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Rating Action:

MOODY'S ASSIGNS PROVISIONAL RATINGS TO FRENCH RMBS ISSUED BY FRENCH RESIDENTIAL ASSET 2004-1 PLC

10 Feb 2004
MOODY'S ASSIGNS PROVISIONAL RATINGS TO FRENCH RMBS ISSUED BY FRENCH RESIDENTIAL ASSET 2004-1 PLC

Approximately EUR 245 Million of Debt Securities Affected.

Paris, February 10, 2004 -- Moody's Investors Service has assigned the following provisional ratings to the Notes issued by French Residential Asset 2004-1 PLC:

- (P)Aaa to the EUR 250,000 Class A+ Notes due 2043,

- (P)Aaa to the EUR 140,000,000 Class A Notes due 2043,

- (P)Aa2 to the EUR 49,000,000 Class B Notes due 2043,

- (P)A1 to the EUR 31,500,000 Class C Notes due 2043, and

- (P)Baa3 to the EUR 24,500,000 Class D Notes due 2043.

The First-Loss Threshold of EUR 21,014,315 is not rated by Moody's.

This transaction is the first synthetic securitisation transaction of French guarantees to residential borrowers in France and the first transaction of Originator Credit Logement. The transaction has been arranged by Societe Generale ("SocGen"). In this transaction, Credit Logement buys credit protection from the issuer on a specific reference portfolio of guarantees with a current volume of EUR 3.500,184,315. The issuer in turn hedges its share of the total exposure through the issuance of credit-linked notes.

Credit Logement is the largest provider of guarantees supporting French borrowers in the financing of residential properties in France. The guarantees have been originated to French residential borrowers by Credit Logement in the course of its mortgage loan activity and will continued to be serviced by Credit Logement.

The transaction has certain positive features and certain less favourable aspects. Positive features include: (1) Good quality of the initial reference portfolio both in terms of low weighted average Loan-to-Market-Value (LTV) of [61.5] per cent and good seasoning (weighted average 2.67 years); (2) The eligibility criteria for each individual reference loan and for the total reference portfolio; (3) The protection against losses through the first-loss threshold and the subordination of the junior notes; (4) Leading market position and experience of Credit Logement (Aa2) as originator and servicer of guarantees to French residential borrowers; (5) Strong historical performance of the portfolio of Credit Logement.

Less favourable aspects are: (1) The revolving period of five years, mitigated by the eligibility criteria and the various triggers early ending the revolving period and the substitution criteria. (2) Loans may be in arrears at the closing date as Credit Logement is currently informed after 90 days of arrears by all but one bank who reports after 150 days in arrears, mitigated by the strict underwriting and eligibility criteria and credit scoring system.

Realised losses cover losses of principal only; accrued interest, any external and internal foreclosure costs and any costs related with work-out are excluded. The structure has a revolving period of five years, subject to various triggers. Afterwards, the portfolio will amortise sequentially in order of seniority, starting with the Class A+ Notes which rank pro-rata with the Senior Credit Default Swap. The legal final maturity is in March 2043.

Moody's issues provisional ratings in advance of the final sale of securities, but these ratings represent only Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the notes. A definitive rating may differ from a provisional rating.

The Moody's ratings measures the risk on an expected loss basis that the credit protection providers will be required to make payments in respect of realised losses under the terms of the transaction. The structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date.

To obtain a copy of Moody's Pre-Sale report, please see Moody's website www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454) or Paris (+33-1-5330 1020).

Frankfurt
Detlef Scholz
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

Paris
Boudewijn Dierick
Analyst
Structured Finance Group
Moody's France S.A.
Telephone:33 1 53 30 10 73
Facsimile:33 1 42 66 32 20

No Related Data.
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