info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

Moody's takes actions on Bayview's small business loan deals

18 Feb 2011

Approximately $2.8 billion of asset-backed securities affected

New York, February 18, 2011 -- Moody's Investors Service downgraded 70 tranches in ten securitizations of small business loans issued by Bayview Commercial Asset Trusts, placed under review for possible downgrade 101 tranches in 20 securitizations, and placed under review for possible upgrade 18 tranches in two Canadian transactions. The downgraded tranches remain under review for further possible downgrade. The loans are secured primarily by commercial real estate.

RATINGS RATIONALE

The downgrades and reviews for possible downgrade are caused by a significant deterioration in collateral performance. Over the last twelve months, cumulative net charge-offs and 60+ delinquencies, including amounts in foreclosure and REO, have increased substantially. As of the January 2011 distribution date, cumulative net charge-offs in the 2005 and later vintages ranged between approximately 6% and 11% of the original pool balance, and 60+ delinquencies for the same vintages ranged between 18% and 29% of the current pool balance. Since the last rating action in February 2009, the weighted average percent increase in 60+ delinquencies was approximately 20% as of the January 2011 distribution date. In addition, loss severities on the foreclosed properties have increased substantially during the last year.

In contrast, performance of the Canadian Bayview transactions has been significantly stronger than that of the U.S. transactions. As of the January 2011 distribution date, cumulative net charge-offs in these transactions were between 2.8% and 3.6% of the original pool balance, and 60+ delinquencies were between 6.0% and 12.5% of the current pool balance. Loss severities on the Canadian transactions have been substantially lower than those in the U.S. transactions. In addition, available credit enhancement in these transactions has built-up primarily as a result of increased overcollateralization, which has a non-declining target amount and will protect the noteholders from potential future losses.

The methodology used in these rating actions included an analysis of the collateral performance to arrive at a range of estimated lifetime net losses. This range was then evaluated against the available credit enhancement provided by the reserve accounts, overcollateralization, and excess spread. Sufficiency of coverage was considered in light of the credit quality of the collateral pool, industry, geographical and loan concentrations, historical variability of losses experienced by the issuer, and servicer quality.

During the review period, we will project expected net losses on the underlying pools of loans using delinquency roll rates and an estimate of market recoveries. The Aaa volatility proxies will also be determined. Driving factors in determining the Aaa volatility proxy for each deal are the credit quality of the collateral pool, the historical variability in losses experienced by the issuer, the servicer quality as well as the industrial, geographical and obligor concentrations.

Based on our revised expected losses and Aaa volatility proxies, Moody's will evaluate whether the available credit enhancement adequately protects investors against future collateral losses for given rating assignments.

Primary sources of assumption uncertainty are the general economic environment, commercial property values, and the ability of small businesses to recover from the recession.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction, and the due diligence reports had a neutral impact on the rating.

Other methodologies and factors that may have been considered in the process of rating these transactions can also be found on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The complete rating actions are as follows:

Issuer: Bayview Commercial Asset Trust 2003-2

Cl. M-1, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to Aa3 (sf)

Cl. M-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to Baa3 (sf)

Cl. B, B3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to B3 (sf)

Issuer: BayView Commercial Aset Trust 2004-1

Cl. B, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Baa1 (sf)

Issuer: BayView Commercial Asset Trust 2004-2

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Aa1 (sf)

Cl. M-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to A1 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Baa1 (sf)

Issuer: Bayview Commercial Asset Trust 2005-2

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2005-3

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. M-1, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa1 (sf)

Cl. M-2, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa3 (sf)

.Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A2 (sf)

Cl. M-6, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Baa1 (sf)

Cl. B-2, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2005-4

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2006-1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-2

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-3

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A2 (sf)

Cl. M-6, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Baa1 (sf)

Cl. B-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-4

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A2 (sf)

Cl. M-6, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Baa1 (sf)

Cl. B-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2006-CAD1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa2 (sf)

Cl. B-3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-1

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. SIO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. M-1, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa1 (sf)

Cl. M-2, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa2 (sf)

Cl. M-3, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-5, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-6, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-2, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. IO, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-2, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-3, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-4, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-5, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-6, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-1, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. B-2, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-3

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa3 (sf)

Cl. M-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-5, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-6, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-2, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-4

Cl. IO, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-2, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-5, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-6, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. B-1, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-5

Cl. A-4, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-3, Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-6

Cl. A-4A, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-4B, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-5, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Ca (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-CAD1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned A2 (sf)

Cl. M-6, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. B-1, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-2, Ba1 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. B-3, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2008-1

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-5, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-6, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. B-1, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-2

Cl. A-4A, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. A-4B, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-2, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-3, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-3

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-4

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

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

Cl. M-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned Baa3 (sf)

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

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Baa3 (sf)

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Irina Faynzilberg
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Investors Service
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 loan deals
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com