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Rating Action:

Moody's Investors Service has today downgraded and placed on review for possible downgrade the ratings of notes of the two Tunisian RMBS.

25 Jan 2011

DNT 46.1 million of debt affect

Paris, January 25, 2011 -- Moody's has today downgraded and placed on review for possible downgrade the ratings of notes of the two Tunisian RMBS. Moody's provides the detailed list of today's rating actions at the end of this press release.

RATINGS RATIONALE

Today's rating actions are driven by the social instability due to the unexpected regime change in Tunisia leading to significant uncertainties on the institutional environment. Moody's downgraded the ratings of Tunisian's government bonds from Baa2 to Baa3 and changed the outlook from stable to negative on January ,19 2011 and also downgraded the ratings of "BIAT" (Banque Internationale Arabe de Tunisie),the originator in the transactions, from Baa2 to Baa3 on watch for downgrade. The recent political and social events also challenge the operational risk in the two transactions. Additionally, Moody's expects the political uncertainties to hurt the economic growth and consequently the assets' performance of the transaction.

ASSET POOL PERFORMANCE

With the cumulative losses ratio of 30 bps for FCC Biat Credimmo 1 and 65 bps for FCC BIAT Credimmo 2, the transactions performance remains in line with Moody's initial expectations . The performance has always been stable with a level of 30+ arrears steady at below 3%. However, the recent political events in Tunisia may challenge the economic environment and economic growth will suffer from the likely contraction of touristic activities. This will in turn probably lead to a deterioration of the RMBS asset performance.

OPERATIONAL RISKS AND LIQUIDITY

Moody's considered the operational risk in the transactions taking into account Moody's approaches for servicing and cash management.Thus today's rating actions reflects the weakened financial strength of BIAT, which acts in various roles in the transactions, including servicer, cash manager and management company. In its analysis, Moody's assessed the linkage of the notes to the servicer's ability to service the pools and to its credit quality. The current operational risk mitigants in place (servicer replacement and notification trigger at loss of Baa3 and monthly sweep to the issuer account) were not strong enough to maintain the Aaa.tn (sf) rating on senior notes.

In particular, the transactions could be exposed to operational risk if there was a cash manager default as no other entity would be able to pay the noteholders, regardless of the cash available to the transactions (the reserve funds provide sufficient liquidity to cover for 12 (FCC BIAT Credimmo 1) and 8 (FCC BIAT Credimmo 2) months of interest payments under the notes assuming a stressed TMM at roughly 6.3% and no principal amortization).

Some contractual provisions are also limited in the current environment. Despite the provision to transfer the issuer bank account of FCC BIAT Credimmo 2 at loss of P-2, this role will necessarily remain within a P-3 rated entity given that no Tunisian bank has currently a short-term rating above P-3 following Moody's downgrade of all Tunisian banks on January 21, 2011. This emphasizes the weak resilience of the two transactions to a systemic crisis that questions BIAT's ability to perform each of its roles.

DETAILED RATING ACTIONS

FCC BIAT-CREDIMMO 1

TND 5 Million Class P1 Downgraded from Aaa.tn (sf) to Aa2.tn (sf) and Placed Under Review for Possible Downgrade

TND 5 Million Class P1Assigned A3 (sf) and Placed Under Review for Possible Downgrade

TND 10 Million Class P2 Downgraded from Aaa.tn (sf) to Aa2.tn (sf) and Placed Under Review for Possible Downgrade

TND 10 Million Class P2 Assigned A3 (sf) and Placed Under Review for Possible Downgrade

TND 2.5 Million Class S A3.tn (sf) Placed Under Review for Possible Downgrade

TND 2.5 Million Class S Assigned Baa3 (sf) Placed Under Review for Possible Downgrade

FCC BIAT-CREDIMMO 2

TND 10.1 Million Class P1 Downgraded from Aaa.tn (sf) to Aa2.tn (sf) and Placed Under Review for Possible Downgrade

TND 10.1 Million Class P1 Assigned A3 (sf) and Placed Under Review for Possible Downgrade

TND 10.5 Million Class P2 Downgraded from Aaa.tn (sf) to Aa2.tn (sf) and Placed Under Review for Possible Downgrade

TND 10.5 Million Class P2 Assigned A3 (sf) and Placed Under Review for Possible Downgrade

TND 4 Million Class P3 Downgraded from Aaa.tn (sf) to Aa2.tn (sf) and Placed Under Review for Possible Downgrade

TND 4 Million Class P3 Assigned A3 (sf) and Placed Under Review for Possible Downgrade

TND 4 Million Class S A3.tn (sf) Placed Under Review for Possible Downgrade

TND 4 Million Class S Assigned Baa3 (sf) Placed Under Review for Possible Downgrade

Moody's will continue to monitor the situation in Tunisia and its potential impact on these transactions . The rating of all notes remain on review for possible downgrade. During the review, Moody's will focus on the exposure to BIAT and the efficiency of the structural features in place in a context of the evolving and uncertain political and economic environment.

The principal methodologies used in this action were : The Lognormal Method Applied to ABS Analysis published in September 2000, Moody's Methodology for Rating RMBS in Europe, Middle East and Africa (EMEA) published in October 2008, Moody's Approach to Rating RMBS in Emerging Securitisation Markets -- EMEA published in June 2007 and Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model published in January 2006.

Other methodologies and factors that may have been considered in the process of rating these Notes can also be found on Moody's website.

Moody's Investors Service did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".tn" for Tunisia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

REGULATORY DISCLOSURES

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

However, the credit rating action was based on limited historical data.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Paris
Elise Lemaire
Analyst
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service has today downgraded and placed on review for possible downgrade the ratings of notes of the two Tunisian RMBS.
No Related Data.
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