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Rating Action:

Moody's confirms the ratings of 19 tranches in 8 Greek structured finance transactions

29 Sep 2015

London, 29 September 2015 -- Moody's Investors Service has today confirmed the ratings of 19 tranches in eight Greek structured finance transactions.

This follows Moody's decision to confirm the sovereign rating of Greece at its current level on the 25th September 2015

(http://www.moodys.com/viewresearchdoc.aspx?docid=PR_335001).

The ratings of these 19 tranches have been previously placed on review for downgrade on the 3rd July 2015

(http://www.moodys.com/viewresearchdoc.aspx?docid=PR_329302).

A detailed list of today's rating actions is included towards the end of this press release before the regulatory disclosure section.

RATINGS RATIONALE

GREECE'S GOVERNMENT BOND RATING IS CONFIRMED AT Caa3

Today's rating actions reflect Moody's confirmation of Greece's government bond rating at Caa3 and outlook change to stable.

The key drivers behind the above confirmation are the approval of the third bailout programme, and the emergence of a political configuration that is slightly more supportive than its predecessors for the implementation of reforms which the programme will require.

The local- and foreign-currency bond ceilings remain at Caa2. The local- and foreign-currency bank deposit ceilings remain at Caa3. In Moody's view, the current level of ceilings appropriately reflects losses expected on bank deposits given deposit withdrawal limitations and capital controls put in place late June 2015 that Moody's expects will only be gradually removed.

-- ALL NOTES PREVIOUSLY ON REVIEW FOR DOWNGRADE ARE CONFIRMED

As a result of Greece's government bond rating confirmation at Caa3 with a stable outlook, all notes previously on review for downgrade are confirmed. The maximum achievable rating for outstanding Greek structured finance securities remains at Caa2(sf).

--METHODOLOGIES

The principal methodology used in rating Estia Mortgage Finance II PLC, Grifonas Finance No. 1 Plc, KION Mortgage Finance Plc, Themeleion II Mortgage Finance Plc, Themeleion III Mortgage Finance Plc and Themeleion IV Mortgage Finance Plc was "Moody's Approach to Rating RMBS Using the MILAN Framework", published in January 2015. The principal methodology used in rating EPIHIRO PLC was "Moody's Global Approach to Rating Collateralized Loan Obligations", published in September 2015. The principal methodology used in rating Titlos plc was "Moody's Approach to Rating Repackaged Securities", published in June 2015. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Please see Moody's Approach to Rating RMBS Using the MILAN Framework for further information on Moody's analysis at the initial rating assignment and the on-going surveillance in RMBS.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the ratings are (1) a decreased probability of high-loss scenarios owing to a downgrade of the country ceiling; (2) improvement in the notes' available CE; and (3) improvement in the credit quality of the transaction counterparties.

LIST OF AFFECTED RATINGS

Issuer: EPIHIRO PLC

....EUR1623M Class A Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Issuer: Grifonas Finance No. 1 Plc

....EUR897.7M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR23.8M B Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

....EUR28.5M C Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: KION Mortgage Finance Plc

....EUR553.8M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR28.2M B Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

....EUR18M C Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion II Mortgage Finance Plc

....EUR690M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR37.5M B Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR22.5M C Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Themeleion III Mortgage Finance Plc

....EUR900M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR20M B Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

....EUR40M C Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

....EUR40M M Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Issuer: Themeleion IV Mortgage Finance Plc

....EUR1352.9M A Notes, Confirmed at Caa2 (sf); previously on Jul 3, 2015 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

....EUR155.5M B Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

....EUR46.6M C Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Titlos plc

....EUR5100M A Notes, Confirmed at Caa3 (sf); previously on Jul 3, 2015 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

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.

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 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.

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.

Christophe Larpin
Vice President - Senior 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

Mehdi Ababou
VP - Sr Credit Officer/Manager
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 the ratings of 19 tranches in 8 Greek structured finance transactions
No Related Data.
© 2021 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.

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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 JPY125,000 to approximately JPY550,000,000.

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

​
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