Twenty-four tranches from three alternative-A transactions issued by ChaseFlex have been downgraded by Moody's Investors Service. Twelve of the downgraded tranches remain on review for possible further downgrade, two tranches were placed on review for possible downgrade, and the rating on one tranche was confirmed. The collateral consists primarily of first-lien alt-A mortgage loans. The downgrades were based, in general, 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 rating agency can be found online at http://www.moodys.com.
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