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Rating Action:

Moody's takes action on $767.4 Million of Subprime issued in 2001 to 2006

09 Apr 2018

NOTE: On June 5, 2018, the List of Affected Credit Ratings accessible via hyperlink from this press release was corrected to remove the information on Debt ID 807369562.

New York, April 09, 2018 -- Moody's Investors Service (Moody's) has upgraded ratings of 50 tranches from 21 US residential mortgage backed transactions (RMBS), backed by Subprime loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Aames Mortgage Trust 2001-3

Cl. A-1, Upgraded to Aaa (sf); previously on May 31, 2012 Downgraded to A1 (sf)

Issuer: Accredited Mortgage Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3

Cl. 1A6, Upgraded to A1 (sf); previously on May 11, 2012 Downgraded to A3 (sf)

Cl. 1A5, Upgraded to A3 (sf); previously on May 11, 2012 Downgraded to Baa1 (sf)

Cl. 2M4, Upgraded to B2 (sf); previously on Jan 13, 2017 Upgraded to Caa1 (sf)

Cl. 2M5, Upgraded to Caa1 (sf); previously on Feb 20, 2015 Upgraded to Caa3 (sf)

Issuer: Argent Securities Inc., Series 2004-W2

Cl. M-5, Upgraded to Ca (sf); previously on Mar 18, 2011 Downgraded to C (sf)

Issuer: Argent Securities Inc., Series 2004-W8

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 18, 2016 Upgraded to B1 (sf)

Cl. M-1, Upgraded to Ba2 (sf); previously on Apr 13, 2012 Confirmed at B1 (sf)

Issuer: Asset Backed Sec Corp Home Equity Loan Tr 2004-HE8

Cl. M2, Upgraded to B1 (sf); previously on Aug 18, 2016 Upgraded to B3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2004-HE10

Cl. M-4, Upgraded to Ca (sf); previously on Mar 11, 2011 Downgraded to C (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Dec 7, 2015 Upgraded to B1 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Dec 7, 2015 Upgraded to Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-EC2

Cl. M-2, Upgraded to B1 (sf); previously on Jun 8, 2017 Upgraded to B3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2002-2

Cl. A-1, Upgraded to Aa1 (sf); previously on Sep 22, 2015 Upgraded to A1 (sf)

Cl. A-2, Upgraded to Aa3 (sf); previously on Sep 22, 2015 Upgraded to A3 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Jun 8, 2017 Upgraded to Ba3 (sf)

Cl. B, Upgraded to B1 (sf); previously on Jun 8, 2017 Upgraded to Caa3 (sf)

Issuer: Centex Home Equity Loan Trust 2003-B

Cl. AF-4, Upgraded to Aa2 (sf); previously on Jul 23, 2013 Confirmed at A1 (sf)

Cl. AF-6, Upgraded to Aa1 (sf); previously on Jul 23, 2013 Confirmed at Aa3 (sf)

Issuer: Centex Home Equity Loan Trust 2004-A

Cl. M-3, Upgraded to Caa1 (sf); previously on Jul 23, 2013 Downgraded to Caa3 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Jul 23, 2013 Confirmed at B2 (sf)

Cl. M-1, Upgraded to Baa3 (sf); previously on Jul 23, 2013 Confirmed at Ba1 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series 2002-1

Cl. M-1, Upgraded to Aa3 (sf); previously on Jun 4, 2017 Upgraded to A3 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Jun 4, 2017 Upgraded to B3 (sf)

Cl. B-1, Upgraded to Caa2 (sf); previously on Jun 4, 2017 Upgraded to Ca (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2004-8

Cl. M-3, Upgraded to Baa3 (sf); previously on Jun 4, 2017 Upgraded to B2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Jun 4, 2017 Upgraded to Ba1 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Jun 4, 2017 Upgraded to Ca (sf)

Cl. M-4, Upgraded to Ba2 (sf); previously on Jun 4, 2017 Upgraded to Caa1 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-2

Cl. M-5, Upgraded to Aaa (sf); previously on Jun 4, 2017 Upgraded to A1 (sf)

Cl. M-6, Upgraded to Baa3 (sf); previously on Jun 4, 2017 Upgraded to B1 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-3

Cl. M-4, Upgraded to Aaa (sf); previously on Jun 4, 2017 Upgraded to Aa2 (sf)

Cl. M-5, Upgraded to Baa3 (sf); previously on Sep 4, 2015 Upgraded to B1 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-5

Cl. M-2, Upgraded to Aaa (sf); previously on Jun 4, 2017 Upgraded to Aa1 (sf)

Cl. M-3, Upgraded to A1 (sf); previously on Jun 4, 2017 Upgraded to Baa2 (sf)

Cl. M-4, Upgraded to B2 (sf); previously on Sep 4, 2015 Upgraded to Ca (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2004-13

Cl. MF-3, Upgraded to Caa1 (sf); previously on Mar 6, 2013 Affirmed C (sf)

Cl. AF-6, Upgraded to Aaa (sf); previously on Aug 22, 2016 Upgraded to A3 (sf)

Cl. AF-5A, Upgraded to Aaa (sf); previously on Jun 15, 2017 Upgraded to Baa1 (sf)

Cl. AF-5B, Upgraded to Aaa (sf); previously on Jun 15, 2017 Upgraded to Baa1 (sf)

Underlying Rating: Upgraded to Aaa (sf); previously on Jun 15, 2017 Upgraded to Baa1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: First Franklin Mortgage Loan Trust 2006-FF12

Cl. A4, Upgraded to Aa3 (sf); previously on Jun 14, 2017 Upgraded to A3 (sf)

Cl. A5, Upgraded to Caa1 (sf); previously on Sep 30, 2015 Upgraded to Ca (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF15

Cl. A2, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. A1, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa3 (sf)

Cl. A5, Upgraded to Baa1 (sf); previously on Jun 14, 2017 Upgraded to Ba1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF17

Cl. A1, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa3 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3

Cl. B-2, Upgraded to B3 (sf); previously on Jan 13, 2015 Upgraded to Ca (sf)

Issuer: Structured Asset Investment Loan Trust 2004-4

Cl. M6, Upgraded to Caa1 (sf); previously on Mar 4, 2011 Downgraded to C (sf)

Cl. M2, Upgraded to Ba1 (sf); previously on Aug 18, 2016 Upgraded to Ba3 (sf)

Cl. M4, Upgraded to B1 (sf); previously on Aug 18, 2016 Upgraded to Caa1 (sf)

RATINGS RATIONALE

Today's rating actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on those pools. Today's rating upgrades are primarily due to either an improvement in total credit enhancement available to the bonds and/or an improvement in the underlying pool performance.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in January 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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

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 4.1% in February 2018 from 4.7% in February 2017. Moody's forecasts an unemployment central range of 3.5% to 4.5% for the 2018 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 2018. 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 and the associated pool losses and tranche recoveries may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF470319

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.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Chloe Zhang
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Deepika Kothari
Senior Vice President
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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