Moody's takes actions on three CDC and three IXIS deals
New York, April 09, 2008 -- Moody's Investors Service has downgraded 17 tranches from 3 deals issued
by CDC Mortgage Capital Trust in 2004. Moody's has downgraded
20 tranches from 3 deals issued by IXIS Real Estate Capital Trust in 2004
and 2005. The transactions are backed by primarily first-lien,
subprime fixed and adjustable rate mortgage loans
The actions are based on the analysis of the credit enhancement provided
by subordination, overcollateralization and excess spread relative
to expected losses.
Complete rating actions are as follows:
Issuer: CDC Mortgage Capital Trust 2004-HE1
Cl. M-2, downgraded from A2 to Baa3
Cl. M-3, downgraded from A3 to B1
Cl. B-1, downgraded from Baa1 to Caa1
Cl. B-2, downgraded from Baa3 to Ca
Cl. B-3, downgraded from Ba3 to C
Issuer: CDC Mortgage Capital Trust 2004-HE2
Cl. M-2, downgraded from A2 to Baa2
Cl. M-3, downgraded from A3 to B1
Cl. B-1, downgraded from Baa1 to Caa1
Cl. B-2, downgraded from Ba2 to Caa3
Cl. B-3, downgraded from B3 to Ca
Cl. B-4, downgraded from Caa2 to C
Issuer: CDC Mortgage Capital Trust 2004-HE3
Cl. M-2, downgraded from A2 to Baa2
Cl. M-3, downgraded from A3 to Ba1
Cl. B-1, downgraded from Baa1 to B1
Cl. B-2, downgraded from Baa2 to Caa1
Cl. B-3, downgraded from Ba3 to Caa3
Cl. B-4, downgraded from Caa2 to C
Issuer: IXIS Real Estate Capital Trust 2004-HE4
Cl. M-2, downgraded from A2 to Baa2
Cl. M-3, downgraded from A3 to Baa3
Cl. B-1, downgraded from Baa1 to Ba3
Cl. B-2, downgraded from Baa2 to B1
Cl. B-3, downgraded from Baa3 to Caa2
Cl. B-4, downgraded from Ba1 to C
Issuer: IXIS Real Estate Capital Trust 2005-HE1
Cl. M-4, downgraded from A1 to Baa1
Cl. M-5, downgraded from A2 to Ba2
Cl. M-6, downgraded from A3 to Caa1
Cl. B-1, downgraded from Baa1 to Caa3
Cl. B-2, downgraded from Baa2 to Ca
Cl. B-3, downgraded from Baa3 to C
Cl. B-4, downgraded from Ba1 to C
Issuer: IXIS Real Estate Capital Trust 2005-HE2
Cl. M-4, downgraded from A1 to A3
Cl. M-5, downgraded from A2 to Baa1
Cl. M-6, downgraded from A3 to Baa3
Cl. B-1, downgraded from Baa1 to Ba1
Cl. B-2, downgraded from Baa2 to B2
Cl. B-3, downgraded from Baa3 to Ca
Cl. B-4, downgraded from Ba1 to C
For more information please see www.moodys.com
New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653