The ratings of 135 tranches from 12 alternative-A transactions issued by Washington Mutual have downgraded by Moody's Investors Service. Four of the downgraded tranches remain on review for further possible downgrade. In addition, the ratings on 16 senior tranches were confirmed. The downgrades were attributed, in general, to higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, alternative-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.
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