Moody's takes action on RASC deals
New York, November 16, 2007 -- Moody's Investors Service has downgraded 21 certificates that 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 actions on these certificates are driven by high loss severities and
the available levels of enhancement that may be inadequate compared to
the current and projected pipeline losses for these certificates.
Specifically, actions on the RASC Series 2004-KS10,
2004-KS11, and 2004-KS12 are driven by high recent
losses combined with a large dollar amount for loans in foreclosure and
REO.
Complete rating actions are as follows:
Issuer: RASC Series 2004-KS1 Trust
Cl. M-II-2, downgraded to Baa1, previously
A2,
Cl. M-II-3, downgraded to Ba3, previously
Baa2,
Issuer: RASC Series 2004-KS2 Trust
Cl. M-I-3, downgraded to Ba1, previously
Baa2,
Cl. M-II-3, downgraded to Ba3, previously
Baa2,
Issuer: RASC Series 2004-KS3 Trust
Cl. M-II-3, downgraded to Ba2, previously
Baa2,
Issuer: RASC Series 2004-KS5 Trust
Cl. M-II-3, downgraded to Ba2, previously
Baa2,
Issuer: RASC Series 2004-KS6 Trust
Cl. M-II-3, downgraded to Ba2, previously
Baa2,
Issuer: RASC Series 2004-KS8 Trust
Cl. M-II-3, downgraded to Ba1, previously
Baa2,
Issuer: RASC Series 2004-KS10 Trust
Cl. M-3, downgraded to Baa1, previously A3,
Cl. M-4, downgraded to Baa3, previously Baa1,
Cl. M-5, downgraded to Ba2, previously Baa2,
Cl. M-6, downgraded to B1, previously Baa3,
Cl. B, downgraded to B3, previously Ba1,
Issuer: RASC Series 2004-KS11 Trust
Cl. M-3, downgraded to Baa1, previously A3,
Cl. M-4, downgraded to Baa3, previously Baa1,
Cl. M-5, downgraded to Ba2, previously Baa2,
Cl. M-6, downgraded to B1, previously Baa3,
Cl. B, downgraded to B3, previously Ba1,
Issuer: RASC Series 2004-KS12 Trust
Cl. M-5, downgraded to Ba1, previously Baa2,
Cl. M-6, downgraded to Ba2, previously Baa3,
Cl. B, downgraded to B2, previously Ba1.
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