OVERVIEW We reviewed 13 RMBS transactions backed by U.S. Alt-A mortgage loan collateral issued in 2005, 2006 and 2007. We lowered our ratings on 120 classes from these transactions, and affirmed our ratings on seven classes from four of the transactions. We removed 88 of the lowered ratings from CreditWatch with negative implications and removed two of the affirmed ratings from CreditWatch negative. The downgrades reflect our belief that the amount of credit enhancement available for the downgraded classes will not be sufficient to cover our projected loss increase due to increases in delinquencies and the current negative condition of the housing market. NEW YORK (Standard&Poor's) July 9, 2009--Standard&Poor's Ratings Services today lowered its ratings on
