2008-05-16 23:05:56 -
- (This is a replacement to the release that went out on May 15, 2008; please refer to this release for all rating actions.)
Fitch Ratings has taken the following rating actions on Bear Stearns Asset Backed Securities mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed from Rating Watch
Negative. Affirmations total $2.2 billion and downgrades total $691.9 million. Additionally, $179.5 million was placed on Rating Watch Negative.
BSABS Trust 2002-2
--$22.7 million class A-1 affirmed at 'AAA';
--$3.0 million class A-2 affirmed at 'AAA';
--$3.7 million class M-1 affirmed at 'AA+';
--$3.3 million class M-2 affirmed at 'A+';
--$3.9 million class B affirmed at 'BBB';
BSABS Trust 2003-1
--$54.3 million class A-1 affirmed at 'AAA';
--$7.1 million class A-2 affirmed at 'AAA';
--$9.0 million class M-1 affirmed at 'AA';
--$8.6 million class M-2 affirmed at 'A';
--$6.6 million class B affirmed at 'BBB';
BSABS Trust 2003-2
--$24.7 million class A-1 affirmed at 'AAA';
--$15.5 million class A-2 affirmed at 'AAA';
--$28.6 million class A-3 affirmed at 'AAA';
--$10.2 million class M-1 affirmed at 'AA';
--$9.1 million class M-2 downgraded to 'BBB+' from 'A';
--$8.2 million class B downgraded to 'BB' from 'BBB';
BSABS Trust 2003-3
--$39.6 million class A-2 affirmed at 'AAA';
--$7.8 million class M-1 affirmed at 'AA';
--$7.1 million class M-2 affirmed at 'A';
--$4.5 million class B affirmed at 'BBB';
BSABS Trust 2003-SD1
--$45.1 million class A affirmed at 'AAA';
--$4.7 million class M-1 affirmed at 'AA';
--$4.2 million class M-2 affirmed at 'A';
--$3.0 million class B affirmed at 'BBB';
BSABS Trust 2003-SD2
--$4.7 million class I-A affirmed at 'AAA';
--$11.8 million class II-A affirmed at 'AAA';
--$6.2 million class III-A affirmed at 'AAA';
--$3.6 million class B-1 affirmed at 'AA';
--$3.0 million class B-2 affirmed at 'A';
--$2.4 million class B-3 affirmed at 'BBB';
BSABS Trust 2003-SD3
--$44.0 million class A affirmed at 'AAA';
--$5.3 million class M-1 affirmed at 'AA';
--$4.5 million class M-2 affirmed at 'A';
--$3.6 million class B affirmed at 'BBB';
BSABS Trust 2004-1
--$22.9 million class A-2 affirmed at 'AAA';
--$17.7 million class M-1 affirmed at 'AA';
--$5.5 million class M-2 affirmed at 'A';
--$2.2 million class M-3 affirmed at 'BBB+';
--$0.1 million class B-1 rated 'BBB-', placed on Rating Watch Negative;
--$2.3 million class B-2 affirmed at 'BBB-';
Bear Stearns Asset Backed Securities Trust 2004-2
--$10.4 million class A-1 affirmed at 'AAA';
--$19.7 million class A-3 affirmed at 'AAA';
--$11.5 million class A-5 affirmed at 'AAA';
--$11.3 million class M-1 affirmed at 'AA+';
--$13.7 million class M-2 affirmed at 'BBB+';
--$4.6 million class M-3 downgraded to 'B' from 'BB';
--$1.2 million class B downgraded to 'CCC/DR2' from 'B';
BSABS Trust 2004-SD2
--$4.4 million class I-A affirmed at 'AAA';
--$4.0 million class II-A affirmed at 'AAA';
--$10.2 million class III-A affirmed at 'AAA';
--$11.1 million class IV-A affirmed at 'AAA';
--$4.7 million class B-1 affirmed at 'AA';
--$3.9 million class B-2 affirmed at 'A';
--$3.3 million class B-3 affirmed at 'BBB';
--$2.6 million class B-4 affirmed at 'BB';
--$1.8 million class B-5 affirmed at 'B';
Bear Stearns Asset Backed Securities Trust 2005-1
--$4.6 million class A affirmed at 'AAA';
--$37.7 million class M1 affirmed at 'AA';
--$18.5 million class M2 downgraded to 'BB-' from 'BBB-';
--$4.3 million class M3 downgraded to 'B+' from 'BB';
--$3.9 million class M4 downgraded to 'B+' from 'BB-';
--$3.0 million class M5 affirmed at 'B';
--$4.5 million class M6 downgraded to 'C/DR5' from 'CC/DR2';
--$7.4 million class M7 downgraded to 'C/DR6' from 'CC/DR3';
Bear Stearns Asset Backed Securities Trust 2005-2
--$7.2 million class A-2 affirmed at 'AAA';
--$24.1 million class A-3 affirmed at 'AAA';
--$34.0 million class M-1 affirmed at 'AA';
--$17.7 million class M-2 affirmed at 'A';
--$3.9 million class M-3 affirmed at 'BBB+';
--$5.8 million class M-4 affirmed at 'BBB-';
--$3.2 million class M-5 downgraded to 'BB' from 'BBB-';
--$4.6 million class M-6 downgraded to 'B+' from 'BB';
--$10.2 million class M-7 revised to 'C/DR5' from 'C/DR4';
Bear Stearns Asset Backed Securities Trust 2005-3
--$40.5 million class A-1 affirmed at 'AAA';
--$23.6 million class A-3 affirmed at 'AAA';
--$26.1 million class M-1 affirmed at 'AA';
--$14.8 million class M-2 downgraded to 'BBB' from 'A';
--$3.4 million class M-3 downgraded to 'BBB-' from 'A-';
--$3.0 million class M-4 downgraded to 'BB' from 'BBB+';
--$3.4 million class M-5 downgraded to 'BB' from 'BBB';
--$2.9 million class M-6 downgraded to 'BB-' from 'BBB-';
--$5.3 million class M-7 downgraded to 'B+' from 'BB';
Bear Stearns Asset Backed Securities Trust 2005-SD1 Group 1
--$0.0 million class I-A-1 affirmed at 'AAA';
--$36.0 million class I-A-2 affirmed at 'AAA';
--$53.7 million class I-A-3 rated 'AAA', placed on Rating Watch Negative;
--$7.6 million class I-M-1 affirmed at 'AA';
--$3.8 million class I-M-2 affirmed at 'A';
--$2.3 million class I-M-3 downgraded to 'BBB+' from 'A-';
--$2.3 million class I-M-4 downgraded to 'BBB' from 'BBB+';
--$2.3 million class I-M-5 downgraded to 'BB' from 'BBB';
--$2.3 million class I-M-6 downgraded to 'BB-' from 'BBB-';
--$2.3 million class I-B downgraded to 'B' from 'BB';
Bear Stearns Asset Backed Securities Trust 2005-SD1 Group 2
--$25.3 million class II-A affirmed at 'AAA';
--$5.9 million class II-M-1 affirmed at 'AA';
--$3.7 million class II-M-2 affirmed at 'A';
--$2.5 million class II-M-3 affirmed at 'BBB';
--$2.0 million class II-B affirmed at 'BBB-';
Bear Stearns Asset Backed Securities, Inc. 2005-SD2 ARM Loans
--$38.1 million class II-A-1 affirmed at 'AAA';
--$4.3 million class II-A-2 affirmed at 'AAA';
--$11.5 million class II-M-1 affirmed at 'AA';
--$5.9 million class II-M-2 downgraded to 'BBB' from 'A';
--$5.7 million class II-M-3 downgraded to 'BB' from 'BBB';
--$1.1 million class II-B downgraded to 'BB-' from 'BBB-';
Bear Stearns Asset Backed Securities, Inc. 2005-SD2 FRM Loans
--$3.7 million class I-A-1 affirmed at 'AAA';
--$20.8 million class I-A-2 affirmed at 'AAA';
--$61.1 million class I-A-3 affirmed at 'AAA';
--$10.2 million class I-M-1 affirmed at 'AA';
--$3.4 million class I-M-2 affirmed at 'A';
--$2.0 million class I-M-3 affirmed at 'A-';
--$2.0 million class I-M-4 downgraded to 'BBB' from 'BBB+';
--$2.0 million class I-M-5 downgraded to 'BB' from 'BBB';
--$1.0 million class I-M-6 downgraded to 'BB-' from 'BBB-';
--$2.9 million class I-B downgraded to 'B+' from 'BB';
Bear Stearns Asset Backed Securities 2005-SD3 I LLC Group 1
--$120.4 million class I-A rated 'AAA', placed on Rating Watch Negative;
--$12.9 million class I-M-1 downgraded to 'A' from 'AA';
--$6.6 million class I-M-2 downgraded to 'BBB' from 'A';
--$1.8 million class I-M-3 downgraded to 'BBB-' from 'A-';
--$1.4 million class I-M-4 downgraded to 'BB+' from 'BBB+';
--$1.2 million class I-M-5 downgraded to 'BB' from 'BBB';
--$1.2 million class I-M-6 downgraded to 'BB-' from 'BBB-';
Bear Stearns Asset Backed Securities 2005-SD3 I LLC Group 2
--$29.7 million class II-A-1 affirmed at 'AAA';
--$3.3 million class II-A-2 affirmed at 'AAA';
--$7.8 million class II-M-1 affirmed at 'AA';
--$3.7 million class II-M-2 affirmed at 'A';
--$2.5 million class II-M-3 affirmed at 'BBB';
--$0.6 million class II-M-4 affirmed at 'BBB-';
--$1.5 million class II-B affirmed at 'BB';
Bear Stearns Asset Backed Securities 2005-SD4 Group I - FRMs
--$87.4 million class I-A-1 downgraded to 'AA' from 'AAA';
--$36.2 million class I-A-2 downgraded to 'AA' from 'AAA';
--$7.6 million class I-PO downgraded to 'AA' from 'AAA';
--Notional Balance class I-X affirmed at 'AAA';
--$9.0 million class I-B-1 downgraded to 'BBB+' from 'AA';
--$3.5 million class I-B-2 downgraded to 'BBB-' from 'A';
--$2.0 million class I-B-3 downgraded to 'BB' from 'BBB';
--$1.9 million class I-B-4 downgraded to 'B' from 'BB';
--$1.1 million class I-B-5 downgraded to 'C/DR6' from 'B';
Bear Stearns Asset Backed Securities 2005-SD4 Group II - ARMs
--$55.8 million class II-A-1 affirmed at 'AAA';
--$6.2 million class II-A-2 affirmed at 'AAA';
--$11.5 million class II-M-1 rated 'AA', placed on Rating Watch Negative;
--$5.1 million class II-M-2 downgraded to 'BBB-' from 'A';
--$2.5 million class II-M-3 downgraded to 'BB' from 'BBB';
--$0.9 million class II-M-4 downgraded to 'BB-' from 'BBB-';
Bear Stearns Asset Backed Securities Trust 2006-SD1
--$200.4 million class A affirmed at 'AAA';
--$16.5 million class M-1 affirmed at 'AA';
--$8.9 million class M-2 downgraded to 'BBB' from 'A';
--$4.7 million class M-3 downgraded to 'BB' from 'BBB';
--$1.8 million class M-4 downgraded to 'BB-' from 'BBB-';
Bear Stearns Asset Backed Securities Trust 2006-SD2
--$64.3 million class A-1 affirmed at 'AAA';
--$70.6 million class A-2 affirmed at 'AAA';
--$56.8 million class A-3 affirmed at 'AAA';
--$16.4 million class M-1 affirmed at 'AA';
--$8.3 million class M-2 affirmed at 'A';
--$5.7 million class M-3 downgraded to 'BB' from 'BBB';
--$1.1 million class M-4 downgraded to 'BB-' from 'BBB-';
Bear Stearns Asset Backed Securities Trust 2006-SD3 ARM
--$26.2 million class II-1A-1 downgraded to 'A' from 'AAA';
--$6.2 million class II-1A-2 downgraded to 'A' from 'AAA';
--$23.8 million class II-2A-1 downgraded to 'A' from 'AAA';
--$5.6 million class II-2A-2 downgraded to 'A' from 'AAA';
--$27.9 million class II-3A-1 downgraded to 'A' from 'AAA';
--$7.0 million class II-3A-2 downgraded to 'A' from 'AAA';
--Notional Balance class II-X-1 affirmed at 'AAA';
--Notional Balance class II-X-2 affirmed at 'AAA';
--$10.5 million class II-B-1 downgraded to 'BBB+' from 'AA';
--$5.3 million class II-B-2 downgraded to 'BBB-' from 'A';
--$2.9 million class II-B-3 downgraded to 'BB' from 'BBB';
--$1.9 million class II-B-4 downgraded to 'B' from 'BB';
--$1.5 million class II-B-5 downgraded to 'C/DR6' from 'B';
Bear Stearns Asset Backed Securities Trust 2006-SD3 FRM
--$39.1 million class I-A-1A downgraded to 'A-' from 'AAA';
--$3.3 million class I-A-1B downgraded to 'A-' from 'AAA';
--$4.6 million class I-A-1C downgraded to 'A-' from 'AAA';
--$24.2 million class I-A-2A downgraded to 'A-' from 'AAA';
--$8.0 million class I-A-2B downgraded to 'A-' from 'AAA';
--$49.1 million class I-A-3 downgraded to 'A-' from 'AAA';
--$1.9 million class I-PO downgraded to 'A-' from 'AAA';
--Notional Balance class I-X affirmed at 'AAA';
--$8.9 million class I-B-1 downgraded to 'BBB+' from 'AA';
--$4.3 million class I-B-2 downgraded to 'BBB-' from 'A';
--$2.8 million class I-B-3 downgraded to 'BB' from 'BBB';
--$2.7 million class I-B-4 downgraded to 'B' from 'BB';
--$2.4 million class I-B-5 downgraded to 'C/DR6' from 'B';
Bear Stearns Asset Backed Securities Trust 2006-SD4
--$50.3 million class 1A-1 affirmed at 'AAA';
--$18.0 million class 1A-2 affirmed at 'AAA';
--$17.5 million class 1A-3 affirmed at 'AAA';
--$45.0 million class 2A-1 affirmed at 'AAA';
--$7.7 million class 2A-2 affirmed at 'AAA';
--$34.4 million class 3A-1 affirmed at 'AAA';
--$5.9 million class 3A-2 affirmed at 'AAA';
--$14.4 million class B-1 downgraded to 'BBB+' from 'AA';
--$6.7 million class B-2 downgraded to 'BBB-' from 'A';
--$3.9 million class B-3 downgraded to 'BB' from 'BBB';
--$1.8 million class B-4 downgraded to 'B+' from 'BB';
--$2.7 million class B-5 affirmed at 'B';
--Notional Balance class X-2 affirmed at 'AAA';
Bear Stearns Asset Backed Securities Trust 2006-2
--$33.9 million class A-1 affirmed at 'AAA';
--$34.7 million class A-2 affirmed at 'AAA';
--$9.7 million class A-3 affirmed at 'AAA';
--$15.6 million class M-1 affirmed at 'AA';
--$4.4 million class M-2 affirmed at 'AA-';
--$7.8 million class M-3 affirmed at 'A';
--$3.5 million class M-4 affirmed at 'A-';
--$3.4 million class M-5 affirmed at 'BBB+';
--$3.0 million class M-6 affirmed at 'BBB';
--$3.0 million class M-7 affirmed at 'BBB-';
Bear Stearns Asset Backed Securities Trust 2007-SD1 ARMs
--$42.4 million class II-1A-1 affirmed at 'AAA';
--$5.3 million class II-1A-2 affirmed at 'AAA';
--$31.9 million class II-2A-1 affirmed at 'AAA';
--$4.0 million class II-2A-2 affirmed at 'AAA';
--$30.0 million class II-3A-1 affirmed at 'AAA';
--$3.8 million class II-3A-2 affirmed at 'AAA';
--$7.8 million class II-B-1 downgraded to 'BBB+' from 'AA';
--$3.0 million class II-B-2 downgraded to 'BBB-' from 'A';
--$2.1 million class II-B-3 downgraded to 'BB' from 'BBB';
--$0.9 million class II-B-4 downgraded to 'B+' from 'BB';
--$0.7 million class II-B-5 rated 'B', placed on Rating Watch Negative;
Bear Stearns Asset Backed Securities Trust 2007-SD1 FRMs
--$35.7 million class I-A-1 affirmed at 'AAA';
--$23.3 million class I-A-2A affirmed at 'AAA';
--$2.5 million class I-A-2B affirmed at 'AAA';
--$26.2 million class I-A-3A affirmed at 'AAA';
--$2.8 million class I-A-3B affirmed at 'AAA';
--$1.7 million class I-PO affirmed at 'AAA';
--Notional Balance class I-X affirmed at 'AAA';
--$5.3 million class I-B-1 downgraded to 'BBB+' from 'AA';
--$3.0 million class I-B-2 downgraded to 'BBB-' from 'A';
--$1.9 million class I-B-3 downgraded to 'BB' from 'BBB';
--$1.2 million class I-B-4 downgraded to 'B+' from 'BB';
--$0.8 million class I-B-5 rated 'B', placed on Rating Watch Negative;
Bear Stearns Asset Backed Securities Trust 2007-SD2 FRMS
--$30.1 million class I-A-1A affirmed at 'AAA';
--$1.6 million class I-A-1B affirmed at 'AAA';
--$22.6 million class I-A-2A affirmed at 'AAA';
--$1.2 million class I-A-2B affirmed at 'AAA';
--$45.1 million class I-A-3A affirmed at 'AAA';
--$2.4 million class I-A-3B affirmed at 'AAA';
--$1.7 million class I-PO affirmed at 'AAA';
--Notional Balance class I-X affirmed at 'AAA';
--$8.1 million class I-B-1 downgraded to 'BBB+' from 'AA';
--$4.9 million class I-B-2 downgraded to 'BBB-' from 'A';
--$2.8 million class I-B-3 downgraded to 'BB' from 'BBB';
--$2.4 million class I-B-4 downgraded to 'B+' from 'BB';
--$1.5 million class I-B-5 rated 'B', placed on Rating Watch Negative;
Further information regarding current delinquency, loss, and credit enhancement statistics is also available at www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Tara Sweeney, 212-908-0347
Michele Patterson, 212-908-0779
or
Media Relations:
Sandro Scenga, 212-908-0278
