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Announcement:

Moody's updates assumptions in 8 Dutch RMBS and reviews ratings in 5 Dutch RMBS

24 Dec 2010

London, 24 December 2010 -- Moody's Investors Service has today placed under review for possible upgrade the following four classes of notes issued by the following Dutch RMBS transaction:

- Stichting Eleven Cities 3 B.V.: Classes B, C, D and E

The review was prompted by the better-than-expected performance of the collateral backing the notes as well as credit enhancement build-up since closing. Moody's expects to conclude its rating review within six months.

Also Moody's Investors Service has today placed under review for possible downgrade the following seven classes of notes issued by the following Dutch RMBS transactions:

- Holland Mortgage Backed Series (HERMES) XIII B.V.: Class E

- Holland Mortgage Backed Series (HERMES) XIV B.V.: Classes C, D and E

- Candide Financing 2006 B.V.: Class E

- European Mortgage Securities VII B.V. Compartment 2007-I: Classes E and F

Moody's Investors Service has today updated loss assumptions in the 8 Dutch RMBS transactions listed below (the affected transactions) and has taken no rating action, in consideration of the sufficient levels of credit enhancement currently available in the structures.

- Saecure 4 B.V.

- Saecure 5 B.V.

- Candide Financing 2005 B.V.

- Holland Mortgage Backed Series (HERMES) VIII B.V.

- Holland Mortgage Backed Series (HERMES) IX B.V.

- Holland Mortgage Backed Series (HERMES) X B.V

- Holland Mortgage Backed Series (HERMES) XI B.V.

- Holland Mortgage Backed Series (HERMES) XII B.V

Moody's has increased its lifetime loss assumption in the affected transactions, as the performance of the underlying mortgage portfolios to date has been worse than previously assumed. The lifetime loss and the MILAN Aaa credit enhancement are the key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in our cash-flow model.

The review of Stichting Eleven Cities 3, Hermes XIII, Hermes XIV, Candide Financing 2006, and European Mortgage Securities VII B.V. Compartment 2007-I and the update of the loss assumptions in the affected transactions follows a portfolio review of the performance of 101 Moody's rated non-master trust Dutch RMBS transactions (including NHG and synthetic transactions). The list of transactions included in the portfolio review can be found under this link

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF230105

Moody's has also factored into its analysis the stable outlook for Dutch RMBS. The sector outlook reflects the following expectations of key macro-economic indicators: GDP to increase by 1.8% in 2010 and by 1.4% in 2011, unemployment to rise to approximately 5.6% in 2010 from 4.8% in 2009 before falling to 5.3% in 2011, house prices to remain relatively flat over the next year. For transaction specific performance, please refer to Moody's Performance Overviews available on www.moodys.com.

TRANSACTION OVERVIEWS

- Stichting Eleven Cities 3 B.V. closed in June 2007. Loans more than 90 days in arrears correspond to 0.42% of the current portfolio balance, while cumulative losses amount to 0.01% of the original portfolio balance. The transaction has a current pool factor of 70%. The credit enhancement of Class B notes has increased to 9.38% from 6.52% at closing, of class C note to 6.48% from 4.51%, of class D note to 3.60% from 2.51 and of class E note to 1.44% from 1.01% at closing.

- Holland Mortgage Backed Series (HERMES) XIII B.V. closed in March 2007. Loans more than 90 days in arrears correspond to 1.08% of the current portfolio balance, while cumulative losses amount 0.15% of the original portfolio balance (inc. replenishments if applicable).

- Holland Mortgage Backed Series (HERMES) XIV B.V closed in September 2007. Loans more than 90 days in arrears correspond to 1.22% of the current portfolio balance, while cumulative losses amount to 0.10% of the original portfolio balance (inc. replenishments if applicable).

- Candide Financing 2006 B.V. closed in November 2006. Loans more than 90 days in arrears correspond to 0.75% of the current portfolio balance, while cumulative losses amount to 0.18% of the original portfolio balance (inc. replenishments if applicable).

- European Mortgage Securities VII B.V. Compartment 2007-I closed in August 2007. Loans more than 90 days in arrears correspond to 1.45% of the current portfolio balance, while cumulative losses amount to 0.07% of the original portfolio balance (inc. replenishments if applicable).

- Saecure 4 B.V. closed in June 2004. Loans more than 90 days in arrears correspond to 1.04% of the current portfolio balance, while cumulative losses amount to 0.31% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.70% of the original portfolio balance and it has maintained its Milan AaaCE at 8.00% of the current portfolio balance.

- Saecure 5 B.V. closed in April 2005. Loans more than 90 days in arrears correspond to 0.81% of the current portfolio balance, while cumulative losses amount to 0.24% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.70% of the original portfolio balance and it has maintained its Milan AaaCE at 6.79% of the current portfolio balance.

- Candide Financing 2005 B.V. closed in May 2005. Loans more than 90 days in arrears correspond to 0.74% of the current portfolio balance, while cumulative losses amount to 0.28% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.70% of the original portfolio balance and it has maintained its Milan AaaCE at 7.75% of the current portfolio balance.

- Holland Mortgage Backed Series (HERMES) VIII B.V. closed in June 2004. Loans more than 90 days in arrears correspond to 1.97% of the current portfolio balance, while cumulative losses amount to 0.75% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.90% of the original portfolio balance and it has maintained its Milan AaaCE at 7.00% of the current portfolio balance.

- Holland Mortgage Backed Series (HERMES) IX B.V. closed in February 2005. Loans more than 90 days in arrears correspond to 1.63% of the current portfolio balance, while cumulative losses amount to 0.58% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.90% of the original portfolio balance and it has maintained its Milan AaaCE at 6.42% of the current portfolio balance.

- Holland Mortgage Backed Series (HERMES) X B.V closed in September 2005. Loans more than 90 days in arrears correspond to 1.46% of the current portfolio balance, while cumulative losses amount to 0.58% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.90% at closing of the original portfolio balance and it has maintained its Milan AaaCE at 6.59% of the current portfolio balance.

- Holland Mortgage Backed Series (HERMES) XI B.V. closed in February 2006. Loans more than 90 days in arrears correspond to 1.27% of the current portfolio balance, while cumulative losses amount to 0.49% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.90% of the original portfolio balance and it has maintained its Milan AaaCE at 6.54% of the current portfolio balance.

- Holland Mortgage Backed Series (HERMES) XII B.V closed in October 2006. Loans more than 90 days in arrears correspond to 0.85% of the current portfolio balance, while cumulative losses amount to 0.21% of the original portfolio balance (inc. replenishments if applicable). Taking into account the performance of the underlying mortgage portfolio to date, Moody's has increased its lifetime loss expectations to 0.90% of the original portfolio balance and it has maintained its Milan AaaCE at 6.00% of the current portfolio balance.

REVIEW PROCESS

In identifying the affected transactions, Moody's conducted a portfolio review of 101 Moody's rated non-master trust Dutch RMBS transactions. The list of transactions included in the portfolio review can be found under this link.

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF230105

During the analysis, the rating agency took into account the performance of the collateral to date, its deviation from Moody's expectations as well as the levels of credit enhancement available to absorb the future projected losses on the respective portfolios. Within the Dutch RMBS sector the mortgage portfolios in the 8 affected transactions have shown a deviation from Moody's performance expectations. After taking into account the level of credit enhancement in each structure, Moody's has taken no rating action on the affected transactions due to the current level of credit enhancement sufficiently supporting the current ratings of the notes.

The full review of the ratings of class E in Hermes XIII, classes C, D, and E in Hermes XIV, class E in Candide Financing 2006, classes E and F in European Mortgage Securities VII B.V. Compartment 2007-I, and classes B, C, D and E in Stichting Eleven Cities 3 will take into account the current capital structure of the transactions. As part of its detailed transaction review, Moody's will reassess its lifetime loss expectation reflecting the collateral performance to date as well as the future macro-economic environment. Moody's will also request updated loan-by-loan information to revise its MILAN Aaa credit enhancement. Loan-by-loan information will also allow Moody's to validate its assumptions with regards to which loans have a higher default propensity. The lifetime loss and the MILAN Aaa credit enhancement are the key parameters used by Moody's to calibrate its loss distribution curve, which is one of the core inputs in our cash-flow model.

LIST OF AFFECTED NOTES

Issuer: Candide Financing 2006 B.V.

....EUR5M E Certificate, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Nov 17, 2006 Definitive Rating Assigned Ba3 (sf)

Issuer: European Mortgage Securities VII B.V. Compartment 2007-I

....EUR24.5M E Certificate, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 31, 2007 Assigned Baa1 (sf)

....EUR38.55M F Certificate, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Aug 31, 2007 Assigned Baa3 (sf)

Issuer: Holland Mortgage Backed Series (Hermes) XIII B.V.

....EUR36.4M E Certificate, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 29, 2007 Definitive Rating Assigned Ba2 (sf)

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XIV B.V.

....EUR54M C Certificate, A1 (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2007 Definitive Rating Assigned A1 (sf)

....EUR14M D Certificate, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2007 Definitive Rating Assigned Baa2 (sf)

....EUR18M E Certificate, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2007 Definitive Rating Assigned Ba2 (sf)

Issuer: Stichting Eleven Cities No. 3

....EUR18.6M B Certificate, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 7, 2007 Definitive Rating Assigned Aa2 (sf)

....EUR18.5M C Certificate, A1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 7, 2007 Definitive Rating Assigned A1 (sf)

....EUR8.4M D Certificate, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 7, 2007 Definitive Rating Assigned Baa1 (sf)

....EUR5.5M E Certificate, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 7, 2007 Definitive Rating Assigned Baa3 (sf)

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 transactions. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

Moody's will continue to monitor closely the above transactions. The principal methodologies used in rating and/or monitoring this transaction were Moody's Approach to Rating Dutch RMBS published in December 2004 and Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction published in December 2008.

Please also refer to the "Dutch RMBS September 2010 Indices", which is available on www.moodys.com in the Industry / Sector Research sub-directory under the Research & Ratings tab.

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.

The ratings have 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 ratings 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 purpose of maintaining a credit rating.

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.

Additional research, including the pre-sale report for this transaction and reports for prior transactions, are available at www.moodys.com. 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

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.

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 updates assumptions in 8 Dutch RMBS and reviews ratings in 5 Dutch RMBS
No Related Data.
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