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13 Mar 2006
MOODY'S ASSIGNS PROVISIONAL RATINGS TO SECURITIES ISSUED BY NEWGATE FUNDING PLC: SERIES 2006 - I
Approximately GBP 575 Million of Debt Securities Affected
London, 13 March 2006 -- Moody's Investors Service has assigned provisional credit ratings to the
following classes of Notes to be issued by Newgate Funding plc:
(P)Aaa to the GBP 186,900,000 Class A1 due December 2050;
(P) Aaa to the GBP 100,000,000 Class A2 due December 2050;
(P) Aaa to the GBP 69,150,000 Class A3 due December 2050;
(P) Aaa to the GBP 135,000,000 Class A4 due December 2050;
(P) Aaa to the GBP Class A Detachable Coupons due March 2009;
(P)Aa1 to the GBP 14,400,000 Class M due December 2050;
(P) Aa3 to the GBP 33,800,000 Class B due December 2050;
(P) A3 to the GBP 16,950,000 Class C due December 2050;
(P) Baa3 to the GBP 16,200,000 Class D due December 2050;and
(P) Ba2 to the GBP 2,600,000 Class E due December 2050;
The Class T and Class Q are not rated by Moody's.
Investors in the Class A Detachable Coupons ("DAC") do not receive any
payments of principal, and will be paid interest at a rate of [0.75]%
for quarters 1 to 4, increasing to [1.00]% in
quarters 5 to 8 and futher increasing to [1.25]% in
quarters 9 to 12 ,calculated on the sterling equivalent of the outstanding
balance of the Class A1, A2, A3 and A4 Notes.
The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust. The Issuer is a multi-issuance vehicle
and this transaction represents the first series to be issued under its
MTN style Programme.
The Issuer will fund the purchase price of the series mortgage portfolio
using the proceeds of the Notes. A portion of the proceeds of the
DAC notes and the series residual notes (Class T and Class Q) will be
used to fund the balance of the reserve fund, the discount reserve
fund, costs and the expenses associated with issuing the Notes.
This transaction is the eighth securitisation of non-conforming
and impaired credit mortgage loans originated by entities belonging to
the Mortgages Group trading under the name of "Mortgages PLC".
As in the prior Mortgages plc securisation, the assets supporting
the Notes are sub-prime and non-conforming first residential
mortgage loans originated by entities trading under the name of Mortgages
PLC and secured on residential properties in England, Wales,
Northern Ireland and Scotland. A part of underlying loan portfolio
(40%) consists of loans to borrowers classified by the originator
as "near prime" or "near prime plus", with stricter criteria for
adverse credit compared to non-conforming mortgage loans.
Mortgages PLC will be responsible for the day-to-day servicing
of the loans, handling arrears cases and approving further advances
and product conversions.
The ratings of the 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, the legal and structural integrity of the transaction.
The credit enhancement available in the deal is provided in the form of
excess spread, collateralised discount margin reserved, fully
funded reserve fund ([1.15]% of original note balance,
and subordination of the Class M, B, C, D and E Notes.
Subject to certain conditions being met, the reserve fund may amortise
up to a floor of [0.55%] of the original note balance.
A notable structural feature different to last Mortgages Plc is that a
discount cash reserve is available funded at closing to mitigate the reduced
interest rate on discounted loans in the first 6 quarters of the transaction.
A fixed cash amount will be withdrawn from the Discounted Margin Reserve
Ledger on each of the first five Interest Payment Dates and will flow
through the revenue waterfall as available revenue funds.
The Issuer has entered into an cap agreement to largely mitigate the potential
variations between mortgage loan LIBOR and the loans in the pool that
carry fixed rates of interest rate. The cap agreement has a strike
rate of 4.80% which covers 96% of the fixed rate
loans with an amortising notional during the period from the first Interest
Payment Date until the fixed rate mortgage loans roll off.
The ratings address the expected loss posed to investors by the legal
final maturity. In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal at par
on or before the rated final legal maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have
a significant effect on yield to investors.
Moody's issues provisional 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 provisional rating.
Moody's Pre-Sale Report is available for this transaction.
To obtain a copy either visit Moody's website or contact Moody's London
client service desk at +44-20-7772-5454.
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2020 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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