info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

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..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You 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.

 

4.             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 Information.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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.​​​

​
I AGREE
Rating Action:

Moody's announces impact of ResCap downgrade on EMEA RMBS

30 May 2008
Moody's announces impact of ResCap downgrade on EMEA RMBS

Approximately EUR 2,024 million of debt securities affected

London, 30 May 2008 -- Following the recent downgrade of ResCap to Ca, on review for downgrade, Moody's has reviewed EMEA RMBS transactions whereby entities ultimately owned by ResCap are performing servicing and cash management functions. The following actions are the result of this review. The ratings of all notes issued out of the E-MAC DE series were placed on review for downgrade. No action was taken on the ratings of the notes issued by the UK RMAC programme and no action was taken on notes issued by the Dutch E-MAC NL programme.

RATING ANNOUNCEMENTS

E-MAC DE series -- Review for downgrade

In the four outstanding transactions of the E-MAC DE series, GMAC-RFC Investments B.V. is the appointed servicer and cash bond administrator. GMAC-RFC Investments B.V. is an indirect wholly-owned subsidiaries of ResCap (Ca). GMAC-RFC Investment B.V. sub-delegates the day-to-day servicing of the loan portfolio to Kreditwerk Hypotheken Management GmbH ("HM") and part of the special servicing to Rechtsanwälte Paulus Westerwelle ("PW").

No back-up cash bond administrator or back-up servicer has been appointed as of closing for these transactions. According to the sub-servicing agreement, HM may continue to operate as a day-to-day servicer should the appointment of GMAC-RFC Investments B.V. be terminated. However, HM has no obligation to do so unless it agrees new terms of appointment with the trustee and the issuer. In addition, there are no back-up provisions in place for the special servicing of the portfolio, which involves making credit decisions on loan enforcements.Given the absence of any committed back-up servicer or back-up cash bond administrator, Moody's believes that there could be delays in the performance of certain issuer obligations in case the primary administrator were to be terminated. In particular, if the termination of the primary administrator occurs a short time before a note interest payment date, the issuer may be unable to perform its payment obligations in a timely manner. This could, in turn, lead to a termination of the swap agreements. Any swap termination payment payable by the issuer would rank senior to noteholders in the waterfall and could expose the notes to additional interest rate risks not previously accounted for in Moody's analysis.

Moody's notes that the originator has started the process to put in place a back-up cash bond administrator for these transactions which could mitigate some of the risks mentioned above. Moody's will monitor this process. However, even if back-up cash management arrangements are concluded, the absence of back-up servicing arrangements exposes these notes to a degree of linkage to the credit quality of the current servicer. The review for downgrade will focus on assessing the impact of a servicing disruption in terms of potential increased costs and credit losses for these four German RMBS transactions. Moody's will evaluate any plans to remedy the lack of back-up cash management and back-up servicing agreements. However, if no satisfactory plans were to be implemented over the period of the review, which Moody's would expect to conclude over the next few months, the ratings of the notes are likely to be subject to a downgrade.

RMAC Securities Programme and RMAC series -- No rating action

In the case of the five most recent series of notes issued out of the RMAC Securities Programme in the UK, GMAC RFC Limited is the appointed series servicer and series cash bond administrator. GMAC RFC Limited is a wholly-owned subsidiary of GMAC RFC (UK) Limited which in turn is a wholly-owned subsidiary of ResCap (Ca).

Homeloan Management Limited ("HML") (SQ2+) is the sub-delegated day-to-day servicer as well as the back-up servicer which will assume the role of primary servicer in case the appointment of GMAC RFC Limited is terminated by the trustee because of insolvency or default on its obligations. Unlike in other UK RMBS transactions originated by GMAC RFC Limited, no back-up cash bond administrator has been appointed as of closing for these series of notes. Moody's has been informed that GMAC RFC Limited is in the process to put in place a back-up cash bond administrator for these transactions, which would mitigate the risks described above.

Moody's also notes that for a number of other UK RMBS transactions of the RMAC series (RMAC 2003-NS1 plc, RMAC 2003-NS2 plc, RMAC 2003-NS3 plc, RMAC 2003-NS4 plc, RMAC 2004-NS1 plc, RMAC 2004-NSP2 plc, RMAC 2004-NS3 plc, RMAC 2004-NSP4 plc, RMAC 2005-NS1 plc and RMAC 2005-NSP2 plc) no back-up administration agreements were in place as of closing. However on the 9th of May 2008 GMAC RFC Limited and HML entered into a standby administration deed whereby HML assumed the obligation to continue performing servicing and cash bond administration functions in case the appointment of GMAC RFC Limited is terminated by the trustee. In Moody's view, the standby administration deed mitigates the risks of a servicing and administration transfer.

E-MAC NL series -- No rating action

Finally, for the transactions of the E-MAC NL series and for the series of notes issued out of the E-MAC Program, GMAC RFC Nederland B.V. is the appointed servicer and cash bond administrator. GMAC RFC Nederland B.V. is a company incorporated in the Netherlands in 2000 and it is an indirect wholly-owned subsidiary of ResCap. Stater Nederland B.V. ("Stater") and Quion Groep B.V. (SQ2) ("Quion") are the delegated day-to-day servicers of the mortgage loans according to the different origination channels. Stater and Quion are responsible for the daily loan administration as well as for the special servicing and foreclosure proceedings for the defaulted loans. Both Stater and Quion have committed to assume the role of primary servicer in case the appointment of GMAC RFC Nederland B.V. is terminated.

No back-up cash bond administrator has been appointed as of closing for the transactions of the E-MAC NL series and E-MAC Program. Moody's has been informed that GMAC RFC Nederland B.V. is in the process to put in place a back-up cash bond administrator for all the transactions of the E-MAC NL series and for the series of notes issued in 2006 and 2007 out of the E-MAC Program. In the latest two transactions issued in 2008 by the E-MAC Program, ATC Financial Services B.V. is the appointed third party issuer administrator performing the cash management functions.

Moody's will continue to closely monitor all these transactions, in particular the completion of the back-up cash bond administrator agreements and any other implications on the ratings of the notes due to weakening of the credit quality of the servicer.

LIST OF RATING ACTIONS

Issuer: E-MAC DE 2005-I B.V.

Senior Class A Mortgage-Backed Notes 2005 due 2047

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2005 due 2052

Current Rating: Aa2, on review for downgrade

Junior Class C Mortgage-Backed Notes 2005 due 2052

Current Rating: A1, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2005 due 2052

Current Rating: Baa2, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2005 due 2052

Current Rating: Ba1, on review for downgrade

Issuer: E-MAC DE 2006-I B.V.

Senior Class A Mortgage-Backed Notes 2006 due 2048

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2006 due 2057

Current Rating: Aa2, on review for downgrade

Junior Class C Mortgage-Backed Notes 2006 due 2057

Current Rating: A1, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2006 due 2057

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2006 due 2057

Current Rating: Baa2, on review for downgrade

Subordinated Class F Mortgage-Backed Notes 2006 due 2057

Current Rating: Ba3, on review for downgrade

Issuer: E-MAC DE 2006-II B.V.

Senior Class A1 Mortgage-Backed Notes 2006 due 2048

Current Rating: Aaa, on review for downgrade

Senior Class A2 Mortgage-Backed Notes 2006 due 2058

Current Rating Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2006 due 2058

Current Rating: Aa1, on review for downgrade

Junior Class C Mortgage-Backed Notes 2006 due 2058

Current Rating: Aa3, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2006 due 2058

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2006 due 2058

Current Rating: Baa2, on review for downgrade

Subordinated Class F Mortgage-Backed Notes 2006 due 2058

Current Rating: Ba3, on review for downgrade

Issuer: E-MAC DE 2007-I B.V.

Senior Class A1 Mortgage-Backed Notes 2007 due 2054

Current Rating: Aaa, on review for downgrade

Senior Class A2 Mortgage-Backed Notes 2007 due 2054

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2007 due 2054

Current Rating: Aa1, on review for downgrade

Junior Class C Mortgage-Backed Notes 2007 due 2054

Current Rating: Aa3, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2007 due 2054

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2007 due 2054

Current Rating: Baa3, on review for downgrade

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Barbara Rismondo
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2022 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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 CREDIT RATING, ASSESSMENT, 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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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.

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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

​
Moodys.com