Press Release

DBRS Morningstar Takes Credit Rating Actions on 14 U.S. RMBS Transactions

RMBS
October 27, 2023

DBRS, Inc. (DBRS Morningstar) reviewed 159 classes from 14 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 159 classes reviewed, DBRS Morningstar upgraded 24 credit ratings, confirmed 133 credit ratings, and discontinued two credit ratings.

The credit rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new credit rating levels. The credit rating confirmations reflect asset performance and credit-support levels that are consistent with the current credit ratings. The discontinued credit ratings reflect the full repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of prime, Alt-A, subprime, option adjustable-rate, and second lien collateral.

The transaction assumptions consider DBRS Morningstar’s baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios for Rated Sovereigns: June 2023 Update,” published on June 30, 2023 (https://www.dbrsmorningstar.com/research/416703). These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse Coronavirus Disease (COVID-19) pandemic scenarios, which were first published in April 2020.

The credit rating actions are the result of DBRS Morningstar’s application of its “U.S. RMBS Surveillance Methodology,” published on March 3, 2023.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/416784 (July 4, 2023).

Notes:
The principal methodology applicable to the credit ratings is the U.S. RMBS Surveillance Methodology (March 3, 2023; https://www.dbrsmorningstar.com/research/410498).

Other methodologies referenced in these transactions are listed at the end of this press release.

The credit ratings assigned to the classes below materially deviate from the credit ratings implied by the predictive model. DBRS Morningstar typically expects there to be a substantial likelihood that a reasonable investor or other user of the credit ratings would consider a three-notch or more deviation from the credit rating stresses implied by the predictive model to be a significant factor in evaluating the credit ratings. The rationale for the material deviations below varies among tranches being (1) additional seasoning and/or updated performance to be measured against a sustainable upgrade loan level cash flow stress, (2) actual deal or tranche performance is not fully reflected in projected cash flows/model output, (3) small loan count, or (4) dependency on another rating (such as an interest-only tranche or exchangeable tranche).

The below tranches materially deviate because of additional seasoning and/or updated performance being warranted to substantiate a further upgrade:

-- CWABS Asset-Backed Certificates Trust 2004-BC5, Asset-Backed Certificates, Series 2004-BC5, Class M-6
-- CWABS Asset-Backed Certificates Trust 2004-BC5, Asset-Backed Certificates, Series 2004-BC5, Class M-7
-- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1A
-- Encore Credit Receivables Trust 2005-4, Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-4
-- Encore Credit Receivables Trust 2005-4, Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-5
-- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class II-A4
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 1-A-2
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-1
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-3
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-8
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-9
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-1
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-2
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-6
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-8
-- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A3
-- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A4A
-- Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class I-A
-- Morgan Stanley Home Equity Loan Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class M-5

The below tranches materially deviate because actual deal or tranche performance is not fully reflected in projected cash flows/model output:

-- CWABS Asset-Backed Certificates Trust 2004-BC5, Asset-Backed Certificates, Series 2004-BC5, Class B
-- CWABS Asset-Backed Certificates Trust 2004-BC5, Asset-Backed Certificates, Series 2004-BC5, Class M-8
-- CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class A
-- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1B
-- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1C
-- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M1
-- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-1
-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class A-P
-- Lehman Mortgage Trust 2008-6, Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A2
-- Lehman Mortgage Trust 2008-6, Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A3
-- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates, Series 2006-5, Class 1-A1A
-- Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-1

The below material deviations are due to a small loan count:

-- GSR Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A1
-- GSR Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A2
-- GSR Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A5
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 1-A-2
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 2-A-2
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 2-A-3
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 3-A-3
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 3-A-4
-- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through Certificates, Series 2005-A5, Class 5-A-1
-- Lehman Mortgage Trust 2008-6, Mortgage Pass-Through Certificates, Series 2008-6, Class 1-A2
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 2-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 3-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 4-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 5-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 6-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-1
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-2
-- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-X

The below material deviation is due to a dependency on another rating (such as an interest-only tranche or exchangeable tranche):

-- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through Certificates, Series 2006-S1, Class A-X

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The credit rating was initiated at the request of the rated entity.
The rated entity or its related entities did participate in the credit rating process for this rating action.
DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.
This is a solicited credit rating.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology (August 31, 2023; https://www.dbrsmorningstar.com/research/420108/)

Interest Rate Stresses for U.S. Structured Finance Transactions (June 9, 2023; https://www.dbrsmorningstar.com/research/415687)

Legal Criteria for U.S. Structured Finance (December 7, 2022; https://www.dbrsmorningstar.com/research/407008)

For more information on these credits or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

Ratings

  • CWABS Asset-Backed Certificates Trust 2004-BC5

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Asset-Backed Certificates, Series 2004-BC5, Class M-5AA (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Certificates, Series 2004-BC5, Class M-6BBB (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Certificates, Series 2004-BC5, Class M-7BB (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Certificates, Series 2004-BC5, Class BC (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2004-BC5, Class M-8C (sf)--Confirmed
    US
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    Less

  • CWABS Asset-Backed Certificates Trust 2006-SPS1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class AC (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class BC (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-1C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-2C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-3C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-4C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-5C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-6C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-7C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-8C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-SPS1, Class M-9C (sf)--Confirmed
    US
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  • DSLA Mortgage Loan Trust 2005-AR6

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1ABB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class 1A-1AC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1BC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class 2A-1CC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-5C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005 AR6, Class M-6C (sf)--Confirmed
    US
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    Less

  • Encore Credit Receivables Trust 2005-4

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-3AA (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-4BBB (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-5B (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-10C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-11C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-12C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-6C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-7C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-8C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Pass-Through Certificates, Series 2005-4, Class M-9C (sf)--Confirmed
    US
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  • First Franklin Mortgage Loan Trust 2005-FF9

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M5C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M6C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M7C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M8C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class M9C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-FF9, Class A4Discontinued--Disc.-Repaid
    US
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  • First Franklin Mortgage Loan Trust 2006-FF8

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class I-A1AA (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class II-A4BB (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-1C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-10C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-11C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-12C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-2C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-3C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-4C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-5C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-6C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-7C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-8C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2006-FF8, Class M-9C (sf)--Confirmed
    US
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  • GSR Mortgage Loan Trust 2005-AR6

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 1A1AA (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 1A4AA (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 1A2AA (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A1AA (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 3A1AA (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 2A2A (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 3A2A (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A1A (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A2BBB (high) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-AR6, Class 4A5BBB (high) (sf)--Confirmed
    US
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  • J.P. Morgan Mortgage Trust 2005-A5

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 1-A-2BBB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 3-A-3BBB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 5-A-1BBB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 3-A-4BB (high) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 2-A-2BB (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class 2-A-3BB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-B-1BB (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-A-1B (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class I-B-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class I-B-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class I-B-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class I-B-4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class I-B-5C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-B-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-B-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-B-4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-A5, Class T-B-5C (sf)--Confirmed
    US
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  • J.P. Morgan Mortgage Trust 2006-S1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-1A (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-1BBB (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-3BBB (high) (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 1-A-1BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 1-A-2BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-8BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-2BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-6BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 3-A-8BBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class A-XBBB (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-9B (high) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class A-MC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class A-PC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class B-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class B-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class B-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class B-4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class B-5C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-S1, Class 2-A-5Discontinued--Disc.-Repaid
    US
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  • Lehman Mortgage Trust 2008-6

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A1AAA (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A2AA (low) (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class 1-A2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class B1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class B2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class B3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class B4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2008-6, Class B5C (sf)--Confirmed
    US
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  • Lehman XS Trust 2006-5

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 1-A1AC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 1-A1BC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A4AC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class 2-A4BC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M10C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M4C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M5C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M6C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M7C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M8C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2006-5, Class M9C (sf)--Confirmed
    US
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  • Long Beach Mortgage Loan Trust 2005-3

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class I-AB (sf)--Upgraded
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-1C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-2C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-3C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-4C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-5C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-6C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-7C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-8C (sf)--Confirmed
    US
    27-Oct-23Asset-Backed Certificates, Series 2005-3, Class M-9C (sf)--Confirmed
    US
    More
    Less

  • MASTR Adjustable Rate Mortgages Trust 2005-2

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 5-A-1BB (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 2-A-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 3-A-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 4-A-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 6-A-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class 7-A-XC (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-4C (sf)--Confirmed
    US
    More
    Less

  • Morgan Stanley Home Equity Loan Trust 2005-2

    Date IssuedDebt RatedRatingTrendActionAttributesi
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class M-5A (sf)--Upgraded
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-1C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-2C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class B-3C (sf)--Confirmed
    US
    27-Oct-23Mortgage Pass-Through Certificates, Series 2005-2, Class M-6C (sf)--Confirmed
    US
    More
    Less
CWABS Asset-Backed Certificates Trust 2004-BC5
CWABS Asset-Backed Certificates Trust 2006-SPS1
DSLA Mortgage Loan Trust 2005-AR6
Encore Credit Receivables Trust 2005-4
First Franklin Mortgage Loan Trust 2005-FF9
First Franklin Mortgage Loan Trust 2006-FF8
GSR Mortgage Loan Trust 2005-AR6
J.P. Morgan Mortgage Trust 2005-A5
J.P. Morgan Mortgage Trust 2006-S1
Lehman Mortgage Trust 2008-6
Lehman XS Trust 2006-5
Long Beach Mortgage Loan Trust 2005-3
MASTR Adjustable Rate Mortgages Trust 2005-2
Morgan Stanley Home Equity Loan Trust 2005-2
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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