An in-depth rating migration study from Moody's Investors Service, reports that the rating transitions on the more than 11,000 deals it has rated since the emergence of the ABS market in 1986 have been "stable."

The study is a historical look at the rating changes in the asset-backed securities market and is the first of its kind to track and calculate the rating transitions. "One thing to take away from it [the study] is that even though it has been stable, there have been changes," said Joseph Snailer, senior credit officer at Moody's. "A lot of times people in the asset-backed market seem to think asset-backed securities ratings don't change and in fact they do, it's just not that frequently."

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