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Rating Action:

MOODY'S AFFIRMS RATINGS OF CIF ASSETS 2001-1 FOLLOWING NEW NOTES ISSUANCE

03 May 2004
MOODY'S AFFIRMS RATINGS OF CIF ASSETS 2001-1 FOLLOWING NEW NOTES ISSUANCE

Approximately EUR 5.6 Billion of Debt Securities Affected.

Paris, May 03, 2004 -- Moody's Investors Service has affirmed the Aaa and A2 ratings assigned to the Senior and Subordinated Units, respectively, issued by CIF ASSETS 2001-1 Compartment of the Fonds Commun de Creances, CIF ASSETS. The rating action follows the issuance of EUR 1,406.8 million of new units that are fungible with existing ones and Moody's reassessment of the overall adequacy of the mortgage pool, which supports all units issued as well as the credit enhancement that applies to all units issued. The total debt issued by CIF ASSETS 2001-1 now amounts to EUR 5,600.7 million, of which EUR 5,231.8 million comprise Senior Units and EUR 368.9 million are Subordinated Units.

This unit re-issuance enables ten affiliated regional lenders of the Credit Immobilier de France (CIF) group to use this senior/subordinated pass-through mortgage-backed securitisation. All nineteen regional lenders of the CIF Group have participated as sellers. The rationale of this transaction is to provide a recurring refinancing tool to the CIF group. It is expected that the new senior units of CIF ASSETS 2001-1 will be refinanced through the issuance of French mortgage bonds (Obligations Foncieres) by CIF Euromortgage, the Societe de Credit Foncier set up by Caisse Centrale du Credit Immobilier de France (3CIF). As of April 2004, new loans can only be added after confirmation of the ratings of the notes at the issuance dates of 30 April and 31 October.

Moody's ratings of all units are based on: (1) the quality and characteristics of the underlying pool of mortgage loans; (2) the level of net excess margin (approximately 1,1 per cent p.a. after units re-issuance of April 2004); (3) the subordination of the 6.59 per cent Class B Units; (4) the 1.18 per cent reserve fund; (5) the interest rate swap concluded with 3CIF (A1/P-1), intended to provide CIF ASSETS 2001-1 with a minimum margin; (6) cash flow mechanisms and early amortisation triggers; and (7) the experience of CIF in originating and servicing residential housing loans granted to low- and medium-income customers.

The ratings address the expected loss posed to investors by the legal final maturity date (April 2043). The structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date.

THE MORTGAGE LOAN POOL

The underlying pool supporting all units consists of French residential housing loans granted by nineteen regional entities of CIF to low- to medium-income borrowers and secured by first-rank mortgages, or to a limited amount, eligible guarantees. It comprises approximately 69 per cent of open market loans and 31 per cent of government-regulated loans (PAS or Prêts a l'Accession Sociale). It is mainly fixed-rate (67.6 per cent), while the percentage of floating-rate loans increased, to 32.4per cent from 22 per cent in April 2001.

The pool remained roughly similar in credit quality as it was before the contemplated pool increase. Negative features that have been reflected by Moody's in its analysis include a relatively high current loan-to-value ratio of 85.5 per cent and the low-income profile of debtors which could increase the potential vulnerability of the pool to an economic downturn. The mitigating factor is the recognised expertise of the sellers in social housing lending. In addition, Moody's noticed the following positive characteristics: (1) 94 per cent first liens on residential properties, (2) the non-speculative character of the sellers' markets (3) the absence of obligor concentration (4) high historical recovery rates on defaults and (5) the regional diversification that has been reached by including all 19 regional entities of the CIF-group.

A Moody's new issue report on CIF ASSETS 2001-1 is available on www.moodys.com. Alternatively, please call our London Client Service Desk on +44-20-7772 5454 to order a copy.

Frankfurt
Detlef Scholz
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

Paris
Boudewijn Dierick
Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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