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Rating Action:

Moody's takes rating actions on Portuguese ABS and RMBS transactions

07 Aug 2014

Madrid, August 07, 2014 -- Moody's Investors Service has today taken the following rating actions on 19 Portuguese asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions.

The rating agency has upgraded to A3(sf) eight notes in six Portuguese ABS and nine notes in eight Portuguese RMBS transactions, to Baa1(sf) two notes in two Portuguese RMBS transaction and to B1(sf) one note in one Portuguese ABS transaction. At the same time, Moody's placed on review for upgrade three notes in three Portuguese RMBS transactions.

Today's rating upgrades and review for upgrade actions follow the upgrade of the Portuguese sovereign rating to Ba1 from Ba2 and the resulting increase of the local currency country ceiling to A3 from Baa1 which reflect improvements in institutional strength and reduced susceptibility to event risk associated with lower government liquidity and banking sector risks (https://www.moodys.com/research/PR_304267).

Please click here http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF376822 for the list of affected credit ratings. This list is an integral part of this press release and provides, for each of the credit ratings covered, Moody's disclosures on the following items: principal methodology used, lead analyst, person approving the credit rating, releasing office.

RATINGS RATIONALE

Upgrades

Today's upgrades to A3 (sf), Baa1(sf) and B1(sf) have been prompted by (1) the reduced country risk as reflected by the increase in the maximum achievable rating in Portugal (the local-currency country ceiling) to A3 from Baa1; (2) the high level of credit enhancement in the affected transactions; and (3) well mitigated counterparty risks including those relating to servicers, account banks and swap providers.

Tariff Deficit transactions

Moody's upgraded to A3(sf) the rating of the notes of the Portuguese electricity tariff deficits deals, Volta Electricity Receivables Securitisation (Volta) and Volta II Electricity Receivables Securitisation Notes (Volta II) as Moody's considers the assets backing the notes in Portuguese electricity tariff deficits to be high quality receivables, given their current backing by laws and regulation.

Moody's also upgraded to A3(sf) from Baa3(sf) on review for upgrade the rating of the notes of the other two Portuguese electricity tariff deficits deals EnergyOn No.1 Securitisation Notes (EnergyOn 1) & EnergyOn No. 2 Securitisation Notes (EnergyOn 2). This action concludes the review process initiated on 29 May 2014. The review focused on the level of linkage between the credit quality of the notes and the swap counterparties, Deutsche Bank AG (A3/P-2) and Banco Santander S.A. (Spain) (Baa1/P-2) respectively. Today's action on these deals reflect the availability of credit enhancement to address the notes exposure to the swap counterparties.

Review for upgrade

The ratings of Class A notes of Atlantes Mortgages No. 1 Plc and Azor Mortgages Public Limited Company remain or have been placed on review for upgrade. Their exposure to servicer BANIF-Banco Internacional do Funchal, S.A. (Caa1) will be assessed during the review process to determine if it is consistent with A3(sf) rating. This is also the case for class A notes of Lusitano Mortgages No. 1 plc whose ratings have been placed on review for upgrade and for which the exposure to Banco Espirito Santo, S.A. (B2, on review for downgrade) will be assessed.

In addition the review for upgrade of the ratings of class A notes of Douro Mortgages No. 1 Plc reflects the reduced country risk leading to the review of (1) the transactions' loss distribution, an integral part in determining the affected notes ratings and (2) the current credit enhancement level. During the review process, Moody's will also factor in its analysis any potential linkage of transactions to relevant counterparties, such as servicers, account banks or swap providers.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the ratings include (1) a further reduction in the level of country risk, (2) performance of the underlying collateral that is better than Moody's expected, (3) deleveraging of the capital structure and (4) improvements in the credit quality of the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in country risk, (2) performance of the underlying collateral that is worse than Moody's expects, (3) deterioration in the notes' available credit enhancement, and (4) deterioration in the credit quality of the transaction counterparties.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

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 these transactions in the past six months.

In rating these transactions, Moody's used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.

As the section on loss and cash flow analysis describes, Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Maria Turbica Manrique
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Christophe de Noaillat
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Anne-Sophie Spirito
AVP - Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's takes rating actions on Portuguese ABS and RMBS transactions
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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