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Rating Action:

Moody's takes action on $891 Million of Subprime RMBS issued by various issuers

13 Nov 2013

New York, November 13, 2013 -- Moody's Investors Service has upgraded the ratings of 38 tranches and downgraded the ratings of 4 tranches from 18 transactions issued by various trusts, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ABFC Asset-Backed Certificates, Series 2005-HE2

Cl. M-3, Upgraded to B3 (sf); previously on Mar 6, 2013 Upgraded to Caa3 (sf)

Issuer: ABFC Asset-Backed Certificates, Series 2005-WMC1

Cl. M-2, Upgraded to Ba1 (sf); previously on Feb 26, 2013 Upgraded to B1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Feb 26, 2013 Affirmed C (sf)

Issuer: Asset Backed Funding Corporation Asset-Backed Certificates, Series 2006-OPT3

Cl. A-1, Downgraded to Caa3 (sf); previously on Jun 3, 2010 Downgraded to Caa2 (sf)

Cl. A-2, Downgraded to Caa3 (sf); previously on Jun 3, 2010 Downgraded to Caa2 (sf)

Cl. A-3B, Downgraded to Ca (sf); previously on Jun 3, 2010 Downgraded to Caa3 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ1

Cl. M-2, Upgraded to B3 (sf); previously on Mar 12, 2013 Affirmed Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB2

Cl. A2-B, Downgraded to Ca (sf); previously on Apr 12, 2010 Downgraded to Caa3 (sf)

Issuer: C-BASS Mortgage Loan Trust, Series 2005-CB4

Cl. M-3, Upgraded to B2 (sf); previously on Mar 4, 2013 Upgraded to Caa2 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Mar 4, 2013 Upgraded to Ca (sf)

Issuer: Long Beach Mortgage Loan Trust 2004-1

Cl. M-2, Upgraded to Ba1 (sf); previously on Mar 8, 2011 Downgraded to Ba2 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on May 2, 2012 Downgraded to B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on May 2, 2012 Confirmed at Caa2 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Mar 8, 2011 Downgraded to Ca (sf)

Issuer: Long Beach Mortgage Loan Trust 2005-1

Cl. M-3, Upgraded to B2 (sf); previously on Feb 26, 2013 Upgraded to Caa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Feb 26, 2013 Upgraded to Baa3 (sf)

Issuer: RASC Series 2005-EMX4 Trust

Cl. M-1, Upgraded to Baa3 (sf); previously on Mar 5, 2013 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded to Caa3 (sf)

Issuer: RASC Series 2007-KS1 Trust

Cl. A-2, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4

Cl. A-2B, Upgraded to B2 (sf); previously on Mar 4, 2013 Upgraded to Caa2 (sf)

Issuer: RAMP Series 2004-RS2 Trust

Cl. A-I-4, Upgraded to Baa3 (sf); previously on Apr 30, 2012 Reinstated to Ba2 (sf)

Cl. A-I-5, Upgraded to Baa2 (sf); previously on Apr 30, 2012 Upgraded to Ba1 (sf)

Cl. M-I-1, Upgraded to B2 (sf); previously on Apr 30, 2012 Upgraded to Caa2 (sf)

Cl. M-II-1, Upgraded to Ba1 (sf); previously on Apr 30, 2012 Upgraded to Ba3 (sf)

Issuer: RAMP Series 2004-RS8 Trust

Cl. A-I-5, Upgraded to Baa2 (sf); previously on Apr 17, 2012 Upgraded to Ba1 (sf)

Cl. A-I-6, Upgraded to Baa1 (sf); previously on Apr 17, 2012 Upgraded to Baa3 (sf)

Cl. M-II-1, Upgraded to Ba3 (sf); previously on Mar 30, 2011 Downgraded to B1 (sf)

Issuer: RAMP Series 2004-RZ3 Trust

Cl. A-I-4, Upgraded to Baa1 (sf); previously on Apr 4, 2012 Confirmed at Ba1 (sf)

Cl. A-I-5, Upgraded to Baa3 (sf); previously on Apr 4, 2012 Confirmed at Ba2 (sf)

Cl. A-I-6, Upgraded to Baa2 (sf); previously on Apr 4, 2012 Confirmed at Ba1 (sf)

Cl. M-I-1, Upgraded to Ba3 (sf); previously on Apr 4, 2012 Upgraded to B3 (sf)

Cl. M-I-2, Upgraded to Caa3 (sf); previously on Apr 5, 2011 Downgraded to C (sf)

Issuer: RASC Series 2003-KS11 Trust

Cl. M-II-1, Upgraded to B2 (sf); previously on Apr 9, 2012 Confirmed at Caa2 (sf)

Issuer: RASC Series 2005-KS3 Trust

Cl. M-4, Upgraded to Baa1 (sf); previously on Mar 5, 2013 Upgraded to Ba1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Mar 5, 2013 Upgraded to Caa1 (sf)

Cl. M-6, Upgraded to Caa2 (sf); previously on Mar 5, 2013 Upgraded to Ca (sf)

Issuer: RASC Series 2005-KS4 Trust

Cl. M-2, Upgraded to Ba3 (sf); previously on Mar 5, 2013 Upgraded to B3 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded to Caa3 (sf)

Issuer: RASC Series 2005-KS5 Trust

Cl. M-3, Upgraded to A2 (sf); previously on Mar 5, 2013 Upgraded to Baa1 (sf)

Cl. M-4, Upgraded to Baa2 (sf); previously on Mar 5, 2013 Upgraded to Ba2 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Mar 5, 2013 Upgraded to Caa1 (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Mar 5, 2013 Upgraded to Ca (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 downgrades are a result of deteriorating performance and/or 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.

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 7.9% in October 2012 to 7.3% in October 2013. Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 year. Moody's expects house prices to continue to rise in 2014. 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_SF347531

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://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF345728

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

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.

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
Associate 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 - Sr Credit Officer/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 $891 Million of Subprime RMBS issued by various issuers
No Related Data.
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