Rating Action: Moody's downgrades the rating of certificates issued by Maryland Trust 2006-1Global Credit Research - 27 Jan 2022Approximately $22.3 million securities affectedNew York, January 27, 2022 -- Moody's Investors Service ("Moody's") has downgraded the Series A Investor Certificates (certificates) from Maryland Trust 2006-1, a securitization of a small pool of insurance policies (primarily life insurance policies, single premium life annuities and supplemental policies).The complete rating action is as follow:Issuer: Maryland Trust 2006-1Ser. A, Downgraded to Caa3 (sf); previously on Oct 25, 2019 Downgraded to Caa1 (sf)RATING RATIONALEThe downgrade was prompted by continued shortfalls of the Series A Additional Monthly Income Distribution. The cumulative shortfalls have been accrued to the outstanding certificate balance as per the transaction documents and this will likely result in future principal loss to investors. Based on the principal payments that are available to be received from the death benefits of the remaining insured individuals, the recovery rate on the accrued certificate balance, which includes prior shortfalls, is currently around 75%. The shortfalls are due to rising insurance premiums as the insured individuals age, combined with the prioritization of premium payments over the Series A Additional Monthly Income Distribution to help reduce the likelihood of lapse of the life insurance policies.PRINCIPAL METHODOLOGYThe principal methodology used in this rating was "US Life Insurance Securitizations Surveillance Methodology" published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1227839. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the rating:Significant increase in shortfall of Series A Additional Monthly Income Distribution, change in mortality or lapse risk, or potentially a change in the insurance financial strength ratings of the life insurance, annuity, annuity guaranty, or gap policy providers.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.Moody's did not use any models, or loss or cash flow analysis, in its analysis.Moody's did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Benjamin Shih VP - Senior Credit Officer Structured Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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