New York, October 13, 2011 -- Moody's Investors Service has withdrawn the ratings of 51 tranches from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14-X, Withdrawn (sf); previously on Aug 29, 1991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14-B-1, Withdrawn (sf); previously on Aug 6,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B, Withdrawn (sf); previously on May 20, 2011 Downgraded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B, Withdrawn (sf); previously on May 20, 2011 Downgraded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G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded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Rating Withdrawn Mar 25, 2009)
H, Withdrawn (sf); previously on Jun 27, 1991 Assigned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I, Withdrawn (sf); previously on Jun 27, 1991 Assigned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J, Withdrawn (sf); previously on Jun 27, 1991 Assigned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K, Withdrawn (sf); previously on Jun 27, 1991 Assigned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B, Withdrawn (sf); previously on Sep 27, 1991 Assigned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G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded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Rating Withdrawn Mar 25, 2009)
GA, Withdrawn (sf); previously on Sep 27, 1991 Assigned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I, Withdrawn (sf); previously on Sep 27, 1991 Assigned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R, Withdrawn (sf); previously on Sep 27, 1991 Assigned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R-1, Withdrawn (sf); previously on Sep 27, 1991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E, Withdrawn (sf); previously on Dec 26, 1991 Assigned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F, Withdrawn (sf); previously on Dec 26, 1991 Assigned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G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded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Rating Withdrawn Mar 25, 2009)
R, Withdrawn (sf); previously on Dec 26, 1991 Assigned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R-1, Withdrawn (sf); previously on Dec 26, 1991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I, Withdrawn (sf); previously on Dec 21, 2010 Downgraded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J, Withdrawn (sf); previously on Dec 21, 2010 Downgraded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R, Withdrawn (sf); previously on Dec 21, 2010 Downgraded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R-1, Withdrawn (sf); previously on Dec 21, 2010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BF, Withdrawn (sf); previously on Aug 26, 1992 Assigned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