Moody's upgraded thirty five classes, downgraded one and confirmed ratings on thirteen classes of Residential Funding Corp.'s securitizations
New York, March 19, 2007 -- Moody's Investor's Service upgraded thirty five classes of mezzanine
and subordinated tranches from twelve securitizations issued by affiliates
of Residential Funding Corp in 2003. Moody's also downgraded one
and confirmed its ratings on thirteen classes of mezzanine and subordinated
tranches from seven mortgage securitizations issued by Residential Asset
Securities Corporation (RASC) in 2003.
The actions are based on the fact that the bonds' current credit enhancement
levels, including excess spread where applicable, are either
high or low compared to the current projected loss numbers for the current
rating level.
The complete rating actions are as follows:
Depositor: Residential Funding Corporation
Upgrade:
RAMP Series 2003-RS7 Trust, Class M-I-1,
upgraded from Aa2 to Aaa;
RAMP Series 2003-RS7 Trust, Class M-I-2,
upgraded from A2 to Aa3;
RAMP Series 2003-RS8 Trust, Class M-I-1,
upgraded from Aa2 to Aaa;
RAMP Series 2003-RS8 Trust, Class M-I-2,
upgraded from A2 to Aa2;
RAMP Series 2003-RS8 Trust, Class M-I-3,
upgraded from Baa2 to A2;
RAMP Series 2003-RS9 Trust, Class M-I-1,
upgraded from Aa2 to Aaa;
RAMP Series 2003-RS9 Trust, Class M-I-2,
upgraded from A2 to Aa3;
RAMP Series 2003-RS10 Trust, Class M-I-1,
upgraded from Aa2 to Aaa;
RAMP Series 2003-RS10 Trust, Class M-I-2,
upgraded from A2 to Aa2;
RAMP Series 2003-RS10 Trust, Class M-I-3,
upgraded from Baa2 to A2;
RAMP Series 2003-RS10 Trust, Class M-II-1,
upgraded from Aa2 to Aa1;
RAMP Series 2003-RS11 Trust, Class M-I-1,
upgraded from Aa2 to Aaa;
RAMP Series 2003-RS11 Trust, Class M-I-2,
upgraded from A2 to Aa2;
RAMP Series 2003-RS11 Trust, Class M-I-3,
upgraded from Baa2 to A2;
RAMP Series 2003-RS11 Trust, Class M-II-1,
upgraded from Aa2 to Aa1;
RAMP Series 2003-RZ2 Trust, Class M1, upgraded from
Aa2 to Aaa;
RAMP Series 2003-RZ2 Trust, Class M2, upgraded from
A2 to Aa2;
RAMP Series 2003-RZ2 Trust, Class M3, upgraded from
Baa2 to A2;
RAMP Series 2003-RZ3 Trust, Class M1, upgraded from
Aa2 to Aaa;
RAMP Series 2003-RZ3 Trust, Class M2, upgraded from
A2 to Aa2;
RAMP Series 2003-RZ3 Trust, Class M3, upgraded from
Baa2 to A2;
RAMP Series 2003-RZ4 Trust, Class M1, upgraded from
Aa2 to Aaa;
RAMP Series 2003-RZ4 Trust, Class M2, upgraded from
A2 to Aa2;
RAMP Series 2003-RZ4 Trust, Class M3, upgraded from
A3 to A1;
RAMP Series 2003-RZ5 Trust, Class M1, upgraded from
Aa2 to Aaa;
RAMP Series 2003-RZ5 Trust, Class M2, upgraded from
A2 to Aa3;
RFMSII Home Loan Trust, 2002-HI5, Class M1, upgraded
from Aa2 to Aaa;
RFMSII Home Loan Trust, 2002-HI5, Class M2, upgraded
from A2 to Aa2;
RFMSII Home Loan Trust, 2002-HI5, Class M3, upgraded
from Baa2 to A2;
RFMSII Home Loan Trust, 2003-HI1, Class M1, upgraded
from Aa2 to Aaa;
RFMSII Home Loan Trust, 2003-HI1, Class M2, upgraded
from A2 to Aa2;
RFMSII Home Loan Trust, 2003-HI1, Class M3, upgraded
from Baa2 to A3;
RFMSII Home Loan Trust, 2003-HI2, Class M1, upgraded
from Aa2 to Aaa;
RFMSII Home Loan Trust, 2003-HI2, Class M2, upgraded
from A2 to Aa2;
RFMSII Home Loan Trust, 2003-HI2, Class M3, upgraded
from Baa2 to A3;
Downgrade:
RASC 2003-KS1, Class M-2, downgraded to A3 from
A2;
Confirm:
RAMP Series 2003-RS7 Trust, Class M-I-3,
confirmed at Baa2;
RAMP Series 2003-RS8 Trust, Class M-II-1,
confirmed at Aa2;
RAMP Series 2003-RS9 Trust, Class M-I-3,
confirmed at Baa1;
RAMP Series 2003-RS9 Trust, Class M-II-1,
confirmed at Aa2;
RAMP Series 2003-RS9 Trust, Class M-II-2,
confirmed at A2;
RAMP Series 2003-RS9 Trust, Class M-II-3,
confirmed at A3;
RAMP Series 2003-RS9 Trust, Class M-II-4,
confirmed at Baa1;
RAMP Series 2003-RS10 Trust, Class M-II-2,
confirmed at A2;
RAMP Series 2003-RS10 Trust, Class M-II-3,
confirmed at A3;
RAMP Series 2003-RS11 Trust, Class M-II-2,
confirmed at A2;
RAMP Series 2003-RS11 Trust, Class M-II-3,
confirmed at A3;
RAMP Series 2003-RS11 Trust, Class M-II-4,
confirmed at Baa1;
RAMP Series 2003-RZ5 Trust, Class M3, confirmed at
Baa1;
For more information please 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
Karandeep Bains
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653