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
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
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
Announcement:

Moody's places the ratings of 13 Greek structured finance transactions on review for possible downgrade

21 Dec 2010

Approximately EUR 13.0 billion of debt securities affected

Paris, December 21, 2010 -- Moody's Investors Service has today placed on review for possible downgrade the senior ratings of seven Greek RMBS and six Greek ABS. As a result of today's action all senior ratings on the nine outstanding Greek RMBS, 15 outstanding Greek ABS and one Greek CDO are now on review for possible downgrade. Moody's has also placed on review the ratings of three mezzanine and junior classes of one Greek SME ABS Anaptyxi 2006-1 Plc. A complete list of all 16 affected tranches placed on review for downgrade is at the end of this press release.

Today's rating actions result from Moody's decision on December 16 to review for possible downgrade the Ba1 ratings of Greece's government bonds. For some of the affected transactions, today's reviews also consider Moody's announcement that it had placed the majority of Greek bank ratings on review for possible downgrade on December 17.

Today's rating action addresses the ratings on the notes issued by Ariadne S.A. and Titlos Plc, two ABS transactions sponsored by the Greek government. The credit quality of the Greek government primarily determines the ratings of these notes.

In addition to the notes that Moody's placed on review today, Moody's has maintained the senior note ratings on two RMBS , nine ABS and one CDO on review for possible downgrade since the previous rating action on Greek structured finance transactions in July 2010. At that time Moody's left these notes on review for possible downgrade pending the implementation of restructuring. For these 12 transactions, Moody's rating review will also take into account the conclusion of the sovereign rating review.

Sovereign and Operational Risks

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. The concerns which might lead to a multi-notch downgrade of Greece's government debt rating (as described in Moody's announcement published on December 16 -- "Moody's places Greece's Ba1 rating on review for possible downgrade ") could imply significantly higher levels of stress for the underlying obligors over the term of these transactions. Moreover, the review for downgrade of six Greek banks poses additional operational risks for the outstanding structured finance transactions for which those banks perform servicing and other operational functions. The review of the banks' deposit and debt ratings results primarily from a potential weakening of the government's capacity to provide support to its banking system.

Key Review Parameters

Key factors in the review will be the assessment of country risk and operational risk. Moody's will examine the exposure of the transactions to country risks, including economic resiliency,systemic support and the uncertainty related to the performance of securitised assets in scenarios of high sovereign stress. Moody's will also assess in detail the operational risks associated with the Greek banks acting as transaction parties performing functions such as servicing, cash management and hedging.

The decision to place the mezzanine and junior notes of Anaptyxi 2006-1 reflect Moody's concerns about the performance of the securitised pool of revolving SME loans under stressful refinancing conditions taking into account the available level of credit enhancement.

Timing of Structured Finance Rating Actions

Once Moody's has concluded its review of the Greek government rating and the ratings of the Greek banks, it will finalize the review of the structured finance ratings for the affected transactions.

List of Affected Tranches

RMBS:

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

Issuer: Grifonas Finance No. 1 Plc

....EUR897.7M A Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

Issuer: KATOIKIA I MORTGAGE FINANCE PLC

....EUR886.6M A Notes, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Confirmed at A3 (sf)

Issuer: Themeleion Mortgage Finance PLC

....EUR693.5M A Notes, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

Issuer: Themeleion II Mortgage Finance Plc

....EUR690M A Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

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

....EUR900M A Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

Issuer: Themeleion IV Mortgage Finance Plc

....EUR1352.9M A Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

ABS:

Issuer: ANAPTYXI 2006-1 PLC

....EUR1750M A Certificate, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Baa2 (sf)

....EUR150M B Certificate, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba1 (sf)

....EUR125M C Certificate, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba2 (sf)

....EUR225M D Certificate, B1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B1 (sf)

Issuer: Ariadne S.A. Secured Notes

....EUR650M A Notes, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 22, 2010 Downgraded to Ba1 (sf)

Issuer: IRIDA PLC

....EUR261.1M A Certificate, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to A2 (sf)

Issuer: Misthosis Funding Plc

....EUR363.9M A Certificate, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Confirmed at A2 (sf)

Issuer: Synergatis Plc

....EUR1414.5M A Certificate, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Confirmed at A3 (sf)

Issuer: Titlos plc

....EUR5100M A Certificate, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 22, 2010 Downgraded to Ba2 (sf)

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 Moody's website, at www.moodys.com/SFQuickCheck. For further information, please visit Moody's website directly or contact Moody's Client Service Desk (+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 places the ratings of 13 Greek structured finance transactions on review for possible downgrade
No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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 CREDIT RATING, ASSESSMENT, 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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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.

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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  

Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomePesquisa e RatingsProdutos e SoluçõesNotícias e Eventoscarreiras na Moody’s
Ajuda e SuporteContate-nosApresente uma reclamação
Termos de UsoPolítica de PrivacidadeDireitos Autorais
© 2021 Moody's Investors Service, Inc., Moody’s Analytics, Inc. e/ou afiliadas e licenciadas. Todos os direitos reservados.