New York, January 22, 2013 -- Moody's Investors Service has withdrawn the ratings of 93 tranches from
18 pre-2005 RMBS transactions issued between 1996 and 2004.
The tranches are backed by pools of mortgage loans containing fewer than
40 loans and with pool factors less than 5%.
Complete rating actions are as follows:
Issuer: ABN AMRO Mortgage Corporation, Multi-Class
Pass-Through Certificates, Series 2002-9
Cl. A-4, Withdrawn (sf); previously on Dec 19,
2002 Assigned Aaa (sf)
Cl. A-30, Withdrawn (sf); previously on Dec 19,
2002 Assigned Aaa (sf)
Cl. A-P, Withdrawn (sf); previously on Dec 19,
2002 Assigned Aaa (sf)
Cl. A-X, Withdrawn (sf); previously on Apr 19,
2012 Confirmed at Ba3 (sf)
Cl. B-1, Withdrawn (sf); previously on Apr 19,
2012 Downgraded to Baa1 (sf)
Cl. B-2, Withdrawn (sf); previously on Apr 19,
2012 Downgraded to Ba2 (sf)
Cl. B-3, Withdrawn (sf); previously on Apr 19,
2012 Downgraded to B1 (sf)
Cl. M, Withdrawn (sf); previously on Apr 19, 2012
Downgraded to Aa3 (sf)
Issuer: ABN AMRO Mortgage Corporation, Multi-Class
Pass-Through Certificates, Series 2003-4
Cl. A-4, Withdrawn (sf); previously on Dec 4,
2012 Downgraded to Aa2 (sf)
Cl. A-22, Withdrawn (sf); previously on Dec 4,
2012 Downgraded to A1 (sf)
Cl. A-P, Withdrawn (sf); previously on Dec 4,
2012 Downgraded to A1 (sf)
Cl. A-X, Withdrawn (sf); previously on Feb 22,
2012 Downgraded to Ba3 (sf)
Cl. M, Withdrawn (sf); previously on Dec 4, 2012
Downgraded to Baa2 (sf)
Cl. B-1, Withdrawn (sf); previously on Dec 4,
2012 Downgraded to B1 (sf)
Cl. B-2, Withdrawn (sf); previously on Dec 4,
2012 Downgraded to Caa2 (sf)
Issuer: Banc of America Mortgage 2002-L Trust
Cl. 1-A-1, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba2 (sf)
Cl. 1-A-2, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba2 (sf)
Cl. 1-A-3, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba2 (sf)
Cl. 2-A-1, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba1 (sf)
Cl. 3-A-1, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Aa3 (sf)
Cl. 2-A-P, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to B1 (sf)
Cl. 3-A-P, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Baa2 (sf)
Cl. 2-A-2, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba1 (sf)
Cl. 2-A-3, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba1 (sf)
Cl. 2-A-4, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba2 (sf)
Issuer: Banc of America Mortgage 2003-A Trust
Cl. 1-A-1, Withdrawn (sf); previously
on Apr 25, 2011 Confirmed at Aaa (sf)
Cl. 3-A-1, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to A1 (sf)
Cl. 4-A-1, Withdrawn (sf); previously
on Apr 25, 2011 Confirmed at Aaa (sf)
Cl. 2-A-1, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Ba2 (sf)
Cl. 2-A-2, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Ba2 (sf)
Cl. 2-A-7, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Ba2 (sf)
Cl. 2-A-8, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to Ba2 (sf)
Cl. 2-A-9, Withdrawn (sf); previously
on Apr 25, 2011 Downgraded to B1 (sf)
Cl. 4-A-P, Withdrawn (sf); previously
on Apr 25, 2011 Confirmed at Aaa (sf)
Issuer: Banc of America Mortgage 2004-2 Trust
Cl. 5-A-1, Withdrawn (sf); previously
on May 11, 2012 Downgraded to Ba1 (sf)
Cl. 5-A-IO, Withdrawn (sf); previously
on May 11, 2012 Confirmed at Ba3 (sf)
Cl. 5-B-2, Withdrawn (sf); previously
on May 11, 2012 Downgraded to Caa3 (sf)
Cl. 5-B-3, Withdrawn (sf); previously
on May 11, 2012 Downgraded to Ca (sf)
Issuer: Bear Stearns ARM Trust 2002-11
Cl. I-A-2, Withdrawn (sf); previously
on Jan 2, 2003 Assigned Aaa (sf)
Cl. I-A-3, Withdrawn (sf); previously
on Jan 2, 2003 Assigned Aaa (sf)
Cl. I-A-1, Withdrawn (sf); previously
on Jan 2, 2003 Assigned Aaa (sf)
Cl. I-M-1, Withdrawn (sf); previously
on May 6, 2011 Downgraded to Baa1 (sf)
Cl. I-B-1, Withdrawn (sf); previously
on May 6, 2011 Downgraded to B1 (sf)
Cl. I-B-2, Withdrawn (sf); previously
on May 6, 2011 Downgraded to Caa2 (sf)
Cl. I-B-3, Withdrawn (sf); previously
on May 6, 2011 Downgraded to Ca (sf)
Cl. I-B-4, Withdrawn (sf); previously
on May 6, 2011 Downgraded to C (sf)
Issuer: CHL Mortgage Pass-Through Trust 2002-18
Cl. A-1, Withdrawn (sf); previously on Oct 21,
2002 Assigned Aaa (sf)
Cl. A-8, Withdrawn (sf); previously on Oct 21,
2002 Assigned Aaa (sf)
Cl. PO, Withdrawn (sf); previously on Oct 21,
2002 Assigned Aaa (sf)
Cl. A-9, Withdrawn (sf); previously on Sep 1,
2004 Upgraded to Aaa (sf)
Issuer: CHL Mortgage Pass-Through Trust 2002-21
Cl. A-1, Withdrawn (sf); previously on Apr 21,
2011 Downgraded to A2 (sf)
Cl. A-3, Withdrawn (sf); previously on Apr 21,
2011 Downgraded to A2 (sf)
Cl. A-PO, Withdrawn (sf); previously on Apr 21,
2011 Downgraded to A2 (sf)
Issuer: CSFB Mortgage-Backed Pass-Through Certificates,
Series 2004-AR2
Cl. VI-M-1, Withdrawn (sf); previously
on May 24, 2012 Downgraded to Baa1 (sf)
Cl. VI-M-2, Withdrawn (sf); previously
on Mar 18, 2011 Downgraded to Ca (sf)
Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates,
Series 2003-J12
Cl. A-1, Withdrawn (sf); previously on Jun 13,
2012 Downgraded to B1 (sf)
Cl. X, Withdrawn (sf); previously on Jun 13, 2012
Downgraded to B3 (sf)
Issuer: Impac CMB Trust Series 2003-4
Cl. 2-A-1, Withdrawn (sf); previously
on Nov 17, 2008 Downgraded to A1 (sf)
Issuer: RFSC Series 2002-RM1 Trust
Cl. A-I-1, Withdrawn (sf); previously
on May 2, 2012 Downgraded to A3 (sf)
Cl. A-I-2, Withdrawn (sf); previously
on May 2, 2012 Downgraded to A3 (sf)
Cl. A-I-3, Withdrawn (sf); previously
on May 2, 2012 Downgraded to A3 (sf)
Cl. AP-1, Withdrawn (sf); previously on May 2,
2012 Downgraded to A3 (sf)
Cl. AV-1, Withdrawn (sf); previously on May 2,
2012 Confirmed at Ba3 (sf)
Cl. M-I-1, Withdrawn (sf); previously
on May 2, 2012 Downgraded to Baa1 (sf)
Cl. M-I-2, Withdrawn (sf); previously
on May 2, 2012 Downgraded to Baa3 (sf)
Cl. M-I-3, Withdrawn (sf); previously
on May 2, 2012 Downgraded to B2 (sf)
Cl. B-I-1, Withdrawn (sf); previously
on Apr 22, 2011 Downgraded to Ca (sf)
Cl. B-I-2, Withdrawn (sf); previously
on Sep 1, 2010 Downgraded to C (sf)
Issuer: WaMu Mortgage Pass-Through Certificates Series 2002-AR9
Cl. II-A, Withdrawn (sf); previously on Feb 28,
2011 Downgraded to Ba3 (sf)
Cl. II-B-1, Withdrawn (sf); previously
on Feb 28, 2011 Downgraded to Caa3 (sf)
Cl. II-B-2, Withdrawn (sf); previously
on Feb 28, 2011 Downgraded to C (sf)
Cl. II-B-3, Withdrawn (sf); previously
on Feb 28, 2011 Downgraded to C (sf)
Cl. II-B-5, Withdrawn (sf); previously
on Aug 4, 2009 Downgraded to C (sf)
Cl. II-B-4, Withdrawn (sf); previously
on Feb 28, 2011 Downgraded to C (sf)
Issuer: Washington Mutual MSC 2003-MS6 Trust
Cl. I-A, Withdrawn (sf); previously on Jun 4,
2012 Confirmed at A2 (sf)
Cl. II-A, Withdrawn (sf); previously on Jun 4,
2012 Confirmed at A3 (sf)
Cl. C-X, Withdrawn (sf); previously on Jun 4,
2012 Confirmed at Ba3 (sf)
Cl. C-P, Withdrawn (sf); previously on Apr 25,
2011 Downgraded to A3 (sf)
Issuer: Wells Fargo Mortgage Backed Securities 2003-E Trust
Cl. A-1, Withdrawn (sf); previously on Apr 10,
2012 Downgraded to Ba3 (sf)
Cl. A-2, Withdrawn (sf); previously on Apr 10,
2012 Downgraded to Ba3 (sf)
Cl. A-3, Withdrawn (sf); previously on Apr 10,
2012 Downgraded to Ba3 (sf)
Cl. A-4, Withdrawn (sf); previously on Apr 10,
2012 Downgraded to B3 (sf)
Cl. A-WIO, Withdrawn (sf); previously on Apr
10, 2012 Confirmed at Ba3 (sf)
Issuer: Wells Fargo Mortgage Backed Securities 2003-F Trust
Cl. A-1, Withdrawn (sf); previously on Apr 10,
2012 Confirmed at Baa3 (sf)
Cl. B-1, Withdrawn (sf); previously on Apr 10,
2012 Confirmed at Caa1 (sf)
Cl. B-2, Withdrawn (sf); previously on Apr 18,
2011 Downgraded to Caa3 (sf)
Cl. B-3, Withdrawn (sf); previously on Apr 18,
2011 Downgraded to Ca (sf)
Issuer: DLJ Mtg Acpt Corp 1996-QB
B-1, Withdrawn (sf); previously on Mar 7, 2011
Downgraded to Caa3 (sf)
Issuer: Structured Asset Sec Corp 1996-4 (Norwest)
A, Withdrawn (sf); previously on May 10, 2012 Confirmed
at Aa1 (sf)
B1, Withdrawn (sf); previously on May 10, 2012 Confirmed
at A1 (sf)
B2, Withdrawn (sf); previously on Mar 7, 2011 Downgraded
to Caa2 (sf)
B4, Withdrawn (sf); previously on Feb 27, 2003 Downgraded
to C (sf)
B3, Withdrawn (sf); previously on Mar 7, 2011 Downgraded
to Ca (sf)
RATINGS RATIONALE
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 less than
40 unless specific structural features allow for a monitoring of the transaction
(such as a credit enhancement floor).
Moody's has withdrawn the rating pursuant to published rating methodologies
that allow for the withdrawal of the rating if the size of the underlying
collateral pool at the time of the withdrawal has fallen below a specified
level. Please refer to the Moody's Investors Service's
Policy for Withdrawal of Credit Ratings, available on its website,
www.moodys.com.
The methodologies used in these ratings were "Moody's Approach to
Rating US Residential Mortgage-Backed Securities" published
in December 2008 and "Pre-2005 US RMBS Surveillance Methodology"
published Jan 2012. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF314585
REGULATORY DISCLOSURES
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this 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.
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 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?J?Fried
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's withdraws $122 million of Pre-2005 RMBS issued between 1996 and 2004