info

Yes No
Moodys.com
ABOUT US
REGULATORY AFFAIRS
CAREERS
Terms of Use
CONTACT US
HOME
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's upgrades 16 and affirms 6 notes in 9 Greek structured finance transactions

04 Dec 2013

Highest rating for Greek structured finance securities is now B3(sf)

NOTE: On March 21, 2014, the press release was revised as follows: in the Ratings Rationale section, grammatical changes were made and the description of the methodology used to rate the Titlos transaction was modified to read as follows: “The principal methodology used in rating Titlos PLC was “Moody’s Approach to Rating Repackaged Securities”, published in April 2010. In rating this credit, Moody’s considers a full linkage to the rating of Greece, and any other risk related to the specific transaction structure.” This modified language appears at the end of the Ratings Rationale section, above the sentence “Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.” Revised release follows:

Madrid, December 04, 2013 -- Moody's Investors Service has today upgraded 16 notes and affirmed six notes in nine Greek structured finance transactions, following Moody's raising of its country ceiling on Greece to B3 from Caa2 and its upgrade of Greece's sovereign rating to Caa3 from C.

The raising of Greece's country ceiling to B3 reflects a slightly lower redenomination risk and a lower likelihood of exit from the euro area. As a result of today's rating actions, the highest rating for outstanding Greek structured finance securities is now B3 (sf), up from Caa2 (sf) previously. A detailed list of today's rating actions is included towards the end of this press release before the regulatory disclosure section.

RATINGS RATIONALE

--HIGHEST RATING FOR GREEK STRUCTURED FINANCE TRANSACTIONS IS NOW B3 (sf)

Today's rating actions reflect Moody's upgrade of its assessment of the highest rating that can be assigned to debt obligations issued by domestic Greek issuers, or where cash flows used to repay debt obligations are sourced from domestic Greek assets, to B3. Notwithstanding a fragile and unpredictable domestic political environment, this new level reflects a slightly lower redenomination risk and a lower likelihood of exit from the euro area as a result of a slowly improving economy, improved debt affordability and continued euro area support as the country achieves its targets under the Troika programme. This new maximum achievable rating applies to all forms of ratings in Greece, including structured finance ratings.

--SEVEN SENIOR NOTES UPGRADED ON SUFFICIENT CREDIT ENHANCEMENT

Moody's assessed the current credit enhancement (CE) level under each senior note and compared it against the observed performance and the expected loss for each transaction. Moody's upgraded seven senior notes to B3 (sf), with CE covering more than three times the expected loss level. Moody's upgraded Estia Mortgage Finance II PLC to Caa1 (sf), with a CE only slightly above the expected loss level.

--MOODY'S ALSO UPGRADED A NUMBER OF SUBORDINATED NOTES

Moody's upgraded some mezzanine and junior notes to Caa1 (sf) or Caa2 (sf) from Caa3 (sf), taking into account the notes' CE levels compared to the expected loss assumed for each transaction. Small subordinated notes are subject to higher severities given that 1) available cash flows would first be allocated to the senior notes; and 2) any allocation of losses in smaller tranches results in a higher severity compared to the same level of losses in a much larger note. As a result, Moody's upgraded seven subordinated notes in five transaction to Caa1 (sf) or Caa2 (sf) from Caa3 (sf) and affirmed six junior notes at Caa3 (sf) for which the current CE level covers less than 1.5 times the expected loss level.

--TITLOS PLC NOTES UPGRADED ON REDUCED SOVEREIGN RISK

Moody's upgraded the notes issued by Titlos plc to Caa3 (sf) from C (sf), which are backed by a swap relying on payments by the Greek government, reflecting the Greek sovereign rating upgrade of 29 November 2013. Moody's believes the main risk driver of this transaction is Greek sovereign risk and, as such, its ultimate rating should closely mirror that of the Greek government, currently at Caa3.

The principal methodology used in rating Estia Mortgage Finance II PLC, Grifonas Finance No. 1 Plc, KION Mortgage Finance Plc, Themeleion Mortgage Finance PLC, Themeleion II Mortgage Finance Plc, Themeleion III Mortgage Finance Plc and Themeleion IV Mortgage Finance Plc was "Moody's Approach to Rating RMBS Using the MILAN Framework", published in November 2013.

The principal methodology used in rating Epihiro PLC was "Moody's Global Approach to Rating Collateralized Loan Obligations", published in November 2013.

The principal methodology used in rating Titlos PLC was “Moody’s Approach to Rating Repackaged Securities”, published in April 2010. In rating this credit, Moody’s considers a full linkage to the rating of Greece, and any other risk related to the specific transaction structure.

Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

--FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A further lowering in Moody's assessment of the sovereign risk in Greece could lead to an additional upgrade of the ratings. Conversely, an increase in Moody's assessment of the sovereign risk in Greece, as well as a deterioration in the collateral performance, could lead to a downgrade of the ratings.

--SENSITIVITY ANALYSIS

Moody's did not conduct a cash flow analysis as the main driver of today's rating actions was its upgrade of the country ceiling for Greek debt.

LIST OF AFFECTED RATINGS

Issuer: EPIHIRO PLC

....EUR1623M Class A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Upgraded to Caa1 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

Issuer: Grifonas Finance No. 1 Plc

...EUR897.7M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR23.8M B Notes, Upgraded to Caa2 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

.....EUR28.5M C Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: KION Mortgage Finance Plc

....EUR553.8M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR28.2M B Notes, Upgraded to Caa2 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR18M C Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: Themeleion II Mortgage Finance Plc

....EUR690M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR37.5M B Notes, Upgraded to Caa1 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR22.5M C Notes, Upgraded to Caa1 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: Themeleion III Mortgage Finance Plc

....EUR900M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR20M B Notes, Upgraded to Caa1 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR40M C Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR40M M Notes, Upgraded to Caa1 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: Themeleion IV Mortgage Finance Plc

....EUR1352.9M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR155.5M B Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR46.6M C Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: Themeleion Mortgage Finance PLC

....EUR693.5M A Notes, Upgraded to B3 (sf); previously on Dec 19, 2012 Confirmed at Caa2 (sf)

....EUR32M B Notes, Upgraded to Caa2 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

....EUR24.5M C Notes, Affirmed Caa3 (sf); previously on Dec 19, 2012 Confirmed at Caa3 (sf)

Issuer: Titlos plc

....EUR5100M A Note, Upgraded to Caa3 (sf); previously on Mar 13, 2012 Downgraded to C (sf)

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.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

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.

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.

Antonio Tena
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

Carole Gintz
Senior Vice President/Manager
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 upgrades 16 and affirms 6 notes in 9 Greek structured finance transactions
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. 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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Moodys.com