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Rating Action:

Moody's upgrades $1.2 Billion of Subprime RMBS issued from 2005-2006

28 Aug 2013

New York, August 28, 2013 -- Moody's Investors Service has upgraded the ratings of 29 tranches backed by subprime RMBS loans from nine transactions issued by various issuers.

Complete rating actions are as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1

Cl. A-1A, Upgraded to Baa3 (sf); previously on Sep 14, 2012 Confirmed at Ba2 (sf)

Cl. A-1B1, Upgraded to Baa1 (sf); previously on Sep 14, 2012 Confirmed at Baa3 (sf)

Cl. A-1B2, Upgraded to Caa2 (sf); previously on Apr 14, 2010 Downgraded to Ca (sf)

Underlying Rating: Upgraded to Caa2 (sf); previously on Apr 14, 2010 Downgraded to Ca (sf)

Financial Guarantor: CIFG Assurance North America, Inc. (Insured Rating Withdrawn on Nov 12, 2009)

Cl. A-2C, Upgraded to Ba3 (sf); previously on Apr 14, 2010 Downgraded to B1 (sf)

Cl. A-2D, Upgraded to Caa2 (sf); previously on Apr 14, 2010 Downgraded to Ca (sf)

Issuer: Fremont Home Loan Trust 2005-B

Cl. M4, Upgraded to Ba1 (sf); previously on Sep 11, 2012 Confirmed at B2 (sf)

Cl. M5, Upgraded to Caa2 (sf); previously on Sep 11, 2012 Confirmed at Ca (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C

Cl. A-I-1, Upgraded to Baa1 (sf); previously on Sep 5, 2012 Upgraded to Baa3 (sf)

Cl. A-II-2, Upgraded to A3 (sf); previously on Sep 15, 2010 Downgraded to Ba1 (sf)

Cl. A-II-3, Upgraded to Ba1 (sf); previously on Sep 5, 2012 Confirmed at B1 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Sep 15, 2010 Downgraded to Caa2 (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-D

Cl. A-I-1, Upgraded to Ba2 (sf); previously on Sep 15, 2010 Downgraded to B1 (sf)

Cl. A-I-2, Upgraded to Caa1 (sf); previously on Sep 15, 2010 Downgraded to Caa2 (sf)

Cl. A-II-3, Upgraded to B1 (sf); previously on Sep 15, 2010 Downgraded to B2 (sf)

Cl. A-II-4, Upgraded to Caa2 (sf); previously on Sep 5, 2012 Confirmed at Caa3 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1

Cl. M-2, Upgraded to A3 (sf); previously on Sep 11, 2012 Upgraded to Baa1 (sf)

Cl. M-3, Upgraded to Ba1 (sf); previously on Sep 11, 2012 Upgraded to B2 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Sep 11, 2012 Upgraded to Caa3 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW1

Cl. M-1, Upgraded to Baa3 (sf); previously on Sep 11, 2012 Confirmed at Ba3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Sep 11, 2012 Confirmed at Caa2 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ4

Cl. A-1A, Upgraded to Baa1 (sf); previously on Jul 18, 2011 Downgraded to Ba2 (sf)

Cl. A-2D, Upgraded to Baa2 (sf); previously on Sep 11, 2012 Confirmed at Ba3 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-WM1

Cl. A-1A, Upgraded to Baa1 (sf); previously on Sep 11, 2012 Confirmed at Ba1 (sf)

Cl. A-1B, Upgraded to Ba3 (sf); previously on Sep 11, 2012 Confirmed at B2 (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-1 Trust

Cl. A-4, Upgraded to Baa1 (sf); previously on Jun 3, 2010 Downgraded to Ba1 (sf)

Cl. M-1, Upgraded to B1 (sf); previously on Jun 3, 2010 Downgraded to Caa2 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on Jun 3, 2010 Downgraded to C (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying pools and Moody's updated expected losses on the pools. The upgrades are due to improvement in collateral performance, and/ or build-up in credit enhancement.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.2% in July 2012 to 7.4% in July 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for 2013. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also impact the performance of these transactions.

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

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF340594

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF198689

REGULATORY DISCLOSURES

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

In conducting surveillance of these credits, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on these transactions on a periodic basis, at least annually.

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.

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.

Meng Bai Wang
Associate 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

Deepika Kothari
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 upgrades $1.2 Billion of Subprime RMBS issued from 2005-2006
No Related Data.
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