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Rating Action:

Correction to Text, June 10, 2011 Release: Moody's concludes review of Greek structured finance transactions

28 Sep 2011

Paris, September 28, 2011 -- Added missing methodologies applicable for each transaction under the Ratings Rationale section. Please see revised report below:

Moody's Investors Service has today downgraded 10 tranches of 5 asset-backed security (ABS) transactions, 14 tranches of 8 residential mortgage-backed security (RMBS) transactions and confirmed the ratings of 2 ABS and 7 tranches of 5 RMBS transactions, backed by Greek assets and serviced by Greek entities. At the same time, Moody's downgraded to Ba1(sf) from Baa1(sf) the senior note ratings of two Greek ABS transactions serviced by Cypriot entities. Moody's maintained on review for downgrade its rating on one ABS and one CLO transaction. The highest rating achievable for a Greek structured finance transaction remains Ba1(sf).

The ratings are positioned such that an orderly restructuring of Greek government debt would likely have no further impact on the Greek structured finance ratings, with the exception of the highly linked transactions noted below.

RATINGS RATIONALE

Today's rating actions follow Moody's downgrade to Caa1 from B1 of the Greek government debt rating on 1 June 2011 and, to a lesser extent, the ratings of Greek banks that act as key transaction parties to B3 from Ba3 on 3 June 2011.

On 13 May 2011, Moody's downgraded to Ba1(sf) all Greek structured finance transactions serviced by Greek entities, as a result of the increased likelihood of high severity events that will weaken structured finance transactions.

These events include: (i) a severe macroeconomic decline that will hurt asset performance; and (ii) deterioration in the creditworthiness of a sovereign or local bank, which will increase the operational risk of a disruption in the performance of banks acting as key transaction parties. Regardless of the structural features or the amount of credit enhancement in place, structured finance transactions are not immune to the risk of these high severity events.

Following the downgrade of the Greek government debt rating, Moody's considers that such high severity events now have an increased likelihood of occurring. This occurrence could affect the structured finance transactions serviced by Greek banks, as well as those directly serviced by Cypriot entities operating in Greece, which are backed by Greek assets. As a result, Moody's has today downgraded the ratings of the notes of the two Cypriot ABS deals.

Moody's reviewed each structured finance rating by comparing the level of available credit enhancement with the pool losses that could occur under such high severity events. The loss levels assumed are: 20% for RMBS; 40% for consumer ABS; and 45% for SME/leases transactions.

We maintained at Ba1(sf) notes with credit enhancement levels above these thresholds, while downgrading others with lower credit enhancement depending on the gap between their credit enhancement level and the relevant threshold. For example, in the case of two RMBS transactions, we confirmed at Ba1(sf) the senior notes from Themeleion I Mortgage Finance Plc, with 23.7% credit enhancement; whereas we downgraded to B1(sf) from Ba1(sf) the senior notes issued by Grifonas Finance No. 1 Plc, with 10.3% credit enhancement.

We downgraded by two to three notches, to Ba3(sf) or B1(sf), transactions with high linkage to the credit quality of servicers (e.g. where the issuer accounts are held in Greek banks). These rating actions followed our downgrade of the banks to B3 from Ba3, depending on the level of credit enhancement.

Finally, Moody's has maintained on review for possible downgrade the Ba1(sf) ratings of two transactions originated by Alpha Bank S.A. (B3, Non-Prime), Katanalotika Plc and Epihiro Plc. The review follows the announcement by the originator that it is considering amendments that will weaken the transaction structures. Were they enacted, these amendments would create a high linkage between the bank rating and that of the transactions and would likely result in a further downgrade of these two transactions.

The orderly restructuring of Greek government debt would likely have no further impact on the Greek structured finance ratings, with the exception of the highly linked transaction noted above. Any downgrade to the bank ratings may also lead to further downgrades of highly linked structured finance transactions. Notes rated in the Ba(sf) category could potentially suffer a temporary payment disruption, but would benefit from sufficient credit enhancement to support the likely further asset performance deterioration.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The determination of the highest achievable ratings and minimum credit enhancement requirements described above complement the applicable principal methodologies for each asset class.

The principal methodology used in rating RMBS transactions was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa, published in October 2009. The principal methodology used in rating Consumer ABS transactions was Moody's Approach to Rating Consumer Loan ABS Transactions, published in July 2011. The principal methodology used in rating ABS SME transactions was Moody's Approach to Rating CDOs of SMEs in Europe, published February 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

LIST OF AFFECTED SECURITIES

ABS TRANSACTIONS

Issuer: ANAPTYXI 2006-1 PLC

....EUR1750M A Certificate, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR150M B Certificate, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

....EUR125M C Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

....EUR225M D Certificate, Downgraded to B3 (sf); previously on May 13, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Axia Finance PLC

....EUR1408.75M A Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Axia III Finance Plc

....EUR1670.1M A Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: DANEION 2007-1 PLC

....EUR1587.5M Class A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: IRIDA PLC

....EUR261.1M A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Misthosis Funding Plc

....EUR363.9M A Certificate, Downgraded to Ba1 (sf); previously on May 13, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: PRAXIS I FINANCE PLC

....EUR493M A Certificate, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Praxis II Finance Plc

....EUR379.2M A Certificate, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Synergatis Plc

....EUR1414.5M A Certificate, Downgraded to Ba1 (sf); previously on May 13, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

RMBS TRANSACTIONS

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Downgraded to Ba3 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Grifonas Finance No. 1 Plc

....EUR897.7M A Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR23.8M B Certificate, Downgraded to B2 (sf); previously on May 13, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

....EUR28.5M C Certificate, Downgraded to Caa1 (sf); previously on May 13, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: KION Mortgage Finance No. 2 Plc

....EUR522.405M A Certificate, Downgraded to Ba2 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: KION Mortgage Finance Plc

....EUR28.2M B Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR18M C Certificate, Downgraded to B2 (sf); previously on May 13, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

....EUR553.8M A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Themeleion II Mortgage Finance Plc

....EUR37.5M B Certificate, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR690M A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

....EUR22.5M C Certificate, Confirmed at B3 (sf); previously on May 13, 2011 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion III Mortgage Finance Plc S.r.I.

....EUR40M M Certificate, Downgraded to Ba2 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR20M B Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

....EUR40M C Certificate, Downgraded to Caa3 (sf); previously on May 13, 2011 B3 (sf) Placed Under Review for Possible Downgrade

....EUR900M A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Themeleion IV Mortgage Finance Plc

....EUR155.5M B Certificate, Downgraded to B1 (sf); previously on May 13, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

....EUR1352.9M A Certificate, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

....EUR46.6M C Certificate, Confirmed at B3 (sf); previously on May 13, 2011 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion Mortgage Finance PLC

....EUR32M B Notes, Downgraded to Ba3 (sf); previously on May 13, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

....EUR24.5M C Notes, Downgraded to B3 (sf); previously on May 13, 2011 B2 (sf) Placed Under Review for Possible Downgrade

....EUR693.5M A Notes, Confirmed at Ba1 (sf); previously on May 13, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of issuing a credit rating.

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page, and the rating office is available on the ratings tab of the issuer on www.moodys.com.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Ariel Weil
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Annick Poulain
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Correction to Text, June 10, 2011 Release: Moody's concludes review of Greek structured finance transactions
No Related Data.
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