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Rating Action:

Moody's takes actions on Greek structured finance transactions following Greece rating downgrade

27 Apr 2010

Approximately EUR 29.7bn of debt securities affected

London, 27 April 2010 -- Moody's Investors Service has today taken negative rating actions on 30 structured finance transactions backed by Greek assets. The rating actions were prompted by Moody's downgrade on 22 April of the Greek government's sovereign debt rating to A3 from A2 and its placement on review for further possible downgrade. Today's rating actions affect EUR6.9 billion of tranches from 11 RMBS deals, EUR19.8 billion of tranches from 16 ABS deals and EUR3.0 billion from three CLOs. A full list of the affected transactions is below.

RMBS: Moody's has taken rating actions on all senior classes of notes. Nine classes have been downgraded by one or two notches and maintained on review for possible downgrade, two classes have been placed on review for possible downgrade. Seven mezzanine classes rated above the Greek government's rating have been downgraded to A3 and maintained on review for possible downgrade.

ABS: Moody's has taken rating actions on ten deals backed by loans or leases to small and medium enterprises (SMEs), four deals backed by consumer assets and two deals linked to the Greek government. Eight senior classes have been downgraded by one notch and maintained on review for possible downgrade and a further eight senior classes were placed on review for possible downgrade.

CLOs: Moody's has taken rating actions on three senior classes of notes. One has been downgraded by one notch and maintained on review for possible downgrade and two have been placed on review for possible downgrade.

Moody's had recently taken negative rating actions on 24 of these 30 affected transactions (see press release dated 31 March entitled "Moody's concludes review of sovereign impact on Greek structured finance transactions"). In line with these previous rating actions, Moody's has reviewed Greek structured finance transactions considering an extreme worst-case economic scenario in the context of the evolving sovereign situation and the current economic and financial environment. In its analysis, Moody's viewed the likelihood of this economic worst-case scenario to be equivalent to Greece's systemic support indicator (SSI), which is currently positioned one notch above the national government's debt rating of A3 on review for further possible downgrade. Moody's notes that a possible further downgrade of the government's sovereign rating would lead to further downward adjustments in the country's SSI. Therefore, all structured finance ratings above the Greek government's rating remain on review for possible downgrade.

Moody's further notes that some of the affected structured finance transactions rely on the performance of National Bank of Greece, EFG Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank, or their subsidiaries, as servicers, swap counterparties and/or collection account banks, among other roles. In its normal monitoring of these structured finance ratings, Moody's will closely follow the steps taken by the banks within each transaction to remedy the impact of the recent Greek bank rating actions, as described in the press releases dated 23 April and 31 March.

RMBS Transactions

Moody's has reviewed 11 RMBS transactions assuming worst-case scenario losses in the range of 30% to 40%. As detailed in the previous press release on 31 March, the appropriate stress scenario was determined considering the portfolio characteristics at closing.

ABS Transactions

Moody's has reviewed 16 of 17 ABS transactions with Moody's ratings outstanding -- ten deals backed by loans or leases to SMEs, four transactions backed by consumer assets and two transactions linked to the Greek government. So far, Moody's not taken any action on Karta 2005-1, a credit card transaction which is highly cash collateralised (the Class A notes were recently fully repaid). Moody's considered extreme loss scenarios in the 55% to 60% range for SME loans and up to 50% for consumer portfolios, corresponding to extreme macro-economic conditions.

Today's rating actions has affected three SME transactions (Anaptyxi 2006-1, Anaptyxi SME II 2009- 1 and Andromeda Leasing I), which were previously excluded from the March review, as their ratings already partly incorporate an extreme scenario of stressed sovereign situation.

Two ABS deals with ratings highly linked to the Greek government ratings (Ariadne SA and Titlos plc) have been downgraded to A3 and maintained on review for possible downgrade. The ratings of the notes issued by Ariadne secured notes are based on the effective guarantee of the Greek government rather than the lottery receivables backing the notes. Moody's also notes that the increase in the relative value of the EUR10 million liquidity reserve to 4.8% from 1.5% of the outstanding notes, due to amortisation, was not sufficient to support higher ratings than Greek government bonds. Moody's rating of the notes issued by Titlos plc is fully linked to the rating of the Greek government. This transaction, represents the securitisation of a swap agreement (the Hellenic Swap) originally entered into between the National Bank of Greece, S.A. (NBG) and the Greek government. The issuer relies on payments by the Greek government under the Hellenic Swap in order to pay amounts falling due under the notes. The issuer is also a party to two swaps (the NBG Swaps) entered into with NBG for the purpose or matching payments under the Hellenic Swap to payments of interest and amortising principal required under the notes. On 23 April 2010, Moody's downgraded NBG's debt and deposit ratings to A3/P-2 from A2/P-1. Since the NBG Swaps fully comply with Moody's criteria for de-linking hedge counterparty risks from structured finance transactions, NBG's downgrade has not affected the rating of the notes. However, NBG has now breached a rating trigger in the NBG Swaps and, depending on the market value of the swaps, will be required to post collateral to Titlos plc within 30 business days. By contrast, the Hellenic Swap does not comply with Moody's de-linkage criteria and contains no requirement for collateral to be posted by the Greek government.

CLO Transactions

Moody's reviewed three replenishable CLOs with underlying portfolios consisting of bond and term loans advanced mainly to medium and large corporates located in Greece by Alpha Bank, National Bank of Greece and Piraeus Bank. Moody's considered loss scenarios in the 50% to 60% range. The rated tranches of these transactions have credit enhancement in the 30% to 55% range. The impact of this review is (i) the Eterika Class A tranche has been downgraded to A2 from A1; and (ii) all transactions have been placed on review for further possible downgrade.

LIST OF RATING ACTIONS

RMBS

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Grifonas Finance No. 1 Plc

....EUR897.7M A Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

....EUR23.8M B Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to A2

Issuer: KATOIKIA I MORTGAGE FINANCE PLC

....EUR886.6M A Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: KION Mortgage Finance Plc

....EUR553.8M A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

....EUR28.2M B Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Dec 7, 2006 Definitive Rating Assigned A2

Issuer: KION Mortgage Finance No. 2 Plc

....EUR522.405M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Themeleion Mortgage Finance PLC

....EUR693.5M A Notes, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

....EUR32M B Notes, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Jun 14, 2004 Definitive Rating Assigned A2

Issuer: Themeleion II Mortgage Finance Plc

....EUR690M A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

....EUR37.5M B Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Jun 21, 2005 Definitive Rating Assigned A2

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

....EUR900M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

....EUR20M B Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Jun 26, 2006 Definitive Rating Assigned A2

....EUR40M M Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to A2

Issuer: Themeleion IV Mortgage Finance Plc

....EUR1352.9M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

....EUR155.5M B Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to A2

Issuer: Themeleion V Mortgage Finance Plc

....EUR957.8M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Themeleion VI Mortgage Finance Plc

....EUR1560.9M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

ABS

Issuer: ANAPTYXI 2006-1 PLC

....EUR1750M A Certificate, A2 Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Downgraded to A2

Issuer: Anaptyxi SME I

....EUR1750M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Anaptyxi SME II 2009-1 PLC

....EUR1815M A Certificate, A1 Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Assigned A1

Issuer: Andromeda Leasing I PLC

....EUR504M A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Jan 26, 2009 Assigned Aa2

Issuer: Ariadne S.A. Secured Notes

....EUR650M A Notes, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Dec 23, 2009 Downgraded to A2

Issuer: Axia Finance PLC

....EUR1408.75M A Certificate, A2 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to A2

Issuer: Axia III Finance Plc

....EUR1670.1M A Certificate, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: DANEION 2007-1 PLC

....EUR1587.5M Class A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

Issuer: Gaia Lease Plc

....EUR272.6M A Notes, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa1

Issuer: IRIDA PLC

....EUR261.1M A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

Issuer: KATANALOTIKA PLC

....EUR1109.6M A Certificate, A1 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to A1

Issuer: Misthosis Funding Plc

....EUR363.9M A Certificate, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

Issuer: PRAXIS I FINANCE PLC

....EUR493M A Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Praxis II Finance Plc

....EUR379.2M A Certificate, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa2

Issuer: Synergatis Plc

....EUR1414.5M A Certificate, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa3

Issuer: Titlos plc

....EUR5100M A Certificate, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on Dec 23, 2009 Downgraded to A2

CLO

Issuer: Axia II Finance PLC

....EUR459M Class A Asset Backed Floating Rate Notes due 2031 Notes, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa1

Issuer: EPIHIRO PLC

....EUR1623M Class A Asset Backed Floating Rate Notes due January 2035 Notes, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 31, 2010 Downgraded to Aa1

Issuer: Eterika Plc

....EUR975M Class A Notes, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on Sep 11, 2009 Confirmed at A1

Moody's will continue to monitor the transactions. The principal methodologies used in rating and monitoring these transactions are:

- Moody's Methodology for Rating Greek RMBS (October 2009)

- Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model (Moody's Analyser of Residential Cash Flows) (January 2006)

- Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa (June 2007)

- Refining the ABS SME Approach: Moody's Probability of Default Assumptions in the Rating Analysis of Granular Small and Mid-Sized Enterprise Portfolios in EMEA (March 2009)

- The Lognormal Method Applied to ABS Analysis, (July 2000)

- Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction (December 2008)

- Moody's Approach to Rating Credit Card Receivables-Backed Securities, (April 2007)

- Moody's Approach to Rating CDOs of SME in Europe, (February 2007)

- Moody's Approach to Rating Corporate Collateralised Synthetic Obligations, (September 2009)

- Moody's Approach to Rating Corporate Collateralised Synthetic Obligations, (August 2009)

All principal methodologies 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 our website, at www.moodys.com/SFQuickCheck. For further information, please visit our website directly or contact Moody's Client Service Desk (+44 20) 7772 5454.

Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's takes actions on Greek structured finance transactions following Greece rating downgrade
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