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Rating Action:

Moody's assigns provisional ratings to notes issued by Newgate 2007-1 PLC

20 Feb 2007
Moody's assigns provisional ratings to notes issued by Newgate 2007-1 PLC

GBP 575 Million equivalent of Debt Securities Affected

London, 20 February 2007 -- Moody's Investors Service has today assigned provisional long-term credit ratings to the Notes to be issued by Newgate 2007-1:

- (P)Aaa to the Class A1 Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Aaa to the Class A2 Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Aaa to the Class A3 Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Aa1 to the Class M Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Aa3 to the Class B Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)A3 to the Class C Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Baa3 to the Class D Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Ba2 to the Class E Mortgage Backed Floating Rate Notes due [Dec 2050];

- (P)Ba3 to the Class F Mortgage Backed Floating Rate Notes due [Dec 2050]; and

- (P)Aaa to the 2006-3 Mortgage Early Repayment Certificates due [Dec 2050].

The Class T and Class Q Notes are not rated by Moody's. Classes A1, A2 and A3 Notes may be issued in GBP, EUR or USD, while Classes, M, B, C and D Notes may be issued in GBP or EUR depending on market demand.

The Issuer, Newgate Funding plc, is a special purpose vehicle incorporated in England and Wales, which is ultimately owned by a charitable trust. The Issuer is a multi-issuance vehicle and this transaction represents the fourth series to be issued under its MTN style Programme. The Issuer will fund the purchase price of the series mortgage portfolio using the proceeds of the Notes.

This transaction is the eleventh securitisation of non-conforming and impaired credit mortgage loans originated by entities belonging to the Mortgages Group trading under the name of "Mortgages PLC". As in the prior Mortgages plc securisation, the assets supporting the Notes are sub-prime and non-conforming first residential mortgage loans originated by entities trading under the name of Mortgages PLC and secured on residential properties in England, Wales, Northern Ireland and Scotland. A part of underlying loan portfolio (approximately 46%) consists of loans to borrowers classified by the originator as "near prime" or "near prime plus", with stricter criteria for adverse credit compared to non-conforming mortgage loans. Mortgages PLC will be responsible for the day-to-day servicing of the loans, handling arrears cases and approving further advances and product conversions.

The ratings of the Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue. The credit enhancement available in the deal is provided in the form of excess spread, reserve fund fully funded at [0.80]% of the original note, subordination of the Class M [2.50]%, Class B [6.37%], Class C [3.80%], Class D [2.50%], Class E [0.51%] and Class F [0.50%] Notes. The Class A1 Notes represent [32.99%], the Class A2 Notes represent [28.13%] and the Class A3 Notes represent [22.69%]). Subject to certain conditions being met, the reserve fund may amortise up to a floor of [0.40%] of the original note balance.

Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign a definitive rating to the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk.

The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Notes by the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The Mortgage Early Repayment Certificates ("MERC") are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The (P)Aaa rating on the MERC's addresses the likelihood of receipt by MERC holders of such amounts if they are received by the Issuer. It assumes, without any independent investigation, (i) that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable, and (ii) that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates.

To obtain a copy of Moody's Pre-Sale Report for this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772-5454).

London
Neal Shah
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Dipesh Mehta
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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