Twenty-two tranches issued by CSFB Home Equity Asset Trust have been downgraded by Moody's Investors Service, and 32 HEAT tranches have been placed on review for possible downgrade.The collateral backing each deal consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans. The negative rating actions were attributed to an increasing rate of "severely delinquent" loans and recent losses that have eroded overcollateralization below its targeted level. "The timing of losses, coupled with passing of performance triggers, has caused the protection available to the subordinate bonds to be diminished," Moody's said. The rating agency can be found on the Web at http://www.moodys.com.
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