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Rating Action:

Moody's takes action on UK Non-Conforming RMBS notes issued by Alba 2005-1 and Alba 2006-2 plc.

19 Apr 2011

London, 19 April 2011 -- Moody's Investors Service announced today that it has downgraded the senior notes issued by Alba 2005-1 and has confirmed the ratings of all the notes issued by Alba 2006-2 previously placed under review for possible downgrade. A list of the affected notes is provided at the end of the press release.

The ratings were placed on review for possible downgrade on 2nd March 2011 following the assessment of the transaction under the Rating Implementation Guidance "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published on March 2nd.

RATINGS RATIONALE

Today's rating action concludes the review and takes into consideration Moody's operational risk concerns around the servicing and back-up servicing arrangements of these issuers. The notes were placed on review due to our operational risk concerns over the lack of a back up servicer or back up servicer triggers and the cross currency swap exposure on the A3b notes in Alba 2006-2.

Moody's believes that the following factors provide sufficient mitigation for confirming the ratings in Alba 2006-2 at their current level: strong liquidity (12.4% of note balance), presence of servicers with investment grade parents and strong level of credit enhancement. The senior notes in Alba 2006-2 were previously downgraded in February 2010 due to operational risk concerns caused by misallocation of payments.

Moody's believes that the servicing arrangements in Alba 2005-1 are not commensurate with those required for a Aaa rating as there is no back-up servicer, back-up servicer facilitator or back-up servicer trigger. Therefore, the class A3 notes have been downgraded to Aa1. All MERC certificates in Alba 05-1 have also been downgraded in consideration of potential servicer disruption which could prevent the correct calculation of the amounts due for these certificates.

TRANSACTION FEATURES

Alba 2005-1 closed in November 2005 and consists of residential mortgage loans originated by Platform Funding Limited and Preferred Mortgages Limited. The mortgages are serviced by Western Mortgage Services Limited (NR, parent Co-Operative Bank A2/P-1) and Homeloan Management Limited (NR, parent Skipton Building Society Baa1/P-2) respectively, with Oakwood Homeloans Limited (NR) acting as the special servicer. The cash manager is the Bank of New York Mellon (Aaa/P-1). There is no back-up servicer, back-up servicer trigger or back-up servicer facilitator. Although performance has been improving with 90+ arrears as a percentage of current balance decreasing from 12.0% in May 2010 to 7.6% in February 2011, the reserve fund is still drawn and is currently at 65% of target.

Alba 2006-2 closed in November 2006 and consists of residential mortgage loans originated by Paratus AMC Limited (NR, formerly known as GMAC-RFC Limited), Kensington Mortgage Company Limited (NR) and Money Partners Limited (NR). The loans are serviced by Homeloan Management Limited, the special servicer is Oakwood Homeloans Limited and the cash manager is HSBC (Aa2/P-1). There is no back-up servicer, back-up servicer trigger or back-up servicer facilitator. Although performance has been improving with 90+ arrears as a percentage of current balance decreasing from 13.2% in June 2010 to 12.0% in March 2011, the reserve fund is still drawn and is currently at 74% of target.

For details on the deal structure, please refer to the Alba 2005-1 and Alba 2006-2 new issue reports. All reports are available on www.moodys.com.

Please also refer to the "UK Non-Conforming RMBS January 2011 Indices", which is available on www.moodys.com in the Industry / Sector Research sub-directory under the Research & Ratings tab.

Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The principal methodologies used in these ratings were Moody's Approach to Rating UK RMBS published in April 2005, Moody's Updated Methodology for Rating UK RMBS published in November 2007 and Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction published in December 2008.

Moody's also took into account its Rating Implementation Guidance "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published in March 2011.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

REGULATORY DISCLOSURES

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

LIST OF AFFECTED SECURITIES

Issuer: ALBA 2005 - 1 plc

....GBP105M A3 Notes, Downgraded to Aa1 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....MERCs Notes, Downgraded to Aa1 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Alba 2006-2 plc

....GBP163.75M A3a Notes, Confirmed at Aa1 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR60M A3b Notes, Confirmed at Aa1 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....GBP44.05M B Notes, Confirmed at Aa2 (sf); previously on Mar 2, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....MERC Notes, Confirmed at Aa1 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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

London
Barbara Rismondo
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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 takes action on UK Non-Conforming RMBS notes issued by Alba 2005-1 and Alba 2006-2 plc.
No Related Data.
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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.

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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 JPY100,000 to approximately JPY550,000,000.

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

​
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