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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.

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