Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
Global Credit Research - 31 Jan 2011
EMEA RMBS Indices -- November 2010
Frankfurt am Main, January 31, 2011 -- The performance of Europe, the Middle East and Africa (EMEA) prime
residential mortgage-backed securities (RMBS) have continued their
stable performance in most countries during the past six month till November
2010, according to the latest indices published by Moody's
Investors Service. Notable exceptions include Greece, South
Africa and Ireland.
The Dutch, UK and Italian prime RMBS markets continued to perform
solidly in November 2010, while the Spanish and Portuguese prime
RMBS markets showed signs of stabilising over the past six months.
Additionally, Moody's noted a slight downturn in performance
in the South African RMBS market, while the performance of the Irish
prime RMBS and Greek RMBS markets continued to turn negative.
Dutch Prime RMBS
The performance of the Dutch RMBS market remained stable in November 2010.
The 60+ day delinquency trend continued to rise moderately,
reaching 0.71% in November 2010. This trend is largely
driven by the 1997 to 2004 and 2007 vintages. As of November 2010,
the 2003 and 2004 vintages were merged into the 1997 to 2002 vintage.
Prepayment rates reached 7.27% in November 2010, having
stabilised in the six-month period prior to this. Overall
losses remained negligible at 0.05% of the total outstanding
balance. Moody's outlook for Dutch RMBS is stable.
UK Prime RMBS
The performance of the UK prime RMBS market continued its stable trend
during November 2010.
In November 2010, the 90+ day delinquency trend rose slightly
to 2% from 1.9% in the previous month. Outstanding
repossessions and cumulative losses stabilised at 0.12%
and 0.17%, respectively.
Moody's outlook for UK Prime RMBS is stable.
Italian Prime RMBS
The Italian RMBS market continued its stable performance during November
2010. Cumulative defaults remained stable in September 2010,
in particular those from older vintages such as 2000 to 2003, 2004,
2005 and 2006. Moody's believes that this reflects the greater
willingness of borrowers to pay off more seasoned mortgage loans (where
the rating agency assumes the mortgage holder has a higher proportion
of equity in their property). Moody's outlook for Italian RMBS
Spanish Prime RMBS
The performance of the Spanish prime RMBS market showed a stabilising
trend in November 2010.
Moody's index of cumulative defaults increased to 1.78%
of the original balance in November 2010, compared with 1.77%
in October 2010. The rating agency's 90+ day delinquency trend
decreased to 0.98% of the current balance down from its
October 2010 level of 1% and well below the 2.40%
peak reached in April 2009.
High levels of write-offs and arrears continue to result in the
drawdown of several reserve funds. The reserve funds of 74 transactions
(81% of the total outstanding) are currently below their target
levels and 14 have fully drawn down on their reserve funds. Ten
deals have breached the interest deferral triggers, affecting 22
tranches. Moody's has also observed that the annualised constant
prepayment rate (CPR) continues to decrease, reaching 4.01%
in November. Moody's outlook for Spanish RMBS is negative.
Portuguese Prime RMBS
The performance of the Portuguese prime RMBS market was stable in October
2010. Moody's 60+ day delinquency trend has remained
at 1.4% since July 2010. In October 2010, outstanding
defaults (360+ days overdue, up to write-off) were around
the same level as in July 2010 at 1.7%, but were still
higher than the 1.4% recorded in October 2009. Furthermore,
most Portuguese RMBS transactions benefit from a provisioning mechanism,
whereby excess spread is captured to provide for future losses on highly
delinquent loans, before the losses are actually realised.
Moody's outlook for Portuguese RMBS is negative.
South Africa RMBS
The performance of the South African RMBS market continued to deteriorate
in Q3 2010. In September 2010, the 90+ day delinquency
trend increased to 3.02% of the current balance, from
2.39% in March 2010, and from 1.77%
in September 2009. The weighted-average cumulative loss
trend rose gradually to 0.39% of original balance in September
2010, an increase of 0.12% over the past 12 months.
Moody's annualised total redemption rate (TRR) remains on a downward trend
and was 21.45% in September 2010, compared with 23.23%
a year ago.
Irish Prime RMBS
The performance of the Irish prime RMBS market continued to deteriorate
during November 2010.
The 90+ day delinquency trend increased to 5.68% from
5.38% in October 2010, while 360+ day delinquent
loans, which are used as a proxy for defaults, accounted for
1.62% of the outstanding portfolios in November, up
from 1.47% in the previous month. Moody's outlook
for UK Prime RMBS is negative. All Irish RMBS outstanding transactions
ratings are currently on review for possible downgrade.
The performance of the Greek RMBS market continued to deteriorate during
In November 2010, RMBS transactions 90+ day delinquency and
cumulative defaults continued their upward trends, having risen
steadily year on year to 1.69% from 0.66%
and to 0.69% from 0.45%, respectively.
All Greeks rated notes are currently on review for possible downgrade.
Moody's outlook for Greek RMBS is negative.
Moody's central macroeconomic scenario is for economic growth in
Europe as a whole to remain sluggish in 2011. However, the
pace of economic recovery will continue to differ among individual countries.
Indeed, economic improvement in Netherlands and UK has been stronger
than in Spain, Italy, Ireland, Portugal and Greece.
RMBS outlooks are stable in the Dutch market, as well as for UK
The rating agency expects stabilization in the Dutch and UK delinquencies
and overall performance to remain within its expectations. Unemployment
levels have already fallen in the Netherlands. Although short-term
increases may be seen over the next 18 months, Moody's expect
some improvement in each country's labour market. For example,
although the unemployment rate in the UK may rise before falling,
the rating agency does not expect the increase to be material.
RMBS outlooks are negative in all other markets. Moody's
expects delinquencies to rise in markets where unemployment is increasing,
particularly Ireland, Greece and Portugal. In Spain,
Italy, Ireland, Portugal and Greece, unemployment rates
continued to increase in 2010. In Ireland, Portugal and Greece,
the rating agency expects unemployment rates to increase for most of the
next 18 months. In Spain, where unemployment rates are highest,
Moody's expects a marginal increase in unemployment rates before
they begin to fall. The negative effect of obligors losing their
unemployment benefits will be seen. In Greece and Ireland,
Moody's expects the majority of delinquencies to be recorded among
borrowers who become unemployed, whereas in Spain, Italy and
Portugal a greater number of delinquencies will result from already unemployed
borrowers losing their existing benefits.
Moody's expects house prices in the UK and Netherlands to remain
largely unchanged for the next two years whereas in Spain they will continue
to fall in 2011.
The total outstanding pool balance of the EMEA RMBS market rated by Moody's
Investors Services stands at EUR1,008.67 million as of November
2010, and has been increasing at a slow pace since the end of 2009.
Markets such as Italy and Spain have experienced slight contractions,
whereas the Russian, Countries of Independent States (CIS) and Dutch
RMBS markets have reported year-on-year rises in their total
outstanding pool balance.
The new report entitled, "Moody's: EMEA Prime
RMBS Stabilising in Most Countries, Except Ireland,"
is now available on www.moodsycom.
NOTE TO JOURNALISTS ONLY: For more information, please call
one of our global press information hotlines: London +44-20-7772-5456,
New York +1-212-553-0376, Tokyo +813-5408-4110,
Hong Kong +852-3758-1350, Sydney +61-2-9270-8141,
Mexico City 001-888-779-5833, São Paulo
0800-891-2518, or Buenos Aires 0800-666-3506.
You can also email us at email@example.com or visit our
web site at www.moodys.com.
Frankfurt am Main
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Deutschland GmbH
Moody's: EMEA RMBS continue their stable performance in November 2010
An der Welle 5
Frankfurt am Main 60322
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.