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Announcement - Servicer:

Moody's publishes updated servicer report for Hudson Advisors Germany GmbH

Global Credit Research - 23 Jun 2010

Servicer Quality Rating of SQ2+ affirmed as special servicer of German (residential and commercial) mortgage and corporate sub-performing loans and non-performing loans

London, 23 June 2010 -- Moody's Investors Service has affirmed Hudson Advisors Germany GmbH's ("HAG") SQ2+ special servicer quality rating (SQ) and published an updated report, following its yearly review. The rating applies solely to the quality of HAG's servicing of residential and commercial mortgages and corporate sub-performing loans (SPLs) and non-performing loans (NPLs). Moody's assigns all of its SQ ratings on a European, Middle East and Africa Region (EMEA) basis and hence the rating is comparable with other special SQ ratings assigned to EMEA servicers.

As highlighted in the updated report and in accordance with Moody's Asset-Backed Servicer Quality Ratings methodology, the SQ rating continues to take into account, among other things, the highly experienced and stable senior management team, the well-developed and secure IT system and environment, and the high level of work experience of its employees in servicing loans with special status. Moody's observes favourably that HAG's staff remain experienced despite the organisational changes which have taken place over the past year as a result of maturing portfolios.

Moody's views positively the real estate strategy developed over the past 18 months to increase the return on the real estate property while these remain under HAG's management and to facilitate the sale of these assets. Nevertheless, Moody's continues to note some uncertainties regarding HAG's performance, primarily due to the more difficult market conditions, which have placed and are placing additional pressures on HAG's servicing operations.

HAG is a privately owned company. As of December 2009, it employed 291 staff and its assets under management was EUR13.8billion, of which 53% were loans. The remaining comprised direct real estate (10%) and structured credit investment (37%); these assets are beyond the scope of Moody's SQ rating analysis.

Previous rating action: SQ rating downgraded to SQ2+ from SQ1- on March 26 2009.

MOODY'S SQ RATINGS

Moody's Servicer Quality (SQ) ratings are opinions regarding the ability of a loan servicer to effectively prevent or mitigate losses in a securitisation. The SQ approach evaluates how effective a servicer is at either preventing defaults in the first place or maximizing the recoveries to a transaction when defaults do occur. The SQ rating also considers the operational and financial stability of a servicer. This assessment is based on the company's organisational structure and management characteristics, its financial profile, operational controls and procedures as well as its strategic goals.

SQ ratings are provided for servicers who act as the Primary Servicer (servicing the loans from the beginning to the end), Special Servicer (servicing only the more delinquent loans), or Master Servicer (overseeing the performance and reporting from all of the servicers). For Primary Servicers, the rating will apply only to the loan types identified in the Servicer Quality Opinion. SQ ratings are reviewed at least annually in order to address potential changes in a servicer's strategy, portfolio, operational guidelines or overall performance.

The rating scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate, a "+" or "-" modifier will be appended to the SQ2, SQ3, and SQ4 rating category and a "-" modifier will be appended to the SQ1 rating category. A "+" modifier indicates the servicer ranks in the higher end of the designated rating category. A "-" modifier indicates the servicer ranks in the lower end of the designated rating category.

For details about Moody's SQ methodology, see "Asset-Backed Servicer Quality ("SQ") Ratings in EMEA: Moody's Methodology," April 2005 and "Introduction of Servicer Quality National Scale Ratings and Moody's Updated EMEA Servicer Quality Rating Scores", March 2008. These reports are on 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 this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. 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.

Milan
Alex Cataldo
Senior Vice President
Structured Finance Group
Moody's Investors Service
Telephone:+39-02-9148-1100

London
Carine Kumps-Feniou
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's publishes updated servicer report for Hudson Advisors Germany GmbH
No Related Data.
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