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Announcement:

Moody's gives an update on analysis of Greek structured finance transactions

11 Mar 2011

Paris, March 11, 2011 -- Moody's Investors Service said today that it does not expect Greek structured transactions to retain or achieve ratings of A3(sf) or higher. This statement follows its downgrades of Greece's government bond ratings to B1 on 7 March 2011 ("Moody's downgrades Greece to B1 from Ba1, negative outlook") and several Greek banks on 9 March 2011 to a rating of Ba3 or lower ("Moody's downgrades the ratings of six Greek banks"). Moody's placed or maintained all existing structured finance ratings in Greece on review for downgrade on 21 December 2010.

Greek Structured Finance Ratings Expected to Drop Below A3(sf)

Regardless of the structural features or the amount of credit enhancement in place, structured finance transactions are not immune to the risk of certain high severity events. These events include a severe macro-economic decline and a deterioration in a sovereign or local banks' creditworthiness. Severe macro-economic decline disrupts asset performance. The deterioration of the banking system leads to operational risk from the potential disruption of the performance of key transaction parties, such as banks that act as servicers.

In addition, while Moody's central scenario does not include a sovereign default or distressed exchange, the consequences of either event, including possible changes in the terms or enforcement of certain debt contracts, could overwhelm the benefits of credit enhancement and structural mitigants. The potential emergence of these events implies high and rapid transition risk. Nonetheless, in analyzing each structured finance transaction, Moody's will continue to recognize that transactions with high credit enhancement can sustain significant asset performance deterioration and that operational risk mitigants can reduce the linkage between the structured finance ratings and the credit quality of key transaction parties.

The low but increased likelihood of Greece defaulting or entering into a distressed exchange, expressed in the downgrade of the Greek government debt rating, equates to an increased likelihood for high severity events to occur. As a result, Moody's now no longer expects a rating on Greek structured finance transactions to retain or achieve a rating of A3(sf) or higher.

Ratings of Greek Structured Finance Transactions Currently on Review for Possible Downgrade

All Greek Consumer and SME/Lease ABS, RMBS and CLO transactions have ratings on review for possible downgrade. During its review, Moody's will take into account the features of each transaction including the level of credit enhancement, the current rating of the main counterparties and the structural mitigants for operational and other counterparty risks. The level of rating migration will vary depending on the relative strengths of these features.

Moody's expects to downgrade all senior ratings to Baa1(sf) or below. Moody's plans to conclude its review of all Greek Consumer and SME/Lease ABS, RMBS and CLO transactions within the next two months.

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

Paris
Annick Poulain
MD - Structured Finance
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 gives an update on analysis of Greek structured finance transactions
No Related Data.
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