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Rating Action:

Moody's takes actions on Bayview's small business ABS

14 Jan 2016

Approximately $1.3 billion of asset-backed securities affected

New York, January 14, 2016 -- Moody's Investors Service has upgraded the ratings on twelve tranches from five transactions, and downgraded the ratings on fifty-three tranches from fifteen transactions of small business loans issued by Bayview Commercial Asset Trusts and Bayview Commercial Mortgage Pass-Through Trusts. The loans are secured primarily by small commercial real estate properties in the U.S. owned by small businesses and investors.

Complete rating actions as follow:

Issuer: Bayview Commercial Asset Trust 2003-2

Cl. A, Downgraded to Baa1 (sf); previously on May 31, 2012 Downgraded to A3 (sf)

Cl. IO, Downgraded to B3 (sf); previously on May 31, 2012 Downgraded to B2 (sf)

Issuer: BayView Commercial Asset Trust 2004-1

Cl. A, Upgraded to Aa1 (sf); previously on Jan 23, 2015 Upgraded to Aa2 (sf)

Cl. M-1, Upgraded to Aa2 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

Cl. M-2, Upgraded to A2 (sf); previously on Jan 23, 2015 Upgraded to A3 (sf)

Cl. B, Upgraded to Baa1 (sf); previously on Jan 23, 2015 Upgraded to Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2004-2

Cl. M-2, Upgraded to Baa1 (sf); previously on May 31, 2012 Confirmed at Baa2 (sf)

Cl. B-1, Upgraded to Ba1 (sf); previously on Jan 23, 2015 Upgraded to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2004-3

Cl. M-1, Upgraded to A1 (sf); previously on Jan 23, 2015 Upgraded to A2 (sf)

Cl. M-2, Upgraded to A3 (sf); previously on May 31, 2012 Downgraded to Baa1 (sf)

Cl. B-1, Upgraded to Baa3 (sf); previously on May 31, 2012 Downgraded to Ba1 (sf)

Issuer: BayView Commercial Asset Trust 2005-3

Cl. A-1, Downgraded to Baa1 (sf); previously on Jan 23, 2015 Downgraded to A3 (sf)

Cl. A-2, Downgraded to Baa1 (sf); previously on Jan 23, 2015 Downgraded to A3 (sf)

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa2 (sf)

Cl. M-2, Downgraded to Ba1 (sf); previously on Jan 23, 2015 Downgraded to Baa3 (sf)

Cl. M-3, Downgraded to Ba2 (sf); previously on Jan 23, 2015 Downgraded to Ba1 (sf)

Issuer: BayView Commercial Asset Trust 2006-1

Cl. A-1, Downgraded to Baa2 (sf); previously on Jan 23, 2015 Downgraded to A3 (sf)

Cl. A-2, Downgraded to Baa2 (sf); previously on Jan 23, 2015 Downgraded to A3 (sf)

Cl. M-1, Downgraded to Ba1 (sf); previously on Jan 23, 2015 Downgraded to Baa3 (sf)

Cl. M-2, Downgraded to Ba2 (sf); previously on Jan 23, 2015 Downgraded to Ba1 (sf)

Cl. M-3, Downgraded to Ba3 (sf); previously on Jan 23, 2015 Downgraded to Ba2 (sf)

Cl. M-4, Downgraded to B1 (sf); previously on Jan 23, 2015 Downgraded to Ba3 (sf)

Cl. M-5, Downgraded to B2 (sf); previously on Jan 23, 2015 Downgraded to B1 (sf)

Cl. M-6, Downgraded to B3 (sf); previously on Jan 23, 2015 Downgraded to B2 (sf)

Cl. B-1, Downgraded to Caa1 (sf); previously on Jan 23, 2015 Downgraded to B3 (sf)

Cl. B-2, Downgraded to Caa2 (sf); previously on Jan 23, 2015 Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2006-3

Cl. M-1, Downgraded to B3 (sf); previously on May 31, 2012 Downgraded to B2 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on May 31, 2012 Downgraded to B3 (sf)

Cl. M-3, Downgraded to Caa3 (sf); previously on May 31, 2012 Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2006-4

Cl. A-1, Downgraded to A3 (sf); previously on May 31, 2012 Downgraded to A1 (sf)

Cl. A-2, Downgraded to Ba3 (sf); previously on Jan 23, 2015 Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to B3 (sf); previously on Sep 13, 2012 Downgraded to B2 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on Jan 23, 2015 Downgraded to Caa1 (sf)

Cl. M-3, Downgraded to Caa3 (sf); previously on Jan 23, 2015 Downgraded to Caa2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. A-2, Downgraded to B2 (sf); previously on May 31, 2012 Downgraded to B1 (sf)

Cl. M-1, Downgraded to Caa2 (sf); previously on Jan 23, 2015 Downgraded to Caa1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-3

Cl. A-1, Downgraded to A3 (sf); previously on May 31, 2012 Downgraded to A1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-4

Cl. A-1, Downgraded to B1 (sf); previously on Mar 28, 2014 Downgraded to Ba2 (sf)

Cl. A-2, Downgraded to Caa2 (sf); previously on Mar 28, 2014 Downgraded to B3 (sf)

Cl. M-1, Downgraded to C (sf); previously on Jan 23, 2015 Downgraded to Ca (sf)

Issuer: Bayview Commercial Asset Trust 2007-6

Cl. A-4B, Downgraded to C (sf); previously on Jan 23, 2015 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-1

Cl. A-3, Upgraded to Aa2 (sf); previously on Oct 31, 2013 Downgraded to Baa1 (sf)

Cl. A-4, Downgraded to B2 (sf); previously on May 31, 2012 Downgraded to B1 (sf)

Cl. M-1, Downgraded to Caa1 (sf); previously on May 31, 2012 Downgraded to B3 (sf)

Cl. M-2, Downgraded to C (sf); previously on Oct 31, 2013 Downgraded to Caa2 (sf)

Issuer: Bayview Commercial Asset Trust 2008-2

Cl. A-4A, Downgraded to B1 (sf); previously on May 31, 2012 Downgraded to Ba2 (sf)

Cl. A-4B, Downgraded to B1 (sf); previously on May 31, 2012 Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to Caa2 (sf); previously on Jan 23, 2015 Downgraded to B3 (sf)

Cl. M-2, Downgraded to C (sf); previously on Jan 23, 2015 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-3

Cl. A-4, Downgraded to B1 (sf); previously on May 31, 2012 Downgraded to Ba2 (sf)

Cl. M-1, Downgraded to B3 (sf); previously on May 31, 2012 Downgraded to B1 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on Oct 31, 2013 Downgraded to B3 (sf)

Cl. M-3, Downgraded to C (sf); previously on Jan 23, 2015 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-4

Cl. M-1, Downgraded to Ba3 (sf); previously on May 31, 2012 Downgraded to Ba2 (sf)

Cl. M-2, Downgraded to B2 (sf); previously on May 31, 2012 Downgraded to B1 (sf)

Cl. M-3, Downgraded to B3 (sf); previously on May 31, 2012 Downgraded to B2 (sf)

Cl. M-4, Downgraded to Caa2 (sf); previously on May 31, 2012 Downgraded to B3 (sf)

Cl. M-5, Downgraded to Ca (sf); previously on Jan 23, 2015 Downgraded to Caa3 (sf)

Issuer: BayView Commercial Mortgage Pass-Through Trust 2006-SP1

Cl. M-1, Upgraded to Aaa (sf); previously on Mar 28, 2014 Upgraded to Aa2 (sf)

Cl. M-2, Upgraded to Aa3 (sf); previously on Mar 28, 2014 Upgraded to A2 (sf)

Cl. B-2, Downgraded to Caa1 (sf); previously on May 31, 2012 Downgraded to B3 (sf)

Issuer: Bayview Commercial Mortgage Pass-Through Trust 2006-SP2

Cl. A, Downgraded to Baa3 (sf); previously on Jan 23, 2015 Downgraded to Baa1 (sf)

Cl. M-1, Downgraded to Ba2 (sf); previously on Jan 23, 2015 Downgraded to Ba1 (sf)

Cl. M-2, Downgraded to B1 (sf); previously on Jan 23, 2015 Downgraded to Ba3 (sf)

Cl. M-3, Downgraded to B2 (sf); previously on Jan 23, 2015 Downgraded to B1 (sf)

RATINGS RATIONALE

The upgrades related to the 2004-1, 2004-2 and 2004-3 transactions were primarily prompted by a build-up in credit enhancement due to increasing reserve account balances relative to outstanding pool balances, availability of excess spread and relatively stable collateral performance. Available amounts in reserve accounts for the 2004-1, 2004-2 and 2004-3 transactions increased to 30%, 22% and 18% of outstanding pool balances, respectively, as of the December 2015 distribution date from 23%, 17% and 15% of the outstanding pool balance as of the December 2014 distribution date. The Class M-1 and M-2 tranches from the 2006-SP1 transaction were upgraded due to increasing credit enhancement, leading to improved loss coverage. The upgrade of the 2008-1 Class A-3 tranche was due to the repayment of accrued interest shortfall and the strong coverage of expected pool losses by credit enhancement; as well as Moody's expectation that no further interest shortfalls will be accrued for this tranche.

The downgrades are primarily due to continued realized losses on the underlying pools in combination with depleted credit enhancement from overcollateralization and subordinate tranches. For the 2007-6 transaction, the downgrade of the A-4B tranche is largely driven by a correction to the credit enhancement to account for the sequential payment of the A-4A and A-4B notes. Over the past year, cumulative net losses for Bayview 2005-3, 2006-1, 2006-SP1, 2006-3, 2006-4, 2006-SP2, 2007-2, 2007-3, 2007-4, 2007-6, 2008-1, 2008-2, 2008-3 and 2008-4 increased to a range of 16% to 32% as of the December 2015 distribution date, from a range of 15% to 30% as of the December 2014 distribution date, in each case as a percent of the original pool balance. For Bayview 2003-2, cumulative net losses have increased from 4 to 5% over the past year. As a result of continuing losses, Moody's believes that a full principal payment to lower subordinate tranches which have been downgraded to Ca or C ratings is unlikely.

The rating actions on certain of these transactions also took into account corrections to the computation of excess spread. Previously, the computation of excess spread overstated the lifetime excess spread available for the 2003-2, 2004-1, 2007-4, 2007-6, 2008-1, 2008-2, 2008-3, and 2008-4 transactions. These computation errors were mainly due to the cash flows to the IO and SIO notes being improperly accounted for in the excess spread calculation. The correction of the error had a negative impact for 2004-1, but this was outweighed by the deal's increasing reserve account balance relative to the outstanding pool balance, leading to upgrades for the transaction. The previous rating action on the 2007-2 transaction was based on analysis that used an overstated weighted average bond coupon, thereby understating the lifetime spread available to that transaction. While the correction of this error had a positive impact, this was overridden by the negative effect of the continued realized losses for the 2007-2 transaction as discussed above.

For the Bayview small business ABS collateral pools, excluding the Canadian transaction, delinquencies of 60 days or more, including loans in foreclosure and REO, have improved slightly with the average deal experiencing a decrease in delinquencies of 0.7% over the past 12 months. Delinquencies of 60 days or more ranged from 11% to 22% of the outstanding pool balances as of December 2015 distribution date, versus 10% to 26% as of December 2014 distribution date. Average severities are still high in the 70% to 80% range.

A key factor in Moody's loss projections is its evaluation and treatment of modified loans. Bayview Loan Servicing has modified approximately 41% to 69% of the loan balance classified as current as of November 2015 in the deals affected by today's rating actions. Most of these loans were delinquent before modification and are therefore more likely to become delinquent than non-modified loans in the future. Moody's evaluation of loan-level data indicates that these current, modified loans are two to three times as likely to become defaulted compared to current, non-modified loans. Moody's accounted for this likelihood in its loss projection methodology described in the "Methodology" section below.

The current ratings reflect the likelihood of certificateholders recovering outstanding credit risk shortfalls for the bonds on which they exist. Even though available credit enhancement to a certificate may be high, recovery of interest shortfalls may take several years for rated notes with outstanding shortfalls. Transactions with ratings that continue to be impacted by interest shortfalls include Bayview 2007-4, 2007-5, 2007-6, 2008-2, 2008-3, and 2008-4.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global Approach to Rating SME Balance Sheet Securitizations" published in October 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's evaluated the sufficiency of credit enhancement by first analyzing the loans to determine an expected remaining net loss for each collateral pool. Moody's compared these expected net losses with the available credit enhancement, consisting of overcollateralization, subordination, excess spread, and a reserve account if any. For the lower subordinate tranches, Moody's identified relatively near term future write-downs by examining the expected losses from loans in foreclosure and REO in relation to a tranche's available credit enhancement.

To forecast expected losses for the Bayview small business ABS collateral pools, Moody's evaluated each pool according to the delinquency and modification status of the underlying loans, applying different roll rates to default to loans according to each status. In order to determine the roll rates to default, Moody's assessed roll rate behavior according to their delinquency status.

This approach leads to a wide range of lifetime loan default rates depending on vintage, modification status and delinquency status. For modified current loans, the remaining lifetime default rate assumption was 15% to 20%, two to three times the remaining lifetime default rate estimate of 5% to 8% for non-modified current loans. For delinquent loans, the lifetime default rates range from 30% to 75%. For loans in foreclosure or REO, the lifetime default rates are roughly 70% to 100%.

For loss severities, Moody's generally applied 75% severities for both modified and non-modified loans.

Factors that would lead to an upgrade or downgrade of the rating:

Up

Levels of credit protection that are higher than necessary to protect investors against expected losses could drive the ratings up. Losses below Moody's expectations as a result of a decrease in seriously delinquent loans or lower severities than expected on liquidated loans. Reimbursement of interest shortfalls more rapidly than anticipated when applicable.

Down

Levels of credit protection that are insufficient to protect investors against expected losses could drive the ratings down. Losses above Moody's expectations as a result of an increase in seriously delinquent loans and higher severities than expected on liquidated loans. Reimbursement of interest shortfalls slower than anticipated when applicable.

Other methodologies and factors that Moody's may have considered in the process of rating these transactions appear on Moody's website. More information on Moody's analysis of this transaction is available at 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 did not use any stress scenario simulations in its analysis.

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.

The person who approved the Bayview Commercial Asset Trust 2004-2, 2004-3, 2005-3, 2006-1, 2006-3, 2006-4 and 2007-3. BayView Commercial Mortgage Pass-Through Trust 2006-SP1 and 2006-SP2. Amy Tobey, VP-Sr Credit Officer/Manager, Structured Finance Group Structured Finance Group, Moody's Investors Service, Inc., JOURNALISTS: 212-553-0376, SUBSCRIBERS: 212-553-1653.

The person who approved the Bayview Commercial Asset Trust 2003-2, 2004-1, 2007-2, 2007-4, 2007-6, 2008-1, 2008-2, 2008-3 and 2008-4. Dev Debashish Chatterjee, Managing Director, Structured Finance Group, Moody's Investors Service, Inc., JOURNALISTS: 212-553-0376, SUBSCRIBERS: 212-553-1653.

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.

Thomas Meehan
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

Amelia (Amy) Tobey
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 actions on Bayview's small business ABS
No Related Data.
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