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Rating Action:

Moody's Upgrades Multiple Classes of Structured Settlement Securitizations

13 Jul 2017

Approximately $111.2 million of asset-backed securities affected

New York, July 13, 2017 -- Moody's Investors Service has upgraded nine tranches from nine structured settlement securitizations. The securitizations are collateralized by pools of structured settlement and annuity payments.

The complete rating actions are as follows:

Issuer: 321 Henderson Receivables I LLC, Series 2003-A

Ser. 2003-A, Upgraded to Aaa (sf); previously on Oct 29, 2015 Upgraded to Aa1 (sf)

Issuer: 321 Henderson Receivables V LLC, Series 2008-3

Class A-2 Fixed Rate Asset Backed Notes, Upgraded to Aa1 (sf); previously on Dec 30, 2008 Assigned Aa2 (sf)

Issuer: 321 Henderson Receivables VI LLC, Series 2010-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jul 23, 2014 Upgraded to Aa2 (sf)

Issuer: J.G. Wentworth XXI LLC, Series 2010-2

Class B Notes, Upgraded to Aa1 (sf); previously on Jul 23, 2014 Upgraded to Aa2 (sf)

Issuer: J.G. Wentworth XXII, LLC, Series 2010-3

Cl. B, Upgraded to Aa1 (sf); previously on Oct 29, 2015 Upgraded to Aa2 (sf)

Issuer: JGWPT XXIX LLC, Series 2013-2

Class B, Upgraded to Baa1 (sf); previously on Jul 30, 2013 Definitive Rating Assigned Baa2 (sf)

Issuer: JGWPT XXVI LLC, Series 2012-2

Class B, Upgraded to A3 (sf); previously on Dec 3, 2015 Upgraded to Baa1 (sf)

Issuer: JGWPT XXVII LLC, Series 2012-3

Class B, Upgraded to A3 (sf); previously on Nov 19, 2012 Definitive Rating Assigned Baa2 (sf)

Issuer: JGWPT XXVIII LLC, Series 2013-1

Class B, Upgraded to A3 (sf); previously on Mar 21, 2013 Definitive Rating Assigned Baa2 (sf)

RATINGS RATIONALE

Today's rating actions on the 2008-3, 2010-1, 2010-2, and 2010-3 transactions were prompted by increases in credit enhancement for the notes. Since Moody's last took rating actions on these notes, the credit enhancement for the Class B notes of the 2010-1, 2010-2, and 2010-3 transactions has increased by approximately 7, 7, and 5 percentage points, respectively, as of the June 2017 distribution date. Additionally, as of the June 2017 distribution date, credit enhancement on the Class A-2 notes from the 2008-3 transaction has increased by almost 7 percentage points since closing.

Today's rating actions on the 2012-2, 2012-3, 2013-1, and 2013-2 transactions were prompted by the Class B notes having begun to receive, or approaching the dates when they will begin to receive, principal payments. Additionally, as of the June 2017 distribution date, credit enhancement for the Class B notes has increased by between 1 and 3 percentage points since closing. The Class B notes from Series 2012-2, 2012-3, and 2013-1 began receiving principal payments at the payment dates occurring in August 2016, December 2016, and April 2017, respectively. The Class B notes from Series 2013-2 will begin receiving principal at the payment date occurring in August 2017.

Today's rating action on the 2003-A transaction was prompted by increased credit enhancement. As of the June 2017 distribution date, credit enhancement to the Series 2003-A note has increased nearly 18 percentage points to 64.1% of the collateral balance, including a 5.8% reserve account, since Moody's last upgraded the note in October 2015. The upgrade reflects that the risk from non-court ordered receivables, which comprised 6.7% of the Series 2003-A collateral as of closing, is mitigated by the current high level of credit enhancement that exceeds the closing date amount of such receivables. Non-court ordered receivables have a higher diversion risk than court ordered receivables and, therefore, a higher risk of default.

Moody's notes that Series 2003-A is wrapped by MBIA Insurance Corp. (Caa1, developing outlook) and the current rating reflects Moody's policy of rating to the higher of the financial guarantor rating and the underlying rating.

The principal methodology used in these ratings was "Moody's Approach to Rating Transactions Backed by Structured Settlements" published in May 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Moody's could upgrade the ratings if the credit enhancement on the notes improves and the obligor pool quality does not deteriorate, or if the obligor pool quality were to improve significantly

Down

Moody's could downgrade the ratings if the credit risk profile of the obligors were to deteriorate significantly, as reflected by a downgrade of one of more of the obligors' credit ratings, or if the amount of defaults were to increase significantly, causing credit enhancement for the transaction to drop.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis for all transactions relies on a Monte Carlo simulation that generates a large number of collateral loss or cash flow scenarios, which on average meet key metrics Moody's determines based on its assessment of the collateral characteristics. Moody's then evaluates each simulated scenario using model that replicates the relevant structural features and payment allocation rules of the transaction, to derive losses or payments for each rated instrument. The average loss a rated instrument incurs in all of the simulated collateral loss or cash flow scenarios, which Moody's weights based on its assumptions about the likelihood of events in such scenarios actually occurring, results in the expected loss of the rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Thomas Meehan
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Amelia (Amy) Tobey
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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