TEXT-S&P affirms 2 CountryPlace Manufactured Housing deals
OVERVIEW -- We reviewed two CountryPlace Manufactured Housing Contract Trust transactions (series 2005-1 and 2007-1), which are securitizations of manufactured housing installment sale contracts. -- We affirmed our ratings on the two certificates from series 2005-1 and two certificates from series 2007-1. Dec. 4 - Standard & Poor's Ratings Services today affirmed its ratings on two certificates from CountryPlace Manufactured Housing Contract Trust 2005-1 and on two certificates from CountryPlace Manufactured Housing Contract Trust 2007-1 (see rating list). Each transaction is collateralized by manufactured housing installment sale contracts. Today's rating actions reflect our revised expected net losses, our analysis regarding future collateral performance, and each transaction's structure and credit enhancement level. In addition, our analysis incorporated secondary credit factors, such as credit stability, payment priorities under various scenarios, and sector- and issuer-specific analysis. We have maintained our initial loss expectation for the series 2005-1 transaction but increased our loss expectation for the series 2007-1 transaction (see table 1). We based our views on loss expectations for both series on the rate of actual losses incurred to date and our estimates of future collateral performance. Table 1 Collateral Performance Initial Former Revised Pool 60+ days lifetime lifetime lifetime Current factor delinq. Current CNL exp. CNL exp. CNL exp Series month (%) (%) CNL (%) (%) (%) (%) 2005-1 88 45.33 1.18 7.17 13.50 13.50 13.50 2007-1 68 49.07 1.63 8.15 10.00 14.50 17.00 CNL--Cumulative net loss. Series 2007-1, through 68 months of performance and with a pool factor of 49.07%, has experienced cumulative gross defaults of 12.06% with a cumulative recovery rate of approximately 32%, resulting in cumulative net losses of 8.15%. Series 2005-1 is more seasoned, with 88 months of performance and a pool factor of 45.33%. Series 2005-1's frequency of defaults (10.99%) is trending below series 2007-1 while the severity of loss is similar (approximately 35% recovery rate), resulting in cumulative net losses of 7.17%, lower than series 2007-1. Despite our higher loss expectation for series 2007-1, the affirmations for both series reflect our view that the total credit enhancement available is sufficient for each of the affirmed ratings.RELATED CRITERIA AND RESEARCH -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects of the Top Five Macroeconomic Factors, Nov. 4, 2011 -- Manufactured Housing Criteria: The Rating processRELATED CRITERIA AND RESEARCH -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects of the Top Five Macroeconomic Factors, Nov. 4, 2011 -- Manufactured Housing Criteria: The Rating process For Manufactured Housing Transactions, Sept.1, 2004 -- Manufactured Housing Criteria: Structural Analysis of Manufactured Housing Transactions, Sept. 1, 2004 -- Manufactured Housing Criteria: Credit Analysis of Manufactured Housing Transactions, Sept. 1, 2004 -- Credit FAQ: The Interaction Of Bond Insurance And Credit Ratings - Structured Finance Update, Feb. 26, 2008. RATINGS AFFIRMED CountryPlace Manufactured Housing Contract Trust Series Class Rating 2005-1 A-3 A- (sf) 2005-1 A-4 A- (sf) 2007-1 A-3 BBB+ (sf) 2007-1 A-4 BBB+ (sf)
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