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Rating Action:

Moody's places on review for downgrade 26 Portuguese ABS/RMBS ratings

22 Jun 2010

Madrid, June 22, 2010 -- Moody's Investors Service has today placed on review for possible downgrade Aaa and Aa ratings on 23 residential mortgage-backed securities (RMBS) and 3 asset-backed securities (ABS) backed by Portuguese asset pools listed at the end of this release. This review was triggered by Moody's decisions on 5 May 2010 to place on review for possible downgrade the Aa2 rating on Portugal's government bonds as well as the ratings of the country's rated banks. Certain other transactions that have high levels of credit enhancement or external guarantees are not subject to this review. The completion of Moody's review of these ABS and RMBS ratings will be driven by the conclusion of the ongoing review of Portugal's sovereign and bank ratings.

Benefits of EU Membership Support Ratings Higher than the Sovereign's Ratings

Securitized transactions can maintain ratings higher than Portugal's government bond ratings because of two key benefits of EU membership. Firstly, as a member of the EU, Portugal is unlikely to experience a disruption to its national payment system. Secondly, membership in the EU also significantly reduces the risk of non-enforceability of contractual agreements and mitigates cross-border legal concerns.

Transaction Structures Designed for Severe Stress Scenarios

Moody's rates transactions to the highest rating levels only if their structural features, including credit enhancement, mitigants to operational risk, and liquidity support, are sufficient to withstand extreme scenarios. Portuguese structured finance transactions could still maintain ratings in the Aaa and Aa categories if the transactions can survive counterparty downgrades and stresses to collateral performance that include adjustments reflecting current circumstances.

Credit Enhancement Stress Scenarios

In placing on review certain ratings of the Portuguese ABS and RMBS, Moody's considered the likely performance of the transactions in the context of several stress scenarios that assume various combinations of a restructuring of the government's debt, a banking system crisis, and a more severe version of the current austerity plan. Moody's will ultimately determine a probability for these extreme scenarios in line with the outcome of the Portuguese government and bank rating reviews.

After applying the stressed scenarios, Moody's identified certain securities that it would not place under review. RMBS that have credit enhancement levels above 25% or 40% and ABS that have credit enhancement levels above 40% or 60% remain consistent with a Aaa rating. Moody's also did not place under review ABS notes benefitting from an external guarantee from the European Investment Fund (rated Aaa).

Operational Risk and Liquidity

Given the ongoing review for possible downgrade of the Portuguese banks' senior debt ratings, Moody's will also consider the impact of bank downgrades on a transaction for which one of those banks is a key party. Risk of a payment disruption on RMBS and ABS arises if a key party fails to perform its role, including servicing, cash management, or acting as the liquidity provider to the transaction. Our review will include an assessment of the structural features that mitigate the exposure to these banks.

List of rating actions

Issuer: Atlantes Mortgage No. 1 PLC

....EUR462.5M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Feb 19, 2003 Definitive Rating Assigned Aaa

Issuer: Bocage Mortgages No. 1 Limited

....EUR892.1M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Dec 19, 2008 Assigned Aaa

Issuer: Bocage Mortgages No. 2 Limited

....EUR1144.95M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Dec 4, 2009 Assigned Aaa

Issuer: Caravela SME No.1 Limited

....EUR2184M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Nov 28, 2008 Assigned Aaa

....EUR52.5M B Notes, Aa2 Placed Under Review for Possible Downgrade; previously on Nov 28, 2008 Assigned Aa2

Issuer: Douro Mortgages No. 1 Notes

....EUR1434M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Nov 23, 2005 Definitive Rating Assigned Aaa

....EUR24.75M B Certificate, Aa2 Placed Under Review for Possible Downgrade; previously on Nov 23, 2005 Definitive Rating Assigned Aa2

Issuer: Douro Mortgages No. 2

....EUR315M A1 Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Oct 3, 2006 Definitive Rating Assigned Aaa

....EUR1125M A2 Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Oct 3, 2006 Definitive Rating Assigned Aaa

....EUR27.75M B Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Oct 3, 2006 Definitive Rating Assigned Aa3

Issuer: Douro Mortgages No. 3

....EUR1441.5M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Jul 31, 2007 Definitive Rating Assigned Aaa

Issuer: SAGRES Sociedade de Titularização de Créditos, S.A. (Douro SME Series 1)

....EUR445M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Apr 12, 2005 Definitive Rating Assigned Aaa

Issuer: Hipototta No1. PLC

....EUR1053.2M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Aug 5, 2003 Assigned Aaa

Issuer: Hipototta NO. 4 PLC

....EUR2349.6M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Feb 22, 2007 Assigned Aaa

Issuer: Hipototta No 5 plc

....EUR1693M A2 Notes, Aaa Placed Under Review for Possible Downgrade; previously on Mar 23, 2007 Definitive Rating Assigned Aaa

....EUR26M B Notes, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 23, 2007 Definitive Rating Assigned Aa2

Issuer: Hipototta No.7 Limited

....EUR1596M A2 Notes, Aaa Placed Under Review for Possible Downgrade; previously on Mar 10, 2008 Assigned Aaa

....EUR60M B Notes, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 10, 2008 Assigned Aa2

Issuer: Hipototta No. 8 Limited

....EUR1021.9M A2 Notes, Aaa Placed Under Review for Possible Downgrade; previously on Jul 28, 2008 Assigned Aaa

....EUR40.6M B Notes, Aa3 Placed Under Review for Possible Downgrade; previously on Jul 28, 2008 Assigned Aa3

Issuer: Hipototta NO. 10 LIMITED

....EUR927.5M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Aug 5, 2009 Assigned Aaa

....EUR20M B Notes, Aa3 Placed Under Review for Possible Downgrade; previously on Aug 5, 2009 Assigned Aa3

Issuer: Lusitano Mortgages No. 1 PLC

....EUR915M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Dec 16, 2002 Definitive Rating Assigned Aaa

....EUR32.5M B Bond, Aa3 Placed Under Review for Possible Downgrade; previously on Dec 16, 2002 Definitive Rating Assigned Aa3

Issuer: Lusitano Mortgages No. 2 PLC

....EUR920M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Nov 4, 2003 Definitive Rating Assigned Aaa

....EUR30M B Bond, Aa3 Placed Under Review for Possible Downgrade; previously on Nov 4, 2003 Definitive Rating Assigned Aa3

Issuer: Lusitano Mortgages No. 3 PLC

....EUR1140M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Sep 29, 2008 Confirmed at Aaa

....EUR27M B Bond, Aa2 Placed Under Review for Possible Downgrade; previously on Sep 29, 2008 Confirmed at Aa2

Issuer: Lusitano Mortgages No.6 Limited

....EUR943.25M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Jul 30, 2007 Definitive Rating Assigned Aaa

....EUR65.45M B Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Jul 30, 2007 Definitive Rating Assigned Aa3

Issuer: Magellan Mortgages No. 1 Public Limited Company

....EUR942.5M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Dec 19, 2001 Definitive Rating Assigned Aaa

Issuer: Magellan Mortgages No. 2 PLC

....EUR930M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Oct 27, 2003 Definitive Rating Assigned Aaa

Issuer: Magellan Mortgages No. 3 plc

....EUR1413.75M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Jul 1, 2005 Definitive Rating Assigned Aaa

Issuer: Magellan mortgages no. 4 plc

....EUR1413.75M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Jul 18, 2006 Definitive Rating Assigned Aaa

....EUR33.75M B Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Jul 18, 2006 Definitive Rating Assigned Aa3

Issuer: NOVA Finance No. 4 Limited

....EUR644M A Certificate, Aaa Placed Under Review for Possible Downgrade; previously on Dec 21, 2007 Assigned Aaa

....EUR14M B Certificate, Aa2 Placed Under Review for Possible Downgrade; previously on Dec 21, 2007 Assigned Aa2

Issuer: Nostrum Mortgages 2003-1 PLC

....EUR980M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Nov 20, 2003 Definitive Rating Assigned Aaa

Issuer: Pelican Mortgages No. 2 Plc

....EUR659.75M A Bond, Aaa Placed Under Review for Possible Downgrade; previously on Sep 29, 2003 Definitive Rating Assigned Aaa

Issuer: Pelican Mortgages No.3 plc

....EUR717.375M A Notes, Aaa Placed Under Review for Possible Downgrade; previously on Mar 30, 2007 Definitive Rating Assigned Aaa

....EUR14.25M B Notes, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 30, 2007 Definitive Rating Assigned Aa2

All principal methodologies that Moody's applies when rating structured finance transactions are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these transactions can also be found in this Rating Methodologies sub-directory. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck. For further information, please visit our website directly or contact Moody's Client Service Desk (+44 20) 7772 5454.

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Maria Turbica Manrique
Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places on review for downgrade 26 Portuguese ABS/RMBS ratings
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