Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Está por salir del sitio local de España y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATINGS TO RMBS ISSUANCE BY SOUTHERN PACIFIC SECURITIES C PLC

20 Nov 2001
MOODY'S ASSIGNS DEFINITIVE RATINGS TO RMBS ISSUANCE BY SOUTHERN PACIFIC SECURITIES C PLC

GBP 350 Million of Debt Securities Affected.

London, 20 November 2001 -- Moody's Investors Service has assigned definitive long term credit ratings to the following classes of Notes issued by Southern Pacific Securities C plc:

- Aaa to the GBP 301,530,000 Class A FRN with Class A Ordinary Coupons due October 2039;

- A1 to the GBP 28,350,000 Class M FRN with Class M Ordinary Coupons due October 2039;

- Baa2 to the GBP 20,120,000 Class B FRN with Class B Ordinary Coupons due October 2039; and

- Aaa to the Class A Detachable Coupons due October 2004.

Moody's assigned prospective ratings to these Notes on 22nd October 2001.

This transaction represents the second securitisation of non-conforming and impaired credit loans originated by Southern Pacific Mortgage Limited and Southern Pacific Personal Loans Limited. The ratings of the Class A, Class M and Class B Notes (together "the Notes") are primarily based on an assessment of: (1) An analysis of the first and subsequent ranking residential mortgage loans backing the Notes; (2) The protection that the Notes receive from credit enhancement against defaults and arrears in the pool; (3) The legal and structural integrity of the issue; (4) The liquidity facility provided by Barclays Bank PLC (Aa1, Prime-1); and (5) The role of Lehman Brothers Special Financing Inc. as basis swap rate provider.

The ratings of the Class A Notes, the Class M Notes and the Class B Notes (excluding, for avoidance of doubt, the Class A I/O Detachable Coupons) address the timely payment of interest, and ultimate payment of principal. Investors in the I/O do not receive any payments of principal, and will be paid interest at a rate of 2 per cent calculated on the outstanding balance of the Class A Notes. The rating of the I/O addresses the Issuer's ability to pay the interest due, but it does not address the size of the balance used to calculate such payments.

Moody's will monitor the transaction on an ongoing basis to ensure that it continues to perform in line with expectations, including checking all supporting ratings and conducting periodic servicing reports. Moody's Pre-Sale Report is available for this transaction. To obtain a copy either visit Moody's website at www.moodys.com or contact Moody's London client service desk at +44-20-7772-5454.

London
Detlef Scholz
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
44 20 7772 5454

London
Lisa Macedo
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
44 20 7772 5454

No Related Data.