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Rating Action:

Moody's takes action on $857 Million of Subprime RMBS issued in 2001-2007

26 Feb 2018

NOTE: On May 3, 2018, the List of Affected Credit Ratings accessible via hyperlink from this press release was corrected to remove the prior underlying rating and current underlying rating for tranche ID 820458413.

New York, February 26, 2018 -- Moody's Investors Service has upgraded the ratings of 40 tranches, from 19 subprime RMBS transactions issued by various issuers.

Complete rating actions are as follows:

Issuer: Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3

Cl. M-4, Upgraded to B1 (sf); previously on Apr 18, 2016 Upgraded to B2 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Mar 17, 2009 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE4

Cl. I-A-3, Upgraded to Ca (sf); previously on May 21, 2010 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE5

Cl. I-A-2, Upgraded to A1 (sf); previously on Mar 31, 2017 Upgraded to A3 (sf)

Cl. I-A-3, Upgraded to A3 (sf); previously on Mar 31, 2017 Upgraded to Baa2 (sf)

Cl. II-A, Upgraded to A1 (sf); previously on Mar 31, 2017 Upgraded to Baa1 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Mar 31, 2017 Upgraded to Ca (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-PC1

Cl. M-3, Upgraded to B2 (sf); previously on Mar 31, 2017 Upgraded to Caa3 (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2006-NC3

Cl. A-2, Upgraded to Ba1 (sf); previously on Apr 29, 2010 Downgraded to Caa1 (sf)

Cl. A-3, Upgraded to Caa1 (sf); previously on Apr 29, 2010 Downgraded to Ca (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-4

Cl. M-4, Upgraded to Aaa (sf); previously on Dec 7, 2015 Upgraded to Aa3 (sf)

Cl. M-5, Upgraded to Aa3 (sf); previously on Dec 7, 2015 Upgraded to Baa2 (sf)

Cl. M-6, Upgraded to B2 (sf); previously on Dec 7, 2015 Upgraded to Caa3 (sf)

Issuer: FBR Securitization Trust 2005-5

Cl. AV2-4, Upgraded to Aaa (sf); previously on Apr 22, 2016 Upgraded to Aa3 (sf)

Cl. M-1, Upgraded to Aa3 (sf); previously on Apr 22, 2016 Upgraded to Baa1 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Sep 2, 2014 Upgraded to Caa1 (sf)

Issuer: GSAMP Trust 2007-HSBC1

Cl. A, Upgraded to Aaa (sf); previously on Jun 29, 2016 Upgraded to Aa2 (sf)

Cl. M-6, Upgraded to Caa2 (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-HE1

Cl. AV-2, Upgraded to Ba3 (sf); previously on Jul 14, 2010 Downgraded to Ca (sf)

Cl. AV-3, Upgraded to B2 (sf); previously on Jul 14, 2010 Downgraded to Ca (sf)

Cl. AV-4, Upgraded to B3 (sf); previously on Jul 14, 2010 Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC1

Cl. A-4, Upgraded to Aaa (sf); previously on May 3, 2016 Upgraded to Aa3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Jun 25, 2015 Upgraded to Ca (sf)

Issuer: RAMP Series 2001-RS2 Trust

Cl. A-II, Upgraded to Aa1 (sf); previously on Mar 18, 2013 Affirmed A1 (sf)

Cl. M-II-1, Upgraded to A1 (sf); previously on Dec 19, 2013 Upgraded to Baa1 (sf)

Cl. M-II-2, Upgraded to A2 (sf); previously on Jul 7, 2014 Upgraded to Baa2 (sf)

Cl. M-II-3, Upgraded to Baa3 (sf); previously on Jul 7, 2014 Upgraded to Ba2 (sf)

Issuer: RASC Series 2003-KS4 Trust

Cl. A-I-5, Upgraded to Aa1 (sf); previously on Mar 17, 2017 Upgraded to A1 (sf)

Cl. A-I-6, Upgraded to Aaa (sf); previously on Mar 17, 2017 Upgraded to Aa3 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-FR2

Cl. M-2, Upgraded to Ba2 (sf); previously on Jun 25, 2015 Upgraded to B1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Apr 20, 2016 Upgraded to Ca (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-OP1

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 6, 2015 Upgraded to B1 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Jun 24, 2016 Upgraded to Caa2 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-OP2

Cl. M-3, Upgraded to B2 (sf); previously on Mar 24, 2017 Upgraded to Caa2 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-CB1

Cl. AV-1, Upgraded to Aa3 (sf); previously on Feb 25, 2016 Upgraded to A3 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-OP1

Cl. M-5, Upgraded to B1 (sf); previously on Mar 24, 2017 Upgraded to B3 (sf)

Cl. M-6, Upgraded to Ca (sf); previously on Jul 12, 2010 Downgraded to C (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-WM1

Cl. A-2C, Upgraded to Baa1 (sf); previously on Mar 24, 2017 Upgraded to Ba3 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust, Series 2005-BC1

Cl. M-3, Upgraded to Aaa (sf); previously on Mar 24, 2017 Upgraded to A1 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Apr 11, 2016 Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrades are primarily due to the total credit enhancement available to the bonds. The rating actions for certain deals also reflect a correction to the cash-flow model previously used by Moody's in rating these transactions. In prior rating actions, the cash flow modeling used for Morgan Stanley ABS Capital I Inc. Trust 2006-NC1 Class M2 and Specialty Underwriting and Residential Finance Trust, Series 2005-BC1 Class M-4 did not reimburse losses and arrears after the tranches reached a zero balance, thus overestimating the projected losses on some tranches. This error has now been corrected, and today's rating actions reflects this change. The actions also reflect the recent performance of the underlying pools and Moody's updated loss expectations on the pools.

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 macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.1% in January 2018 from 4.8% in January 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.

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_SF468085

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.

Jane Mordecai
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.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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