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Rating Action:

Moody's takes action on $537.6 Million of Subprime RMBS issued by various issuers

17 Apr 2015

New York, April 17, 2015 -- Moody's Investors Service has upgraded the ratings of 17 tranches and downgraded the rating of 1 tranche from 13 transactions issued by various issuers, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE4

Cl. M1, Upgraded to B1 (sf); previously on Jun 26, 2014 Upgraded to B2 (sf)

Issuer: Asset Backed Securities Corporation, Series 2002-HE1

Cl. M2, Upgraded to Ba2 (sf); previously on Mar 11, 2011 Downgraded to B2 (sf)

Cl. B, Upgraded to Caa2 (sf); previously on Mar 11, 2011 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE7

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 11, 2011 Downgraded to Caa2 (sf)

Issuer: CS First Boston Mortgage Securities Corp 2001-HE30

Cl. M-1, Upgraded to B3 (sf); previously on Apr 9, 2012 Downgraded to Caa1 (sf)

Issuer: Ownit Mortgage Loan Trust 2005-5

Cl. A-2B, Upgraded to A2 (sf); previously on Aug 5, 2013 Upgraded to Baa1 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3

Cl. M-4, Upgraded to Ba3 (sf); previously on Jun 17, 2014 Upgraded to B2 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Jun 17, 2014 Upgraded to Ca (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ4

Cl. A-1A, Upgraded to A3 (sf); previously on Aug 28, 2013 Upgraded to Baa1 (sf)

Cl. A-2D, Upgraded to A3 (sf); previously on Aug 28, 2013 Upgraded to Baa2 (sf)

Cl. M-2, Upgraded to B2 (sf); previously on Jul 1, 2014 Upgraded to Caa2 (sf)

Issuer: People's Choice Home Loan Securities Trust 2005-1

Cl. M4, Upgraded to Caa1 (sf); previously on Mar 15, 2013 Affirmed Caa3 (sf)

Issuer: Conseco Finance Home Equity Loan Trust 2001-D

Cl. M-2, Upgraded to Baa3 (sf); previously on Jun 9, 2014 Upgraded to Ba2 (sf)

Cl. B-1, Upgraded to Caa1 (sf); previously on Jun 9, 2014 Upgraded to Caa3 (sf)

Issuer: RAMP Series 2006-RS5 Trust

Cl. A-3, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa2 (sf)

Issuer: RASC Series 2007-KS2 Trust

Cl. A-I-2, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

Issuer: Soundview Home Loan Trust 2005-CTX1

Cl. M-4, Upgraded to B3 (sf); previously on Jun 17, 2014 Upgraded to Caa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2007-MLN1

Cl. A1, Downgraded to Ca (sf); previously on Apr 12, 2010 Downgraded to Caa3 (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. The upgrades are a result of improving performance of the related pools and/or faster pay-down of the bonds due to high prepayments/faster liquidations. The downgrade is a result of structural features resulting in higher expected losses for the bonds than previously anticipated.

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

Factors that would lead to an upgrade or downgrade of the rating:

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 5.5% in March 2015 from 6.6% in March 2014. Moody's forecasts an unemployment central range of 5% to 6% for the 2015 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 2015. 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_SF403697

A list of updated estimated pool losses and recoveries 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_SF345728

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.

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

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 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.

Siddharth Jain
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

Youriy Koudinov
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 $537.6 Million of Subprime RMBS issued by various issuers
No Related Data.
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