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Announcement:

Moody's: UK RMBS Unaffected by Self-Employed Borrowers' Exposure to UK Economic Weakness

29 May 2013

London, 29 May 2013 -- Self-employed borrowers' exposure to current UK economic weakness will not have a significant impact on the creditworthiness of UK residential mortgage-backed securities (RMBS) deals since over three quarters of RMBS loans are made to employed borrowers, says Moody's Investors Service in a Special Comment report published today. In addition to their exposure to current UK economic weakness, self-employed borrowers remain particularly at risk from a potential rise in interest rates because of the higher concentrations of interest-only loans among this group.

The new report, entitled "UK RMBS Unaffected by Self-Employed Homeowners' Exposure to UK Economic Weakness", is now available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release.

"Despite these pressures, however, lower loan-to-value ratios among self-employed borrowers and the greater proportion of them living in the South of England, where the housing market and economy have been stronger, will lessen the impact of the current economic weakness," says Jonathan Livingstone, a Moody's Vice President -- Senior Analyst and author of the report.

In Moody's view, self-employed borrowers will remain more at risk of default than employed borrowers with the UK economy currently flat-lining and significant growth not expected until 2014. Self-employed borrowers are more at risk of suffering a drop in income than an employed borrower as they do not benefit from a regular salary to cushion them from the weak economy. The UK economy has experienced very little growth over the past 18 months with GDP 0.4% higher in Q1 2013 compared with Q3 2011.

Moody's notes that the impact of self-employed borrowers on rated RMBS deals will be limited as over three quarters of loans have been advanced to employed borrowers. Additionally, the rating agency has a stable collateral performance outlook for UK Prime RMBS as a result of the low interest rate environment and tight housing supply. However, Moody's sees some downside risk should a triple dip recession materialise. Such a downturn would lead to further austerity measures, which would cause problems for some borrowers who have until now been able to stay current with their mortgage payments.

Whilst not anticipated, interest rate rises could lead to back-end losses for self-employed borrowers. Levels of interest-only loans are higher for self-employed borrowers with 62.4% of loans being non-repayment (compared with 45.5% for employed borrowers), reflecting the more stretched affordability of such borrowers. This higher level of interest-only loans amongst self-employed borrowers may lead to a higher proportion of back-end losses in the rating agency's adverse scenario, in which there are significant interest rate increases.

Subscribers can access this report via this link http://www.moodys.com/research/UK-RMBS-Unaffected-by-Self-Employed-Homeowners-Exposure-to-UK--PBS_SF329681

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 protected] or visit our web site at www.moodys.com.

Jonathan Livingstone
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Annabel Schaafsma
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
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United Kingdom
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SUBSCRIBERS: 44 20 7772 5454

Moody's: UK RMBS Unaffected by Self-Employed Borrowers' Exposure to UK Economic Weakness
No Related Data.
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