New York, October 21, 2020 -- Moody's Investors Service, ("Moody's") has
assigned provisional ratings to five classes of mortgage insurance credit
risk transfer notes issued by Home Re 2020-1 Ltd.
Home Re 2020-1 Ltd. (the issuer) is the third transaction
issued under the Home Re program to date and the first such issue in 2020,
which transfers to the capital markets the credit risk of private mortgage
insurance (MI) policies issued by Mortgage Guaranty Insurance Corporation
(MGIC, the ceding insurer) on a portfolio of residential mortgage
loans. The notes are exposed to the risk of claims payments on
the MI policies, and depending on the notes' priority, may
incur principal and interest losses when the ceding insurer makes claims
payments on the MI policies.
As of the cut-off date, no mortgage loan has been reported
to the ceding insurer as in two payment loan default or as subject to
forbearance. To the extent, based on information reported
on or prior to the cut-off date, that a mortgage loan no
longer satisfies the eligibility criteria as of a date subsequent to the
cut-off date, such mortgage loan will not be removed from
the offering and the coverage for the related MI policy will continue
to be provided by the reinsurance agreement.
On the closing date, the issuer and the ceding insurer will enter
into a reinsurance agreement providing excess of loss reinsurance on mortgage
insurance policies issued by the ceding insurer on a portfolio of residential
mortgage loans. Proceeds from the sale of the notes will be deposited
into the reinsurance trust account for the benefit of the ceding insurer
and as security for the issuer's obligations to the ceding insurer under
the reinsurance agreement. The funds in the reinsurance trust account
will also be available to pay noteholders, following the termination
of the trust and payment of amounts due to the ceding insurer.
Funds in the reinsurance trust account will be used to purchase eligible
investments and will be subject to the terms of the reinsurance trust
Following the instruction of the ceding insurer, the trustee will
liquidate assets in the reinsurance trust account to (1) make principal
payments to the notes as the insurance coverage in the reference pool
reduces due to loan amortization or policy termination, and (2)
reimburse the ceding insurer whenever it pays MI claims after the Class
B-2H and Class B-3H coverage levels are written off.
While income earned on eligible investments is used to pay interest on
the notes, the ceding insurer is responsible for covering any difference
between the investment income and interest accrued on the notes' coverage
Transaction credit strengths include strong loan credit characteristics,
including the fact that the MI policies are predominantly borrower-paid
MI policies (96.4% by unpaid principal balance).
Transaction credit weaknesses include predominantly high loan-to-value
(LTV) ratios, as well as a limited third-party review scope
and lack of representations and warranties (R&Ws) to the noteholders.
The complete rating actions are as follows:
Issuer: Home Re 2020-1 Ltd.
Cl. M-1A, Provisional Rating Assigned (P)Baa2 (sf)
Cl. M-1B, Provisional Rating Assigned (P)Baa3 (sf)
Cl. M-1C, Provisional Rating Assigned (P)Ba2 (sf)
Cl. M-2, Provisional Rating Assigned (P)B1 (sf)
Cl. B-1, Provisional Rating Assigned (P)B2 (sf)
Summary Credit Analysis and Rating Rationale
We expect this insured pool's aggregate exposed principal balance to incur
2.28% losses in a base case scenario, and 17.64%
losses under a Aaa stress scenario. The aggregate exposed principal
balance is the portion of the pool's risk in force that is not covered
by existing quota share reinsurance through unaffiliated parties.
It is the product, for all the mortgage loans covered by MI policies,
of (i) the unpaid principal balance of each mortgage loan, (ii)
the MI coverage percentage, and (iii) the existing quota share reinsurance
percentage. Reinsurance coverage percentage is 100% minus
existing quota share reinsurance through unaffiliated insurer, if
any. By unpaid principal balance, approximately 26.5%
of the pool has zero quota share reinsurance, 69.5%
of the pool has 30% reinsurance and 4% of the pool has 65%
reinsurance. The ceding insurer has purchased quota share reinsurance
from unaffiliated third parties, which provides proportional reinsurance
protection to the ceding insurer for certain losses.
The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to disrupt
economies and credit markets across sectors and regions. Our analysis
has considered the effect on the performance of residential mortgage loans
from the current weak US economic activity and a gradual recovery for
the coming months. Although an economic recovery is underway,
it is tenuous and its continuation will be closely tied to containment
of the virus. As a result, the degree of uncertainty around
our forecasts is unusually high. We increased our model-derived
median expected losses by 15% (mean expected losses by 13.43%)
and our Aaa losses by 5% to reflect the likely performance deterioration
resulting from a slowdown in US economic activity in 2020 due to the COVID-19
We regard the coronavirus outbreak as a social risk under our ESG framework,
given the substantial implications for public health and safety.
We calculated losses on the pool using our US Moody's Individual Loan
Analysis (MILAN) model based on the loan-level collateral information
as of the cut-off date. Loan-level adjustments to
the model results included, but were not limited to, adjustments
for origination quality.
Each mortgage loan has an insurance coverage effective date (in force
date) on or after January 1, 2020, but on or before July 31,
2020. The reference pool consists of 191,424 prime,
fixed- and adjustable-rate, one- to four-unit,
first-lien fully-amortizing, predominantly conforming
mortgage loans with a total insured loan balance of approximately $52
billion. There are 6,652 (4.8% of total unpaid
principal balance) which were not underwritten through GSE guidelines.
All loans in the reference pool had a loan-to-value (LTV)
ratio at origination that was greater than 80% with a weighted
average (WA) of 90.7% (by unpaid principal balance).
The WA LTV of 90.7% is far higher than those of recent private
label prime jumbo deals, which typically have LTVs in the high 60's
range, however, it is in line with those of recent STACR high
LTV CRT and other MI CRT transactions rated by Moody's.
By unpaid principal balance, the borrowers in the pool have a WA
FICO score of 752, a WA debt-to-income ratio of 35.1%
and a WA mortgage rate of 3.5%. The WA risk in force
(MI coverage percentage net of existing reinsurance coverage) is approximately
17.5% of the reference pool unpaid principal balance.
100% of insured loans were covered by mortgage insurance at origination
with 96.4% covered by BPMI and 3.6% covered
by LPMI based on risk in force.
It should be noted that information comes from the loan tape that the
insurer provided to us. Certain loan characteristics may differ
from the data in the loan tape because (i) the calculations reflect our
assumptions or model adjustments and/or (ii) some data in the loan tape
is weighted by the aggregate exposed principal balance of the mortgage
loans in contrast to being weighted by the unpaid principal balance.
For example, the insurer's preliminary offering circular reflects
a WA remaining term of 346 months in contrast to Moody's model output
of 341 months.
MGIC is an insurance company domiciled in the State of Wisconsin.
MGIC received its initial certificate of authority from the Wisconsin
Office of the Commissioner of Insurance in March 1979. MGIC is
one of the leading private mortgage insurers in the industry. MGIC
is an approved mortgage insurer of loans purchased by Fannie Mae and Freddie
Mac, and is licensed in all 50 states, the District of Columbia
and the territories of Puerto Rico and Guam to issue private mortgage
guaranty insurance. MGIC's has $230.5 billion
of insurance in force as of June 30, 2020, with more than
4,500 originators and/or servicers utilized MGIC mortgage insurance
in the last 12 months. MGIC is the primary insurance subsidiary
of MGIC Investment Corporation, a Wisconsin corporation whose stock
trades on the New York Stock Exchange under the symbol "MTG."
MGIC Investment Corporation is a holding company which, through
MGIC, MGIC Indemnity Corporation and several other subsidiaries,
is principally engaged in the mortgage insurance business. The
insurer financial strength of the MGIC is rated "Baa1 (stable outlook)"
We took into account the quality of MGIC's insurance underwriting,
risk management and claims payment process in our analysis.
Most applications for mortgage insurance are submitted to MGIC electronically,
and MGIC relies upon the lender's R&Ws that the data submitted
is true and correct when MGIC makes its insurance decisions. At
present, MGIC's underwriting guidelines are broadly consistent
with those of the GSEs. MGIC accepts the underwriting decisions
made by the GSEs' underwriting systems, subject to certain
additional limitations and requirements. MGIC had several overlays
to GSE underwriting requirements which pre-dated Covid-19.
During Covid-19, MGIC added a temporary overlay making cash-out
transactions and investment property no longer eligible for MGIC insurance.
MGIC's primary mortgage insurance policies are issued through one
of two programs. Lenders submit mortgage loans to MGIC for insurance
either through delegated underwriting or non-delegated underwriting
program. Under the delegated underwriting program, lenders
can submit loans for insurance without MGIC re-underwriting the
loan file. MGIC issues an MI commitment based on the lender's representation
that the loan meets the insurer's underwriting requirement. Lenders
eligible under this program must be pre-approved by MGIC's risk
management group and are subject to random and targeted internal quality
control reviews. In this transaction, approximately 69.84%
of the mortgage loans were originated under a delegated underwriting program.
Under the non-delegated underwriting program, insurance coverage
is approved after underwriting by the insurer. Some customers prefer
MGIC's non-delegated program because MGIC assumes underwriting
responsibility and will not rescind coverage if it makes an underwriting
error, subject to the terms of its master policy. MGIC seeks
to ensure that loans are appropriately underwritten through quality control
sampling, loan performance monitoring and training. In this
transaction, approximately 30.16% of the mortgage
loans were originated under a non-delegated underwriting program.
Overall, the share of delegated and non-delegated underwriting
in this pool is reflective of the corresponding percentage in MGIC's
overall portfolio (approximately 30% and 70%, respectively).
MGIC maintains a primary underwriting center in Milwaukee, Wisconsin,
along with geographically disbursed underwriters. Although MGIC's
employees conduct the substantial majority of its non-delegated
underwriting, from time-to-time, MGIC engages
third parties to assist with certain clerical functions.
As part of its ongoing quality control processes, MGIC undertakes
quality control reviews of limited samples of mortgage loans that it insures
under both delegated and non-delegated underwriting programs.
Through MGIC's quality control process, it reviews a statistically
significant sample of individual mortgages from its customers to ensure
that the loans accepted through its underwriting processes meet MGIC's
pre-determined eligibility and underwriting criteria. The
quality control process allows MGIC to identify trends in lender underwriting
and origination practices, as well as to investigate underlying
reasons for delinquencies, defaults and claims within its portfolio
that are potentially attributable to insurance underwriting process defects.
The information gathered from the quality control process is used by MGIC
in its ongoing policy acquisitions and is intended to prevent continued
aggregation of Policies with insurance underwriting process defects.
Submission of Claims
Unless MGIC has directed the insured to file an accelerated claim,
the master policy requires the insured to submit a claim for loss no later
than 60 days after the earliest of (i) acquiring the borrower's
title to the related property, (ii) an approved sale or (iii) completion
of the foreclosure sale of the property (under the 2014 master policy
the insured may elect to file the claim after expiration of the redemption
Prior to claim payment, an investigative underwriter investigates
select claims to review for origination fraud. The investigation
focuses on uncovering facts and evidence related to loan origination and
determines whether certain exclusions from the master policy apply to
a given loan or claim. When the investigative underwriter finds
issues, MGIC may rescind coverage. When no issues are found,
the investigative underwriter will close the investigation case and release
the claim for final processing. Investigative underwriters analyze
the origination documentation as well as documentation from a variety
of sources and determine if there is a significant defect.
MGIC engaged Opus Capital Markets Consultants, LLC to perform a
data analysis and diligence review of a sampling of mortgage loans files
submitted for mortgage insurance. This review included validation
of credit qualifications, verification of presence of material documentation
as applicable to the mortgage insurance application, updated valuation
analysis and comparison, and a tape-to-file data integrity
validation to identify possible data discrepancies. There was no
compliance tested due to the nature of the review, which was to
ensure the mortgage insurance application met all applicable company guidelines.
MGIC is a mono-line mortgage insurance company not a mortgage lender.
The size of the diligence sample was determined by the third-party
diligence provider using a 95% confidence level applied to the
total pool of 191,424 mortgage loans to be covered by the reinsurance
agreement, a 2% precision interval applied to the confidence
level and a 5% error rate applied to the final result, with
the resulting number rounded up. The diligence sample consisted
of 350 mortgage loans to be covered by the reinsurance agreement.
The scope of the third-party review is weaker than private label
RMBS transactions because it covers only a limited sample of loans (0.18%
by total loan count in the reference pool) and only includes credit,
data and valuation. In spite of the small sample size and a limited
TPR scope for Home Re 2020-1, we did not make an additional
adjustment to the loss levels because (i) approximately 30% of
the insured loans in the reference pool are re-underwritten by
the ceding insurer via non-delegated underwriting program,
which mitigates the risk of underwriting defects, (ii) MI claims
paid will not include legal costs associated with any TRID violations,
as the loan originators will bear these costs, and (iii) since the
insured pool is predominantly GSE loans, the GSEs will also conduct
their quality control review.
Scope and results. The third-party due diligence scope focused
on the following:
Property Valuation Review: The third-party diligence provider
was able to obtain current property valuations on 98.00%
(by loan count) of the mortgage loans in the diligence sample.
An automated Freddie Mac Home Value Explorer (HVE) valuation was ordered
by the third-party diligence provider on the entire diligence sample.
In some instances, a broker price opinion (BPO) and field review
appraisal of the relevant property was also ordered to address certain
value discrepancies. The third-party diligence provider
ordered a field review appraisal for 9 properties and 2 were returned
in the diligence review period. The mortgage loans for 7 properties
that did not receive a field review in the time allotted for the diligence
review received a collateral grade of N/A.
Credit: All but one loan were rated graded A or B. One finding
by the third-party diligence provider was related to original DTI
exceeding applicable guidelines and determined to be a credit grade "C"
Data integrity: The third-party review firm was provided
a data file with loan level data, which was audited against origination
documents to determine the accuracy of data found within the data tape.
Based on the diligence sample reviewed by the third-party diligence
provider in connection with the data integrity review, 343 mortgage
loans were found with no discrepancies noted and 7 mortgage loans were
found with one or more discrepancies between the source documents and
the data file.
After taking into account the (i) third-party due diligence results
for credit and property valuation and (ii) the extent to which the characteristics
of the mortgage loans can be extrapolated from the error rate and the
extent to which such errors and discrepancies may indicate an increased
likelihood of MI losses, we did not make any further adjustments
to our credit enhancement.
The ceding insurer does not make any R&Ws to the noteholders in this
transaction. Since the insured mortgages are predominantly GSE
loans, the individual sellers would provide exhaustive representations
and warranties to the GSEs that are negotiated and actively monitored.
In addition, the ceding insurer may rescind the MI policy for certain
material misrepresentation and fraud in the origination of a loan,
which would benefit the MI CRT noteholders.
The transaction structure is very similar to GSE CRT and other MI CRT
transactions that we have rated. The ceding insurer will retain
the senior coverage level A-H, coverage level B-2H
and the coverage level B-3H at closing. The offered notes
benefit from a sequential pay structure. The transaction incorporates
structural features such as a 10-year bullet maturity and a sequential
pay structure for the non-senior tranches, resulting in a
shorter expected weighted average life on the offered notes.
Funds raised through the issuance of the notes are deposited into a reinsurance
trust account and are distributed either to the noteholders, when
insured loans amortize or MI policies terminate, or to the ceding
insurer for reimbursement of claims paid when loans default. Interest
on the notes is paid from income earned on the eligible investments and
the coverage premium from the ceding insurer. Interest on the notes
will accrue based on the outstanding balance of the notes, but the
ceding insurer will only be obligated to remit coverage premium based
on each note's coverage level.
Credit enhancement in this transaction is comprised of subordination provided
by mezzanine and junior tranches. The rated Class M-1A,
Class M-1B, Class M-1C, Class M-2 and
Class B-1 offered notes have credit enhancement levels of 6.15%,
4.80%, 4.00%, 3.25%
and 3.00%, respectively. The credit risk exposure
of the notes depends on the actual MI losses incurred by the insured pool.
MI losses are allocated in a reverse sequential order starting with the
coverage level B-3H. Investment deficiency amount losses
are allocated in a reverse sequential order starting with the class B-1
So long as the senior coverage level is outstanding, and no performance
trigger event occurs, the transaction structure allocates principal
payments on a pro-rata basis between the senior and non-senior
reference tranches. Principal is then allocated sequentially amongst
the non-senior tranches. Principal payments are all allocated
to the senior reference tranche when a trigger event occurs.
A trigger event with respect to any payment date will be in effect if
the coverage level amount of coverage level A-H for such payment
date has not been reduced to zero and either (i) the preceding three month
average of the sixty-plus delinquency amount for that payment date
equals or exceeds 75.00% of coverage level A-H subordination
amount or (ii) the subordinate percentage (or with respect to the first
payment date, the original subordinate percentage) for that payment
date is less than the target CE percentage (minimum C/E test: 8.50%).
Premium Deposit Account (PDA)
The premium deposit account will benefit the transaction upon a mandatory
termination event (e.g. the ceding insurer fails to pay
the coverage premium and does not cure, triggering a default under
the reinsurance agreement), by providing interest liquidity to the
noteholders, when combined with the income earned on the eligible
investments, of approximately 70 days while the reinsurance trust
account and eligible investments are being liquidated to repay the principal
of the notes.
On the closing date, the ceding insurer will establish a cash and
securities account (the PDA) but no initial deposit amount will be made
to the account by the ceding insurer unless the premium deposit event
is triggered. The premium deposit event will be triggered (1) with
respect to any class of notes, if the rating of that class of notes
exceeds the insurance financial strength (IFS) rating of the ceding insurer
or (2) with respect to all classes of notes, if the ceding insurer's
IFS rating falls below Baa2. If the note ratings exceed that of
the ceding insurer, the insurer will be obligated to deposit into
and maintain in the premium deposit account the required PDA amount (see
next paragraph) only for the notes that exceeded the ceding insurer's
rating. If the ceding insurer's rating falls below Baa2,
it will be obligated to deposit the required PDA amount for all classes
The required PDA amount for each class of notes and each month is equal
to the excess, if any, of (i)(a) the coupon rate of the note
multiplied by (b) the applicable funded percentage, (c) the coverage
level amount for the coverage level corresponding to such class of notes
and (d) a fraction equal to 70/360, over (ii) two times the investment
income collected (but not yet distributed) on the eligible investments.
We believe the requirement that the PDA be funded only upon a rating trigger
event does not establish a linkage between the ratings of the notes and
the IFS rating of the ceding insurer because, 1) the required PDA
amount is small relative to the entire deal, 2) the risk of PDA
not being funded could theoretically occur only if the ceding insurer
suddenly defaults, causing a rating downgrade from investment grade
to default in a very short period, which is a highly unlikely scenario,
and 3) even if the insurer becomes insolvent, there would be a strong
incentive for the insurer's insolvency regulator to continue to make the
interest payments to avoid losing reinsurance protection provided by the
To mitigate risks associated with the ceding insurer's control of the
trust account and discretion to unilaterally determine the MI claims amounts
(i.e. ultimate net losses), the ceding insurer will
engage Opus Capital Markets Consultants, LLC as claims consultant,
to verify MI claims and reimbursement amounts withdrawn from the reinsurance
trust account once the coverage level B-3H and the coverage level
B-2H have been written down. The claims consultant will
review on a quarterly basis a sample of claims paid by the ceding insurer
covered by the reinsurance agreement. In verifying the amount,
the claims consultant will apply a permitted variance to the total paid
loss for each MI Policy of +/- 2%. The claims
consultant will provide a preliminary report to the ceding insurer containing
results of the verification. If there are findings that cannot
be resolved between the ceding insurer and the claims consultant,
the claims consultant will increase the sample size. A final report
will be delivered by the claims consultant to the trustee, the issuer
and the ceding insurer. The issuer will be required to provide
a copy of the final report to the noteholders and the rating agencies.
Unlike RMBS transactions where there is typically some level of independent
third party oversight by the trustee, the master servicer and/or
the securities administrator, MI CRT transactions typically do not
have such oversight. As noted, the ceding insurer not only
has full control of the trust account but can also determine, at
its discretion, the MI claims amount. The ceding insurer
will then direct the trustee to withdraw the funds to reimburse for the
claims paid. Since the trustee is not required to verify the MI
claims amount, there could be a scenario where funds are withdrawn
from the reinsurance trust account in excess of the amounts necessary
to reimburse the ceding insurer. As such, we believe the
claims consultant in this transaction will provide the oversight to mitigate
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect investors
against current expectations of loss could drive the ratings down.
Losses could rise above Moody's original expectations as a result of a
higher number of obligor defaults or deterioration in the value of the
mortgaged property securing an obligor's promise of payment. Transaction
performance also depends greatly on the US macro economy and housing market.
Other reasons for worse-than-expected performance include
poor servicing, error on the part of transaction parties,
inadequate transaction governance and fraud.
Levels of credit protection that are higher than necessary to protect
investors against current expectations of loss could drive the ratings
of the subordinate bonds up. Losses could decline from Moody's
original expectations as a result of a lower number of obligor defaults
or appreciation in the value of the mortgaged property securing an obligor's
promise of payment. Transaction performance also depends greatly
on the US macro economy and housing market.
The principal methodology used in these ratings was "Moody's Approach
to Rating US RMBS Using the MILAN Framework" published in April 2020 and
available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303.
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
In addition, Moody's publishes a weekly summary of structured finance
credit ratings and methodologies, available to all registered users
of our website, www.moodys.com/SFQuickCheck.
For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions in the disclosure form. Moody's
Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
The analysis relies on an assessment of collateral characteristics to
determine the collateral loss distribution, that is, the function
that correlates to an assumption about the likelihood of occurrence to
each level of possible losses in the collateral. As a second step,
Moody's evaluates each possible collateral loss scenario using a
model that replicates the relevant structural features to derive payments
and therefore the ultimate potential losses for each rated instrument.
The loss a rated instrument incurs in each collateral loss scenario,
weighted by assumptions about the likelihood of events in that scenario
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.
Moody's weights the impact on the rated instruments based on its
assumptions of the likelihood of the events in such scenarios occurring.
For ratings issued on a program, series, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security 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
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affected the rating. For further information please see the ratings
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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.
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if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated
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These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
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Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.
At least one ESG consideration was material to the credit rating action(s)
announced and described above.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
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Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653