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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Rating Action:

Moody's upgrades $299.1 million of CES HELOC RMBS issued by Countrywide

12 Dec 2017

New York, December 12, 2017 -- Moody's Investors Service has upgraded the ratings of 20 tranches issued in 10 CWABS and CWHEQ transactions. The underlying securities' collateral consists primarily of second lien home equity lines of credit (HELOCs).

Complete rating actions are as follows:

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-E

Cl. 1-A, Upgraded to B2 (sf); previously on Jun 10, 2010 Downgraded to Caa2 (sf)

Cl. 2-A, Upgraded to Ba3 (sf); previously on Jan 11, 2017 Upgraded to B3 (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-F

Cl. 1-A, Upgraded to B3 (sf); previously on Jun 10, 2010 Downgraded to Caa2 (sf)

Cl. 2-A, Upgraded to B1 (sf); previously on Jan 11, 2017 Upgraded to Caa1 (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-K

Cl. 1-A, Upgraded to Caa1 (sf); previously on Jun 10, 2010 Downgraded to Caa3 (sf)

Cl. 2-A, Upgraded to Ba3 (sf); previously on Jan 11, 2017 Upgraded to B3 (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-L

Cl. 1-A, Upgraded to Ba3 (sf); previously on Jan 11, 2017 Upgraded to B3 (sf)

Cl. 2-A, Upgraded to Caa2 (sf); previously on Jun 10, 2010 Downgraded to Ca (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-M

Cl. 1-A, Upgraded to Ba3 (sf); previously on Jul 29, 2016 Upgraded to B3 (sf)

Cl. 2-A, Upgraded to Caa2 (sf); previously on Jun 10, 2010 Confirmed at Ca (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-N

Cl. 1-A, Upgraded to Caa1 (sf); previously on Jun 10, 2010 Downgraded to Caa3 (sf)

Cl. 2-A, Upgraded to Caa1 (sf); previously on Jun 10, 2010 Downgraded to Ca (sf)

Issuer: CWABS Revolving Home Equity Loan Trust, Series 2004-R

Cl. 1-A, Upgraded to Caa1 (sf); previously on Nov 8, 2012 Confirmed at Ca (sf)

Cl. 2-A, Upgraded to Caa3 (sf); previously on Nov 8, 2012 Confirmed at Ca (sf)

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-D

Cl. 1-A, Upgraded to Ba2 (sf); previously on Jul 29, 2016 Upgraded to B3 (sf)

Cl. 2-A, Upgraded to Ba2 (sf); previously on Jan 11, 2017 Upgraded to B3 (sf)

Issuer: CWHEQ Revolving Home Equity Loan Trust, Series 2005-G

Cl. 1-A, Upgraded to Caa1 (sf); previously on Aug 13, 2010 Downgraded to Caa3 (sf)

Cl. 2-A, Upgraded to Caa1 (sf); previously on Jul 29, 2016 Upgraded to Caa3 (sf)

Issuer: CWHEQ Revolving Home Equity Loan Trust, Series 2005-H

Cl. 1-A, Upgraded to Caa1 (sf); previously on Aug 13, 2010 Downgraded to Caa3 (sf)

Cl. 2-A, Upgraded to Caa2 (sf); previously on Aug 13, 2010 Downgraded to Ca (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on the pools. The upgrades are primarily due to the build-up in credit enhancement available to the bonds and the faster paydown of the bonds due to excess cash flow available in these transactions.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in January 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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

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 4.1% in November 2017 from 4.6% in November 2016. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2017 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 2017. 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.

A list of these actions including CUSIP identifiers and the associated pool losses and tranche recoveries may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF464521

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.

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 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.

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.

Max Sauray
Asst Vice President - 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

Ola Hannoun-Costa
VP-Sr Credit Officer/Manager
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.
© 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.

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