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Announcement:

Moody's confirms the ratings of Irish RMBS notes issued by Fastnet 3, 6 and 7

26 Sep 2011

London, 26 September 2011 -- Moody's Investors Service announced today that it has confirmed the ratings of the Class A notes issued by Fastnet Securities 3 Ltd ("Fastnet 3"), Fastnet Securities 6 Ltd ("Fastnet 6") and Fastnet Securities 7 Ltd ("Fastnet 7"). This concludes the rating reviews initiated in March 2011, all affected ratings appear at the end of the press release.

RATING RATIONALE

Today's rating announcement reflects recent amendments to the deal documentation made by the transaction parties incorporating (1) the appointment of Homeloan Management Limited ("HML", not rated) as Back-up Servicer in all three transactions; and (2) the restructure of Fastnet 7.

HML APPOINTED AS BACK-UP SERVICER

Under the back-up servicing agreement, HML undertakes to take over servicing of the portfolio within sixty days of the termination of Irish Life and Permanent plc ("IL&P", Ba3 / not prime) as servicer. The Issuer, subject to trustee consent, can choose to terminate the appointment of IL&P following a default of its obligations under the servicing agreement.

The back-up servicing agreement contemplates HML being granted access to the premises, systems and personnel of IL&P following termination and using these resources to fulfil its servicing obligations. There is no ongoing requirement for IL&P to provide detailed loan level data to HML and the back-up servicing agreement does not contemplate HML using its own resources to fulfil the servicing obligations if it cannot gain access to those of IL&P. Despite this weakness Moody's views the back-up arrangement as sufficient to support the transactions at the A1 (sf) to A3 (sf) rating levels.

FASTNET 7 RESTRUCTURING OVERVIEW

On the September 14 2011, the Fastnet 7 transaction documents were also amended to incorporate the following main changes:

1. Class A1, A2 and A3 Notes have each been decreased from EUR375M to EUR300M and the outstanding amount have each been changed to EUR272.6M.

2. Class B Notes have been increased from EUR375M to EUR600M and the outstanding amount has been changed to EUR545.2M, thereby increasing the subordination for the Class A notes to 40 per cent.

3. The Class A1, A2, A3 and Class B coupons have been changed to fixed rates of 0.1 per cent.

4. The Reserve Fund has been reduced to EUR18M, or 1.3 per cent of total note balance as at the restructure date.

5. The interest payment date has been changed from quarterly to monthly

6. The Liquidity Reserve and Contingency Reserves have been cancelled and repaid by the Issuer

7. The interest rate swap agreement has been cancelled. In order to help mitigate the potential mismatch between interest payments received on the mortgage loans, which are generally floating rate, versus interest payments due on the notes, which are all fixed rate, IL&P has covenanted to maintain an average pool yield of at least 2.0 per cent

8. The issuer accounts have been transferred from IL&P to BNP Paribas Securities Services (Aa2 under review for possible downgrade / P-1), London branch

9. BNP Paribas Securities Services (Aa2 under review for possible downgrade / P-1), London branch, has been appointed as a back-up cash manager

10. Estimation language has been included in the cash management agreement. In the event that the servicer is unable to provide certain information, the Cash Manager will base its calculations on the information provided in the previous collection periods in order to make waterfall payments

11. BNP Paribas (Aa2 under review for possible downgrade / P-1), London branch, has been appointed as replacement servicer facilitator. It is responsible, on a commercially reasonable efforts basis, to appoint a replacement servicer in the event that the then active servicing agreement is terminated.

LIST OF RATING ACTIONS:

Issuer: Fastnet Securities 3 Ltd

....Class A1 Notes, Confirmed at A1 (sf); previously on Mar 1, 2011 Assigned A1 (sf) and Placed Under Review for Possible Downgrade

....Class A2 Notes, Confirmed at A1 (sf); previously on Mar 1, 2011 Assigned A1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Fastnet Securities 6 Ltd

....Class A1 Notes, Confirmed at A1 (sf); previously on Mar 15, 2011 Assigned A1 (sf) and Placed Under Review for Possible Downgrade

....Class A2 Notes, Confirmed at A1 (sf); previously on Mar 15, 2011 Assigned A1 (sf) and Placed Under Review for Possible Downgrade

....Class A3 Notes, Confirmed at A1 (sf); previously on Mar 15, 2011 Assigned A1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Fastnet Securities 7 Ltd

....Class A1 Notes, Confirmed at A3 (sf); previously on Mar 10, 2011 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

....Class A2 Notes, Confirmed at A3 (sf); previously on Mar 10, 2011 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

....Class A3 Notes, Confirmed at A3 (sf); previously on Mar 10, 2011 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

The Primary methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa, published in October 2009. Other methodologies used were Moody's MILAN Methodology for Rating Irish RMBS published in October 2009 and Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model published in January 2006. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Anthony Parry
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

Annabel Schaafsma
Senior Vice President
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 Irish RMBS notes issued by Fastnet 3, 6 and 7
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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