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I AGREE
Rating Action:

Moody's downgrades UK RMBS notes issued by Alba 200-1, Alba 2006-1, Alba 2006-1, Alba 2007-1, Clavis 2007-1 and Uropa 2007-1

05 Dec 2011

London, 05 December 2011 -- Moody's downgraded the ratings of senior and mezzanine tranches in 6 UK non-conforming RMBS transactions. All affected ratings are listed at the end of this press release. The ratings were placed on review for possible downgrade on 14th October 2011 following the downgrade of Skipton Building Society from Baa1/P-1 to Ba1/NP.

RATINGS RATIONALE

Today's downgrade is driven by exposure to payment disruption risk and lack of structural features that mitigate it, such as a backup servicer or back-up servicer facilitator. Homeloan Management Limited ("HML"), which is part of Skipton Building Society ("Skipton"), acts as servicer in the affected transactions. The cash managers are the Bank of New York Mellon (Aaa/P-1) in Alba 2005-1, HSBC Bank plc (Aa2/P-1) in Alba 2006-1, 2006-2 and 2007-1, Basinghall Finance in Clavis 2007-1 and Elavon Financial Services Limited (Aa2/P-1) in Uropa 2007-1. Parent of Basinghall Finance is Erste Abwicklungsanstalt (Aa1/P-1).

Following the downgrade of Skipton (parent company of HML) Moody's analyzed continuity of payments in the affected transactions following a potential disruption in functions performed by HML and concluded that for these transactions, the maximum achievable rating is A2 (sf). Moody's notes that there is sufficient liquidity available in all the transactions except for Alba 2007-1. The available liquidity does not mitigate payment disruption risk as the cash manager would need estimation instructions to prepare the payment report should a servicer report not be delivered by the report date. The current documentation does not contain specific provisions on the use of servicer report estimates and there is therefore potential for a missed payment on the notes.

Moody's believes that payment disruption risk is further exacerbated for those transactions where the notes are denominated in Euro and exposed to an FX swap. A failure to provide the swap counterparties with timely information, in particular in regards to the principal payments could lead to a termination event under the swap documentation. Moody's has downgraded the notes exposed to an FX swap and not mitigated by sufficient level of credit enhancement one notch below a comparable transaction without FX exposure in consideration of this additional risk.

FACTORS AND SENSITIVITY ANALYSIS

Key modelling assumptions, sensitivities, cash-flow analysis and stress scenarios have not been updated as the rating action has been primarily driven by increased operational risk. Uncertainty mainly stems from the availability of a substitute servicer and the timing of a servicing transfer if such a substitute is available. Should a substitute servicer not be found following an operational disruption at HML, the rating would be negatively affected.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa, published in October 2009. Please see the Credit Policy page on www.moodys.com a copy of this methodology.

Other Factors used in these rating are described in Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk published in June 2011.

LIST OF AFFECTED SECURITIES

Issuer: ALBA 2005 - 1 plc

....GBP105M A3 Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

........Underlying Rating: Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP21.65M B Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....MERCs Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Alba 2006-1 plc

....GBP119.1M A3a Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP80M A3b Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....MERC Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Alba 2006-2 plc

....GBP163.75M A3a Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR60M A3b Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP44.05M B Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....MERC Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Alba 2007-1 plc

....GBP231.1M A2 Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP269M A3 Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP105.8M B Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....MERC Notes, Downgraded to A2 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Clavis Securities plc: Series 2007-01

....GBP150M A3a Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR115.5M A3b Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Uropa Securities plc Series 2007-01B

....EUR269M A2b Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....GBP74M A3a Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....EUR70M A3b Notes, Downgraded to A3 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....GBP20M A4a Notes, Downgraded to Baa1 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....EUR18M A4b Notes, Downgraded to Baa1 (sf); previously on Oct 14, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

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 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its 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.

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.

Lyudmila Udot
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

Barbara Rismondo
VP - Senior Credit Officer
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 UK RMBS notes issued by Alba 200-1, Alba 2006-1, Alba 2006-1, Alba 2007-1, Clavis 2007-1 and Uropa 2007-1
No Related Data.
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