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Rating Action:

Moody's takes action on $737.5 million of ABSC subprime RMBS

16 Jun 2009

New York, June 16, 2009 -- Moody's Investors Service has downgraded the rating of 68 securities, confirmed the rating of 5 securities, and upgraded the rating of 4 securities from 20 transactions issued by Asset Backed Securities Corporation. These actions are part of an ongoing review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit enhancement relative to updated collateral loss projections. The revised loss projections generally result from deterioration in collateral performance in recent months. Additionally, most affected transactions have, at some point, passed performance triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior to 2H 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions, in this case ranging from 60% to 80%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

The upgrades of the ratings of four tranches are based upon non-declining credit support due to cumulative losses exceeding their triggers, requiring all future payments to be paid to the most senior outstanding bond.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

The complete rating actions follow:

Asset Backed Sec Corp HEL Trust 2001-HE3

Cl. A-1, Downgraded to Aa2; previously on 9/27/2001 Assigned Aaa

Cl. M1, Downgraded to Baa2; previously on 9/27/2001 Assigned Aa2

Cl. M2, Downgraded to Baa3; previously on 9/27/2001 Assigned A2

Cl. B, Downgraded to Ba3; previously on 9/27/2001 Assigned Baa2

Asset Backed Sec Corp Hm Eqty Ln Tr 1999-LB1

A-1F, Downgraded to A3; previously on 11/16/2008 Upgraded to A1

A-2F, Downgraded to A3; previously on 11/16/2008 Upgraded to A1

Asset Backed Sec Corp Home Eqty Ln Tr 2002-HE1

Cl. M1, Downgraded to Aa3; previously on 1/29/2008 Aaa Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Baa3; previously on 1/29/2008 A2 Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Ca; previously on 1/29/2008 Downgraded to Caa3

Asset Bckd Sec Corp Home Eqty Ln Tr, 2001-HE1

Cl. M-1, Downgraded to A1; previously on 3/30/2001 Assigned Aa2

Cl. M-2, Downgraded to B3; previously on 3/30/2001 Assigned A2

Cl. B, Downgraded to C; previously on 6/19/2007 Downgraded to B3

Asset Bkd Sec Co Home Eqty Loan Tr 2004-HE10

Cl. M2, Downgraded to A1; previously on 1/10/2005 Assigned Aa2

Cl. M3, Downgraded to Baa3; previously on 1/10/2005 Assigned A2

Cl. M4, Downgraded to Caa1; previously on 1/10/2005 Assigned Baa1

Cl. M5, Downgraded to C; previously on 1/10/2005 Assigned Baa2

Cl. M6, Downgraded to C; previously on 6/5/2008 Downgraded to Ba3

Asset Bkd Sec Corp Home Eqty Loan Tr 2003-HE4

Cl. M2, Downgraded to Baa2; previously on 8/22/2003 Assigned A2

Cl. M3, Downgraded to Baa3; previously on 8/22/2003 Assigned A3

Cl. M4, Downgraded to B2; previously on 8/22/2003 Assigned Baa2

Cl. M5-A, Downgraded to C; previously on 8/23/2007 Downgraded to Ba3

Asset Bkd Sec Corp Home Eqty Loan Tr 2003-HE5

Cl. M3, Downgraded to Baa2; previously on 9/11/2003 Assigned A3

Cl. M4, Downgraded to Ba1; previously on 9/11/2003 Assigned Baa2

Cl. M5, Downgraded to C; previously on 8/23/2007 Downgraded to B3

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE1

Cl. M-5, Downgraded to Baa3; previously on 4/23/2004 Assigned Baa2

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE2

Cl. M2, Downgraded to Baa1; previously on 5/17/2004 Assigned A2

Cl. M3, Downgraded to Baa2; previously on 5/17/2004 Assigned A3

Cl. M4, Downgraded to Baa3; previously on 5/17/2004 Assigned Baa1

Cl. M5A, Downgraded to Ba3; previously on 5/17/2004 Assigned Baa2

Cl. M5B, Downgraded to Ba3; previously on 5/17/2004 Assigned Baa2

Cl. M6, Downgraded to C; previously on 9/21/2007 Downgraded to Ba2

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE3

Cl. M5, Downgraded to Baa3; previously on 6/18/2004 Assigned Baa2

Cl. M6, Downgraded to Ba2; previously on 9/21/2007 Downgraded to Ba1

Cl. M7, Downgraded to C; previously on 9/21/2007 Downgraded to B2

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE4

Cl. M3, Downgraded to A1; previously on 8/9/2004 Assigned Aa2

Cl. M4, Downgraded to Ba2; previously on 6/5/2008 Downgraded to Baa3

Cl. M5, Downgraded to Ca; previously on 6/5/2008 Downgraded to Ba1

Cl. M6, Downgraded to C; previously on 6/5/2008 Downgraded to Caa1

Cl. M7, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE5

Cl. M2, Downgraded to Baa3; previously on 8/2/2004 Assigned A2

Cl. M3, Downgraded to Ba1; previously on 8/2/2004 Assigned A3

Cl. M4, Downgraded to Ba3; previously on 8/2/2004 Assigned Baa1

Cl. M5, Downgraded to B3; previously on 8/2/2004 Assigned Baa2

Cl. M6, Downgraded to C; previously on 8/2/2004 Assigned Baa3

Cl. M7, Downgraded to C; previously on 8/2/2004 Assigned Ba1

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE6

Cl. M1, Downgraded to A2; previously on 9/27/2004 Assigned Aa2

Cl. M2, Downgraded to Ba1; previously on 6/5/2008 Downgraded to Baa2

Cl. M3, Downgraded to B1; previously on 6/5/2008 Downgraded to Ba2

Cl. M4, Downgraded to Ca; previously on 6/5/2008 Downgraded to B1

Cl. M5, Downgraded to C; previously on 6/5/2008 Downgraded to B3

Cl. M6, Downgraded to C; previously on 6/5/2008 Downgraded to Caa1

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE7

Cl. M2, Downgraded to Baa2; previously on 12/14/2004 Assigned A1

Cl. M3, Downgraded to Baa3; previously on 12/18/2008 Downgraded to Baa1

Cl. M4, Downgraded to Ba1; previously on 12/18/2008 Downgraded to Baa3

Cl. M5, Downgraded to Ba3; previously on 12/18/2008 Downgraded to Ba2

Cl. M6, Downgraded to Ca; previously on 12/18/2008 Downgraded to B2

Cl. M7, Downgraded to C; previously on 12/18/2008 Downgraded to Caa2

Asset Bkd Sec Corp Home Eqty Loan Tr 2004-HE8

Cl. M2, Downgraded to Baa3; previously on 1/10/2005 Assigned A2

Cl. M3, Downgraded to Ba2; previously on 1/10/2005 Assigned A3

Cl. M4, Downgraded to Ca; previously on 3/26/2008 Downgraded to Baa3

Cl. M5, Downgraded to C; previously on 3/26/2008 Downgraded to Ba2

Cl. M6, Downgraded to C; previously on 3/26/2008 Downgraded to B2

Cl. M7, Downgraded to C; previously on 3/26/2008 Downgraded to Ca

Long Beach Home Equity Loan Trust 2000-LB1

Cl. M2F, Downgraded to Ca; previously on 6/9/2006 Downgraded to Caa2

Cl. M2V, Downgraded to B3; previously on 6/9/2006 Downgraded to B1

Cl. BV, Downgraded to C; previously on 1/5/2006 Downgraded to Caa3

Asset Bkd Sec Corp Home Eqty Ln Tr 2002-HE3

Cl. M-2, Upgraded to Aaa; previously on 10/31/2002 Assigned A2

Cl. M-3, Upgraded to Baa2; previously on 6/9/2006 Downgraded to Ba1

Cl. M-4, Downgraded to Caa3; previously on 6/9/2006 Downgraded to Ba3

Asset Bkd Sec Corp Home Eqty Ln Tr 2003-HE1

Cl. M2, Upgraded to Aa1; previously on 7/12/2006 Upgraded to Aa3

Cl. M3, Downgraded to Caa2; previously on 8/23/2007 Downgraded to B3

Asset Bkd Sec Corp Home Eqty Loan Tr 2003-HE2

Cl. M1, Confirmed at Aaa; previously on 1/29/2008 Aaa Placed Under Review for Possible Downgrade

Cl. M2, Confirmed at Aa3; previously on 1/29/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. M3, Confirmed at A3; previously on 1/29/2008 A3 Placed Under Review for Possible Downgrade

Cl. M4, Confirmed at Baa2; previously on 1/29/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M5, Confirmed at Ba2; previously on 1/29/2008 Ba2 Placed Under Review for Possible Downgrade

Asset Backed Sec Corp Home Eqt Ln Tr 2002-HE2

Cl. M2, Upgraded to Aaa; previously on 6/17/2005 Upgraded to Aa3

A list of these actions including CUSIP identifiers may be found at:

www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF168688

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph DiMiceli
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $737.5 million of ABSC subprime RMBS
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