Moody's takes action on RASC deals.
New York, November 08, 2007 -- Moody's Investors Service has placed 21 certificates on review for possible
downgrade. The certificates were issued in 2004 by various Residential
Asset Securities Corporation Trusts. The actions are based on the
analysis of the credit enhancement provided by subordination, overcollateralization
and excess spread relative to the expected loss.
The available levels of enhancement for these certificates may be inadequate
compared to the current and projected pipeline losses.
Complete rating actions are as follows:
Issuer: RASC Series 2004-KS1 Trust
Class M-II-2, current rating A2, on review for
possible downgrade;
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS2 Trust
Class M-I-3, current rating Baa2, on review
for possible downgrade;
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS3 Trust
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS5 Trust
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS6 Trust
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS8 Trust
Class M-II-3, current rating Baa2, on review
for possible downgrade;
Issuer: RASC Series 2004-KS10 Trust
Class M-3, current rating A3, on review for possible
downgrade;
Class M-4, current rating Baa1, on review for possible
downgrade;
Class M-5, current rating Baa2, on review for possible
downgrade;
Class M-6, current rating Baa3, on review for possible
downgrade;
Class B, current rating Ba1, on review for possible downgrade;
Issuer: RASC Series 2004-KS11 Trust
Class M-3, current rating A3, on review for possible
downgrade;
Class M-4, current rating Baa1, on review for possible
downgrade;
Class M-5, current rating Baa2, on review for possible
downgrade;
Class M-6, current rating Baa3, on review for possible
downgrade;
Class B, current rating Ba1, on review for possible downgrade;
Issuer: RASC Series 2004-KS12 Trust
Class M-5, current rating Baa2, on review for possible
downgrade;
Class M-6, current rating Baa3, on review for possible
downgrade;
Class B, current rating Ba1, on review for possible downgrade.
For more information see www.Moodys.com
New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Ola Hannoun-Costa
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653