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20 Dec 2011
London, 20 December 2011 -- Moody's Investors Service stated today that the buyout of Non-EEA
loans by the originator does not impact, in and of itself,
the current ratings assigned to any of the Notes issued by the following
Issuers:
- Fastnet 3 Ltd
- Fastnet 6 Ltd
- Fastnet 7 Ltd
RATING RATIONALE
In November 2011, a written resolution was passed and consent was
given to the Issuer to sell loans in the pool, which have been and
will be reasonably identified as having Non-EEA borrowers or guarantors,
to the originator. Cash from the sale will be distributed to noteholders
according to the priority of payment.
The bought-out loans represent 0.17%, 0.67%
and 0.31% of the current portfolios for Fastnet 3,
6, and 7 respectively. In Moody's opinion, the
amendments will not have negative impact on the ratings of the outstanding
notes.
Today's update relates to the buy-out by the originator of Non-EEA
loans only and should not be taken to imply that Moody's will not take
a rating action in respect of the securities by virtue of any other events
or circumstances that may be occurring now or that occur in the future.
Moody's opinion only address the current impact on Moody's ratings,
and do not express an opinion as to whether the changes have or could
have any other effect that investors may or may not view positively.
The ratings of the notes issued by Fastnet 3, 6 and 7 were last
confirmed by Moody's on 26 September 2011.
The methodologies used in this ratings were Moody's Approach to Rating
RMBS in Europe, Middle East, and Africa published in October
2009, Moody's Approach to Rating UK RMBS published in April 2005,
Moody's Updated Methodology for Rating UK RMBS published in October 2009,
Cash Flow Analysis in EMEA RMBS: Testing Structural Features with
the MARCO Model (Moody's Analyser of Residential Cash Flows) published
in January 2006, and Moody's RMBS Master Trust Cash Flow Analysis
published in April 2008. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
As noted in Moody's comment 'Rising Severity of Euro Area Sovereign Crisis
Threatens Credit Standing of All EU Sovereigns' (28 November 2011),
the risk of sovereign defaults or the exit of countries from the Euro
area is rising. As a result, Moody's could lower the maximum
achievable rating for structured finance transactions in some countries,
which could result in rating downgrades.
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 transaction. Other risks have not been
addressed, but may have a significant effect on yield to investors.
Olga Gekht
Vice President - Senior Analyst
Structured Finance Group
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
Michelangelo Margaria
VP - Senior Credit Officer
Structured Finance Group
Telephone:+39-02-9148-1100
Releasing Office:
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 on Fastnet 3, 6, and 7 Ltd
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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