Moody's cuts ratings on 33.4 bln usd of 2006 first-lien subprime RMBS |
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Published
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Fri, 12 Oct 2007 04:33
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MUMBAI (Thomson Financial) - Moody's Investors Service downgraded 33.4 bln usd of securities issued in 2006 backed by subprime first lien mortgages, of which 3.8 bln usd remain on review for further downgrade.Moody's placed an additional 23.8 bln usd of first-lien subprime RMBS on review for possible downgrade.It said these actions incorporate its long-term view regarding the performance of the deals in question.As a result, Moody's expects less future rating volatility for 2006 first-lien RMBS as long as home price depreciation remains less than 10 pct from peak to trough and the current economic environment remains stable.The agency also affirmed the ratings on 258.6 bln usd of Aaa-rated securities and 21.3 bln usd of Aa-rated securities.Moody's said the worst hit securities were originally rated Ba, Baa, or A. The Aaa and Aa-rated securities that have been placed on review for possible downgrade are generally not expected to move by more than three notches.TFN.newsdesk@thomson.comjroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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