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February 29, 2008 |
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NOMURA ALTERNATIVE: 10 Certificates Acquires Moody's Rating Cuts Moody's Investors Service downgraded 10 certificates and placed on review for possible downgrade 3 classes of certificates from two transactions issued by Nomura Alternative Loan Trust. The transactions are backed by closed-end second lien loans. Substantial pool losses over the last few months have continued to erode credit enhancement available to the mezzanine and senior certificates. Despite the large amount of write-offs due to losses, delinquency pipelines have remained high as borrowers continue to default. The actions reflect Moody's expectation that the significant delinquency pipelines will have a further negative impact on the credit support for the senior and mezzanine certificates. Complete rating actions are: Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S3 -- Cl. M-1, Placed on Review for Possible Downgrade, currently Aa2 -- Cl. M-2, Downgraded to Ba3 from A2 -- Cl. B-1, Downgraded to B3 from Baa1 -- Cl. B-2, Downgraded to Ca from B3 -- Cl. B-3, Downgraded to C from Caa2 Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-S1 -- Cl. A, Placed on Review for Possible Downgrade, currently Aaa -- Cl. M-1, Placed on Review for Possible Downgrade, currently Aaa -- Cl. M-2, Downgraded to Ba1 from Aa2 -- Cl. M-3, Downgraded to Ba2 from Aa2 -- Cl. M-4, Downgraded to B1 from Aa3 -- Cl. M-5, Downgraded to B3 from Baa3 -- Cl. M-6, Downgraded to Ca from B1 -- Cl. M-7, Downgraded to C from Caa1 |
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