A new report from Moody's Investors Service says that during calendar year 2013, 88 Asia-Pacific structured finance transactions, all of which were originally rated single-A or higher  by the agency, experienced 125 downgrades to various tranches. Australian RMBS securitisations accounted for 124 of the 125 downgrades and those rating actions were mainly the result of the downgrade actions against relevant mortgage insurers and methodology changes that affected Australian RMBS transactions.Of the 40 Aaa downgrades in the region, 38 were Australian RMBS securitisations, one was an Australian CMBS securitization, and one was a Hong Kong RMBS securitisation. The effects of the final excesses of the pre-GFC deals were apparent in the transactions that closed between 2005 and 2007 making up 35 per cent of the rated securities, while containing over 60 per cent of the negative ratings downgrades. There were 12 upgrades from seven deals in 2013.With the exception of the RMBS sector, the Moody's-rated Asia-Pacific structure finance portfolio had a lower downgrade rate than the global structured finance portfolio rated by the agency in 2013.The CMBS sector continued to be the only sector with no Moody's upgrade activity for more than a decade.