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07 Mar 2006
MOODY'S ASSIGNS PROVISIONAL RATINGS TO SECURITIES ISSUED BY RMAC SECURITIES NO.1 PLC - SERIES 2006 NS-1
Approximately GBP 1 Billion of Debt Securities Affected
London, 07 March 2006 -- Moody's Investors Service has assigned provisional credit ratings to the
following classes of Notes to be issued by RMAC SECURITIES No.1
Plc - Series 2006 NS-1:
- (P)Aaa to the Class A1 Mortgage Backed Floating Rate Notes due
- (P)Aaa to the Class A2 Mortgage Backed Floating Rate Notes due
- (P)Aa3 to the Class M1 Mortgage Backed Floating Rate Notes due
- (P)A3 to the Class M2 Mortgage Backed Floating Rate Notes due
- (P)Baa3 to the Class B1 Mortgage Backed Floating Rate Notes due
The Class A1, Class A2, Class M1, Class M2 and Class
B1 Notes may be issued in GBP, USD and Euro as applicable.
The Notes are backed by a portfolio of first lien mortgage loans secured
on residential properties in England, Scotland, Northern Ireland
and Wales, mainly originated by GMAC-RFC Limited -
the UK operation of GMAC Residential Funding Corporation. The asset
pool is comprised of traditional non-conforming and impaired-credit
assets. This is the 22nd publicly rated securitisation by GMAC-RFC
in the UK mortgage backed securitisation market and the first one in 2006.
The Issuer, RMAC Securities No.1 Plc, is a multi-issuance
vehicle and this transaction represents the first series to be issued
under its MTN Programme.
Credit enhancement for this transaction is in the form of a reserve fund
[1.65%] fully funded at closing, excess spread
and the subordination of the Class M1 [5.88%],
M2 [3.10%] and B1 [3.50%] Notes
to the Class A1 and A2 Notes [respectively 32.45%,
The notes will amortise sequentially starting with the Class A Notes but
they will then start to redeem pro rata with the Class M and B Notes if
certain conditions are satisfied. Prior to enforcement, principal
payments on the Class A1 Notes will rank senior to payments of principal
on the Class A2 Notes. However interest payments on the Class A1
and Class A2 Notes will be paid on a pro-rata and pari passu basis.
Strengths of the transaction include: (1) the Reserve Fund fully-funded
at closing; (2) the strong performance of the previous transactions
originated by GMAC-RFC; (3) the credit and liquidity protection
available from credit enhancement against defaults and arrears in the
mortgage pool; (4) the legal and structural integrity of the issue;
(5) the discount reserve available to ease margin compression due to discount
loans and (6) the appointment of an established UK mortgage administrator
as delegated servicer and back-up servicer.
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 at www.moodys.com
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 France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.