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Rating Action:

Moody's takes action on certain ACE Subprime RMBS

03 Feb 2009

New York, February 03, 2009 -- Moody's Investors Service has downgraded the ratings of 77 securities and confirmed 3 other ratings from 19 transactions issued by Ace Securities Corp. Home Equity Loan Trust. These actions are a part of an ongoing review of Subprime RMBS transactions.

The ratings on the notes were assigned by evaluating factors determined to be applicable to the credit profile of the notes, such as i) the nature, sufficiency, and quality of

historical performance information regarding the asset class as well as for the transaction sponsor, ii) an analysis of the collateral being securitized, iii) an analysis of the

policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer, iv) an analysis of the transaction's allocation of

collateral cashflow and capital structure, v) an analysis of the transaction's governance and legal structure, and (vi) a comparison of these attributes against those of other

similar transactions.

Moody's approach to analyzing seasoned subprime pools i.e. issued prior to 2H 2005 takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected

loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by

assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of

15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions. The results

of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

Ace Securities Corp. Home Equity Loan Trust, Series 2002-HE1

Cl. M-1, Downgraded to Baa1; previously on 12/14/2007 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on 12/14/2007 Baa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 12/14/2007 Caa2 Placed Under Review for Possible Downgrade

Ace Securities Corp. Home Equity Loan Trust, Series 2002-HE2

Cl. M-1, Confirmed at Aa2; previously on 12/14/2007 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A3; previously on 12/14/2007 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa1; previously on 12/14/2007 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 12/14/2007 Baa2 Placed Under Review for Possible Downgrade

ACE Securities Corp. Home Equity Loan Trust, Series 2002-HE3

Cl. M-1, Confirmed at Aa2; previously on 12/14/2007 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Confirmed at Baa2; previously on 12/14/2007 Baa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on 12/14/2007 Caa3 Placed Under Review for Possible Downgrade

ACE Securities Corp. Home Equity Loan Trust, Series 2003-FM1

Cl. M-1, Downgraded to Aa1; previously on 5/31/2007 Upgraded to Aaa

Cl. M-2, Downgraded to A1; previously on 5/31/2007 Upgraded to Aa2

Cl. M-3, Downgraded to A2; previously on 5/31/2007 Upgraded to Aa3

Cl. M-4, Downgraded to Baa2; previously on 5/31/2007 Upgraded to A1

Cl. M-5, Downgraded to Ba1; previously on 6/16/2003 Assigned Baa2

Cl. M-6, Downgraded to B1; previously on 6/16/2003 Assigned Baa3

ACE Securities Corp. Home Equity Loan Trust, Series 2003-HE1

Cl. M-1, Downgraded to Aa2; previously on 12/14/2007 Aaa Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3; previously on 12/14/2007 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa3; previously on 12/14/2007 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 12/14/2007 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 12/14/2007 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 12/14/2007 Ba3 Placed Under Review for Possible Downgrade

ACE Securities Corp. Home Equity Loan Trust, Series 2003-NC1

Cl. M-2, Downgraded to Baa3; previously on 10/27/2003 Assigned A2

Cl. M-3, Downgraded to B1; previously on 12/20/2007 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 12/20/2007 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 12/20/2007 Ba3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 12/20/2007 B2 Placed Under Review for Possible Downgrade

ACE Securities Corp. Home Equity Loan Trust, Series 2003-OP1

Cl. M-6, Downgraded to Ba1; previously on 1/23/2004 Assigned Baa3

Cl. B, Downgraded to B3; previously on 5/31/2007 Downgraded to B2

ACE Securities Corp. Home Equity Loan Trust, Series 2003-TC1

Cl. M-3, Downgraded to Ba1; previously on 8/29/2003 Assigned A3

Cl. M-4, Downgraded to Ca; previously on 8/29/2003 Assigned Baa1

ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2

2004FM2-M2, Downgraded to Baa1; previously on 9/7/2004 Assigned A2

2004FM2-M3, Downgraded to Baa3; previously on 9/7/2004 Assigned A3

2004FM2-M4, Downgraded to Ba3; previously on 9/7/2004 Assigned Baa1

2004FM2-M5, Downgraded to Caa2; previously on 9/7/2004 Assigned Baa2

2004FM2-M6, Downgraded to C; previously on 12/27/2007 Downgraded to Ba1

2004FM2-B, Downgraded to C; previously on 12/27/2007 Downgraded to Caa2

ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE1

Cl. M-2, Downgraded to Baa3; previously on 12/14/2007 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa2; previously on 4/10/2008 Downgraded to Baa2

Cl. M-4, Downgraded to C; previously on 4/10/2008 Downgraded to B3

Cl. M-5, Downgraded to C; previously on 4/10/2008 Downgraded to Ca

ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE2

Cl. M-2, Downgraded to Baa1; previously on 10/12/2004 Assigned A2

Cl. M-3, Downgraded to Baa3; previously on 4/10/2008 Downgraded to Baa2

Cl. M-4, Downgraded to B2; previously on 4/10/2008 Downgraded to Ba1

Cl. M-5, Downgraded to Ca; previously on 4/10/2008 Downgraded to Ba3

Cl. M-6, Downgraded to C; previously on 4/10/2008 Downgraded to B3

Cl. B-1, Downgraded to C; previously on 4/10/2008 Downgraded to Ca

ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE3

Cl. M-6, Downgraded to B1; previously on 4/10/2008 Downgraded to Ba2

Cl. M-7, Downgraded to Caa2; previously on 4/10/2008 Downgraded to B2

Cl. M-8, Downgraded to C; previously on 4/10/2008 Downgraded to Caa2

ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4

Cl. M-4, Downgraded to Baa3; previously on 4/10/2008 Downgraded to Baa1

Cl. M-5, Downgraded to B3; previously on 4/10/2008 Downgraded to Baa2

Cl. M-6, Downgraded to Ca; previously on 4/10/2008 Downgraded to Ba1

Cl. M-7, Downgraded to C; previously on 4/10/2008 Downgraded to Ba3

Cl. M-8, Downgraded to C; previously on 4/10/2008 Downgraded to B3

Cl. M-9, Downgraded to C; previously on 4/10/2008 Downgraded to Ca

ACE Securities Corp. Home Equity Loan Trust, Series 2004-HS1

Cl. M-1, Downgraded to A2; previously on 4/10/2008 Downgraded to A1

Cl. M-2, Downgraded to Caa1; previously on 4/10/2008 Downgraded to Baa3

Cl. M-3, Downgraded to C; previously on 4/10/2008 Downgraded to Ba3

Cl. M-4, Downgraded to C; previously on 4/10/2008 Downgraded to B2

Cl. M-5, Downgraded to C; previously on 4/10/2008 Downgraded to Ca

ACE Securities Corp. Home Equity Loan Trust, Series 2004-IN1

Cl. M-4, Downgraded to Baa2; previously on 8/13/2004 Assigned Baa1

Cl. M-5, Downgraded to Baa3; previously on 8/13/2004 Assigned Baa2

Cl. M-6, Downgraded to Ba2; previously on 8/13/2004 Assigned Baa3

Cl. B, Downgraded to Ca; previously on 8/13/2004 Assigned Ba2

ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1

Cl. M-3, Downgraded to Baa1; previously on 5/10/2004 Assigned A3

Cl. M-4, Downgraded to Baa2; previously on 5/10/2004 Assigned Baa1

Cl. M-5, Downgraded to Ba3; previously on 12/14/2007 Downgraded to Ba1

Cl. M-6, Downgraded to Ca; previously on 12/14/2007 Downgraded to B3

Cl. B, Downgraded to C; previously on 12/14/2007 Downgraded to Ca

ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM1

Cl. M-6, Downgraded to Ba1; previously on 9/7/2004 Assigned Baa3

Cl. B-1, Downgraded to B3; previously on 4/16/2008 Downgraded to B1

ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM2

Cl. M-3, Downgraded to A1; previously on 3/1/2005 Assigned Aa3

Cl. M-5, Downgraded to Baa2; previously on 4/10/2008 Downgraded to Baa1

Cl. M-6, Downgraded to Ba2; previously on 4/10/2008 Downgraded to Baa3

Cl. M-7, Downgraded to B3; previously on 4/10/2008 Downgraded to Ba1

Cl. B-1, Downgraded to C; previously on 4/10/2008 Downgraded to B1

Cl. B-2, Downgraded to C; previously on 4/10/2008 Downgraded to Caa1

Cl. B-3, Downgraded to C; previously on 4/10/2008 Downgraded to Ca

Ace Securities Corp. Home Equity Loan Trust. Series 2001-HE1

Cl. M-3, Downgraded to Ba3; previously on 12/13/2001 Assigned Baa2

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF155077

For more information please see www.moodys.com.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Mark Branton
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on certain ACE Subprime RMBS
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