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By clicking “I AGREE”, 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 (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's announcement on the Leek Finance series

05 Dec 2013

London, 05 December 2013 -- Moody's has stated today that the proposed appointment of Homeloan Management Limited ("HML", NR) as back-up administrator, Citibank N.A., London Branch ("Citibank", A2 / (P)P-1) as back-up cash manager; and Structured Finance Management Limited ("SFM", NR) as back-up administrator facilitator and back-up cash manager facilitator (the "Proposal") should, if implemented, have a positive impact on the ratings of 25 tranches across the 6 outstanding Leek Finance transactions. Please see the end of this press release for a detailed list of notes affected by the Proposal (the "Affected Securities").

Moody's has determined that the Proposal , if implemented, may result in the confirmation of the Affected Securities. However, Moody's opinion addresses only the mitigation of operational risk associated with the Proposal. Before taking any positive action on the ratings Moody's will need to assess other risk factors in the transactions which may have an impact on the ratings of the Affected Securities. One of such factors Moody's will consider is exposure to swap counterparty to reflect Moody's updated Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions, published in November 2013. https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF345541.

On 9 May 2013, Co-Operative Bank Plc was downgraded to Ba3/NP from A3/P-2. Platform Funding Limited ("Platform"), which is part of the Co-operative Bank, acts as administrator and cash manager in the Leek Finance transactions. Following Co-operative Bank's downgrade, Moody's placed the Affected Securities on review for downgrade on 16 May 2013 because of insufficient back-up servicing and back-up cash management arrangements. Co-operative Bank was then further downgraded to Caa1 on 18 June 2013. In response to the rating actions and in order to mitigate the operational risk, Co-operative Bank proposes to appoint HML as Back-up administrator, Citibank as back-up cash manager; and SFM as back-up administrator facilitator and back-up cash manager facilitator.

The proposed back-up arrangements are in line with Moody's approach on operational risk. Moody's understands that HML has already conducted an onsite operational review of Platform and performed an initial mapping of the administrator's data systems. According to the draft Back-Up Administration Agreement, HML is expected to finish (1) reviewing Platform's computer hardware, (2) producing a data mapping specifications and (3) writing the requisite IT programmes necessary to read the files of Platform on its systems, in each case within the first 60 days of its appointment. During the stand-by period, Citibank as back-up cash manager will perform a parallel run and verify the accuracy of the administration report on a regular basis.

The failure of Platform in its capacity as cash manager to provide the administration report to the Issuer, the Trustee and the back-up cash manager on the 5th business day before each interest payment date ("IPD") will prompt the termination of Platform's appointment as both cash manager and administrator. Citibank N.A. will then become the cash manager on the business day immediately preceding the IPD, unless the report delivery failure is remedied on or before the 2nd business day prior to such IPD. Similarly, HML will be appointed as replacement administrator 60 days after the notice of such termination, unless the report delivery failure is remedied on or before the second business day prior to such IPD.

This cash manager termination will allow sufficient time for Citibank N.A. as replacement cash manager to perform the cash management functions before the end of the grace period on the notes, which falls 5 business days after the due payment date.

Under the Replacement Administration Agreement, SFM as Back-up administrator facilitator will have the obligation to use best efforts to identify, within 60 days, a suitable back-up administrator on behalf of the relevant Issuer should HML as replacement administrator not be rated by Moody's or have a rating lower than Baa3 at the time it becomes replacement administrator. Similarly, if Citibank N.A. is not rated at least Baa3 on or after its appointment as replacement cash manager, SFM as back-up cash manager facilitator will have the obligation to use its best efforts to identify a suitable new back-up cash manager.

Additionally, in each Leek Finance transaction, the Replacement Cash Management Agreement will provide that, upon the occurrence of a perfection event relating to the portfolio, the aggregate amount of notional provisions shall be, as at each calculation date, the greater of i) the amount provisioned for as at the calculation date immediately prior to such perfection event, and ii) an amount equal to 40% of the aggregate principal balance of loans which are at least 6 months in arrears.

METHODOLOGIES

The methodology used in these ratings was Moody's Approach to Rating RMBS Using the MILAN Framework, published in November 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

LIST OF AFFECTED SECURITIES

Issuer: Leek Finance Number Seventeen PLC

....GBP270M A2a Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....US$462M A2b Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....EUR365M A2c Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....EUR105.6M Mc Notes, Aa1 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa1 (sf)

....GBP22M Ba Notes, Aa2 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa2 (sf)

....EUR39.5M Bc Notes, Aa2 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa2 (sf)

....EUR48M Cc Notes, A2 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to A2 (sf)

Issuer: Leek Finance Number Eighteen PLC

....GBP171.1M A2a Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....US$475M A2b Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....EUR128M A2c Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....US$350M A2d Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....GBP12.5M Ma Notes, Aa1 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa1 (sf)

....EUR83.7M Mc Notes, Aa1 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa1 (sf)

....GBP25.9M Ba Notes, Aa3 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa3 (sf)

....EUR26M Bc Notes, Aa3 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa3 (sf)

Issuer: Leek Finance Number Nineteen PLC

....GBP110M A2a Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....US$624.1M A2b Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....EUR124.5M A2c Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

....GBP23M Ma Notes, Aa1 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa1 (sf)

....EUR68M Mc Notes, Aa1 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa1 (sf)

....GBP12M Ba Notes, Aa3 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa3 (sf)

....EUR51M Bc Notes, Aa3 (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Nov 15, 2011 Upgraded to Aa3 (sf)

Issuer: Leek Finance Number Twenty PLC

....GBP1489M A Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Apr 10, 2013 Confirmed at Aaa (sf)

Issuer: Leek Finance Number Twenty One PLC

....GBP1017.7M A Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Oct 1, 2008 Assigned Aaa (sf)

Issuer: Leek Finance Number Twenty Two PLC

....GBP395.8M A Notes, Aaa (sf) Placed Under Review for Possible Downgrade on 16 May 2013; previously on Jan 27, 2009 Assigned Aaa (sf)

Lyudmila Udot
Asst Vice President - 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

Michelangelo Margaria
VP - Sr Credit Officer/Manager
Structured Finance Group
Telephone:+39-02-9148-1100

Emily Rombeau
Associate Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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

Moody's announcement on the Leek Finance series
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