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17 May 2006
MOODY'S ASSIGNS A DEFINITIVE RATING TO DUTCH RMBS ISSUED BY E-MAC NL 2006-NHG I B.V.
Euro 600 Million of Debt Securities Affected.
London, 17 May 2006 -- Moody's Investors Service has assigned a long-term rating to one
class of Notes issued by E-MAC NL 2006-NHG I B.V.
The rating assigned is as follows:
- Aaa to Class A, EUR 600 Million Senior Class A Mortgage-Backed
Notes 2006 due 2039.
Moody's has not assigned a rating to the EUR 5.4 Million Subordinated
Class B Notes.
This transaction represents the ninth securitisation of Dutch residential
mortgage loans sold by GMAC RFC Nederland B.V.. All
the loans in the underlying portfolio benefit of a NHG-guarantee
provided by Stichting WEW, a foundation mortgage guarantee fund
for home ownership in the Netherlands supported by the Dutch government.
The transaction is serviced by GMAC RFC Nederland B.V. that
deligates certain duties to Quion Groep N.V. and STATER
The transaction benefits from four swaps with ABN AMRO, London Branch
to hedge interest rate risk over the entire term of the transaction and
from the existence of amortising Reserve Fund, which is funded by
the Class B Notes at closing at 0.9 per cent of the initial note
balance. Approximately EUR 272 Million of the Note issuance proceeds
at the closing date will be subsequently applied in purchasing pre-funded
loans from the originator. The pre-funded loans will be
subject to Moody's prior review and confirmation of the ratings.
Any amounts that are retained for pre-funding will, to the
extent not applied in the purchase of further loans, be applied
to the redemption of the Notes in October 2006. The confirmation
of the Notes by Moody's on the prefunding dates is depending on
several conditions including the available excess spread in the transaction.
The legal structure of this transaction differs from some other Dutch
RMBS transactions in that it will use the Dutch notification law whereby
the perfection of the legal title has been achieved through the registration
of a Deed of Assignment with the Dutch tax authorities. Furthermore
the Notes may amortise pro rata, provided certain triggers have
not been breached and that each class of Notes maintains at least two
times the percentage of rated Notes subordination at closing.
The rating addresses the expected loss posed to investors by the legal
final maturity. In Moody's opinion, the structure allows
for the timely payment of interest on the Class A Notes and ultimate payment
of principal by the legal final maturity.
Moody's ratings are subject to revision, suspension or withdrawal
at any time at our absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold securities.
To obtain a copy of the New Issue Report please contact Moody's Client
Service Desk in London at +44 (0) 20 7772 5454 or visit our website
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
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Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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