Five classes of certificates issued in CSFB Trust 2002-NP14 have been downgraded by Moody's Investors Service.The downgrades were as follows: class A, from A3 to Ba3; class M1, from Baa2 to B2; class M2, from Ba2 to Caa1; class B1, from B2 to Ca; and class B2, from Caa2 to C. The downgrades were attributed to "high and increasing loss severities on liquidated loans which have led to the rapid deterioration of overcollateralization." This has placed the subordinate bonds at greater risk of default and reduced the enhancement available to the senior tranche, the rating agency said. The transaction is primarily backed by nonperforming mortgage loans, which are typically defined as loans that are delinquent by 90 days or more, subject to bankruptcy or foreclosure proceedings, or held as real estate owned. Moody's can be found online at http://www.moodys.com.
