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Announcement:

Moody's Credit Insight Newsletter Highlights Impact of Interest Rate Increase on UK Prime RMBS

Global Credit Research - 16 Nov 2010

London, 16 November 2010 -- Moody's Investors Service has just published the year-end edition of its monthly structured finance newsletter called Credit Insight, which provides Moody's up-to-the minute views of recent developments in residential mortgage-backed securities (RMBS), asset-backed securities (ABS) and covered bonds.

In the latest version, Moody's explores the likely impact of a rise in UK mortgage interest rates on mortgage arrears and the resilience of UK prime RMBS rating to such changes. According to Moody's base case scenario of a mild increase in mortgage interest rates, the rating agency does not expect mortgage arrears to increase materially in the short term. Consequently, Moody's does not expect the ratings of prime UK RMBS to be affected. In the unlikely scenario of interest rates increasing and the economy deteriorating, Moody's would expect the performance of some transactions to be affected but with little, if any, ratings impact because of sufficient credit enhancement levels.

Moody's Credit Insight newsletter also analyses the challenge to the effectiveness of post-enforcement call options (PECOs) represented by the decision taken by the UK High Court in the case of BNP Corporate Trustee Services Ltd vs. Eurosail UK 2007-3BL PLC. Specifically, Moody's examines the extent to which the ability of PECOs to achieve an equivalent effect to limited recourse provisions in structured finance transactions has been compromised. Overall, Moody's notes that UK RMBS master trusts have become a testing ground for the development of mitigants against the increased risk of balance sheet insolvency as arrangers implement various solutions to deal with the challenges to the effectiveness of PECOs. The newsletter explores a number of solutions proposed so far by arrangers.

The newsletter also provides highlights from Moody's October 2010 review of all rated Spanish ABS for small and medium-sized enterprises (SMEs). The bulk of the transactions fell within the rating agency's expectations, as measured by key performance indicators for this asset class. One of the key measures used in Moody's analysis was the new Loss Performance Indicator, which compares a proxy for losses against our expected loss assumption.

Latest developments in the UK non-conforming RMBS market and also the Italian structured finance market are highlighted.

The November/December issue of Credit Insight is now available on www.moodys.com.

* * * * *

NOTE TO JOURNALISTS ONLY: For more information please contact EMEA Press Information in London +44-20-7772-5456; New York Press Information +1-212-553-0376; Juan Pablo Soriano in Madrid +34-91-310-1454; Alex Cataldo in Milan +39-02-914-81-100; Eric de Bodard in Paris +33-1-5330-1020; Detlef Scholz in Frankfurt +49-69-707-30-700; Mardig Haladjian in Limassol +357-25-586-586; Alex Sazhin in Moscow +7-495-228-60-60; Petr Vins in Prague +4202 2422 2929; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852 3758 1350; Hector Lim in Sydney +612 9270 8102; Luiz Tess in São Paulo +5511-3043-7300; Alberto Jones Tamayo in Mexico City +5255-1253-5700; Daniel Rúas in Buenos Aires +54 11-4816-2332 ext. 105; Leon Claassen in Johannesburg +27-11-217-5470; Jehad el-Nakla in Dubai +971 4 237 9536; or visit our web site at www.moodys.com

London
Jean Dornhofer
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Nitesh Shah
Economist
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
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Moody's Credit Insight Newsletter Highlights Impact of Interest Rate Increase on UK Prime RMBS
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