New York, March 10, 2011 -- Moody's Investors Service has withdrawn the ratings of 52 tranches from
11 RMBS resecuritization transactions issued between 1992 and 1999.
RATINGS RATIONALE
The resecuritization tranches are backed by underlying certificates that
are backed by RMBS pools with less than 40 loans and pool factors less
than 5%.
Moody's Investors Service published credit rating methodologies
allow for the withdrawal of a credit rating if the size of the pool outstanding
at the time of the withdrawal has fallen below a specified level.
Moody's current RMBS surveillance methodologies apply to pools with at
least 40 loans and a pool factor of greater than 5%. As
a result, Moody's may withdraw its rating when the pool factor drops
below 5% and the number of loans in the pool declines to 40 loans
or lower unless specific structural features allow for monitoring of the
transaction (such as a credit enhancement floor). Please refer
to Moody's Investors Service Withdrawal Policy, which can
be found on our website, www.moodys.com.
Complete rating actions are as follows:
Issuer: BDC Mortgage Trust, Series 1998-A
1-A, Withdrawn (sf); previously on Aug 20, 2009
Downgraded to Caa2 (sf)
1-B, Withdrawn (sf); previously on Aug 20, 2009
Downgraded to Ca (sf)
1-C, Withdrawn (sf); previously on Aug 20, 2009
Downgraded to C (sf)
Issuer: CSFB Mortgage Securities Corp 1996-1R
3-A, Withdrawn (sf); previously on Oct 4, 1996
Assigned Aaa (sf)
3-M1, Withdrawn (sf); previously on Oct 4, 1996
Assigned Baa3 (sf)
3-B1, Withdrawn (sf); previously on Oct 4, 1996
Assigned B3 (sf)
Issuer: Credit Suisse First Boston Mortgage Securities Corp.
Series 1997-1R
1-M1, Withdrawn (sf); previously on May 18, 2005
Upgraded to Aaa (sf)
1-M2, Withdrawn (sf); previously on May 18, 2005
Upgraded to Aaa (sf)
1-M3, Withdrawn (sf); previously on May 18, 2005
Upgraded to Aa3 (sf)
1-M4, Withdrawn (sf); previously on Aug 21, 1997
Assigned Baa2 (sf)
1-M5, Withdrawn (sf); previously on Aug 21, 1997
Assigned Baa3 (sf)
1-B1, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to Caa2 (sf)
1-B2, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
1-B3, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
1-B4, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
Issuer: GS Mortgage Securities Corp., Series 1999-1
II-B-2, Withdrawn (sf); previously on Mar 26,
1999 Assigned A2 (sf)
II-B-3, Withdrawn (sf); previously on Mar 26,
1999 Assigned Baa2 (sf)
II-B-4, Withdrawn (sf); previously on Sep 25,
2009 Downgraded to Caa1 (sf)
II-B-5, Withdrawn (sf); previously on Sep 25,
2009 Downgraded to C (sf)
Issuer: Prudential Home Mtg Co 1994-A
B01-4, Withdrawn (sf); previously on Jul 24, 1997
Upgraded to Aaa (sf)
B01-R, Withdrawn (sf); previously on Jul 24, 1997
Upgraded to Aaa (sf)
Issuer: Prudential Home Mtg Co 1992-C
B1-1, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-2, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-R, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-LR, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B2, Withdrawn (sf); previously on Aug 11, 2009 Downgraded
to Baa3 (sf)
B3, Withdrawn (sf); previously on Aug 11, 2009 Downgraded
to Caa2 (sf)
B4, Withdrawn (sf); previously on Aug 11, 2009 Downgraded
to Ca (sf)
B5, Withdrawn (sf); previously on Aug 11, 2009 Downgraded
to C (sf)
Issuer: Prudential Home Mtg Co 1992-A
B1-4, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-5, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-R, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B1-LR, Withdrawn (sf); previously on Nov 24, 1992
Assigned Aaa (sf)
B2-4, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to Caa2 (sf)
B3-1, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
B3-2, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
B3-3, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
B3-4, Withdrawn (sf); previously on Aug 11, 2009
Downgraded to C (sf)
Issuer: Resecuritization Mortgage Trust, Series 1998-B
A, Withdrawn (sf); previously on Oct 15, 1998 Assigned
Aaa (sf)
X, Withdrawn (sf); previously on Oct 15, 1998 Assigned
Aaa (sf)
M-1, Withdrawn (sf); previously on Oct 15, 1998
Assigned Aa2 (sf)
M-2, Withdrawn (sf); previously on Oct 15, 1998
Assigned A2 (sf)
M-3, Withdrawn (sf); previously on Oct 15, 1998
Assigned Baa2 (sf)
B-1, Withdrawn (sf); previously on Oct 15, 1998
Assigned Ba2 (sf)
B-2, Withdrawn (sf); previously on Oct 15, 1998
Assigned B2 (sf)
Issuer: Ryland Mtg Sec 1993-A1
A, Withdrawn (sf); previously on Jul 22, 2009 Downgraded
to B3 (sf)
Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3,
Outlook Negative on Jun 25, 2009)
R, Withdrawn (sf); previously on Jul 22, 2009 Downgraded
to B3 (sf)
Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3,
Outlook Negative on Jun 25, 2009)
Issuer: Ryland Mtg Sec 1993-06A
A-1, Withdrawn (sf); previously on Sep 29, 2009
Downgraded to A3 (sf)
B-1, Withdrawn (sf); previously on Sep 29, 2009
Downgraded to Caa3 (sf)
Issuer: Structured Mortgage Trust 1997-1
A, Withdrawn (sf); previously on Dec 29, 2009 Baa3 Placed
Under Review for Possible Downgrade
B, Withdrawn (sf); previously on Dec 29, 2009 Downgraded
to Ca (sf)
C, Withdrawn (sf); previously on Dec 29, 2009 Downgraded
to C (sf)
A list of these actions including CUSIP identifiers may be found at:
Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF212074
For more information please see www.moodys.com.
REGULATORY DISCLOSURES
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's withdraws $10 million of RMBS resecuritization bonds issued from 1992 to 1999