New York, March 21, 2022 -- Moody's Investors Service has upgraded the ratings of 148 classes of US structured finance securities wrapped by Assured Guaranty Municipal Corp. (AGM), Assured Guaranty Corp. (AGC) and their affiliated insurance operating companies, and one class of US securities wrapped by Assured Guaranty Municipal Corp. (AGM). The securities impacted include certain RMBS and ABS.
Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL464191 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.
RATINGS RATIONALE
This action is solely driven by Moody's announcement on March 18, 2022 that it has upgraded the Insurance Financial Strength (IFS) ratings of Assured Guaranty Municipal Corp. (AGM) to A1 from A2 and the IFS rating of Assured Guaranty Corp. (AGC) to A2 from A3.
Please click on this link link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL464191 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:
Principal Methodologies
Moody's ratings on structured finance securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of the following: a) the rating of the guarantor; or b) the published or unpublished underlying rating (as applicable).
Please refer to this link for the Principal Methodology used in rating AGC and AGM:
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PR_1000005975
Factors that would lead to an upgrade or downgrade of the ratings:
This action is driven solely by the rating action on AGC and AGM and is not a result of change in key assumptions, expected losses, cash flows and stress scenarios on the underlying assets. Any future changes to the ratings of AGC and AGM could have an impact on the ratings of the affected securities.
REGULATORY DISCLOSURES
The List of Affected Credit Ratings announced here are all solicited credit ratings. For additional information, please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL464191 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:
- Rating Solicitation
- Issuer Participation
- Participation: Access to Management
- Participation: Access to Internal Documents
- Endorsement
- Lead Analyst
- Releasing Office
- Person Approving the Credit Rating
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
The following disclosure applies only to credit ratings carrying the (sf) indicator:
Moody's did not use any models, or loss or cash flow analysis, in its analysis.
Moody's did not use any stress scenario simulations in its analysis.
For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.
Moody's attempted but was not able to disclose the draft rating action press release to Argent Securities Inc., Series 2003-W6, Argent Securities Inc., Series 2004-W9, Cityscape Home Equity Loan Trust 1996-2, FirstCity Capital Home Equity Loan Trust 1998-2, GMACM Home Equity Loan Trust 2004-HE3, GreenPoint Manufactured Housing Contract Trust 2000-4, IMC Home Equity Loan Trust 1998-7, IMC Home Equity Loan Trust 1998-3, IndyMac IMSC Mortgage Loan Trust 2007-HOA1, ITLA Mortgage Loan Securitization Corporation, Series 2002-1, Mortgage Lenders Network Home Equity Loan Trust 2000-1, Prudential Home Mtg Co 1994-25, Renaissance Home Equity Loan Trust 2002-3, Renaissance Home Equity Loan Trust 2002-4, Renaissance Home Equity Loan Trust 2003-1, Renaissance Home Equity Loan Trust 2004-2, Renaissance Home Equity Loan Trust 2004-3, Renaissance Home Equity Loan Trust 2007-3, RFMSII Series 2006-HSA3, SACO I Trust 2005-GP1, TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2, Terwin Mortgage Trust 2006-10SL, Terwin Mortgage Trust 2007-3SL, Terwin Mortgage Trust 2007-6ALT, Terwin Mortgage Trust, Series TMTS 2004-11HE, Terwin Mortgage Trust, Series TMTS 2004-19HE, Terwin Mortgage Trust, Series TMTS 2004-9HE, Terwin Mortgage Trust, Series TMTS 2005-14HE, Terwin Mortgage Trust, Series TMTS 2005-16HE, and WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-4 Trust or their designated agent(s). The rating action press release for these rated entities was issued with no amendment. The ratings for the remaining rated entities have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.
The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.
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.
Ilana Fried
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Soumya Vasudevan
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Inga Smolyar
VP-Sr Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
