Moody's upgrades, downgrades, confirms, and places on review for possible downgrade certificates of various deals originated by Ameriquest and Argent Mortgage Companies
New York, August 23, 2006 -- Moody's Investors Service upgraded eighteen certificates from seven 2003
deals originated by Ameriquest Mortgage Company and Argent Mortgage Company,
the retail and wholesale mortgage loan originators of ACC Capital Holdings
(ACH). The transactions are backed by adjustable- and fixed-rate
subprime mortgage loans. These certificates were upgraded based
on their levels of credit enhancement provided by excess spread,
overcollateralization, subordinate classes, and in some cases
mortgage insurance.
In addition, Moody's has downgraded eight certificates from five
deals originated by Ameriquest Mortgage Company and Argent Mortgage Company,
and placed under review for possible downgrade one certificate from Ameriquest
Mortgage Securities Inc., Series 2003-AR2.
The downgrades and review for downgrade were based on projected losses
versus available support from excess spread and overcollateralization.
Finally, Moody's confirmed one certificate from Ameriquest
Mortgage Securities Inc., Series 2003-5.
Moody's complete rating actions are as follows:
UPGRADE:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2003-3; Class M-1, upgrade from Aa2 to
Aaa
Quest Trust 2003-X1; Class M-1, upgrade from
Aa2 to Aaa
Quest Trust 2003-X1; Class M-2, upgrade from
A1 to Aaa
Series 2003-AR1; Class M-1, upgrade from Aa2
to Aa1
Series 2003-AR1; Class M-2, upgrade from A2 to
Aa3
Series 2003-AR3; Class M-1, upgrade from Aa2
to Aaa
Series 2003-AR3; Class M-2, upgrade from A2 to
Aa2
Series 2003-AR3; Class M-3, upgrade from A3 to
Aa3
Series 2003-AR3; Class M-4, upgrade from Baa1
to A1
Issuer: Argent Securities Inc.
Series 2003-W1; Class M-1, upgrade from Aa2 to
Aa1
Series 2003-W1; Class M-2, upgrade from A2 to
A1
Series 2003-W4; Class M-1, upgrade from Aa2,
to Aaa
Series 2003-W4; Class M-2, upgrade from A2 to
Aa1
Series 2003-W4; Class M-3, upgrade from Baa1
to Aa3
Series 2003-W5; Class M-1, upgrade from Aa2 to
Aaa
Series 2003-W5; Class M-2, upgrade from A2 to
Aa1
Series 2003-W5; Class M-3, upgrade from A3 to
Aa2
Series 2003-W5; Class M-4; upgrade from Baa1 to
Aa3
DOWNGRADE:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2003-1; Class M-4, downgrade from Baa3
to B1
Series 2003-2; Class M-3, downgrade from Baa2
to Baa3
Series 2003-2; Class M-4, downgrade from Baa3
to Ba3
Series 2003-7; Class M-5, downgrade from Baa3
to Ba1
Series 2003-8; Class M-5, downgrade from Baa2
to Baa3
Series 2003-8; Class MV-6, downgrade from Baa3
to Ba3
Series 2003-8; Class MF-6, downgrade from Baa3
to Ba3
Quest Trust 2003-X4; Class M-3, downgrade from
Baa3 to Ba3
REVIEW FOR POSSIBLE DOWNGRADE:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2003-AR2; Class M-4, rated Baa3,
review for possible downgrade
CONFIRM:
Issuer: Ameriquest Mortgage Securities Inc.
Series 2003-5; Class M-3, confirmed at A3.
For more information please see www.moodys.com.
New York
Nicolas S. Weill
Managing Director - Chief Credit
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Amelia (Amy) Tobey
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653