Eighty-four tranches from 11 alternative-A transactions issued by Countrywide in 2006 have been downgraded by Moody's Investors Service. Forty-four of the downgraded tranches remain on review for possible further downgrade, and 52 other tranches were placed on review for possible downgrade. The negative rating actions were attributed, in general, 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, fixed- and adjustable-rate, alt-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.
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