Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Está por salir del sitio local de España y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's downgrades 14 Spanish RMBS notes issued by TDA CAM 6, 7, 8, 9 and 10

05 Dec 2008
Moody's downgrades 14 Spanish RMBS notes issued by TDA CAM 6, 7, 8, 9 and 10

EUR2.9 billion of debt securities affected.

Frankfurt, December 05, 2008 -- Moody's Investors Service has today downgraded 14 classes of Notes issued by TDA CAM 6, FTA, TDA CAM 7, FTA, TDA CAM 8, FTA, TDA CAM 9, FTA and TDA CAM 10, FTA; all these Spanish RMBS transactions closed between 2006 and 2007. A complete list of rating actions can be found at the end of this press release. For TDA CAM 10, FTA, today's rating actions conclude the rating review that was initiated on 23 July 2008.

The downgrade was prompted by all the portfolios showing worse-than-expected collateral performance, leading to above market average delinquencies. In addition, the collateral backing TDA CAM 10, FTA, comprises a large proportion of loans with a loan-to-value (LTV) over 80%. The weighted-average LTV ratio for TDA CAM 10, FTA was 77.3% as of the end of September 2008.

The principal methodology used in rating the transaction was "Moody's Updated Methodology for Rating Spanish RMBS", published in July 2008, which can be found found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory. As explained in the press release issued on July 2008 in relation to the methodology update, the refinements to Moody's Spanish MILAN model result in higher credit enhancement levels for Spanish RMBS pools, especially those with riskier features, such as higher LTV ratios and higher-risk products. TDA CAM 10, FTA was one of the deals flagged by Moody's as having such features.

As of the end of October 2008, the transactions have shown the following performance levels:

- TDA CAM 6, FTA (closed in March 2006): Cumulative defaults are equal to 1.19% of the original pool balance (ratio: "Cum Def/OB"), and the 90+ arrears (excluding outstanding defaults) are approximately 4.21% of the current pool balance (ratio: "90+/CB")

- TDA CAM 7, FTA (closed in October 2006): Cum Def/OB of 0.84%, and 90+/CB of 3.96%;

- TDA CAM 8, FTA (closed in March 2007): Cum Def/OB of 0.50%, and 90+/CB of 2.92%;

- TDA CAM 9, FTA (closed in July 2007): Cum Def/OB of 0.29%, and 90+/CB of 4.86%;

- TDA CAM 10, FTA (closed in December 2007): Cum Def/OB none so far, but 90+/CB of 6.88%.

The reserve fund for each transaction has been at its target level so far as excess spread has fully covered artificial write-offs of loans which were more than 12 months delinquent. However, Moody's assumes that especially for the more recent TDA CAM transactions, the reserve funds are likely to be drawn over time, if performance indicators do not improve. The artificial write-off mechanism is typical for Spanish RMBS transactions. It speeds up the off-balance sheet treatment of a non-performing loans compared to waiting for the "natural write-off". Thus, the amount of notes collateralised by non-performing loans is minimised, and, consequently, the negative carry. Moody's expects that available funds will increase as recoveries from written-off loans are collected.

Following an updated loan-by-loan analysis, and on the basis of the performance experienced by the portfolio so far, Moody's has updated the portfolio's expected loss assumption modelled:

- TDA CAM 6, FTA, from a range of 0.60%-0.70% to 1.60%-1.80%,

- TDA CAM 7, FTA, from a range of 0.65%-0.75% to 1.70%-1.90%,

- TDA CAM 8, FTA, from a range of 0.55%-0.65% to 1.50%-1.70%,

- TDA CAM 9, FTA, from a range of 0.70%-0.90% to 1.80%-2.00%, and

- TDA CAM 10, FTA, from a range of 1.10%-1.30% to 2.70%-2.90%.

All figures are a percentage of the original pool balance. Moody's has further raised its credit support expectations for the rating levels assigned.

For TDA CAM 9, FTA and TDA CAM 10, FTA, today's rating action also affected the Class A notes. We therefore briefly summarise the amortization profile of the Class A notes as well as the existing Class A notes pro-rata amortization trigger.

TDA CAM 9, FTA:

Principal payments on Class A1, A2 and A3 notes are split as follows: As of the first interest payment date, 37% of the available funds will be distributed to Class A1 notes -- the remaining 63% to Class A2 notes. On the payment date when the Class A1 notes outstanding balance is lower than 37% of the available funds, Class A1 notes will be fully repaid. At this point, 77% of the remaining available funds will be used to amortise Class A2 notes and 23% to amortise Class A3 notes. This amortisation profile switches pro-rata, when the cumulative amount of loans more than 12 months in arrears exceeds 4% of the original portfolio balance. A potential pro-rata trigger breach was also considered in the review. However, Moody's believes that in certain scenarios this breach will be effective when the Class A1 notes have further amortised. The impact would be less severe in absolute terms for the Class A1 noteholder. Therefore the rating action only affected the Class A2 and Class A3 notes.

TDA CAM 10, FTA:

Class A1, A2, A3 and A4 notes amortise sequentially as of closing. Sequential amortisation of the Class A notes switches pro-rata, when the cumulative amount of loans more than 12 months in arrears exceeds 4% of the original portfolio balance. A potential pro-rata trigger breach was considered in the rating review -- based on a historical roll-rates analysis. In certain scenarios, Moody's expects that the trigger will be breached before Class A1 notes will be fully amortised. Therefore, the today's rating action affects all Class A notes.

On 4 November 2008, the Spanish Government announced a package of aid to assist unemployed, self-employed and pensioner borrowers through a form of mortgage subsidy aid. It is unclear how this package will be implemented, and also if it is implemented, how the transaction will be affected, although both liquidity and credit implications are possible on this portfolio. However, any implications on the ratings will ultimately depend on the actual financial aid conditions which are approved.

In all these transactions, the Originator - Caja de Ahorros del Mediterraneo (CAM), A2/P-1 - securitised a portfolio of first-ranking mortgage loans secured on residential properties in Spain, with geographical concentration in coastal regions. All the transactions include an interest rate swap to hedge interest rate risk in the transaction, securing a weighted-average interest rate on the notes plus 0.67% (for TDA CAM 6 and 7) or 0.65% (TDA CAM 8, 9 and 10) excess spread and covering the servicing fee if CAM is replaced as servicer.

Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. 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.

Moody's monitors all these transactions as described in the reports: "Moody's Approach to Rating Spanish RMBS: The "MILAN" Model", March 2005, and "Moody's Updated Methodology for Rating Spanish RMBS", July 2008. Moody's will continue to closely monitor the performance of the portfolios in the next quarterly periods. For more information on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

LIST OF RATING ACTIONS

Issuer: TDA CAM 6, FTA

- Class B Notes due April 2043, downgraded from A2 to Baa2.

- Last rating action date for TDA CAM 6, FTA: No rating action since closing in March 2006.

Issuer: TDA CAM 7, FTA

- Class B Notes due February 2049, downgraded from A1 to Baa1.

- Last rating action date for TDA CAM 7, FTA: No rating action since closing in October 2006.

Issuer: TDA CAM 8, FTA

- Class A Notes due February 2049, Aaa affirmed;

- Class B Notes due February 2049, downgraded from Aa3 to A3; and

- Class C Notes due February 2049, downgraded from Baa1 to Ba1.

- Last rating action date for TDA CAM 8, FTA: No rating action since closing in March 2007.

Issuer: TDA CAM 9, FTA

- Class A1 Notes due April 2050, Aaa affirmed;

- Class A2 Notes due April 2050, downgraded from Aaa to Aa1;

- Class A3 Notes due April 2050, downgraded from Aaa to Aa1;

- Class B Notes due April 2050, downgraded from Aa3 to A3; and

- Class C Notes due April 2050, downgraded from Baa2 to Ba2.

- Last rating action date for TDA CAM 9, FTA: No rating action since closing in July 2007.

Issuer: TDA CAM 10, FTA

- Class A1 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A2 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A3 Notes due September 2060, downgraded from Aaa to Aa1;

- Class A4 Notes due September 2060, downgraded from Aaa to Aa1;

- Class B Notes due September 2060, downgraded from A3 to Baa2; and

- Class C Notes due September 2060, downgraded from Baa3 to B3.

- Last rating action date for TDA CAM 10, FTA: 23 July 2008.

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Johannes Ebner
Asst Vice President - Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

​​​​​​