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Related Issuers
Rating Action:

Moody's confirms three notes in one Dutch NHG RMBS transaction

06 Mar 2014

London, 06 March 2014 -- Moody's Investors Service has today confirmed the ratings of three mezzanine notes in Saecure 8 NHG B.V. as a result of the rating agency's detailed analysis of swap counterparty exposure.

Today's rating action concludes the review of the ratings of Class B, C and D notes in Saecure 8 NHG B.V. (Saecure 8), which Moody's placed on review on 14 November 2013, in relation to swap counterparty exposure following the introduction of the rating agency's updated approach to assessing swap counterparty linkage in structured finance transactions (https://www.moodys.com/research/Moodys-reviews-for-downgrade-EMEA-RMBS-and-ABS-transactions-due--PR_286515).

For a detailed list of affected ratings, refer to the section 'List of affected securities' in this press release.

RATINGS RATIONALE

Today's rating action takes into consideration the exposure of the transaction to the swap counterparties following the introduction of the rating agency's updated approach to assessing swap counterparties in structured finance cash flow transactions ("Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions" published on the 12 November 2013). In Moody's view the risk of the transaction of becoming un-hedged is mitigated by the counterparties credit quality and the structural elements in place.

In Saecure 8, Aegon Derivatives N.V. (not rated -- a subsidiary of Aegon N.V. A3/P-2) acts as swap counterparty and Royal Bank of Scotland plc (A3/P-2/Ratings under review) acts as back-up swap counterparty. Upon the breach of certain credit conditions, the swap agreement between Saecure 8 and Aegon Derivatives N.V. will be automatically transferred to Royal Bank of Scotland plc. The underlying interest rate risk is of fixed-floating nature, with the pool of mortgage loans paying the fixed rate (currently approximately 5% interest rate) and the notes paying the floating rate (EURIBOR three months). In its analysis, Moody's takes into account (i) the A3 replacement trigger expected to be effective, (ii) the low default correlation assumed between the swap counterparty and its back-up provider and (iii) the compliance of the swap agreement with Moody's criteria. These considerations resulted in the confirmation of the current ratings of the affected notes.

Moody's run cash flow models taking into consideration additional losses to be incurred if the affected transactions become un-hedged. Moody's determined that available excess spread and credit enhancement in each transaction mitigate the risk of swap counterparty default.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Factors or circumstances that could lead to a downgrade of the ratings affected by today's action would be the worse-than-expected performance of the underlying collateral or deterioration in the credit quality of the counterparties.

Factors or circumstances that could lead to an upgrade of the ratings affected by today's action would be the better-than-expected performance of the underlying assets, or a decline in counterparty risk.

The principal methodology used in this rating 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.

LIST OF AFFECTED SECURITIES

Issuer: SAECURE 8 NHG B.V.

....EUR29.6M Class B Notes, Confirmed at Aa1 (sf); previously on Nov 14, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR14.8M Class C Notes, Confirmed at Aa2 (sf); previously on Nov 14, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

....EUR14.8M Class D Notes, Confirmed at Aa3 (sf); previously on Nov 14, 2013 Aa3 (sf) 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.

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 this transaction in the past six months.

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.

As the section on loss and cash flow analysis describes, 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.

Lyudmila Udot
Asst Vice President - 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

Carole Bernard
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Sebastian Hoepfner
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 three notes in one Dutch NHG RMBS transaction
No Related Data.
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​

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