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Announcement:

Moody's updates on Banco Pastor, S.A. as servicer of 5 Spanish RMBS deals

22 Jun 2010

Servicer for GC Pastor Hipotecario 5, TDA Pastor 1, IM Pastor 2, 3 and 4

London, 22 June 2010 -- Moody's Investors Service said today that it views positively Pastor's adaptation of its servicing procedures in response to difficult market conditions. However, Moody's notes that some Pastor RMBS transactions are performing worse than similarly seasoned deals, which it believes is primarily due to origination practices and pool characteristics. In Moody's views the change of ownership of Banco Pastor, S.A.'s (Pastor, A3) debt collection agency (Acción de Cobro, AC) in September 2009 has no impact on the performance of Pastor's RMBS transactions. Pastor remains the name servicer in the five Moody's-rated transactions. Since inception of these five transactions, Pastor has outsourced the debt collection activities to AC. Up to September 2009, AC was Pastor's fully owned subsidiary.

As part of its surveillance process of RMBS transactions, Moody's regularly meets with servicers to monitor the quality of the servicer and discuss changes to the servicing infrastructure since Moody's previous visit. On 4 March, Moody's met with Pastor, which is the servicer for the following five Moody's-rated outstanding Spanish RMBS transactions: GC Pastor Hipotecario, TDA Pastor 1, IM Pastor 2, 3 and 4. As of June 2010, the total outstanding balance of these five transactions was EUR 2.0 billion.

MOODY'S UPDATED OPINION ON PASTOR'S SERVICING OPERATION

Moody's believes that the sale of 100% of AC's shares to international receivables management company EOS Group (EOS, not rated) has had no impact on the performance of the Pastor transactions. Pastor indicated that the staff, processes and the IT platform have remained the same following the sale of AC to EOS. In addition, EOS remuneration is solely based on collection target (i.e. success fee). Pastor performs a monthly audit at EOS premises to monitor the quality of the servicing.

Moody's views positively the preventives measures implemented by Pastor in response to the financial crisis. These measures identify borrowers showing early signs of financial stress. These borrowers are selected based upon updated credit bureau information and stress testing analysis on the borrower's probability of default. Once identified, they are contacted by Pastor to get updated information on their financial condition and potentially negotiate an arrangement plan or a long modification.

According to Pastor, its success rate in rehabilitating borrowers that are between 15- 30 days in arrears is 50% and increases to 90%-95% for those which are up to 90 days in arrears.

SECURITISED PORTFOLIO PERFORMANCE

The collateral performance of the Pastor's RMBS transactions seems to have stabilised recently (i.e. 90+ delinquency index (excluding default) is decreasing however default rate is still increasing).

As of March 2010, the Pastor 90+ delinquency index (as a percentage of the current balance) was 1.81%, down from its peak of 2.56% in June 2009. However, it was still 24% above the Spanish RMBS index (1.47%) in March 2010.

Since June 2009, Pastor's cumulative default index (as a percentage of the original pool balance) increased by 0.88% to 1.84% in March 2010. March Pastor index is 26% higher than the Spanish RMBS index (1.47%).

Two of the Pastor transactions (IM Pastor 3 & 4, originated in 2005 and 2006) are performing worse than transactions with similar pool characteristics (i.e. low LTV and vintage). In Moody's opinion, the difference in performance for these two transactions is mainly due to the origination channels (brokers) and the geographical concentration in the regions of Valencia and Catalonia.

The Pastor 90+ delinquency and cumulative default index includes the five transactions originated by Pastor (i.e. GC Pastor Hipotecario, TDA Pastor 1, IM Pastor 2, 3 and 4).

PASTOR'S SERVICING INFRASTRUCTURE -- UPDATE

Pastor has a centralised credit risk department servicing personal loans, current and credit card accounts and mortgage loans.

As mentioned above, Pastor sold its debt collection agency AC to EOS. EOS was formed in 1974 and its headquarters are in Germany. It has over 4,000 employees in more than 20 countries through 40 subsidiaries and associated companies. EOS generated a turnover of EUR297.4 million in 2008/2009, around 22% more than 2007/2008. EBITDA increased by 34% to EUR91.2 million (previous year: EUR68.2 million). Moody's did not meet with EOS.

Pastor's branches are in charge of contacting the borrower during the first 15 days after he/she misses a payment. After 15 days, EOS is responsible for contacting Pastor's delinquent borrowers. For loans with an outstanding balance higher than EUR100,000, a dual process is used after 70 days (i.e. both EOS and Pastor's centralised credit management unit ("Centro de Soluciones Financieras") contact the borrower. After 90 days, Pastor manages the legal process and continue to negotiate with borrowers for loans with an outstanding balance higher than EUR300,000. EOS handles the legal process and continue to negotiate with borrowers (according to Pastor's servicing guidelines) for loans with an outstanding balance lower than EUR300,000 for which the borrower is at least 90 days delinquent.

A preventative team was implemented as a response to deteriorating performance in Spain, which has six employees with average work experience of 20 years. They all have a business degree. This team is responsible for identifying the borrowers who showing early sign of financial stress. These borrowers are then contacted by the branch to get updated information on their financial situation. Based on this, Pastor's centralised credit management unit determines the options available to alleviate borrower's payment difficulties and to prevent delinquency.

In line with the market, Pastor has established an estate agent business to sell its real estate owned properties to maximise the recovery rate. It also recently launched a website to facilitate the marketing of these properties.

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. Additional information on the referenced Moody's rated RMBS transactions, including the latest Performance Overview, is available at www.moodys.com.

Paris

Annick Poulain

Managing Director

Structured Finance Group

Moody's France S.A.

JOURNALISTS: 44 20 7772 5456

SUBSCRIBERS: 44 20 7772 5454

London
Carine Kumps-Feniou
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
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 updates on Banco Pastor, S.A. as servicer of 5 Spanish RMBS deals
No Related Data.
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