MOODY'S UPGRADES 53 CLASSES OF DUTCH RMBS ISSUED BY 25 ISSUERS
Approximately Euro 1.46 Billion of Debt Securities Affected.
London, 31 January 2005 -- Moody's Investors Service has upgraded 53 Classes of Notes issued by 25
Dutch Issuers of Residential Mortgage-Backed Securities.
The classes of Notes affected are:
Arena 2001-I B.V.
- To Aa3 from A1 assigned to the Class B, EUR 32 Million
Mezzanine Notes due 2053;
- To Baa1 from Baa2 assigned to the Class C, EUR 21 Million
Junior Notes due 2053.
Arena 2002-I B.V.
- To Aa3 from A1 assigned to the EUR 43 Million Mezzanine Class
B Notes due 2054.
Delphinus 2000-I B.V.
- To Aa2 from A2 assigned to the Class B, EUR 15.0
Million Mezzanine Notes due 2032;
- To A2 from Baa2 assigned to the Class C, EUR 7.5
Million Junior Notes due 2032.
Delphinus 2000-II B.V.
- To Aa3 from A1 assigned to the EUR 42.0 Million Mezzanine
Class B Notes due 2059;
- To A3 from Baa2 assigned to the EUR 14.0 Million Junior
Class C Notes due 2059.
Dutch MBS 97-II B.V.
- To Aa3 from A3 assigned to the NLG 30 Million Class B Mortgage
Backed Securities.
Dutch MBS 98-I B.V.
- To Aa3 from A3 assigned to the NLG 27 Million Class B Mortgage
Backed Securities.
Dutch MBS 99-I B.V.
- To Aa1 from Aa3 assigned to the Class B, EUR 13.5
Million Subordinated Notes;
- To A1 from Baa1 assigned to the Class C, EUR 7.0
Million Subordinated Notes;
- To Baa1 from Ba1 assigned to the Class D, EUR 4.0
Million Subordinated Notes.
Dutch MBS 99-II B.V.
- To Aa3 from A3 assigned to the Class B, EUR 14.0
Million Subordinated Notes;
- To A2 from Baa2 assigned to the Class C, EUR 7.5
Million Subordinated Notes;
- To Baa2 from Ba2 assigned to the Class D, EUR 4.0
Million Subordinated Notes.
Dutch MBS 99-III B.V.
- To Aa2 from A1 assigned to the Class B, EUR 10.5
Million Subordinated Notes;
- To A2 from Baa2 assigned to the Class C, EUR 3.0
Million Subordinated Notes;
- To Baa1 from Ba1 assigned to the Class D, EUR 3.0
Million Subordinated (Floating Rate) Notes.
Dutch MBS 00-I B.V.
- To Aa1 from A1 assigned to the Class B, EUR 38.0
Million Subordinated Notes due 2076;
- To A2 from Baa2 assigned to the Class C, EUR 14.5
Million Subordinated Notes due 2076;
- To Baa3 from Ba2 assigned to the Class D, EUR 11.5
Million Subordinated Notes due 2076.
Dutch MBS 01-I B.V.
- To Aa3 from A2 assigned to the Class B, Euro 20.0
million Subordinated Notes due 2073;
- To A3 from Baa2 assigned to the Class C, Euro 7.5
million Subordinated Notes due 2073;
- To Baa3 from Ba1 assigned to the Class D, Euro 2.0
million Subordinated Notes due 2073.
Dutch MBS IX B.V.
- To Aa1 from A1 assigned to the EUR 48.5 million Class
B Mortgage Backed Floating Rate Notes due 2077;
- To A1 from Baa1 assigned to the EUR 19 million Class C Mortgage
Backed Floating Rate Notes due 2077;
- To Baa2 from Baa3 assigned to the EUR 11.5 million Class
D Mortgage Backed Floating Rate Notes due 2077.
Dutch Mortgage Portfolio Loans I B.V. (DMPL 1)
- To Aa1 from A1 assigned to the Class B, Euro 35 Million
Mezzanine Notes due 2034;
- To A2 from Baa2 assigned to the Class C, Euro 20 Million
Junior Notes due 2034.
European Mortgage Securities IV B.V. (EMS 4)
- To A1 from A2 assigned to the EUR 352.0 Million Mezzanine
Class B Notes due 2035;
- To Baa1 from Baa2 assigned to the EUR 151.0 Million Subordinated
Class C Notes due 2035.
Holland Euro-Denominated Mortgage-Backed Series (Hermes)
I B.V.
- To Aa2 from A2 assigned to the Class B, EUR 18.5
Million Subordinated Notes;
- To A2 from Baa2 assigned to the Class C, EUR 10.5
Million Subordinated Notes.
Holland Euro-Denominated Mortgage-Backed Series (Hermes)
II B.V.
- To Aa2 from A1 assigned to the Class B, Euro 28 Million
Mezzanine Notes due 2012;
- To A1 from Baa1 assigned to the Class C, Euro 16 Million
Junior Notes due 2012.
Holland Euro-Denominated Mortgage-Backed Series (Hermes)
III B.V.
- To Aa2 from A1 assigned to the EUR 50.0 Million Mezzanine
Class B Notes due 2033;
- To A2 from Baa1 assigned to the EUR 18.5 Million Junior
Class C Notes due 2033.
Holland Euro-Denominated Mortgage-Backed Series (Hermes)
IV B.V.
- To Aa2 from A1 assigned to the EUR 45.0 Million Mezzanine
Class B Notes due 2033;
- To A2 from Baa1 assigned to the EUR 14.0 Million Junior
Class C Notes due 2033.
Holland Euro-Denominated Mortgage-Backed Series (Hermes)
V B.V.
- To Aa3 from A1 assigned to the EUR 62.5 Million Mezzanine
Class B Notes due 2034;
- To A3 from Baa1 assigned to the EUR 17.5 Million Junior
Class C Notes due 2034.
Holland Homes MBS 2000-I B.V.
- To Aa2 from A1 assigned to the Class B, EUR 11.0
Million Mezzanine Notes due 2030;
- To A2 from Baa2 assigned to the Class C, EUR 4.5
Million Junior Notes due 2030.
Match I (2002-1) B.V.
- To A1 from A2 assigned to the EUR 13.5 Million Mezzanine
Class B Notes due 2034;
- To Baa1 from Baa2 assigned to the EUR 3.0 Million Subordinated
Class C Notes due 2034.
SAECURE 2000-I B.V.
- To Aa2 from A1 assigned to the Euro 25.5 million Mezzanine
Class B Notes due 2077;
- To A1 from Baa1 assigned to the Euro 10.5 million Junior
Class C Notes due 2077;
- To Baa2 from Ba1 assigned to the Euro 8.0 million Subordinated
Class D Notes due 2077.
Stichting Eleven Cities No.1
- To A1 from A2 assigned to the EUR 13.5 Million Mezzanine
Class B Notes due 2062;
- To Baa1 from Baa2 assigned to the EUR 3.5 Million Subordinated
Class C Notes due 2062.
STReAM I B.V.
- To Aa3 from A1 assigned to the EUR 61.5 Million Floating
Rate Mezzanine Class B Mortgage-Backed Notes 2001 Due 2086;
- To Aa3 from A3 assigned to the EUR 17.5 Million Floating
Rate Junior Class C Mortgage-Backed Notes 2001 Due 2086.
SwAFE I B.V.
- To Aa3 from A2 assigned to the EUR 23.5 Million Mezzanine
Class B Notes due 2079.
These rating actions are prompted by better than anticipated collateral
performance, the increased credit enhancement and the strength of
the Dutch housing market since the portfolios were originated.
Despite the more difficult current economic environment in the Netherlands,
the mortgage pools have performed above expectations with low delinquencies
and negligible losses. Some upgrades of tranches were also triggered
by the increased credit enhancement due to amortisation of the mortgage
pool.
Moody's provides individual performance reports for all Dutch RMBS
transactions it rates. In addition, Moody's publishes
quarterly performance reports in order to provide comparisons between
transactions. To review the performance reports or to find the
quarterly performance reports published for the Dutch market, please
see Moody's web site at www.moodys.com or contact our Client
Service Desk on +44-20-7772 5454.
Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
London
Sandra Dirkx-Westerhof
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454