info

Yes No
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
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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 senior ratings of Greek structured finance transactions

14 Apr 2011

Paris, April 14, 2011 -- Moody's Investors Service has downgraded today to Baa1(sf) or lower the senior ratings on one Greek CLO, eight Greek RMBS and ten Greek ABS transactions. Moody's also downgraded the mezzanine and junior ratings on one ABS transaction. Moody's maintained on review for possible downgrade its ratings on three ABS transactions. Moody's had previously place or maintained on review for downgrade all of the affected ratings on 21 December 2010. A complete list of all 22 downgrades by tranche is at the end of this press release.

Today's downgrades follows the downgrade of Greece's government bond rating to B1 on 7 March 2011 ("Moody's downgrades Greece to B1 from Ba1, negative outlook") and also considers the downgrade of several Greek banks to a rating of Ba3 or lower on 9 March 2011 ("Moody's downgrades the ratings of six Greek banks").

RATINGS RATIONALE

Maximum Baa1 (sf) Rating Achievable for Greek Structured Finance Transactions

Moody's commented on 11 March 2011 that Greek structured finance transactions could no longer achieve or retain a rating of A3(sf) or higher ("Moody's gives an update on analysis of Greek structured finance transactions"). Moody's explained that the downgrade of the Greek government debt rating to B1 equated to an increased likelihood for high severity events to occur. These events include 1) a severe macro-economic decline affecting asset performance and 2) a deterioration in a sovereign or local banks' creditworthiness, leading to operational risk from the potential disruption of the performance of banks as key transaction parties. Regardless of the structural features or the amount of credit enhancement in place, structured finance transactions are not immune to the risk of these high severity events.

Country Risks and Operational Risks in Greek Structured Finance Transactions

Today's rating actions reflect Moody's concerns about the exposure of Greek structured finance transactions to country risks as well as operational risks in extreme scenarios. Moody's recognizes, however, that transactions with high credit enhancement are more able to sustain significant asset performance deterioration resulting from country risks and operational risks. Moody's rating actions address the operational risks associated with the banks acting as transaction parties performing functions such as servicing, cash management and hedging.

The level of rating migration in the senior rating of Greek ABS, CLO and RMBS vary depending on the credit quality of the assets, the credit enhancement, the credit quality of the key counterparties and the existence of structural mitigants for operational risks. In particular, Moody's downgraded to Baa2(sf) or lower the ratings of senior tranches that had credit enhancement under the minimum levels necessary to achieve or retain the highest possible ratings for each asset class. These levels, which correspond to potential losses associated with high severity events, are 50% for CLOs, 45% for ABS SME and Leases, 40% for consumer ABS, and 25% for RMBS.

Moody's downgraded to Baa3(sf) or lower the ratings of senior notes on transactions that lacked strong operational risk mitigants. Mitigants include back-up servicing arrangements, independent cash managers and arrangements by which the trustee or cash manager can draw liquidity and independently compute the amounts due under the notes or other senior payments in the event the servicer does not produced its reports on time. Moody's downgraded to Baa2(sf) or lower the ratings of senior notes on transactions with strong operational risk mitigants but with exposure to servicers rated below Baa3.

Transactions with High Linkage to Originating Bank

In addition, Moody's downgraded to Ba1(sf) or lower, depending on their credit enhancement, the ratings of the notes on transactions backed by a significant proportion of revolving loans with short-term bullet maturities (Allilohreos) from banks rated below Baa3. There is a risk that the banks will not be able to refinance these loans.

Finally, Moody's has maintained on review for possible downgrade the Baa2(sf) ratings of three transactions originated by Piraeus Bank S.A. (Ba3, Non-Prime). The review follows the announcement by the originator that it intends to transfer the issuer accounts from Citibank N.A. (A1/Prime-1) to itself. The issuer had previously transferred the issuer accounts to Citibank as part of recent amendments on these transactions. The transfer back to the originator would create a high linkage between its credit quality and that of the transactions and would likely result in further downgrades on the ratings of the three affected transactions.

Moody's Revised Default Assumptions for Greek Consumer ABS

Moody's increased its lifetime mean default to 20% from 11% for the transaction DANEION 2007-1 PLC, to 20% from 7.5% for the transaction KATANALOTIKA PLC, and to 15% from 7.5% for the transaction PRAXIS I FINANCE PLC. Moody's also revised to 35% the coefficient of variation it assumes for the default distribution on DANEION 2007-1 PLC (up from 30%) and on KATANALOTIKA PLC (down from 45%) as both transactions show similar performance patterns. The revised assumptions reflect both the performance of these transactions and the expectations of further deterioration in the future.

Rating methodologies

The determination of the highest achievable ratings and minimum credit enhancement requirements described above complement the applicable principal methodologies for each asset class. To identify the primary methodology for each of the asset classes of the affected transactions, please refer to the index of methodologies under the research and ratings tab on Moodys.com.

Moody's Investors Service did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

LIST OF AFFECTED SECURITIES BY ASSET CLASS

ABS

Issuer: ANAPTYXI 2006-1 PLC

A Certificate, Downgraded to Ba1 (sf); previously on Dec 21, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

B Certificate, Downgraded to Ba2 (sf); previously on Dec 21, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

C Certificate, Downgraded to Ba3 (sf); previously on Dec 21, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

D Certificate, Downgraded to B2 (sf); previously on Dec 21, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Axia Finance PLC

A Certificate, Downgraded to Baa2 (sf) and Remains On Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: Axia III Finance Plc

A Certificate, Downgraded to Ba1 (sf); previously on Jul 15, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: DANEION 2007-1 PLC

Class A Certificate, Downgraded to Baa2 (sf); previously on Jul 15, 2010 Downgraded to A2 (sf) and Remained On Review for Possible Downgrade

Issuer: IRIDA PLC

A Certificate, Downgraded to Baa2 (sf); previously on Dec 21, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: KATANALOTIKA PLC

A Certificate, Downgraded to Baa2 (sf); previously on Jul 15, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: Misthosis Funding Plc

A Certificate, Downgraded to Baa1 (sf); previously on Dec 21, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: PRAXIS I FINANCE PLC

A Certificate, Downgraded to Baa2 (sf) and Remains On Review for Possible Downgrade; previously on May 12, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: Praxis II Finance Plc

A Certificate, Downgraded to Baa2 (sf) and Remains On Review for Possible Downgrade; previously on May 12, 2010 Downgraded to A2 (sf) and Remained On Review for Possible Downgrade

Issuer: Synergatis Plc

A Certificate, Downgraded to Baa1 (sf); previously on Dec 21, 2010 A3 (sf) Placed Under Review for Possible Downgrade

RMBS

Issuer: Estia Mortgage Finance II PLC

A Notes, Downgraded to Baa3 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Grifonas Finance No. 1 Plc

A Certificate, Downgraded to Ba1 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: KION Mortgage Finance No. 2 Plc

A Certificate, Downgraded to Baa3 (sf); previously on May 12, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: KION Mortgage Finance Plc

A Certificate, Downgraded to Baa3 (sf); previously on Jul 15, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

Issuer: Themeleion II Mortgage Finance Plc

A Certificate, Downgraded to Baa3 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion III Mortgage Finance Plc S.r.I.

A Certificate, Downgraded to Baa3 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion IV Mortgage Finance Plc

A Certificate, Downgraded to Baa3 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Themeleion Mortgage Finance PLC

A Notes, Downgraded to Baa3 (sf); previously on Dec 21, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

CLO

Issuer: EPIHIRO PLC

Class A Asset Backed Floating Rate Notes due January 2035 Notes, Downgraded to Baa2 (sf); previously on Jul 15, 2010 Downgraded to A2 (sf) and Remained On Review for Possible Downgrade

REGULATORY DISCLOSURES

Ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

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

Moody's Investors Service considers the quality of information available on the issuers or obligations satisfactory for the purpose of maintaining credit ratings. The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release.

For each transaction, the lead analyst name is available on the issuer page, and the rating office is available on the ratings tab of the issuer on www.moodys.com.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Frankfurt am Main
Sebastian Hoepfner
Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Ariel Weil
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades senior ratings of Greek structured finance transactions
No Related Data.
© 2018 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. 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 SUCH 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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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

Moody's Integrity Hotline

EU
001-800-506-1440
Japan
KDDI: 00-539-111 then 888-320-1668
NTT: 0034-811-001 then 888-320-1668
Outside of the EU and Japan
1-866-330-MDYS (6397)
HomeResearch & RatingsProducts & SolutionsNews & EventsCareers
Help & SupportContact UsSubmit a Complaint
Terms of UsePrivacy PolicyProprietary Rights
© 2018 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.