T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, April 29, 2008, Vol. 12, No. 101
Headlines
ABFC TRUST: Realized Losses Cue S&P's Rating Cuts on Certificates
ABSC CERTIFICATES: S&P Downgrades Cert. Ratings on Realized Losses
ACA CAPITAL: Counterparties Extend Forbearance Deal Until May 30
ACAS CRE: 12 Classes Obtain Fitch's Rating Downgrades to Low-B
ACE SECURITIES: Fitch Takes Various Rating Actions on Certificates
ACTIGA CORP: Grobstein Horwath Raises Substantial Doubt
ACTIVANT SOLUTIONS: Earns $593,000 in First Quarter Ended Dec. 31
AEGIS MORTGAGE: Fitch Cuts Ratings on Notes Totaling $235.9MM
AMERICAN HOME: Committee Seeks to Retain Special Conflicts Counsel
AMERICAN HOME: Parties Respond to Motion Concerning 392 Claims
AMERICAN HOME: Court Disallows, Expunges 80 Claims
AMERICAN HOME: Court Approves Final Stipulation on Cash Collateral
AMERICAN HOME: Judge Refuses to Lift Stay for BofA to Sell Loans
AMPEX CORPORATION: U.S. Trustee Forms Five-Member Committee
AMPEX CORPORATION: Receives Delisting Notice from Nasdaq
ANSONIA CDO: 15 Cert. Classes Acquire Fitch's Rating Downgrades
ASARCO LLC: Court OKs $5 Mil. Stand-Alone Financing from JPMorgan
ASARCO LLC: Court Approves Environmental Claim Settlement Pacts
ASARCO LLC: Court Okays Michael Warner as Examiner
ASARCO LLC: Asks Court to Approve $1.27MM Settlement with El Paso
ATLANTIC EXPRESS: Dec. 31 Balance Sheet Upside-Down by $42.8 MM
AVISTAR COMMS: Faces Nasdaq Delisting Due to Low Share Bid Price
BALDWIN 2006-IV: Moody's Reviews 'Ba1' Rating on $51 Mil. Notes
BALDWIN 2006-V: Moody's Reviews 'Ba2' Rating on $7 Mil. Notes
BALDWIN 2006-VI: Moody's Reviews 'Ba2' Rating on $15 Mil. Notes
BALDWIN 2006-VII: Moody's Reviews 'Ba1' Rating on Class A-2 Notes
BLOCKBUSTER INC: Circuit Stockholder HBK Supports Merger Talks
BLOCK COMMS: S&P Upgrades Corporate Credit Rating to 'BB-' From B+
BLOUNT INT'L: December 31 Balance Sheet Upside-Down by $54 Million
BOB WILSON: Voluntary Chapter 11 Case Summary
BRAHMANI RIVER: Fitch Attaches 'BB+' Long-term Issuer Rating
BSML INC: Stonefield Josephson Expresses Going Concern Doubt
CANADIAN TRUSTS: Noteholders Approve ABCP Restructuring Plan
CANEUM INC: LevitZacks Expresses Going Concern Doubt
CAPRI CONDOMINIUMS: Resolves Bank Claims; Has New Owner
CASH SYSTEMS: Auditor Expresses Going Concern Doubt
CATHOLIC CHURCH: Davenport Submits Plan Balloting Results
CD 2005-CD1 COMMERCIAL: Moody's Holds Low-B Ratings on Six Classes
CELESTICA INC: S&P Changes Outlook to Stable; Holds 'B+' Ratings
CENTRAL GARDEN: Posts $290MM Net Loss in Quarter Ended Dec. 29
CHARMING SHOPPES: Urges Shareholders to Re-Elect Three Directors
CHARMING SHOPPES: Explores Strategic Options for Non-Core Assets
CHC HELICOPTER: Shareholders to Vote on First Reserve Merger Today
CITIFINANCIAL MORTGAGE: Fitch Cuts Rating on $7.7 Mil. Notes to BB
CITIGROUP MORTGAGE: Fitch Cuts Ratings on Six Classes to Low-Bs
CSFB MORTGAGE: Moody's Confirms Junk Ratings on Four Classes
CRI HOTEL: Grant Thornton Raises Substantial Doubt
CV THERAPEUTICS: March 31 Balance Sheet Upside-Down by $208MM
DELPHI CORP: To Seek $4.1 Bil. Loan Refinancing, Adjusts Forecasts
DELPHI CORP: Wants to Obtain $650 Million Credit from GM
DELPHI CORP: Ch. 11 Exit to be Delayed for Months, GM Chief Says
DUKE FUNDING: Eight Classes of Notes Get Moody's Rating Downgrades
EDUCATION RESOURCES: Organizational Meeting Set for Tomorrow
FIELDSTONE MORTGAGE: S&P Downgrades Ratings on Certificate Classes
FORD CREDIT: Moody's Puts 'Ba1' Rating on $31.5 Mil. Class D Notes
FORD MOTOR: Shareholder Tracinda Offers to Buy 20MM Ford Stake
FORD MOTOR: Inks Master Economics Offer Agreement with CAW
FORT DENISON: Declining Credit Quality Cues Moody's Rating Cuts
FORTUNOFF: Morrison & Foerster is Committee's Substitute Counsel
FORTUNOFF: Names Christopher Sim as Chief Financial Officer
FRONTIER AIRLINES: Trustee Appoints Seven-Member Creditors Panel
GENERAL MOTORS: Former Unit Delphi Wants $650 Million GM Credit
GENERAL MOTORS: Moody's Gives Negative Outlook; Keeps 'B3' Rating
GENERAL MOTORS: Chief Says Delphi's Ch. 11 Exit to be Delayed
GOLDSPRING INC: March 31 Balance Sheet Upside-Down by $15,640,737
GREENVILLE CASUALTY: A.M. Best Keeps 'bb+' Issuer Credit Rating
HC INNOVATIONS: Carlin Charron Raises Substantial Doubt
HOOP HOLDINGS: Wants to Engage Gibson Dunn as Special Counsel
HURLEY MEDICAL: Fitch Keeps 'BB+' Rating on $67.1MM Revenue Bonds
IMPERIAL INDUSTRIES: Grant Thornton Raises Substantial Doubt
INGRAM MICRO: Unveils Global Restructuring Plan, 1st Qtr. Results
INNOVATIVE CARD: Singer Lewak Raises Substantial Doubt
IPSWICH STREET: Poor Credit Quality Cues Moody's Rating Downgrades
JER CRE: Fitch Cuts Ratings of 13 Classes of Notes to Low B
JP MORGAN MORTGAGE: Fitch Cuts Ratings of Several Certificates
KIMBALL HILL: Secured Lender Agrees to Cash Collateral Use
KIMBALL HILL: Wants Court to Approve $51 Million Intercompany Loan
KIMBALL HILL: Wants to Hire Kurtzman Carson as Claims Agent
KIMBALL HILL: S&P Ratings Tumble to 'D' on Chapter 11 Filing
LB COMMERCIAL: Losses Cue Moody's Rating Cuts on Three Classes
LB-UBS COMMERCIAL: Anticipated Losses Prompt S&P's Rating Cuts
LID LTD: Court Approves Bidding Procedure for Sale of Assets
LIGHTSPACE CORP: Miller Wachman Raises Substantial Doubt
LNR CDO: Fitch Downgrades Ratings on 10 Classes of Notes to Low-Bs
LNR CDO: Fitch Cuts Ratings on $55.3 Mil. Class J Notes to 'B-'
MAC-GRAY CORP: Acquires Automatic Laundry Company for $116 Mil.
MAC-GRAY CORP: Moody's Cuts Ratings on 7.625% Senior Notes to 'B3'
MACROVISION SOLUTIONS: Moody's Cuts Rating on Proposed Loan to Ba2
MASTR TRUSTS: High Delinquencies Cue Moody's 50 Rating Downgrades
MEDICOR LTD: Can Sell All Assets to Global Consolidated for $51MM
MERGE HEALTHCARE: KPMG LLP Raises Substantial Doubt
M FABRIKANT: Files Modified Chapter 11 Plan; Lenders Balk Again
MICRON TECHNOLOGY: Moody's Keeps 'Ba3' Rating; Gives Neg. Outlook
MICRON TECHNOLOGY: S&P Keeps 'BB-' Corp. Rating on Ample Liquidity
MIDDLETON DOLL: Losses and Cash Outflows Prompt Going Concern
MORGAN STANLEY MORTGAGE: Fitch Downgrades Ratings on $812MM Certs.
MORGAN STANLEY DEAN: Moody's Confirms Low-B Ratings on Six Classes
NEW CENTURY: Gets Creditors' Support on Chapter 11 Plan
NEW CENTURY: Seeks to Modify Amended Joint Chapter 11 Plan
NEW CENTURY HOME: Fitch Cuts Ratings on $267.9 Mil. Certs.
NEW YORK RACING: Judge Peck Confirms Modified Amended Ch.11 Plan
NEXTMEDIA OPERATING: S&P Holds Credit Watch Listing on 'B-' Rating
NORSAT INT'L: Losses, Deficit Cue Management's Going Concern
NORTH STREET: Moody's Reviews 'Ba2' Rating on $155 Mil. Notes
NPS PHARMA: December 31 Balance Sheet Upside-Down by $188 Million
PACER HEALTH: Sells Acute Care Hospital to Saint Joseph's Health
PERMA-FIX ENVIRONMENTAL: BDO Seidman Raises Substantial Doubt
PHOENIX FOOTWEAR: Grant Thornton Expresses Going Concern Doubt
PNM RESOURCES: Moody's Lowers Senior Unsecured Rating to 'Ba2'
POSITRON CORP: Frank Sassetti Expresses Going Concern Doubt
POWERMATE HOLDING: Committee Selects Sonnenschein as Counsel
PROPEX INC: Wants Court to Extend Exclusive Plan-Filing to Oct. 18
PROPEX INC: Wants Court to Extend Lease Decision Period to Aug. 15
PROVIDENTIAL HOLDINGS: Earns $227,950 in 2nd Quarter Ended Dec. 31
REDENVELOPE INC: Gets Tentative OK on Sale Bidding Procedures
REDENVELOPE INC: Gets Initial OK to Use Granite's $4.5MM Facility
SAIL TRUSTS: Reduced Credit Enhancement Prompts S&P's Rating Cuts
SHARPER IMAGE: Allowed to Employ Weil, Gotshal as Attorney
SHARPER IMAGE: Committee Wants to Retain Cooley as Lead Counsel
SHARPER IMAGE: Committee Wants to Retain Loughlin as Advisor
SHARPER IMAGE: Committee Wants to Retain Whiteford as Counsel
SHARPER IMAGE: SCSF Disposes of 150,000 Shares
SIRVA INC: Files Motion to Modify Plan Without Resolicitation
SOUNDVIEW HOME: Fitch Cuts Rating on $1.5 Mil. Bonds to 'BB+'
SUNAMERICA MORTGAGE: Moody's Maintains 'Ba1' Rating on Class B-5
SUNCREST LLC: Wants to Hire Vinson & Elkins as Counsel
SUNCREST LLC: Discloses Properties and Various Claim Holders
SUPERIOR ESSEX: S&P Upgrades Corporate Credit Rating to 'BB'
TERWIN MORTGAGE: Fitch Holds Low-B Ratings on Two 2003-6HE Certs.
THERMADYNE HOLDINGS: Earns $4 Million in Quarter Ended December 31
TIAA REAL: S&P Confirms 'BB' Rating on $12 Mil. Class E Notes
TRANSMERIDIAN EXPLORATION: UHY LLP Raises Substantial Doubt
TRIBUNE CO: Gets $580 Million Counter Bid from Mortimer Zuckerman
TULLY'S COFFEE: Dec. 30 Balance Sheet Upside-Down by $10.3 Million
TYSON FOODS: Posts $5 Million Net Loss in Quarter ended March 29
UBS MORTGAGE: Fitch Takes Rating Actions on Various Certificates
US AIRWAYS: Sets Executive Incentive Plan Targets for 2008
US AIRWAYS: Reaches Tentative Three-Year Agreement with IAM
US AIRWAYS: Trafelet and Wellington Disclose Stake Ownerships
US AIRWAYS: Pilots Opt for USAPA as Bargaining Agents
VERSO TECHNOLOGIES: Files Chapter 11 Petition in Georgia
VERSO TECHNOLOGIES: Case Summary & 30 Largest Unsecured Creditors
WACHOVIA BANK: Fitch Affirms Low-B Rating on Six Classes of Certs.
WACHOVIA BANK: Fitch Holds 'BB+' Rating on Two Classes of Certs.
WINDSTREAM CORP: Strong Cash Flows Cue Fitch to Hold 'BB+' Rating
WORLD HEART: Obtains Non-Compliance Notice from Nasdaq Stock
YRC WORLDWIDE: Refinancing Risks Cue S&P to Confirm 'BB' Rating
* Fitch SMARTView Puts 21 U.S. CMBS Deals 'Under Analysis'
* S&P Slashes 40 Tranches' Ratings From Nine Cash Flows and CDOs
* S&P Downgrades Ratings on 26 Classes From Eight RMBS Deals
* Large Companies with Insolvent Balance Sheets
*********
ABFC TRUST: Realized Losses Cue S&P's Rating Cuts on Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 79
classes of asset-backed certificates issued by 17 ABFC Trust,
Asset Backed Securities Corp., Fieldstone Mortgage Investment
Trust, Meritage Mortgage Loan Trust, and Structured Asset
Investment Loan Trust series. At the same time, S&P removed its
ratings on 20 of these classes from CreditWatch negative.
Concurrently, S&P placed its ratings on 25 classes on CreditWatch
with negative implications, and affirmed its ratings on the
remaining 80 classes from these transactions. These classes in
the affected transactions are secured primarily by U.S. subprime
mortgage loan collateral.
The downgrades affecting the transactions from the 2005 vintage
reflect reduced credit enhancement due to monthly realized losses,
as well as a high amount of loans that are considered severely
delinquent (90-plus days, foreclosures, and REOs). As of the
March 2008 remittance period, cumulative losses for the 2005
vintage transactions, as a percentage of the original pool
balances, ranged from 1.11% (ABFC series 2005-HE1) to 3.60%
(Meritage series 2005-2).
The increasing amount of loans that are severely delinquent
suggests that losses will continue to exceed excess interest and
further compromise credit support. Severe delinquencies, as a
percentage of the current pool balances, ranged from 21.14% (Asset
Backed Securities Corp. series 2005-HE1)
to 41.82% (Meritage series 2005-2). The increase in the dollar
amount of severe delinquencies since the April 2007 remittance
ranged from 27.17% (ABFC series 2005-HE1) to 156.65% (ABFC series
2005-WMC1). Class B-1 from ABFC series 2005-WMC1 experienced a
principal write-down of $52,243, prompting S&P to lower the rating
on the security to 'D'.
S&P removed its ratings on 20 of the downgraded classes from
CreditWatch negative. According to Standard & Poor's surveillance
practices, ratings lower than 'B-' on classes of certificates or
notes from RMBS transactions are not eligible to be on CreditWatch
negative. S&P lowered its rating on class M9 from Asset Backed
Securities Corp.'s series 2005-HE1 to 'B' and removed it from
CreditWatch negative because S&P does not anticipate any rating
further actions on this class in the near future.
S&P placed its ratings on 25 classes on CreditWatch negative.
While S&P believes the amount of credit enhancement for these
classes may be insufficient to cover projected losses, S&P will
not initiate additional rating actions until it completes
additional analysis. S&P will further evaluate and compare the
date of projected defaults with the projected payoff dates, as
well as the relationships between projected credit support and
projected losses throughout the remaining life of each
certificate.
All of the lowered ratings affecting the transactions from the
2006 vintage reflect principal write-downs or the complete erosion
of credit support. Given these factors, S&P lowered its ratings
on these classes to 'D'. As of the March 2008 remittance period,
credit support for class M-11 from Fieldstone Mortgage Investment
Trust's series 2006-1 had been depleted. As of the March
remittance, class M8 from Structured Asset Investment Loan Trust's
series 2006-2 had experienced principal write-downs totaling
$942,299; class B1 from Structured Asset Investment Loan Trust's
series 2006-BNC2 had experienced principal write-downs totaling
$3,773,306; and class M10 from Asset Backed Securities Corp.'s
series NC 2006-HE4 had experienced principal write-downs totaling
$5,307,122.
The 86 affirmations reflect sufficient credit enhancement
available to support the ratings at their current levels despite
the negative trends in the underlying collateral for these deals.
Subordination, overcollateralization, and excess spread provide
credit support for all of the affected series. The collateral for
these transactions primarily consists of subprime, adjustable- and
fixed-rate mortgage loans secured by first liens on one- to four-
family residential properties.
Ratings Lowered
ABFC Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-HE1 M-7 04542BKY7 B BBB+
2005-HE1 M-8 04542BKZ4 CCC BBB
2005-HE1 M-9 04542BLA8 CCC BBB-
2005-HE1 B-3 04542BLD2 CC CCC
2005-WMC1 M-6 04542BPJ5 B A+
2005-WMC1 M-7 04542BPK2 CCC A+
2005-WMC1 M-8 04542BPL0 CCC A
2005-WMC1 M-9 04542BPM8 CCC BBB
2005-WMC1 M-10 04542BPN6 CC B
2005-WMC1 M-11 04542BPP1 CC B
2005-WMC1 M-12 04542BPQ9 CC CCC
2005-WMC1 B-1 04542BPR7 D CCC
Asset Backed Securities Corp.
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
NC 2006-HE4 M10 04544GAS8 D CC
Asset Backed Securities Corp. Home Equity Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-HE2 M5 04541GQF2 BB BBB+
2005-HE2 M6 04541GQG0 B BBB
2005-HE3 M8 04541GRB0 B BBB
2005-HE3 M11 04541GRE4 CC CCC
2005-HE4 M9 04541GRT1 B BBB-
2005-HE4 M10 04541GRX2 CCC BB+
2005-HE5 M7 04541GSP8 BBB- A-
2005-HE5 M8 04541GSQ6 B BBB+
2005-HE5 M12 04541GSU7 CC CCC
2005-HE6 M5 04541GTP7 BBB- A
2005-HE6 M6 04541GTQ5 B A-
2005-HE6 M7 04541GTR3 CCC BBB+
2005-HE6 M9 04541GTT9 CCC BB
2005-HE6 M10 04541GSY9 CCC B
2005-HE6 M11 04541GSZ6 CC CCC
Fieldstone Mortgage Investment Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2006-1 M-11 31659TFL4 D CCC
Meritage Mortgage Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-2 M-6 59001FCW9 B A+
2005-2 M-11 59001FDB4 CC CCC
Structured Asset Investment Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-10 M4 86358EZB5 CCC A+
2005-10 M5 86358EZC3 CCC A
2005-10 M6 86358EZD1 CC BB
2005-10 B1 86358EZH2 CC CCC
2005-10 B2 86358EZK5 CC CCC
2005-10 M9 86358EZG4 CC CCC
2005-8 M4 86358EXT8 CCC BBB+
2005-8 M5 86358EXU5 CCC BBB
2005-8 M6 86358EXV3 CCC BB
2005-8 M7 86358EXW1 CC B
2005-8 M8 86358EXX9 CC CCC
2005-8 M9 86358EXY7 CC CCC
2005-9 M4 86358EYJ9 CCC A+
2005-9 M5 86358EYK6 CCC BBB+
2005-9 M6 86358EYL4 CCC BB
2005-9 M7 86358EYM2 CCC BB
2005-9 M8 86358EYN0 CC B
2005-9 B1 86358EYQ3 CC CCC
2005-9 M9 86358EYP5 CC CCC
2005-HE1 M4 86358EUY0 BB A+
2005-HE1 M5 86358EUZ7 B- A
2005-HE1 M6 86358EVA1 CCC BBB
2005-HE1 M7 86358EVB9 CC B
2005-HE1 M8 86358EVC7 CC B
2005-HE1 B1 86358EVE3 CC CCC
2005-HE1 M9 86358EVD5 CC CCC
2006-2 M8 86358EF76 D CC
2006-BNC2 B1 86358GAQ4 D CC
Ratings Placed on CreditWatch Negative
ABFC Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-WMC1 M-4 04542BPG1 AA/Watch Neg AA
2005-WMC1 M-5 04542BPH9 AA-/Watch Neg AA-
Meritage Mortgage Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-2 M-5 59001FCV1 AA-/Watch Neg AA-
Structured Asset Investment Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-10 A1 86358EYT7 AAA/Watch Neg AAA
2005-10 A2 86358EYU4 AAA/Watch Neg AAA
2005-10 A4 86358EYW0 AAA/Watch Neg AAA
2005-10 A-5 86358EYX8 AAA/Watch Neg AAA
2005-10 A6 86358EZJ8 AAA/Watch Neg AAA
2005-10 M1 86358EYY6 AA+/Watch Neg AA+
2005-10 M2 86358EYZ3 AA/Watch Neg AA
2005-10 M3 86358EZA7 AA-/Watch Neg AA-
2005-8 A3 86358EXN1 AAA/Watch Neg AAA
2005-8 A4 86358EXP6 AAA/Watch Neg AAA
2005-8 M1 86358EXQ4 AA+/Watch Neg AA+
2005-8 M2 86358EXR2 AA/Watch Neg AA
2005-8 M3 86358EXS0 AA-/Watch Neg AA-
2005-9 A1 86358EYA8 AAA/Watch Neg AAA
2005-9 A2 86358EYB6 AAA/Watch Neg AAA
2005-9 A3 86358EYC4 AAA/Watch Neg AAA
2005-9 A5 86358EYE0 AAA/Watch Neg AAA
2005-9 A6 86358EYS9 AAA/Watch Neg AAA
2005-9 M1 86358EYF7 AA+/Watch Neg AA+
2005-9 M2 86358EYG5 AA/Watch Neg AA
2005-9 M3 86358EYH3 AA-/Watch Neg AA-
2005-HE1 M3 86358EUX2 AA-/Watch Neg AA-
Ratings Lowered and Removed From CreditWatch Negative
ABFC Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-HE1 B-1 CCC BB+/Watch Neg
2005-HE1 B-2 CC BB/Watch Neg
Asset Backed Securities Corporation Home Equity Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-HE1 M9 B BBB-/Watch Neg
2005-HE1 M10 CCC BB+/Watch Neg
2005-HE2 M7 CCC BBB-/Watch Neg
2005-HE2 M8 CCC BB+/Watch Neg
2005-HE3 M9 CCC BBB-/Watch Neg
2005-HE3 M10 CCC BB+/Watch Neg
2005-HE4 M11 CCC BB/Watch Neg
2005-HE4 M12 CC BB/Watch Neg
2005-HE5 M9 CCC BBB/Watch Neg
2005-HE5 M10 CCC BBB-/Watch Neg
2005-HE5 M11 CC BB/Watch Neg
2005-HE6 M8 CCC BBB/Watch Neg
Meritage Mortgage Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-2 M-7 CCC A/Watch Neg
2005-2 M-8 CCC BBB+/Watch Neg
2005-2 M-9 CCC BB/Watch Neg
2005-2 M-10 CC B/Watch Neg
Structured Asset Investment Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-10 M7 CC BB/Watch Neg
2005-10 M8 CC B/Watch Neg
Ratings Affirmed
ABFC Trust
Transaction Class CUSIP Rating
----------- ----- ----- ------
2005-HE1 M-1 04542BKS0 AA+
2005-HE1 M-2 04542BKT8 AA
2005-HE1 M-3 04542BKU5 AA-
2005-HE1 M-4 04542BKV3 A+
2005-HE1 M-5 04542BKW1 A
2005-HE1 M-6 04542BKX9 A-
2005-WMC1 A-1 04542BNX6 AAA
2005-WMC1 A-2C 04542BPA4 AAA
2005-WMC1 A-2D 04542BPB2 AAA
2005-WMC1 A-2MZ 04542BPC0 AAA
2005-WMC1 M-1 04542BPD8 AA+
2005-WMC1 M-2 04542BPE6 AA+
2005-WMC1 M-3 04542BPF3 AA
Asset Backed Securities Corporation Home Equity Loan Trust
Transaction Class CUSIP Rating
----------- ----- ----- ------
2005-HE1 M1 04541GPH9 AA+
2005-HE1 M2 04541GPJ5 AA
2005-HE1 M3 04541GPK2 AA-
2005-HE1 M4 04541GPL0 A+
2005-HE1 M5 04541GPM8 A
2005-HE1 M6 04541GPN6 A-
2005-HE1 M7 04541GPP1 BBB+
2005-HE1 M8 04541GPQ9 BBB
2005-HE1 M11 04541GPT3 CCC
2005-HE2 M1 04541GQB1 AA
2005-HE2 M2 04541GQC9 AA-
2005-HE2 M3 04541GQD7 A
2005-HE2 M4 04541GQE5 A-
2005-HE3 A1 04541GQN5 AAA
2005-HE3 A2B 04541GQQ8 AAA
2005-HE3 A5 04541GQT2 AAA
2005-HE3 M1 04541GQU9 AA+
2005-HE3 M2 04541GQV7 AA
2005-HE3 M3 04541GQW5 AA-
2005-HE3 M4 04541GQX3 A+
2005-HE3 M5 04541GQY1 A
2005-HE3 M6 04541GQZ8 A-
2005-HE3 M7 04541GRA2 BBB+
2005-HE4 A1 04541GRJ3 AAA
2005-HE4 A2 04541GRU8 AAA
2005-HE4 A2B 04541GRW4 AAA
2005-HE4 M1 04541GRK0 AA+
2005-HE4 M2 04541GRL8 AA
2005-HE4 M3 04541GRM6 AA-
2005-HE4 M4 04541GRN4 A+
2005-HE4 M5 04541GRP9 A
2005-HE4 M6 04541GRQ7 A-
2005-HE4 M7 04541GRR5 BBB+
2005-HE4 M8 04541GRS3 BBB
2005-HE5 A1 04541GSD5 AAA
2005-HE5 A1A 04541GSE3 AAA
2005-HE5 A2 04541GSF0 AAA
2005-HE5 A2A 04541GSG8 AAA
2005-HE5 M1 04541GSH6 AA+
2005-HE5 M2 04541GSJ2 AA
2005-HE5 M3 04541GSK9 AA
2005-HE5 M4 04541GSL7 AA-
2005-HE5 M5 04541GSM5 A+
2005-HE5 M6 04541GSN3 A
2005-HE6 A1 04541GTD4 AAA
2005-HE6 A1A 04541GTE2 AAA
2005-HE6 A2B 04541GTG7 AAA
2005-HE6 A2C 04541GTH5 AAA
2005-HE6 A2D 04541GTJ1 AAA
2005-HE6 M1 04541GTK8 AA+
2005-HE6 M2 04541GTL6 AA
2005-HE6 M3 04541GTM4 AA-
2005-HE6 M4 04541GTN2 A+
Meritage Mortgage Loan Trust
Transaction Class CUSIP Rating
----------- ----- ----- ------
2005-2 I-A1 59001FCL3 AAA
2005-2 II-A2 59001FCN9 AAA
2005-2 II-A3 59001FCP4 AAA
2005-2 M-1 59001FCR0 AA+
2005-2 M-2 59001FCS8 AA+
2005-2 M-3 59001FCT6 AA
2005-2 M-4 59001FCU3 AA
Structured Asset Investment Loan Trust
Transaction Class CUSIP Rating
----------- ----- ----- ------
2005-HE1 A2 86358EUN4 AAA
2005-HE1 A5 86358EUR5 AAA
2005-HE1 A6 86358EUS3 AAA
2005-HE1 A7 86358EUT1 AAA
2005-HE1 A8 86358EUU8 AAA
2005-HE1 M1 86358EUV6 AA+
2005-HE1 M2 86358EUW4 AA
ABSC CERTIFICATES: S&P Downgrades Cert. Ratings on Realized Losses
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 79
classes of asset-backed certificates issued by 17 Asset Backed
Securities Corp., ABFC Trust, Fieldstone Mortgage Investment
Trust, Meritage Mortgage Loan Trust, and Structured Asset
Investment Loan Trust series. At the same time, S&P removed its
ratings on 20 of these classes from CreditWatch negative.
Concurrently, S&P placed its ratings on 25 classes on CreditWatch
with negative implications, and affirmed its ratings on the
remaining 80 classes from these transactions. These classes in
the affected transactions are secured primarily by U.S. subprime
mortgage loan collateral.
The downgrades affecting the transactions from the 2005 vintage
reflect reduced credit enhancement due to monthly realized losses,
as well as a high amount of loans that are considered severely
delinquent (90-plus days, foreclosures, and REOs). As of the
March 2008 remittance period, cumulative losses for the 2005
vintage transactions, as a percentage of the original pool
balances, ranged from 1.11% (ABFC series 2005-HE1) to 3.60%
(Meritage series 2005-2).
The increasing amount of loans that are severely delinquent
suggests that losses will continue to exceed excess interest and
further compromise credit support. Severe delinquencies, as a
percentage of the current pool balances, ranged from 21.14% (Asset
Backed Securities Corp. series 2005-HE1)
to 41.82% (Meritage series 2005-2). The increase in the dollar
amount of severe delinquencies since the April 2007 remittance
ranged from 27.17% (ABFC series 2005-HE1) to 156.65% (ABFC series
2005-WMC1). Class B-1 from ABFC series 2005-WMC1 experienced a
principal write-down of $52,243, prompting S&P to lower the rating
on the security to 'D'.
S&P removed its ratings on 20 of the downgraded classes from
CreditWatch negative. According to Standard & Poor's surveillance
practices, ratings lower than 'B-' on classes of certificates or
notes from RMBS transactions are not eligible to be on CreditWatch
negative. S&P lowered its rating on class M9 from Asset Backed
Securities Corp.'s series 2005-HE1 to 'B' and removed it from
CreditWatch negative because S&P does not anticipate any rating
further actions on this class in the near future.
S&P placed its ratings on 25 classes on CreditWatch negative.
While S&P believes the amount of credit enhancement for these
classes may be insufficient to cover projected losses, S&P will
not initiate additional rating actions until it completes
additional analysis. S&P will further evaluate and compare the
date of projected defaults with the projected payoff dates, as
well as the relationships between projected credit support and
projected losses throughout the remaining life of each
certificate.
All of the lowered ratings affecting the transactions from the
2006 vintage reflect principal write-downs or the complete erosion
of credit support. Given these factors, S&P lowered its ratings
on these classes to 'D'. As of the March 2008 remittance period,
credit support for class M-11 from Fieldstone Mortgage Investment
Trust's series 2006-1 had been depleted. As of the March
remittance, class M8 from Structured Asset Investment Loan Trust's
series 2006-2 had experienced principal write-downs totaling
$942,299; class B1 from Structured Asset Investment Loan Trust's
series 2006-BNC2 had experienced principal write-downs totaling
$3,773,306; and class M10 from Asset Backed Securities Corp.'s
series NC 2006-HE4 had experienced principal write-downs totaling
$5,307,122.
The 86 affirmations reflect sufficient credit enhancement
available to support the ratings at their current levels despite
the negative trends in the underlying collateral for these deals.
Subordination, overcollateralization, and excess spread provide
credit support for all of the affected series. The collateral for
these transactions primarily consists of subprime, adjustable- and
fixed-rate mortgage loans secured by first liens on one- to four-
family residential properties.
Ratings Lowered
ABFC Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-HE1 M-7 04542BKY7 B BBB+
2005-HE1 M-8 04542BKZ4 CCC BBB
2005-HE1 M-9 04542BLA8 CCC BBB-
2005-HE1 B-3 04542BLD2 CC CCC
2005-WMC1 M-6 04542BPJ5 B A+
2005-WMC1 M-7 04542BPK2 CCC A+
2005-WMC1 M-8 04542BPL0 CCC A
2005-WMC1 M-9 04542BPM8 CCC BBB
2005-WMC1 M-10 04542BPN6 CC B
2005-WMC1 M-11 04542BPP1 CC B
2005-WMC1 M-12 04542BPQ9 CC CCC
2005-WMC1 B-1 04542BPR7 D CCC
Asset Backed Securities Corp.
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
NC 2006-HE4 M10 04544GAS8 D CC
Asset Backed Securities Corp. Home Equity Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-HE2 M5 04541GQF2 BB BBB+
2005-HE2 M6 04541GQG0 B BBB
2005-HE3 M8 04541GRB0 B BBB
2005-HE3 M11 04541GRE4 CC CCC
2005-HE4 M9 04541GRT1 B BBB-
2005-HE4 M10 04541GRX2 CCC BB+
2005-HE5 M7 04541GSP8 BBB- A-
2005-HE5 M8 04541GSQ6 B BBB+
2005-HE5 M12 04541GSU7 CC CCC
2005-HE6 M5 04541GTP7 BBB- A
2005-HE6 M6 04541GTQ5 B A-
2005-HE6 M7 04541GTR3 CCC BBB+
2005-HE6 M9 04541GTT9 CCC BB
2005-HE6 M10 04541GSY9 CCC B
2005-HE6 M11 04541GSZ6 CC CCC
Fieldstone Mortgage Investment Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2006-1 M-11 31659TFL4 D CCC
Meritage Mortgage Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-2 M-6 59001FCW9 B A+
2005-2 M-11 59001FDB4 CC CCC
Structured Asset Investment Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-10 M4 86358EZB5 CCC A+
2005-10 M5 86358EZC3 CCC A
2005-10 M6 86358EZD1 CC BB
2005-10 B1 86358EZH2 CC CCC
2005-10 B2 86358EZK5 CC CCC
2005-10 M9 86358EZG4 CC CCC
2005-8 M4 86358EXT8 CCC BBB+
2005-8 M5 86358EXU5 CCC BBB
2005-8 M6 86358EXV3 CCC BB
2005-8 M7 86358EXW1 CC B
2005-8 M8 86358EXX9 CC CCC
2005-8 M9 86358EXY7 CC CCC
2005-9 M4 86358EYJ9 CCC A+
2005-9 M5 86358EYK6 CCC BBB+
2005-9 M6 86358EYL4 CCC BB
2005-9 M7 86358EYM2 CCC BB
2005-9 M8 86358EYN0 CC B
2005-9 B1 86358EYQ3 CC CCC
2005-9 M9 86358EYP5 CC CCC
2005-HE1 M4 86358EUY0 BB A+
2005-HE1 M5 86358EUZ7 B- A
2005-HE1 M6 86358EVA1 CCC BBB
2005-HE1 M7 86358EVB9 CC B
2005-HE1 M8 86358EVC7 CC B
2005-HE1 B1 86358EVE3 CC CCC
2005-HE1 M9 86358EVD5 CC CCC
2006-2 M8 86358EF76 D CC
2006-BNC2 B1 86358GAQ4 D CC
Ratings Placed on CreditWatch Negative
ABFC Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-WMC1 M-4 04542BPG1 AA/Watch Neg AA
2005-WMC1 M-5 04542BPH9 AA-/Watch Neg AA-
Meritage Mortgage Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-2 M-5 59001FCV1 AA-/Watch Neg AA-
Structured Asset Investment Loan Trust
Rating
------
Transaction Class CUSIP To From
----------- ----- ----- -- ----
2005-10 A1 86358EYT7 AAA/Watch Neg AAA
2005-10 A2 86358EYU4 AAA/Watch Neg AAA
2005-10 A4 86358EYW0 AAA/Watch Neg AAA
2005-10 A-5 86358EYX8 AAA/Watch Neg AAA
2005-10 A6 86358EZJ8 AAA/Watch Neg AAA
2005-10 M1 86358EYY6 AA+/Watch Neg AA+
2005-10 M2 86358EYZ3 AA/Watch Neg AA
2005-10 M3 86358EZA7 AA-/Watch Neg AA-
2005-8 A3 86358EXN1 AAA/Watch Neg AAA
2005-8 A4 86358EXP6 AAA/Watch Neg AAA
2005-8 M1 86358EXQ4 AA+/Watch Neg AA+
2005-8 M2 86358EXR2 AA/Watch Neg AA
2005-8 M3 86358EXS0 AA-/Watch Neg AA-
2005-9 A1 86358EYA8 AAA/Watch Neg AAA
2005-9 A2 86358EYB6 AAA/Watch Neg AAA
2005-9 A3 86358EYC4 AAA/Watch Neg AAA
2005-9 A5 86358EYE0 AAA/Watch Neg AAA
2005-9 A6 86358EYS9 AAA/Watch Neg AAA
2005-9 M1 86358EYF7 AA+/Watch Neg AA+
2005-9 M2 86358EYG5 AA/Watch Neg AA
2005-9 M3 86358EYH3 AA-/Watch Neg AA-
2005-HE1 M3 86358EUX2 AA-/Watch Neg AA-
Ratings Lowered and Removed From CreditWatch Negative
ABFC Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-HE1 B-1 CCC BB+/Watch Neg
2005-HE1 B-2 CC BB/Watch Neg
Asset Backed Securities Corporation Home Equity Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-HE1 M9 B BBB-/Watch Neg
2005-HE1 M10 CCC BB+/Watch Neg
2005-HE2 M7 CCC BBB-/Watch Neg
2005-HE2 M8 CCC BB+/Watch Neg
2005-HE3 M9 CCC BBB-/Watch Neg
2005-HE3 M10 CCC BB+/Watch Neg
2005-HE4 M11 CCC BB/Watch Neg
2005-HE4 M12 CC BB/Watch Neg
2005-HE5 M9 CCC BBB/Watch Neg
2005-HE5 M10 CCC BBB-/Watch Neg
2005-HE5 M11 CC BB/Watch Neg
2005-HE6 M8 CCC BBB/Watch Neg
Meritage Mortgage Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-2 M-7 CCC A/Watch Neg
2005-2 M-8 CCC BBB+/Watch Neg
2005-2 M-9 CCC BB/Watch Neg
2005-2 M-10 CC B/Watch Neg
Structured Asset Investment Loan Trust
Rating
------
Transaction Class To From
----------- ----- -- ----
2005-10 M7 CC BB/Watch Neg
2005-10 M8 CC B/Watch Neg
Ratings Affirmed
ABFC Trust
Transaction Class CUSIP Rating
----------- ----- ----- ------
2005-HE1 M-1 04542BKS0 AA+
2005-HE1 M-2 04542BKT8 AA
2005-HE1 M-3 04542BKU5 AA-
2005-HE1 M-4 04542BKV3 A+
2005-HE1 M-5 04542BKW1 A
2005-HE1 M-6 &nb