Moody's Investors Service will start publishing presale reports for its rated U.S. subprime RMBS. The reports will offer the market a view of a transaction's rating drivers before the deal closes and, through standardized reporting, allow investors to make comparisons across deals.

"These reports will open a dialogue with investors during the period when they need information the most - when they are considering all the factors related to their investment decisions," said Moody's Managing Director Warren Kornfeld in a release. The presale reports will detail a transaction's provisional ratings as well as outline key credit considerations driving Moody's opinion. Among other items, the presale reports will also usually have a summary of pool characteristics and average quarterly subprime RMBS pool characteristics.

These reports will also contain Moody's opinion on the range of expected pool cumulative losses, servicers, originators, other transaction parties as well as key structural considerations.

Moody's rated over $520 billion of subprime RMBS in 2006, according to a release from the rating agency. The reports will be available on the rating agency's Web site, Moodys.com.

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