MOODY'S UPGRADES FORTY-NINE TRANCHES OF UK RMBS ISSUED VIA THE GRANITE MASTER TRUST PROGRAMME
GBP 1.389 Billion of Outstanding Debt Securities Affected.
London, 04 January 2006 -- Moody's Investors Service has upgraded forty-nine tranches of RMBS
Notes issued via the Granite Master Trust Programme. These rating
actions were prompted by (i) the paydown of existing Notes which combined
with the non amortising individual Issuer Reserve Funds means that there
is increased credit enhancement in percentage terms as compared with closing;
and (ii) the current dynamics of Funding, Funding 2 and Seller share
within the trust. Despite the economic environment in the UK entering
a slightly more challenging phase, with house price growth slowing,
the mortgage pool continues to perform within expectations with low delinquencies
and lower than expected losses.
Moody's provides individual performance reports for all UK 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 UK market, please see Moody's web site at www.moodys.com
or contact our Client Service Desk on +44-20-7772 5454.
The rating actions taken were:
GRANITE MORTGAGES 01-1 PLC
- To Aa2 from Aa3 assigned to the USD 50 million Series 1 Class
B Notes due 2041;
- To Baa1 from Baa2 assigned to the USD 67.5 million Series
1 Class C Notes due 2041;
- To Aa1 from Aa3 assigned to the GBP 10 million Series 2 Class
B Notes due 2041; and
- To A3 from Baa2 assigned to the GBP 15 million Series 2 Class
C Notes due 2041.
GRANITE MORTGAGES 01-2 PLC
- To Aa1 from Aa3 assigned to the USD 43.5 million Series
1 Class B Mortgage Backed Floating Rate Notes due 2041;
- To Baa1 from Baa2 assigned to the USD 58 million Series 1 Class
C Mortgage Backed Floating Rate Notes due 2041;
- To Aa1 from Aa3 assigned to the GBP 15 million Series 2 Class
B Mortgage Backed Floating Rate Notes due 2041;
- To Baa1 from Baa2 assigned to the GBP 20 million Series 2 Class
C Mortgage Backed Floating Rate Notes due 2041; and
- To Baa3 from Ba2 assigned to the GBP 10 million Series 2 Class
D Mortgage Backed Floating Rate Notes due 2041.
GRANITE MORTGAGES 02-1 PLC
- To Aa2 from Aa3 assigned to the USD 69.7 million Series
1 Class B Notes due 2042;
- To Aa1 from Aa3 assigned to the GBP 16.2 million Series
2 Class B Notes due 2042;
- To Baa1 from Baa2 assigned to the GBP 22.5 million Series
2 Class C Notes due 2042;
- To Baa3 from Ba2 assigned to the GBP 15 million Series 2 Class
D Notes due 2042;
- To Aa1 from Aa3 assigned to the EUR 21.1 million Series
3 Class B Notes due 2042; and
- To Baa1 from Baa2 assigned to the EUR 29.3 million Series
3 Class C Notes due 2042.
GRANITE MORTGAGES 02-2 PLC
- To Aa2 from Aa3 assigned to the USD 60 million Series 1 Class
B Notes due 2043;
- To Aa2 from Aa3 assigned to the EUR 41 million Series 2 Class
B Notes due 2043;
- To Aa1 from Aa3 assigned to the GBP 25 million Series 3 Class
B Notes due 2043; and
- To A3 from Baa2 assigned to the GBP 33 million Series 3 Class
C Notes due 2043.
GRANITE MORTGAGES 03-1 PLC
- To Aa2 from Aa3 assigned to the USD 42 million Series 1 Class
B Notes due 2043;
- To Aa2 from Aa3 assigned to the EUR 62 million Series 2 Class
B Notes due 2043; and
- To Aa2 from Aa3 assigned to the GBP 31 million Series 3 Class
B Notes due 2043.
GRANITE MORTGAGES 03-2 PLC
- To Aa1 from Aa3 assigned to the USD 76.5 million Series
1 Class B Notes due 2043;
- To Aa1 from Aa3 assigned to the EUR 72.9 million Series
2 Class B Notes due 2043;
- To Aa3 from A2 assigned to the EUR 52.3 million Series
2 Class M Notes due 2043; and
- To Baa1 from Baa2 assigned to the GBP 15 million Series 3 Class
C Notes due 2043.
GRANITE MORTGAGES 03-3 PLC
- To Aa1 from Aa3 assigned to the USD 72 million Series 1 Class
B Notes due 2044;
- To Aa3 from A2 assigned to the USD 27 million Series 1 Class
M Notes due 2044;
- To Aa1 from Aa3 assigned to the EUR 23 million Series 2 Class
B Notes due 2044;
- To Aa3 from A2 assigned to the EUR 7.5 million Series
2 Class M Notes due 2044;
- To Aa1 from Aa3 assigned to the GBP 28.5 million Series
3 Class B Notes due 2044; and
- To Aa3 from A2 assigned to the GBP 11.5 million Series
3 Class M Notes due 2044.
GRANITE MORTGAGES 04-1 PLC
- To Aa2 from Aa3 assigned to the USD 52 million Series 1 Class
B Notes due 2044;
- To Aa3 from A2 assigned to the USD 72 million Series 1 Class
M Notes due 2044;
- To A2 from Baa2 assigned to the USD 108 million Series 1 Class
C Notes due 2044;
- To Aa2 from Aa3 assigned to the EUR 91 million Series 2 Class
B Notes due 2044;
- To A1 from A2 assigned to the EUR 45 million Series 2 Class M
Notes due 2044;
- To Baa1 from Baa2 assigned to the EUR 60 million Series 2 Class
C Notes due 2044;
- To Aa2 from Aa3 assigned to the GBP 23 million Series 3 Class
B Notes due 2044;
- To A1 from A2 assigned to the GBP 10 million Series 3 Class M
Notes due 2044; and
- To Baa1 from Baa2 assigned to the GBP 20 million Series 3 Class
C Notes due 2044.
GRANITE MORTGAGES 04-2 PLC
- To Aa2 from Aa3 assigned to the USD 40 million Series 1 Class
B Notes due 2044;
- To A1 from A2 assigned to the USD 33 million Series 1 Class M
Notes due 2044;
- To A3 from Baa2 assigned to the USD 73 million Series 1 Class
C Notes due 2044; and
- To Aa2 from Aa3 assigned to the GBP 39 million Series 3 Class
B Notes due 2044.
GRANITE MORTGAGES 04-3 PLC
- To Aa1 from Aa3 assigned to the EUR 74.4 million Series
2 Class B Notes due 2044;
- To Aa3 from A2 assigned to the EUR 57.9 million Series
2 Class M Notes due 2044;
- To Aa1 from Aa3 assigned to the GBP 54.35 million Series
3 Class B Notes due 2044; and
- To Aa3 from A2 assigned to the GBP 42.25 million Series
3 Class M Notes due 2044.
All other ratings of Notes issued by the Issuer listed above are unchanged.
Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
London
Jonathan Livingstone
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454