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Rating Action:

Moody's withdraws the ratings on three US RMBS bonds from three deals issued between 2004 and 2006

21 Dec 2017

New York, December 21, 2017 -- Moody's Investors Service has withdrawn the ratings of Class A issued by Greenwich Capital Structured Products Trust 2005-1 (Greenwich 2005-1), Class A-IO, issued by Terwin Mortgage Trust 2006-12SL (Terwin 2006-12SL) and Class 2-A-1 issued by CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2004-4CB (CWMBS 2004-4CB). Class A-IO and Class 2-A-1 are IO bonds that were among those placed on watch on 29 August 2017 in connection with a reassessment of the IO bond linkages captured in our internal database, prompted by the identification of errors in that database.

Complete rating actions are as follows:

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2004-4CB

Cl. 2-A-1, Withdrawn (sf); previously on Aug 29, 2017 B1 (sf) Placed Under Review Direction Uncertain

Issuer: Terwin Mortgage Trust 2006-12SL

Cl. A-IO, Withdrawn (sf); previously on Aug 29, 2017 C (sf) Placed Under Review for Possible Upgrade

Issuer: Greenwich Capital Structured Products Trust 2005-1

Cl. A, Withdrawn (sf); previously on Sep 22, 2016 Confirmed at B1 (sf)

RATINGS RATIONALE

Today's action resolves the review of two IO bonds which were among those placed on watch for a reassessment of the IO bond linkages captured in Moody's internal database. Following the linkage reassessment, we determined that Class A-IO from Terwin 2006-12SL has been linked to the appropriate reference bonds. However, Class A-IO's rating is being withdrawn because Moody's no longer maintains ratings on the two reference bonds that are linked to Class A-IO. The ratings of the two reference bonds were withdrawn in May 2014 due to the cancellation of the monoline insurance policies that had guaranteed those bonds. Moody's incorrectly maintained the rating on Class A-IO after the withdrawal of the ratings on the IO's reference bonds.

After having reviewed the various linkages, Moody's has decided to withdraw the rating of Class 2-A-1 from CWMBS 2004-4CB because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. Class 2-A-1 is linked to a portion of the collateral pool for which information is not clearly reported in the data available for the transaction.

In connection with the withdrawal of the rating on Class 2-A-1, Moody's has also withdrawn the rating of Class A issued by Greenwich 2005-1. Greenwich 2005-1 is a re-securitization transaction (Resec) backed by seven underlying securities, one of which is Class 2-A-1 of CWMBS 2004-4CB; as noted above, Moody's has decided to withdraw the rating on Class 2-A-1. Because the ratings on Resec bonds generally link to the ratings on the underlying securities and their performance, Moody's cannot maintain the rating on Class A of the Greenwich 2005-1 Resec due to the withdrawal of the rating of its underlying security, and has thus withdrawn the rating.

Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF464433

REGULATORY DISCLOSURES

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Max Sauray
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ola Hannoun-Costa
VP-Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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