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Rating Action:

Moody's upgrades $185.5 Million of US RMBS backed by manufactured housing loans issued from 1996 to 2003

17 May 2022

New York, May 17, 2022 -- Moody's Investors Service ("Moody's") has upgraded the ratings of 21 bonds from 14 US residential mortgage backed transactions (RMBS), backed by manufactured housing loans issued by multiple issuers.

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL466063 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer. This link also contains the associated underlying collateral losses.

Complete rating actions are as follows:

Issuer: ACE Securities Corp. Manufactured Housing Trust 2003-MH1

Cl. M-2, Upgraded to A2 (sf); previously on Aug 14, 2014 Downgraded to Baa1 (sf)

Issuer: Conseco Finance Securitization Corp. Series 2002-2

Class M-1, Upgraded to Baa2 (sf); previously on Dec 6, 2018 Upgraded to Ba1 (sf)

Issuer: Conseco Finance Securitizations Corp. Series 2001-3

Class A-4, Upgraded to Ba2 (sf); previously on Feb 12, 2018 Upgraded to B1 (sf)

Issuer: Deutsche Financial Capital Securitization LLC, Series 1998-I

Class M, Upgraded to B1 (sf); previously on Aug 15, 2019 Upgraded to B3 (sf)

Issuer: Greenpoint Manufactured Housing Contract Trust 1999-5

Cl. M-1B, Upgraded to A3 (sf); previously on Mar 2, 2018 Upgraded to Baa2 (sf)

Issuer: Green Tree Financial Corporation MH 1996-06

M-1, Upgraded to B3 (sf); previously on Nov 22, 2011 Downgraded to Caa2 (sf)

Issuer: Green Tree Financial Corporation MH 1996-08

M-1, Upgraded to B3 (sf); previously on Mar 30, 2009 Downgraded to Caa2 (sf)

Issuer: Green Tree Financial Corporation MH 1997-05

M-1, Upgraded to Baa3 (sf); previously on Mar 19, 2018 Upgraded to Ba3 (sf)

Issuer: Green Tree Financial Corporation MH 1998-08

A-1, Upgraded to Aa3 (sf); previously on Dec 14, 2018 Upgraded to A3 (sf)

Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A

Cl. B-2, Upgraded to Ba3 (sf); previously on Aug 16, 2018 Upgraded to B2 (sf)

Issuer: MERIT Securities Corp Series 12

1-M1, Upgraded to Baa1 (sf); previously on Dec 10, 2018 Upgraded to Baa3 (sf)

Issuer: Mid-State Trust X

Cl. A-1, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded to Baa1 (sf)

Cl. A-2, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded to Baa1 (sf)

Cl. B, Upgraded to B1 (sf); previously on Jun 1, 2011 Downgraded to B3 (sf)

Cl. M-1, Upgraded to A3 (sf); previously on Mar 14, 2012 Downgraded to Baa2 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Jun 1, 2011 Downgraded to Ba1 (sf)

Issuer: Mid-State Trust XI

Cl. A, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded to Baa1 (sf)

Cl. B, Upgraded to Baa3 (sf); previously on Dec 14, 2018 Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to A3 (sf); previously on Mar 14, 2012 Downgraded to Baa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Dec 14, 2018 Upgraded to Baa3 (sf)

Issuer: Oakwood Mortgage Investors, Inc., Series 1999-B

A-4, Upgraded to A1 (sf); previously on Jul 29, 2019 Upgraded to Baa1 (sf)

RATINGS RATIONALE

The rating upgrades reflect the increase in credit enhancement (CE) available to these bonds and also the recent performance as well as Moody's updated loss expectations on the underlying pools. The CE of the bonds in today's rating action have increased by around 12% over the last 12 months, primarily due to excess spread and the bonds' paydown.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1231951. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

In addition, Moody's publishes a weekly summary of structured finance credit ratings and methodologies, available to all registered users of our website, www.moodys.com/SFQuickCheck.

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

Up

Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the subordinate bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market.

Down

Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud.

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. In addition, improvements in reporting formats and data availability across deals and trustees may provide better insight into certain performance metrics such as the level of collateral modifications.

For more information please see www.moodys.com.

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_ARFTL466063 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

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 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, 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 MERIT Securities Corp Series 12, Oakwood Mortgage Investors, Inc., Series 1999-B, Greenpoint Manufactured Housing Contract Trust 1999-5 and Madison Avenue Manufactured Housing Contract Trust 2002-A 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.

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

Joseph DiMiceli
Vice President - Senior Analyst
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

No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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.”

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

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