 15, 2012 Downgraded to Ba1 (sf)
Issuer: MASTR Alternative Loan Trust 2002-2
Cl. 1-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 2-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-1A, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-1B, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-1C, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-1D, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO-2, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: MASTR Alternative Loan Trust 2003-3
Cl. 1-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 2-A-5, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 2-PO, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. B-1, Downgraded to Baa1 (sf); previously
on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade
Issuer: MASTR Seasoned Securitization Trust 2003-1
Cl. 2-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 3-A-1, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 3-A-2, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 3-A-3, Downgraded to A3 (sf); previously
on Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. PO, Downgraded to A3 (sf); previously on Jun 19,
2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: Structured Asset Securities Corp 2002-13
Cl. AP, Downgraded to A3 (sf); previously on Jun 19,
2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: Structured Asset Securities Corporation 2002-6
Cl. 1-A5, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 2-A2, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. AP(1), Downgraded to A3 (sf); previously on Jun
19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. AP(2), Downgraded to A3 (sf); previously on Jun
19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. AP(3), Downgraded to A3 (sf); previously on Jun
19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Issuer: Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 2002-4H
Cl. 1-A, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. 1-AP, Downgraded to A3 (sf); previously on
Jun 19, 2013 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. B1, Downgraded to Baa1 (sf); previously on Jun 19,
2013 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. B2, Downgraded to B3 (sf); previously on Jul 5,
2012 Downgraded to Ba2 (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 transaction.
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 8.2% in May
2012 to 7.6% in May 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_SF334186
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 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.
Jiwon Park
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 - Senior Analyst/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 40.8 Million of Alt-A and Option ARM RMBS issued from 2002-2004