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Rating Action:

MOODY'S ASSIGNS PROSPECTIVE RATINGS TO DEBT ISSUANCE OF SOUTHERN PACIFIC SECURITIES C PLC

22 Oct 2001
MOODY'S ASSIGNS PROSPECTIVE RATINGS TO DEBT ISSUANCE OF SOUTHERN PACIFIC SECURITIES C PLC

Approximately GBP 350 Million of Debt Securities Affected

London, 22 October 2001 -- Moody's Investors Service has assigned prospective credit ratings to the following classes of Notes issued by Southern Pacific Securities C plc as follows:

- P(Aaa) to the GBP [301,525,000] Class A FRN with Class A Ordinary Coupons due October 2039;

- P(A1) to the GBP [28,350,000] Class M FRN with Class M Ordinary Coupons due October 2039;

- P(Baa2) to the GBP [20,125,000] Class B FRN with Class B Ordinary Coupons due October 2039; and

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

Moody's issues prospective ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinions regarding the transaction only. Upon a conclusive review of the final version of all the documents and legal opinions, Moody's will endeavour to assign a definitive rating to the Notes. A definitive rating may differ from a prospective rating.

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 prospective 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 prospective 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% 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.
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