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Rating Action:

Moody's confirms ratings of Dutch and UK RMBS notes following reduced counterparty exposure

03 Dec 2013

London, 03 December 2013 -- Moody's has today confirmed the ratings of the Class A, B and C notes in Dutch RMBS deal E-MAC NL 2005-I B.V. and the Series 2 B notes in UK RMBS deal Granite Mortgages 04-1 plc. The confirmations reflect the improved credit quality of Citibank N.A. (London Branch), which acts as swap counterparty in the two deals, following the upgrade of its ratings as of 14 November 2013 to A2/(P)P-1 from A3/(P)P-2. Moody's has also confirmed the ratings of the Class 3A notes in UK RMBS deal Permanent Master Issuer PLC Series 2010-2, following the swap novation to Natixis (A2/P-1) from Royal Bank of Scotland plc (A3/P-2).

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

....EUR476.2M A Notes, Confirmed at Aaa (sf); previously on Nov 14, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

....EUR10.5M B Notes, Confirmed at Aa3 (sf); previously on Nov 14, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

....EUR7.8M C Notes, Confirmed at Baa1 (sf); previously on Nov 14, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Granite Mortgages 04-1 plc

....EUR91M Series 2 B Notes, Confirmed at Aa2 (sf); previously on Nov 14, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Permanent Master Issuer PLC Series 2010-2

....US$750M 3A Notes, Confirmed at Aaa (sf); previously on Nov 14, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

Today's confirmations reflect the decrease in counterparty risk in the three transactions and conclude Moody's review of these ratings, following their placement on review for possible downgrade on 14 November 2013 as a result of swap counterparty exposure. This review followed the introduction of the rating agency's updated approach to assessing swap counterparty linkage in structured finance transactions. Please see Press Release https://www.moodys.com/research/Moodys-reviews-for-downgrade-EMEA-RMBS-and-ABS-transactions-due--PR_286515.

-- CONFIRMATION OF RATINGS OF CLASS A, B, AND C NOTES IN E-MAC NL 2005-I B.V.

The swap in E-MAC NL 2005-I B.V. mitigates the interest risk between the fixed rate interest on the loans (95% of the current pool balance carries a fixed rate of interest) and the Euribor-linked note interest rates. Moody's understands that a swap collateral account has been opened with Bank Nederlandse Gemeenten N.V. (Aaa/P-1), but no collateral is currently being posted given that the swap is out of the money for the issuer. As a result of the upgrade of Citibank N.A. (London Branch), the probability of the notes becoming unhedged is reduced, thereby positively affecting the notes concerned.

-- CONFIRMATION OF RATINGS OF CLASS 2 B NOTES IN GRANITE MORTGAGES 04-1 plc AND CLASS 3A NOTES IN PERMANENT MASTER ISSUER PLC SERIES 2010-2

The FX swaps in Granite Mortgages 04-1 plc and Permanent Master Issuer PLC Series 2010-2 mitigate the currency risk under the affected notes. In both cases, the probability of becoming unhedged is reduced, which positively affects the notes concerned. For the Class 2 B notes in Granite Mortgages 04-1 plc, this is a result of the upgrade of Citibank N.A. (London Branch). For the Class 3A notes in Permanent Master Issuer PLC Series 2010-2, this is a result of the FX swap having been novated to Natixis from Royal Bank of Scotland plc .

The principal 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.

Key modelling assumptions and sensitivities for the affected transactions have not been updated as the rating action has been primarily driven by the assessment of counterparty exposure.

Factors that would lead to an upgrade or downgrade of the rating

Factors or circumstances that could lead to a downgrade of the rating are performance of the underlying collateral that is worse than Moody's expected, a deterioration in the credit quality of the counterparties and an increase in sovereign risk.

Factors or circumstances that could lead to an upgrade of the rating are better performance of the underlying assets than Moody's expects and a decline in counterparty risk.

Further details on the impact of the revised swap approach on UK RMBS Master Trusts is available in the special comment "UK RMBS Master Trusts: Revised Swap Approach Leads to Downgrade Review for 35 FX Notes" published in November 2013.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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 the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Maria Divid
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

Christophe de Noaillat
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Jonathan Livingstone
VP-Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Maria Turbica Manrique
Asst Vice President - 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 confirms ratings of Dutch and UK RMBS notes following reduced counterparty exposure
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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

​​​​​​

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