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Rating Action:

MOODY'S ASSIGNS PROSPECTIVE RATINGS TO RESIDENTIAL MORTGAGE SECURITIES 16 PLC

10 Sep 2003
MOODY'S ASSIGNS PROSPECTIVE RATINGS TO RESIDENTIAL MORTGAGE SECURITIES 16 PLC

Approximately GBP 650 Million of Debt Securities Affected.

London, 10 September 2003 -- Moody's Investors Service has assigned prospective credit ratings to the following classes of Notes issued by Residential Mortgage Securities 16 Plc:

- (P)P-1 to the Class A1 Notes with Class A Ordinary Coupons due [2004],

- (P)P-1 to the Class A1 Detachable Coupons due [2004],

- (P)Aaa to the Class A1R Notes with Class A Ordinary Coupons due [2026],

- (P)Aaa to the Class A1R Detachable Coupons due [2008],

- (P)Aaa to the Class A2a Notes with Class A Ordinary Coupons due [2036],

- (P)Aaa to the Class A2a Detachable Coupons due [2008]

- (P)Aaa to the Class A2b Notes with Class A Ordinary Coupons due [2036],

- (P)Aaa to the Class A2b Detachable Coupons due [2008]

- (P)Aaa to the Class A2c Notes with Class A Ordinary Coupons due [2036],

- (P)Aaa to the Class A2c Detachable Coupons due [2008], and

- (P)Aaa to the Mortgage Early Redemption Certificates, due [2036].

Moody's has not rated the Class M1, Class M2, or the Class B Notes. It is anticipated that the Class A1, A2b, M1b, M2b and B1b Notes will be issued in U.S. Dollars. The Class A1R, A2a, M1a, M2a and B1a Notes will be issued in British Pound Sterling. The Class A2c, M1c, M2c and B1c Notes will be issued in Euros.

This transaction represents the sixteenth securitization (not including two tap issues) of non-conforming and impaired credit loans originated by entities that trade under the name of "Kensington Mortgage Company." The ratings of the Class A Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue.

Like RMS 11 through RMS 15, this transaction includes a short maturity Class A1 Notes that will mature on the Interest Payment Date falling in September 2004. The Class A1R Notes will provide for redemption in full of the Class A1 Notes still outstanding on the same date. A suitably rated counterparty will subscribe for the Class A1R Notes (including the A1R I/O) under the terms of the Class A1R Note Purchase Agreement. After part redemption of the Class A1 Notes, the amount outstanding on the Class A1R Notes will equal an amount that would have been the principal amount outstanding of the Class A1 Notes, but for the application of the payment made by the A1R Note Purchaser under the A1R Note Purchase Agreement.

The Class A Detachable Coupons ("I/O") do not receive any payments of principal, and earn interest at a certain rate calculated on the outstanding balance of the Class A Notes. The rating of the I/O addresses the Issuer's ability to make the promised payment of interest. However, it does not address the size of balance used to calculate the amount due.

The Mortgage Early Redemption Certificates ("MERC") are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The Aaa rating on the MERC's addresses the likelihood of receipt by MERC holders of such amounts if they are received by the Issuer. It assumes, without any independent investigation, (i) that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable, and (ii) that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates.

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. Moody's rating on the Notes relates to the timely payment of interest and ultimate payment of principal.

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.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

London
Barbara Rismondo
Senior Associate
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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