New York, July 19, 2021 -- Moody's Investors Service ("Moody's") has assigned
provisional ratings to four classes of mortgage insurance credit risk
transfer notes issued by Home Re 2021-2 Ltd.
Home Re 2021-2 Ltd. (the issuer) is the fifth transaction
issued under the Home Re program to date and the second such issue in
2021, 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 (i.e.
two or more monthly payments delinquent) and 0.03% (by unpaid
principal balance) are subject to forbearance but are not currently delinquent.
To the extent 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
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 coverage
levels B-3H and B-2 (subject to a class B-2 reopening)
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 levels.
Transaction credit strengths include strong loan credit characteristics,
including the fact that the MI policies are predominantly borrower-paid
MI policies (98.4% 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 2021-2 Ltd.
Cl. M-1A, Assigned (P)Baa2 (sf)
Cl. M-1B, Assigned (P)Baa3 (sf)
Cl. M-1C, Assigned (P)Ba3 (sf)
Cl. M-2, Assigned (P)B3 (sf)
Summary Credit Analysis and Rating Rationale
We expect this insured pool's aggregate exposed principal balance (AEPB)
to incur 2.16% losses in a baseline scenario-mean,
a baseline scenario-median loss of 1.83%, and
16.60% losses under a Aaa stress scenario. The AEPB
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 23.2%
of the pool has zero quota share reinsurance, 71.8%
of the pool has 30% reinsurance and 5.0% 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
Today's action reflects the coronavirus pandemic's residual
impact on the ongoing performance of consumer assets as the US economy
continues on the path toward normalization. Economic activity will
continue to strengthen in 2021 because of several factors, including
the rollout of vaccines, growing household consumption and an accommodative
central bank policy. However, specific sectors and individual
businesses will remain weakened by extended pandemic related restrictions.
We increased our model-derived median expected losses by 7.5%
(6.6% for the mean) and our Aaa loss by 2.5%
to reflect the likely performance deterioration resulting from the slowdown
in US economic activity due to the coronavirus outbreak. These
adjustments are lower than the 15% median expected loss and 5%
Aaa loss adjustments we made on pools from deals issued after the onset
of the pandemic until February 2021. Our reduced adjustments reflect
the fact that the loan pool in this deal does not contain any loans to
borrowers who are not currently making payments. For newly originated
loans, post-COVID underwriting takes into account the impact
of the pandemic on a borrower's ability to repay the mortgage.
For seasoned loans, as time passes, the likelihood that borrowers
who have continued to make payments throughout the pandemic will now become
non-cash flowing due to COVID-19 continues to decline.
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.
The mortgage loans in the reference pool have an insurance coverage effective
date (in force date) from January 1, 2021 to May 28, 2021
(both days inclusive). The reference pool consists of 181,727
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 7,285 loans
(5.1% 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).
By unpaid principal balance, the borrowers in the pool have a WA
FICO score of 749, a WA debt-to-income ratio of 35.1%
and a WA mortgage rate of 3.0%. The WA risk in force
(MI coverage percentage net of existing reinsurance coverage) is approximately
17% of the reference pool unpaid principal balance.100%
of insured loans were covered by mortgage insurance at origination with
98.4% covered by BPMI and 1.6% covered by
LPMI based on risk in force.
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 has $251.7 billion of insurance
in force as of March 31, 2021, with more than 5,000
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. MGIC is rated Baa1 (insurance financial strength)
by Moody's with 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 has overlays to GSE underwriting requirements
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 (QC) reviews. In this transaction, approximately
71.2% of the mortgage loans were originated under a delegated
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 QC sampling,
loan performance monitoring and training. In this transaction,
approximately 28.8% 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 70% and 30%, 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 QC processes, MGIC undertakes QC 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 QC 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 QC 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.
Prior to claim payment, an investigative underwriter investigates
select claims to determine the appropriateness of the claim amount.
The insurance policy provides that MGIC can reduce or deny a claim if
the servicer did not comply with its obligations required by the policy,
including the requirement to mitigate losses through reasonable loss mitigation
efforts or, for example, diligently pursuing a foreclosure
or bankruptcy relief in a timely manner. In addition, the
master policy reserves rescission rights with respect to fraud committed
by the insured or those under its control and certain patterns of fraud.
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
MGIC engaged Wipro Opus Risk Solutions, 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 181,727 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 325 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. Of note, 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. In addition,
MI claims paid will not include legal costs associated with any TRID violations,
as the loan originators will bear these costs. Since the insured
pool is predominantly GSE loans, the GSEs will also conduct their
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 other MI CRT transactions
that we have rated. The ceding insurer will retain the senior coverage
level A-H, coverage level B-2 (subject to a class
B-2 reopening), and coverage level B-3 at closing.
The offered notes benefit from a sequential pay structure. The
transaction incorporates structural features such as a 12.5-year
bullet maturity and a sequential pay structure for the non-senior
tranches, resulting in a shorter expected WA life on the offered
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, and Class M-2
offered notes have credit enhancement levels of 5.75%,
4.55%, 3.15%, and 2.35%,
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 notes,
or class B-2 notes if issued pursuant to a class B-2 reopening.
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% 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: 7.25%).
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 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
SOFR benchmark rate
In this transaction, the notes' coupon is indexed to SOFR.
Based on the transaction's synthetic structure, the particular
choice of benchmark has no credit impact. Interest payments to
the notes are made from income earned on the eligible investments in the
reinsurance trust account and the coverage premium from the ceding insurer,
which prevents the notes from incurring interest shortfalls as a result
of increases in the benchmark index.
Benchmark rate fallback language
The floating rate note coupons reference SOFR which will be based on compounded
SOFR or Term SOFR, as applicable. Following the occurrence
of a benchmark transition event, a benchmark replacement will be
determined by the issuer (in consultation with the ceding insurer),
and such benchmark replacement will replace SOFR and will be the benchmark
for the next following accrual period and each accrual period thereafter
(unless and until a subsequent benchmark transition event is determined
to have occurred).
Any determination made with respect to the occurrence of a benchmark transition
event or a benchmark replacement, and any calculation by the trustee
of the applicable benchmark for an accrual period, will be final
and binding on the noteholders in the absence of manifest error
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.
Please note that a Request for Comment was published in which Moody's
requested market feedback on potential revisions to one or more of the
methodologies used in determining these Credit Ratings. If the
revised methodologies are implemented as proposed, it is not currently
expected that the Credit Ratings referenced in this press release will
be affected. Request for Comments can be found on the rating methodologies
page on www.moodys.com.
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
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.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.
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.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the UK and is endorsed
by Moody's Investors Service Limited, One Canada Square,
Canary Wharf, London E14 5FA under the law applicable to credit
rating agencies in the UK. Further information on the UK endorsement
status and on the Moody's office that issued the credit rating is
available on www.moodys.com.
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
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Associate Lead Analyst
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
VP - Sr Credit Officer/Manager
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