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Announcement:

Moody's: EMEA Consumer Loan ABS Continued To Deteriorate In March 2010

12 May 2010

EMEA Consumer Loan ABS Indices -- March 2010

Frankfurt, May 12, 2010 -- The performance of the consumer loan asset-backed securities (ABS) market in Europe, the Middle East and Africa (EMEA) continued to deteriorate in March, according to the latest indices published by Moody's Investors Service. This is mainly evidenced by Moody's gross default trend, which has displayed an increase of 69% over the past 12 months, reaching 2.6% in March 2010, up from 1.5% in March 2009. Moreover, Moody's delinquency trend increased in March 2010 to 0.9% from 0.7% in February 2010 for the 90-180 delinquencies over original balance. Moody's constant prepayment rate (CPR) trend slightly decreased during the month and currently stands at 13%.

On 7 May 2010, Moody's concluded the review of BPL Consumer S.r.l. - Series 2004, one of the three Italian transactions placed on review for possible downgrade in February 2010 and confirmed the ratings. For more information on the rating actions, please see the press release published on www.moodys.com.

Moody's Economy.com expects Eurozone gross domestic product (GDP) to grow by 0.9% in 2010 (which has been downwardly revised). Moody'sEconomy.com also forecasts a continued rise in the Eurozone unemployment rate to 10.3% in 2010. The prospect of fiscal tightening will place pressure on consumer confidence and domestic demand will remain subdued. Consumer price pressures are increasing and the flash estimate of inflation increased to 1.5% in April 2010 from negative levels as recently as October 2009.

Moody's outlook for consumer loan ABS in EMEA is negative (see the report "EMEA ABS & RMBS 2009 Review & 2010 Outlook", January 2010). Rising unemployment and the lag in performance of consumer loans to the labour market is likely to result in delinquency levels remaining elevated in 2010.

As of March 2010, the total outstanding pool balance in the EMEA consumer loan ABS market continue to decreased to EUR 33.97 billion from EUR 34.76 billion in February, which constitutes a decrease of 8.7% in past 12 months. Transactions in this market are collateralised by unsecured consumer loans originated by specialised lenders and banks to provide both funding and capital relief. The most important markets for consumer loan ABS in EMEA are Spain and Italy, representing 27% and 21% of the total market, respectively.

Moody's monthly indices are published mid-month and can be found on www.moodys.com in the Structured Finance sub-directory under the Research & Ratings tab, under the Structured Indices sub-category of Industry/Sector Research.

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF204489

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Paris
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Barbara Caboni
Senior Associate
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: EMEA Consumer Loan ABS Continued To Deteriorate In March 2010
No Related Data.
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