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Rating Action:

Moody's takes rating action on 9 UK NC RMBS transactions in the RMAC series

20 Jul 2011

London, 20 July 2011 -- Moody's has today downgraded the senior and mezzanine notes in 9 RMAC transactions and confirmed the ratings of one class of mezzanine notes. All affected ratings appear at the end of the press release.

RATINGS RATIONALE

Moody's has today downgraded the senior and mezzanine notes in 9 RMAC transactions because of insufficient back-up servicing and cash management arrangements to support payments on the rated tranches in the event of a servicer disruption. Today's rating actions concludes the rating review of the transactions following the implementation on 2 March 2011 of Moody's rating guidance entitled "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk".

POTENTIAL PAYMENT DISRUPTION

Moody's notes that the 9 transactions all have Paratus (NR) as the servicer and cash manager. Homeloan Management Ltd. ("HML") is the back-up servicer and back-up cash manager for all transactions. Despite the presence of a back-up servicer and back-up cash manager, Moody's downgraded the senior and mezzanine notes because of potential disruptions in case of a servicer default. In particular, Moody's notes that there is no automatic servicer or cash manager termination in any of these transactions and the transactions' documentation do not specify the number of days within which HML has to step in. Moody's believes this lack of clarity concerning the committed time for HML to step in is not commensurate for a Aaa (sf) rating in these transactions. 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, in particular in regards to the principal payments could lead to a termination event under the swap documentation. Moody's has downgraded the senior notes exposed to an FX swap to Aa2 in consideration of this additional risk. Moody's notes that there is sufficient liquidity available in all the transactions. Nevertheless, without appropriate mitigants in place, the payment calculation cannot be estimated in the absence of a servicer report and the liquidity would not be used.

SITE VISIT

Moody's conducted a site visit of the Paratus servicing operations in June 2011, meeting with senior management in order to assess the changes that have been implemented post the Fortress acquisition in April 2010. Since our last site visit, Paratus has transferred the day-to-day servicing of the residential mortgage loan portfolio in-house from HML, who was previously the delegated servicer for all the 9 affected transactions. Paratus continues to use HML's Jade software platform in its operations which has helped make the transition relatively smooth. Furthermore, Moody's notes that as both the servicer and back-up servicer use the same software any transfer of data required upon a servicer termination event would be potentially less disruptive than where parties use different systems.

In Moody's view, there has been no deterioration in the quality of servicing since our last site visit.

RATING METHODOLOGIES

The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa, published in October 2009. Please see the Credit Policy page on www.moodys.com 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.

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.

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 rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

LIST OF AFFECTED SECURITIES

Issuer: RMAC 2004-NSP3 Plc

....GBP170M A2a Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....EUR168M A2c Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC 2004-NSP4 PLC

....GBP595M A2 Notes, Downgraded to Aa1 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC 2005 NS-3 PLC

....GBP270M A2a Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....EUR188M A2c Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....GBP15M M1a Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR16.1M M1c Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC 2005-NS1 PLC

....GBP175M A2a Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....EUR526.4M A2c Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC 2005-NS4 PLC

....GBP158.76M A3 Certificate, Downgraded to Aa1 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC 2005-NSP2 PLC

....GBP220M A2a Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....US$440M A2b Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....EUR290M A2c Notes, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

....GBP22M M1a Notes, Confirmed at Aa2 (sf); previously on Mar 2, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

....EUR48M M1c Notes, Confirmed at Aa2 (sf); previously on Mar 2, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC SECURITIES No. 1 PLC Series 2006-NS2

....GBP210.6M A2a Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR225M A2c Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC SECURITIES No.1 PLC: Series 2006 NS-1

....GBP385M A2a Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....EUR400M A2c Certificate, Downgraded to Aa2 (sf); previously on Mar 2, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RMAC SECURITIES No.1 PLC: Series 2006-NS4

....GBP250M A2a Certificate, Downgraded to Aa1 (sf); previously on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

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.

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 on our website www.moodys.com for further information.

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.

London
Lyudmila Udot
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 rating action on 9 UK NC RMBS transactions in the RMAC series
No Related Data.
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