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Rating Action:

Moody's reviews 13 Dutch E-MAC RMBS transactions for possible downgrade

03 Dec 2008
Moody's reviews 13 Dutch E-MAC RMBS transactions for possible downgrade

Approximately EUR 5.49 billion of debt securities affected.

Paris, December 03, 2008 -- Moody's Investors Service today placed on review for possible downgrade all non-NHG Dutch E-MAC transactions issued prior to April 2008. The ratings of the four Dutch E-MAC NHG transactions have been on review since 10 July 2008. A complete list of today's rating actions can be found at the end of this press release.

Today's rating action was prompted by the exposure of the affected transactions to a potential default to fulfil some of its obligations by ResCap, which ultimately owns the entities performing the cash management functions in these transactions. ResCap's credit worthiness has continued to deteriorate and its unsecured senior debt rating was downgraded to C with stable outlook on 20 November 2008. Yet, at this stage, in all the transactions being put on review, no back-up agreement has been put in place for the role of issuer administrator, which performs the tasks generally associated with those of a cash manager.

For the E-MAC NL series of transactions and the series of notes issued out of the E-MAC Program prior to April 2008, GMAC RFC Nederland B.V. is the appointed servicer and issuer administrator. GMAC RFC Nederland B.V. was incorporated in the Netherlands in 2000 and is an indirect wholly-owned subsidiary of ResCap. Stater Nederland B.V. (Stater) and Quion Groep B.V. (SQ2) (Quion) are the delegated day-to-day servicers of the mortgage loans according to the different origination channels. Both Stater and Quion have committed to assume the role of primary servicer in case the appointment of GMAC RFC Nederland B.V. is terminated.

However, no back-up issuer administrator was appointed at closing for these transactions. In a press release dated 30 May 2008 on the impact of ResCap's downgrade on EMEA RMBS, Moody's stated that it had been informed that GMAC RFC Nederland B.V. was in the process of putting in place a back-up issuer administrator for all the transactions of the E-MAC NL series, and for the series of notes issued in 2006, 2007 and the first series issued in 2008 out of the E-MAC Program. GMAC has recently indicated its intention to complete this process shortly. To date, however, no such back-up issuer administrator has been put in place for these transactions. The inability of an issuer administrator to fulfill its obligations could result in consequences ranging from untimely payments on the notes, to credit losses for noteholders that could result from the unwinding of interest rate or currency exchange hedges following termination events prompted by missed payments.

Moody's notes that in the most recent two transactions issued in 2008 by the E-MAC Program, ATC Financial Services B.V. is the appointed third party issuer administrator performing most of the cash management functions, although GMAC still performs administrative activities at the program's level. Despite their residual exposure to GMAC, the ratings of these transactions have not been put on review at this stage due to the limited scope of GMAC's role.

Moody's will continue to closely monitor all these transactions and expects to promptly resolve its rating review. The review will focus on the risks of disruptions in transaction payments due to the potential inability of the issuer administrator to fulfil its role. Failure to shortly put in place back-up issuer administrator agreements should result in the downgrade of the ratings on review. The magnitude of the downgrades would depend on the severity of losses that would be expected to result from a disruption of payments, taking into account the risk of hedge arrangements falling apart.

COMPLETE LIST OF RATING ACTIONS

Issuer: E-MAC NL 2002-I B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa2, on review for possible downgrade.

- Class D, Mortgage Backed Floating Rate Notes, current rating: Ba2, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2003-I B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: A1, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa2, on review for possible downgrade.

- Class D, Mortgage Backed Floating Rate Notes, current rating: Ba2, on review for possible downgrade.

No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2003-II B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa2, on review for possible downgrade.

- Class D, Mortgage Backed Floating Rate Notes, current rating: Ba2, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2004-I B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa2, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2004-II B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa1, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2005-I B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa1, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2005-III B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa1, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC NL 2006-II B.V.

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: Baa1, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V. / Compartment NL 2007-III

- Class A1, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class A2, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa2, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V./ Compartment NL 2006-III

- Class A1, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class A2, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC Program B.V./ Compartment NL 2007-I

- Class A1, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class A2, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC Program II B.V. / Compartment NL 2007-IV

- Class A, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa3, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- Class D, Mortgage Backed Floating Rate Notes, current rating: Baa3, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Issuer: E-MAC Program III B.V. / Compartment NL 2008-I

- Class A1, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class A2, Mortgage Backed Floating Rate Notes, current rating: Aaa, on review for possible downgrade.

- Class B, Mortgage Backed Floating Rate Notes, current rating: Aa2, on review for possible downgrade.

- Class C, Mortgage Backed Floating Rate Notes, current rating: A2, on review for possible downgrade.

- No previous rating action since initial rating assignment.

Moody's initially analysed and monitors these transactions using the rating methodology for EMEA RMBS as described in the Rating Methodology report: "Moody's Approach to Rating Dutch RMBS", published in December 2004. For further information on the respective transactions, please refer to www.moodys.com or contact Moody's Client Service Desk on +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

Paris
Ariel Weil
Vice President - Senior Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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