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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.
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