London, 14 October 2011 -- Moody's has placed on review for possible downgrade the ratings
of 82 tranches in 27 UK non-conforming RMBS transactions and 2
tranches in one ABS UK consumer loan transaction. All affected
ratings are listed at the end of this press release. The rating
action follows the downgrade on 7 October 2011 of Skipton Building Society
from Baa1/P-2 to Ba1/NP . For details please refer to "Moody's
downgrades 12 UK financial institutions, concluding review of systemic
support" published on 7 October 2011.
RATINGS RATIONALE
Moody's has placed on review for possible downgrade the ratings
in these transactions because of insufficient back-up servicing
and back-up cash management arrangements. Homeloan Management
Limited ("HML"), which is part of Skipton Building Society
("Skipton"), acts as servicer, back-up
servicer and back-up cash manager in the affected transactions.
Following the downgrade of Skipton (parent company of HML) Moody's
believes that these transactions are exposed to payment disruption risk.
During the review Moody's will assess this risk and the mitigants
in place in line with the criteria described in the Rating Implementation
Guidance "Global Structured Finance Operational Risk Guidelines:
Moody's Approach to Analyzing Performance Disruption Risk" published on
28 June 2011.
RMBS Transactions with HML as a servicer and no back-up servicing
arrangements in place
Alba 2005-1 plc
Alba 2006-1 plc
Alba 2006-2 plc
Alba 2007-1 plc
Clavis Securities plc: Series 2007-01
Uropa Securities plc Series 2007-01B
In each of the 6 transactions listed above HML is the servicer and there
is no back up servicer appointed, no back-up servicer trigger
nor backup servicer facilitator. In Uropa Securities plc Series
2007-01B HML is the programme servicer and the delegated special
servicer on behalf of Topaz Finance PLC (a fully owned subsidiary of RBS
PLC).
Following the implementation of the operational risk criteria in March
2011 Moody's took rating action on the senior notes in Alba 2005-1
plc, Clavis Securities plc: Series 2007-01 and Uropa
Securities plc Series 2007-01B due to concerns over the servicing
and back-up servicing arrangements. Prior to the Skipton
downgrade, the ratings of the senior notes in Alba 2006-2
plc were confirmed at the Aa1 (sf) and Aa2 (sf) as the presence of a servicer
with an investment-grade parent mitigated potential payment disruption.
Moody's believes that current servicing arrangements in the 6 transactions
listed above may no longer be commensurate with those required for a Aa
(sf) rating, given the loss of the investment-grade rating
of Skipton as parent.
RMBS Transactions with HML as a servicer and a back-up servicer
in place
Clavis Securities 2006-1
Money Partners Securities 2 Plc
Money Partners Securities 3 Plc
Mortgages No 6 plc
Mortgages No 7 PLC
Residential Mortgage Securities 19 Plc
Residential Mortgage Securities 20 PLC (RMS 20)
Residential Mortgage Securities 21 Plc (RMS 21)
Residential Mortgage Securities 22 Plc (RMS 22)
ResLoC UK 2007-1 PLC
In each of the 10 transactions listed above HML is the servicer and a
there is a third party back-up servicer in place. Despite
the presence of a back-up servicer, Moody's placed the senior
notes on review for downgrade because of the potential for disruption
in the case of a servicer default. In particular, Moody's
notes that the back-up servicing may not be sufficiently hot and
the cash manager may not be able to ensure continuity of payments should
the servicer report not be delivered in time. Moody's also believes
that this risk is further exacerbated for those transactions where the
senior notes are denominated in another currency and exposed to an FX
swap. A failure to provide the swap counterparties with timely
information, particularly in regard to principal payments,
could lead to a termination event under the swap documentation.
RMBS Transactions with HML as a back-up servicer and back-up
cash manager
First Flexible No.5 plc
First Flexible No.6 plc
Paragon Mortgages (No. 7) PLC
Paragon Mortgages (No.8) PLC
Paragon Mortgages (No. 9) Plc
Paragon Mortgages (No. 10) PLC
Paragon Mortgages (No. 11) PLC
Paragon Mortgages (No. 12) PLC
Paragon Mortgages (No. 13) PLC
Paragon Mortgages (No.14) PLC
Paragon Mortgages (No.15) PLC
In each of the 11 transactions listed above HML is a back-up servicer
and back-up cash manger and the main servicer is not rated by Moody's.
In the absence of (i) a facilitator to replace a back-up servicer
and back up cash manager if so required and (ii) estimation language in
the transaction documents to ensure continuity of payments in case of
servicer or back up servicer disruption, the servicing arrangements
may not be commensurate with those required to achieve a Aaa (sf) rating.
Today's rating action does not affect the short-term rating
of the most senior notes in Paragon Mortgages (No. 10), Paragon
Mortgages (No. 11), Paragon Mortgages (No. 12),
Paragon Mortgages (No. 13), Paragon Mortgages (No.
14) and Paragon Mortgages (No. 15). These ratings are primarily
based on the short-term credit ratings of a "A1 Note Conditional
Purchasers" that commit to buy back these notes in case they are
not successfully remarketed on a yearly basis. Each of the A1 Note
Conditional Purchasers is currently rated P-1. Moody's
believes that increased operational risk in these five transactions will
not result in a material risk of termination of the Conditional Purchase
Agreements. The Conditional Purchase Agreement terminates only
in case the notes are enforced. Moody's believes that even
in case of an event of default the incentive of Class A noteholders to
enforce is low because it could trigger the termination of key support
contracts in the structure.
ABS Transaction with HML as a back-up servicer and back-up
cash manager
Paragon Personal and Auto Finance (No. 3) plc
In the transaction listed above, HML is a back-up servicer
and back-up cash manager and the main servicer, Paragon Finance
PLC, is not rated by Moody's. In the absence of (i)
a facilitator to replace a back-up servicer and back-up
cash manager if so required and (ii) estimation language in the transaction
documents to ensure continuity of payments in case of servicer or back
up servicer disruption, the servicing arrangements may not be commensurate
with those required to achieve a Aaa (sf) rating.
The principal methodology used in rating the RMBS transactions was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa,
published in October 2009. The principal methodology used in rating
Paragon Personal and Auto Finance (No. 3) PLC was Moody's Approach
to Rating Consumer Loan ABS Transactions, published in July 2011.
Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.
Other Factors used in this rating are described in Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analyzing Performance
Disruption Risk published in June 2011.
LIST OF AFFECTED SECURITIES
Issuer: ALBA 2005 - 1 plc
....GBP105M A3 Notes, Aa1 (sf) Placed
Under Review for Possible Downgrade; previously on Apr 19,
2011 Downgraded to Aa1 (sf)
........Underlying
Rating: Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 19, 2011 Downgraded to Aa1 (sf)
....GBP21.65M B Notes, Aa3 (sf)
Placed Under Review for Possible Downgrade; previously on Nov 30,
2005 Definitive Rating Assigned Aa3 (sf)
....MERCs Notes, Aa1 (sf) Placed Under
Review for Possible Downgrade; previously on Apr 19, 2011 Downgraded
to Aa1 (sf)
Issuer: Alba 2006-1 plc
....GBP119.1M A3a Notes, Aa1
(sf) Placed Under Review for Possible Downgrade; previously on Feb
25, 2010 Downgraded to Aa1 (sf)
....GBP80M A3b Notes, Aa1 (sf) Placed
Under Review for Possible Downgrade; previously on Feb 25,
2010 Downgraded to Aa1 (sf)
....MERC Notes, Aa1 (sf) Placed Under
Review for Possible Downgrade; previously on Feb 25, 2010 Downgraded
to Aa1 (sf)
Issuer: Alba 2006-2 plc
....GBP163.75M A3a Notes, Aa1
(sf) Placed Under Review for Possible Downgrade; previously on Apr
19, 2011 Confirmed at Aa1 (sf)
....EUR60M A3b Notes, Aa1 (sf) Placed
Under Review for Possible Downgrade; previously on Apr 19,
2011 Confirmed at Aa1 (sf)
....GBP44.05M B Notes, Aa2 (sf)
Placed Under Review for Possible Downgrade; previously on Apr 19,
2011 Confirmed at Aa2 (sf)
....MERC Notes, Aa1 (sf) Placed Under
Review for Possible Downgrade; previously on Apr 19, 2011 Confirmed
at Aa1 (sf)
Issuer: Alba 2007-1 plc
....GBP231.1M A2 Notes, Aa1 (sf)
Placed Under Review for Possible Downgrade; previously on Feb 25,
2010 Confirmed at Aa1 (sf)
....GBP269M A3 Notes, Aa1 (sf) Placed
Under Review for Possible Downgrade; previously on Feb 25,
2010 Confirmed at Aa1 (sf)
....GBP105.8M B Notes, Aa3 (sf)
Placed Under Review for Possible Downgrade; previously on Feb 25,
2010 Confirmed at Aa3 (sf)
....MERC Notes, Aa1 (sf) Placed Under
Review for Possible Downgrade; previously on Feb 25, 2010 Downgraded
to Aa1 (sf)
Issuer: Clavis Securities 2006-1
....GBP125M A3a Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jun 21,
2011 Confirmed at Aaa (sf)
....EUR181.95M A3b Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Jun 21, 2011 Confirmed at Aaa (sf)
Issuer: Clavis Securities plc: Series 2007-01
....GBP150M A3a Notes, Aa1 (sf) Placed
Under Review for Possible Downgrade; previously on Jun 21,
2011 Downgraded to Aa1 (sf)
....EUR115.5M A3b Notes, Aa1
(sf) Placed Under Review for Possible Downgrade; previously on Jun
21, 2011 Downgraded to Aa1 (sf)
Issuer: First Flexible No. 5 plc
....GBP465M A Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 15,
2011 Confirmed at Aaa (sf)
Issuer: First Flexible No.6 plc
....GBP270M A1 Bond, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jan 29,
2004 Definitive Rating Assigned Aaa (sf)
....EUR200M A2 Bond, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jan 29,
2004 Definitive Rating Assigned Aaa (sf)
....US$75M A3 Bond, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jan 29,
2004 Definitive Rating Assigned Aaa (sf)
Issuer: Money Partners Securities 2 Plc
....GBP188.5M A2a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Nov
30, 2005 Definitive Rating Assigned Aaa (sf)
....US$78M A2c Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Nov 30,
2005 Definitive Rating Assigned Aaa (sf)
....MERCS Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on Nov 30, 2005 Definitive
Rating Assigned Aaa (sf)
Issuer: Money Partners Securities 3 Plc
....GBP150.85M A2a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Jun
23, 2010 Confirmed at Aaa (sf)
....EUR247.5M A2b Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Jun
23, 2010 Confirmed at Aaa (sf)
....US$50M A2c Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jun 23,
2010 Confirmed at Aaa (sf)
....MERCS Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on May 15, 2006 Definitive
Rating Assigned Aaa (sf)
Issuer: Mortgages No 6 plc
....GBP345M A2 Bond, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Dec 7, 2004
Definitive Rating Assigned Aaa (sf)
Issuer: Mortgages No 7 PLC
....GBP438M A2 Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Aug 8, 2005
Definitive Rating Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 7) PLC
....US$450M A1a Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jun 4,
2004 Definitive Rating Assigned Aaa (sf)
....GBP220M A1b Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jun 4, 2004
Definitive Rating Assigned Aaa (sf)
....EUR500M A1c Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jun 4, 2004
Definitive Rating Assigned Aaa (sf)
Issuer: Paragon Mortgages (No.8) PLC
....GBP305M A2a Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Oct 28,
2004 Definitive Rating Assigned Aaa (sf)
....EUR453M A2b Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Oct 28,
2004 Definitive Rating Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 9) Plc
....GBP346M Aa Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 19,
2005 Definitive Rating Assigned Aaa (sf)
....EUR355M Ab Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 19,
2005 Assigned Aaa (sf)
....US$60M Ac Certificate, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Jul
19, 2005 Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 10) PLC
....GBP105M A2a Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Nov 17,
2005 Definitive Rating Assigned Aaa (sf)
....EUR222M A2b Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Nov 17,
2005 Definitive Rating Assigned Aaa (sf)
....US$1100M A1 Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Nov 17, 2005 Definitive Rating Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 11) PLC
....US$985M A1 Certificate, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Mar
23, 2006 Definitive Rating Assigned Aaa (sf)
....GBP149.5M A2a Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Mar 23, 2006 Definitive Rating Assigned Aaa (sf)
....EUR219.7M A2b Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Mar 23, 2006 Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 12) PLC
....US$1500M A1 Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Jul 20, 2006 Definitive Rating Assigned Aaa (sf)
....GBP145M A2a Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 20,
2006 Definitive Rating Assigned Aaa (sf)
....EUR245M A2b Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 20,
2006 Assigned Aaa (sf)
....US$311M A2c Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Jul 20, 2006 Assigned Aaa (sf)
Issuer: Paragon Mortgages (No. 13) PLC
....US$1505.4M A1 Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Oct 30, 2006 Definitive Rating Assigned Aaa (sf)
....GBP125M A2a Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Oct 30,
2006 Definitive Rating Assigned Aaa (sf)
....EUR315M A2b Certificate, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Oct 30,
2006 Assigned Aaa (sf)
....US$350M A2c Certificate,
Aaa (sf) Placed Under Review for Possible Downgrade; previously on
Oct 30, 2006 Assigned Aaa (sf)
Issuer: Paragon Mortgages (No.14) PLC
....US$1500M A1 Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Mar 22,
2007 Definitive Rating Assigned Aaa (sf)
....GBP125M A2a Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Mar 22,
2007 Definitive Rating Assigned Aaa (sf)
....EUR246M A2b Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Mar 22,
2007 Assigned Aaa (sf)
....US$400M A2c Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Mar 22,
2007 Assigned Aaa (sf)
Issuer: Paragon Mortgages (No.15) PLC
....US$1000M A1 Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 19,
2007 Definitive Rating Assigned Aaa (sf)
....GBP209.5M A2a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Jul
19, 2007 Definitive Rating Assigned Aaa (sf)
....EUR110M A2b Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jul 19,
2007 Assigned Aaa (sf)
....US$150M A2c Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on Jul 19,
2007 Assigned Aaa (sf)
Issuer: Residential Mortgage Securities 19 Plc
....GBP204M A2a Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Oct 27,
2004 Definitive Rating Assigned Aaa (sf)
....EUR183.3M A2c Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Oct
27, 2004 Definitive Rating Assigned Aaa (sf)
....MERCs Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on Oct 27, 2004 Definitive
Rating Assigned Aaa (sf)
Issuer: Residential Mortgage Securities 20 PLC (RMS 20)
....GBP260.6M A2a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Mar
2, 2005 Definitive Rating Assigned Aaa (sf)
....EUR176.4M A2c Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Mar
2, 2005 Definitive Rating Assigned Aaa (sf)
....MERCs Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on Mar 2, 2005 Definitive
Rating Assigned Aaa (sf)
Issuer: Residential Mortgage Securities 21 Plc (RMS 21)
....GBP150M A3a Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Oct 11,
2005 Definitive Rating Assigned Aaa (sf)
....EUR254M A3c Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Oct 11,
2005 Definitive Rating Assigned Aaa (sf)
....MERCs Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on Oct 11, 2005 Definitive
Rating Assigned Aaa (sf)
Issuer: Residential Mortgage Securities 22 Plc (RMS 22)
....GBP207.6M A3a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on Jul
7, 2006 Definitive Rating Assigned Aaa (sf)
....EUR105M A3c Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on Jul 7, 2006
Assigned Aaa (sf)
....MERCs Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on Jul 7, 2006 Definitive
Rating Assigned Aaa (sf)
Issuer: ResLoC UK 2007-1 PLC
....GBP203.1M A3b Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on May
17, 2007 Definitive Rating Assigned Aaa (sf)
....EUR197.3M A3a Notes, Aaa
(sf) Placed Under Review for Possible Downgrade; previously on May
17, 2007 Assigned Aaa (sf)
....US$150M A3c Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on May 17,
2007 Assigned Aaa (sf)
....MERC Notes, Aaa (sf) Placed Under
Review for Possible Downgrade; previously on May 17, 2007 Definitive
Rating Assigned Aaa (sf)
Issuer: Uropa Securities plc Series 2007-01B
....EUR269M A2b Notes, Aa2 (sf) Placed
Under Review for Possible Downgrade; previously on Aug 5, 2011
Downgraded to Aa2 (sf)
....GBP74M A3a Notes, Aa2 (sf) Placed
Under Review for Possible Downgrade; previously on Aug 5, 2011
Downgraded to Aa2 (sf)
....EUR70M A3b Notes, Aa2 (sf) Placed
Under Review for Possible Downgrade; previously on Aug 5, 2011
Downgraded to Aa2 (sf)
....EUR18M A4b Notes, Aa2 (sf) Placed
Under Review for Possible Downgrade; previously on Aug 5, 2011
Confirmed at Aa2 (sf)
....GBP20M A4a Notes, Aa2 (sf) Placed
Under Review for Possible Downgrade; previously on Aug 5, 2011
Confirmed at Aa2 (sf)
LIST OF AFFECTED SECURITIES BY RELEASING OFFICE FRANCE
Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
75008 Paris
France
Issuer: Paragon Personal and Auto Finance (No. 3) plc
....GBP146M A1 Notes, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on May 19,
2005 Definitive Rating Assigned Aaa (sf)
....EUR259.5M A2 Notes, Aaa (sf)
Placed Under Review for Possible Downgrade; previously on May 19,
2005 Definitive Rating Assigned Aaa (sf)
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Moody's considers the quality of information available on the rated
entity, obligation or credit satisfactory for the purposes of issuing
a rating.
Moody's adopts all necessary measures so that the information it
uses in assigning a 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.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has
issued the rating.
The lead analyst and rating office for each of the transactions affected
are generally different from the contact and office listed at the end
of this press release. For each transaction, the lead analyst
name and the rating office is available on the issuer page on www.moodys.com.
The person approving the rating of ABS Paragon Personal and Auto Finance
(No. 3) PLC is Carole Gintz VP-Senior Credit Officer Structured
Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44
20 7772 5454
The person approving the ratings of the other transactions (RMBS) is Barbara
Rismondo -Senior Credit Officer Structured Finance Group JOURNALISTS:
44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454
Lyudmila Udot
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Caroline Pichon
Associate Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's reviews ratings of UK RMBS and ABS transactions following downgrade of Skipton Building society.
