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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Rating Action:

Moody's withdraws $3 million of RMBS issued by SMART and Ryland Transactions from 1991 to 1993

13 Oct 2011

New York, October 13, 2011 -- Moody's Investors Service has withdrawn the ratings of 51 tranches from three Ryland and ten SMART transactions issued from 1991 to 1993. The tranches were backed by a pool of mortgage loans with a pool factor less than 5% and containing fewer than 40 loans.

Complete rating actions are as follows:

Issuer: Ryland Mtg Sec 1991-14

14-X, Withdrawn (sf); previously on Aug 29, 1991 Assigned Aaa (sf)

14-B-1, Withdrawn (sf); previously on Aug 6, 2009 Downgraded to Baa1 (sf)

Issuer: Ryland Mtg Sec 1991-17

B, Withdrawn (sf); previously on May 20, 2011 Downgraded to Ba1 (sf)

Issuer: Ryland Mtg Sec 1991-19

B, Withdrawn (sf); previously on May 20, 2011 Downgraded to Ba1 (sf)

Issuer: SMART 1991-01 (SLH)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

H, Withdrawn (sf); previously on Jun 27, 1991 Assigned Aaa (sf)

I, Withdrawn (sf); previously on Jun 27, 1991 Assigned Aaa (sf)

J, Withdrawn (sf); previously on Jun 27, 1991 Assigned Aaa (sf)

K, Withdrawn (sf); previously on Jun 27, 1991 Assigned Aaa (sf)

Issuer: SMART 1991-05

B, Withdrawn (sf); previously on Sep 27, 1991 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

GA, Withdrawn (sf); previously on Sep 27, 1991 Assigned Aaa (sf)

I, Withdrawn (sf); previously on Sep 27, 1991 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Sep 27, 1991 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Sep 27, 1991 Assigned Aaa (sf)

Issuer: SMART 1991-08

E, Withdrawn (sf); previously on Dec 26, 1991 Assigned Aaa (sf)

F, Withdrawn (sf); previously on Dec 26, 1991 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

R, Withdrawn (sf); previously on Dec 26, 1991 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Dec 26, 1991 Assigned Aaa (sf)

Issuer: SMART 1992-02

I, Withdrawn (sf); previously on Dec 21, 2010 Downgraded to Baa1 (sf)

J, Withdrawn (sf); previously on Dec 21, 2010 Downgraded to Baa1 (sf)

R, Withdrawn (sf); previously on Dec 21, 2010 Downgraded to Baa1 (sf)

R-1, Withdrawn (sf); previously on Dec 21, 2010 Downgraded to Baa1 (sf)

Issuer: SMART 1992-08

BF, Withdrawn (sf); previously on Aug 26, 1992 Assigned Aaa (sf)

BX, Withdrawn (sf); previously on Aug 26, 1992 Assigned Aaa (sf)

BY, Withdrawn (sf); previously on Aug 26, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

R, Withdrawn (sf); previously on Aug 26, 1992 Assigned Aaa (sf)

Issuer: SMART 1992-09

BJ, Withdrawn (sf); previously on Sep 25, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

R, Withdrawn (sf); previously on Sep 25, 1992 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Sep 25, 1992 Assigned Aaa (sf)

Issuer: SMART 1992-11

BJ, Withdrawn (sf); previously on Nov 25, 1992 Assigned Aaa (sf)

BY, Withdrawn (sf); previously on Nov 25, 1992 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Nov 25, 1992 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Nov 25, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: SMART 1992-12

BE, Withdrawn (sf); previously on Dec 23, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: SMART 1993-02

BI, Withdrawn (sf); previously on Feb 25, 1993 Assigned Aaa (sf)

BY, Withdrawn (sf); previously on Feb 25, 1993 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Feb 25, 1993 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Feb 25, 1993 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: SMART 1993-04

AF, Withdrawn (sf); previously on Apr 29, 1993 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

AX, Withdrawn (sf); previously on Apr 29, 1993 Assigned Aaa (sf)

AY, Withdrawn (sf); previously on Apr 29, 1993 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Apr 29, 1993 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Apr 29, 1993 Assigned Aaa (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 40 loans or lower unless specific structural features allow for a monitoring of the transaction. Even though these deals benefit from pool insurance provided by Genworth Mortgage Insurance Corporation, the insurance does not cover losses due to loan modification. Other methodologies and factors that may have been considered for the rating(s) can also be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

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 Services Policy for Withdrawal of Credit Ratings, available on its Web site, www.moodys.com.

A list of these actions including CUSIP identifiers may be found at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF264714

REGULATORY DISCLOSURES

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

Jayesh Joseph
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 $3 million of RMBS issued by SMART and Ryland Transactions from 1991 to 1993
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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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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