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Rating Action:

Moody's upgrades $131 Million of Subprime RMBS issued from 2002 to 2004

01 Oct 2015

New York, October 01, 2015 -- Moody's Investors Service has upgraded the ratings of 26 tranches from 11 RMBS transactions backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Aames Mortgage Investment Trust 2004-1

Cl. M6, Upgraded to B3 (sf); previously on Apr 1, 2013 Affirmed Caa1 (sf)

Issuer: Amortizing Residential Collateral Trust 2002-BC8

Cl. A3, Upgraded to A1 (sf); previously on Mar 18, 2011 Downgraded to A3 (sf)

Cl. M1, Upgraded to B3 (sf); previously on Mar 18, 2011 Downgraded to Caa2 (sf)

Issuer: Amortizing Residential Collateral Trust 2004-1

Cl. M1, Upgraded to Baa1 (sf); previously on Jan 24, 2014 Upgraded to Baa3 (sf)

Cl. M2, Upgraded to Baa3 (sf); previously on Jan 24, 2014 Upgraded to Ba1 (sf)

Cl. M4, Upgraded to B1 (sf); previously on May 4, 2012 Confirmed at B2 (sf)

Cl. M5, Upgraded to B3 (sf); previously on Jan 24, 2014 Upgraded to Caa2 (sf)

Cl. M6, Upgraded to Caa2 (sf); previously on Mar 18, 2011 Downgraded to Ca (sf)

Cl. M7, Upgraded to Caa2 (sf); previously on Mar 18, 2011 Downgraded to Ca (sf)

Cl. M8, Upgraded to Caa3 (sf); previously on Mar 18, 2011 Downgraded to C (sf)

Issuer: Amortizing Residential Collateral Trust, Series 2002-BC6

Cl. M1, Upgraded to B3 (sf); previously on Mar 18, 2011 Downgraded to Caa3 (sf)

Cl. M2, Upgraded to Ca (sf); previously on May 31, 2012 Downgraded to C (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2003-BC6

Cl. M-1, Upgraded to Ba1 (sf); previously on Jan 8, 2014 Downgraded to Ba2 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2004-ECC2

Cl. M-2, Upgraded to B1 (sf); previously on Apr 1, 2013 Affirmed B2 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Apr 1, 2013 Affirmed Caa3 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Apr 1, 2013 Affirmed C (sf)

Issuer: Fieldstone Mortgage Investment Trust 2004-5

Cl. M3, Upgraded to B3 (sf); previously on Apr 1, 2013 Affirmed Caa1 (sf)

Issuer: Long Beach Mortgage Loan Trust 2004-1

Cl. M-4, Upgraded to Ba2 (sf); previously on Nov 18, 2014 Upgraded to B1 (sf)

Cl. M-5, Upgraded to B2 (sf); previously on Nov 18, 2014 Upgraded to Caa1 (sf)

Cl. M-6, Upgraded to B3 (sf); previously on Nov 18, 2014 Upgraded to Caa3 (sf)

Cl. M-7, Upgraded to Caa1 (sf); previously on Mar 8, 2011 Downgraded to Ca (sf)

Issuer: MASTR Asset Backed Securities Trust 2003-OPT1

Cl. M-3, Upgraded to B3 (sf); previously on Apr 1, 2013 Affirmed Caa2 (sf)

Issuer: MASTR Asset Backed Securities Trust 2004-WMC1

Cl. M-2, Upgraded to B1 (sf); previously on Nov 7, 2014 Upgraded to B3 (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Mar 11, 2011 Downgraded to C (sf)

Cl. M-6, Upgraded to Ca (sf); previously on Mar 11, 2011 Downgraded to C (sf)

Issuer: MASTR Asset Backed Securities Trust 2004-WMC3

Cl. M-4, Upgraded to B1 (sf); previously on Nov 7, 2014 Upgraded to Caa1 (sf)

RATINGS RATIONALE

The upgrades are a result of improving performance of the related pools and/or build-up in credit enhancement of the tranches. The actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on the pools.

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

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

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 5.1% in August 2015 from 6.1% in August 2014. Moody's forecasts an unemployment central range of 5% to 6% for the 2015 year. Deviations from this central scenario could lead to rating actions in the sector. House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2015. Lower increases than Moody's expects or decreases could lead to negative rating actions. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF418737

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

Excel:http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF345728

For more information please see 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 quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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.

Minxi Qiu
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

Mark Branton
Asst Vice President - Analyst
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 $131 Million of Subprime RMBS issued from 2002 to 2004
No Related Data.
© 2019 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 INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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.

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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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