Moody's Investors Service has downgraded 63 certificates from 11 transactions issued by Nomura Asset Acceptance Corp. Alternative Loan Trust and backed by second-lien loans. Moody's also placed on review for possible downgrade three of the downgraded certificates as well as two others. Moody's said the negative rating actions were based on credit enhancement levels, including excess spread and subordination, that were deemed too low in view of projected losses. They take into account "the continued and worsening performance" of transactions backed by closed-end second-lien collateral, Moody's said. The rating agency can be found online at http://www.moodys.com.
Processing Content
