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Rating Action:

Moody's downgrades to A3(sf) ratings of 24 Irish RMBS securities

12 Sep 2012

22 Irish RMBS ratings placed on review for downgrade

London, 12 September 2012 -- Moody's Investors Service has today downgraded to A3(sf) the ratings of 24 securities across 12 Irish residential mortgage-backed securities (RMBS) out of which 7 were also placed on review for downgrade. Concurrently, Moody's has placed on review for downgrade additional 15 Irish RMBS securities (senior and subordinated notes).

Today's rating downgrades follow Moody's decision to lower the Irish country ceiling to A3 on 6 September 2012. See "Moody's adjusts Ireland's country ceiling to A3" (http://www.moodys.com/research/Moodys-adjusts-Irelands-country-ceiling-to-A3--PR_254541).

The main driver for today's rating review placements is Moody's intention to reassess credit enhancement adequacy for each of the rated notes, given the increased risk of economic and financial instability.

As part of today's rating action, Moody's has concluded its review of 10 ratings in 3 Irish RMBS transactions that were placed on review for downgrade on the 14 May due to low level of credit enhancement in consideration of the large exposure to negative equity loans in the underlying collateral. The credit enhancement available to the senior notes has substantially increased following a restructuring of these transactions executed in August. Moody's has concluded that the current credit enhancement is consistent with the current rating of the notes.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF297259 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: NEW COUNTRY CEILING

On 6 September 2012, Moody's adjusted to A3 the Irish country ceiling, which signifies the maximum rating that Moody's will assign to a domestic issuer, including structured finance transactions backed by Irish receivables. As a consequence, the highest achievable rating for Irish structured finance transactions is now A3(sf), down from A1(sf).

Ireland's new country ceiling, reflects the elevated risk for economic and financial dislocations in Ireland. The weakness of the economy constitutes a substantial risk factor to non-government issuers in Ireland because income and access to liquidity and funding could be sharply curtailed to all classes of borrowers. The lower ceiling also reflects the risk of exit and redenomination in the unlikely event of a default by the sovereign.

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

Moody's has placed on review for downgrade the ratings of 22 Irish senior and subordinated notes in order to reassess credit enhancement adequacy levels, given the higher risk of economic and financial instability. Irish securities placed on review for potentially inadequate credit enhancement failed to meet credit enhancement levels consistent with severe loss scenarios.

-- CONCLUSION OF PREVIOUS RATING REVIEWS: INCREASED CREDIT ENHANCEMENT FOLLOWING RESTRUCTURING

CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION NO. 14, CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION NO. 15 and CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION NO. 16 LTD were restructured in August 2012. As a consequence, Moody's has concluded that the increased credit enhancement levels are consistent with the current ratings of the senior notes. As of the next interest payment date, the credit enhancement will increase to 55% from 35% in CELTIC 14, to 50% from 32% in CELTIC 15 and to 45% from 32% in CELTIC 16.

-- OTHER DEVELOPMENTS MAY NEGATIVELY AFFECT THE NOTES

As the euro area crisis continues, the ratings of structured finance notes remain exposed to the uncertainties of credit conditions in the general economy. The deteriorating creditworthiness of euro area sovereigns as well as the weakening credit profile of the global banking sector could negatively affect the ratings of the notes.

Key modelling 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 Ireland's country ceiling; and, as a consequence, (2) Moody's decision to assess credit enhancement levels consistent with each structured finance rating category.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's approach to country risk ceilings is described in Local-Currency Country Risk Ceiling for Bonds and Other Local Currency Obligations (http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_140182), published on 16 August 2012.

On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modelling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions", (http://www.moodys.com/research/Approach-to-Assessing-the-Impact-of-a-Rapid-Country-Credit--PBS_SF294880) for further details regarding the implications of the proposed methodology changes on Moody's ratings.

The rating considerations described in this press release complement the principal rating methodologies applicable to Irish RMBS transactions affected by today's rating action (see link provided above in this press release for a full list of affected credit 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.

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.

Sebastian?Hoepfner
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
Senior Vice President
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Maria Divid
Analyst
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 to A3(sf) ratings of 24 Irish RMBS securities
No Related Data.
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