Moody's Investors Service has downgraded the ratings of 40 tranches from 10 alternative-A transactions issued by Countrywide in 2006. In addition, the ratings on 18 senior tranches of CWALT Inc. mortgage pass-through certificates were confirmed. The downgrades, in general, were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, adjustable-rate, alt-A mortgage loans. The rating agency can be found on the Web at http://www.moodys.com.
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