Moody's Investors Service has downgraded the servicer quality ratings of SN Servicing Corp. to 'SQ3-' from 'SQ3+' as a primary servicer of subprime loans and 'SQ3' from 'SQ2-' as a special servicer.

The rating agency's ratings are based on above average collection abilities and loss mitigation results, average foreclosure and REO timeline management and below average servicing stability. The downgrade was based mainly on the change in the servicing stability assessment from average to below average.

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