The ratings of 131 tranches (backed by Impac-originated mortgage collateral) in 17 alternative-A securitizations from various issuers have been downgraded by Moody's Investors Service. Seventy two of the downgraded tranches remain on review for possible further downgrade, and 42 other tranches were placed on review for possible downgrade. The negative rating actions were attributed generally 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 alt-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.
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