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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.

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Rating Action:

Moody's downgrades 56 South African RMBS and ABS securites

11 Oct 2012

London, 11 October 2012 -- Moody's Investors Service has today downgraded to A1(sf) the ratings of 56 securities across 17 South African residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), prompted by the weakening of the South African government's credit profile, as captured by Moody's recent downgrade of South Africa's government bond rating to Baa1 from A3 and the lowering of the local currency ceiling to A1. For full details please refer to the Sovereign press release( http://www.moodys.com/research/Moodys-downgrades-South-Africas-government-bond-rating-to-Baa1-outlook--PR_256159).

Concurrently, Moody's has placed on review for downgrade the ratings of 54 South African RMBS and ABS securities (senior and subordinated notes) and an asset-backed commercial paper (ABCP) programme. The main driver for the placements is Moody's intention to reassess credit enhancement adequacy for each of the rated notes, given the increased risk of economic instability and political uncertainty as reflected by the lowering of the country ceiling.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF302738 for the list of affected credit ratings. This list is an integral part of this press release. For a detailed rationale on each rating action, please refer to the list of affected credit ratings.

RATINGS RATIONALE

--DRIVER FOR DOWNGRADE: WEAKENING OF THE SOUTH AFRICAN GOVERNMENT'S CREDIT PROFILE

Today's downgrades primarily reflect the weakening of the South African government's credit profile, as captured by Moody's recent downgrade of South Africa's government bond rating by one notch to Baa1 from A3, and the lowering to A1 of the local currency country ceiling on 27 September 2012. See "Moody's downgrades South Africa's government bond rating to Baa1; outlook remains negative", 27 September 2012 [http://www.moodys.com/research/Moodys-downgrades-South-Africas-government-bond-rating-to-Baa1-outlook--PR_256159].

-- DRIVER FOR REVIEW PLACEMENT: REASSESSMENT OF CREDIT ENHANCEMENT ADEQUACY FOR SENIOR AND SUBORDINATED NOTES

Today's review placements primarily reflect the need to reassess the adequacy of credit enhancement levels, given the higher risk of economic instability and political uncertainty. Based on Moody's initial assessment, securities placed on review were deemed to have inadequate credit enhancement to meet the rating agency's expectation of increased loss volatilities and the probability of high severity loss scenarios, which necessitate increased credit enhancement for the same rating level.

-- OTHER DEVELOPMENTS MAY NEGATIVELY AFFECT THE NOTES

Deterioration of the general economic environment and specifically, the real estate and consumer credit market beyond the current consensus.

Key modeling assumptions, sensitivities, cash-flow analysis and stress scenarios for the affected transactions have not been updated, as the rating actions have been primarily driven by (1) the lowering of South Africa's country ceiling; and, as a consequence, (2) Moody's decision to assess credit enhancement levels consistent with each structured finance rating category.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

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.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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 considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

The person who approved Grayston Conduit 1 (Proprietary) Limited - Series 4 credit ratings is Wickens Alex-VP-SeniorAnlayst/Manager, Structured Finance Group, Journalists Tel: 44 20 7772 5456, Subscribers Tel: 44 20 7772 5454.

The person who approved the credit ratings of the other transactions mentioned in this Rating Action is Shah Neil- MD - Structured Finance, Structured Finance Group, Journalists Tel: 44 20 7772 5456, Subscribers Tel: 44 20 7772 5454.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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.

John Paul Truijens
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

Neal?Shah
MD - Structured Finance
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 downgrades 56 South African RMBS and ABS securites
No Related Data.
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