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Related Issuers
Rating Action:

Moody's upgrades 2 notes in the Irish RMBS transaction: Emerald Mortgages No. 4 plc

31 Jul 2014

London, 31 July 2014 -- Moody's Investors Service has today upgraded the rating of one senior note and one mezzanine note while confirming the rating of the junior note in the Irish residential mortgage-backed securities (RMBS) transaction Emerald Mortgages No. 4 plc. This rating action is prompted by better than expected collateral performance combined with the increase in country ceiling to Aa3.

Issuer: Emerald Mortgages No. 4 plc

....EUR 1428M Class A Notes, Upgraded to Baa3 (sf); previously on Jan 24, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade

....EUR 34.5M Class B Notes, Upgraded to Caa1 (sf); previously on Jan 24, 2014 Caa3 (sf) Placed Under Review for Possible Upgrade

....EUR 37.5M Class C Notes, Confirmed at Ca (sf); previously on Jan 24, 2014 Ca (sf) Placed Under Review for Possible Upgrade

Today's rating upgrades follow the upgrade of the Irish sovereign rating to Baa1 from Baa3 on 16 May 2014 and the resulting increase of the local-currency country ceiling to Aa3 from A2 (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_299549) which reflect the country's reduced economic, legal and political risks.

Today's rating action concludes the review of the notes placed on review for upgrade in January 2014, following the first upgrade of the Irish sovereign rating this year to Baa3 on 17 January 2014.

RATINGS RATIONALE

Today's rating action reflects the impact of the upgrade of the sovereign ceiling and improvement in collateral performance.

The Irish sovereign rating was upgraded to Baa1 in May 2014 and resulted in an increase in the local-currency country ceiling to Aa3. The Irish country ceiling, and therefore the maximum rating that Moody's will assign to a domestic Irish issuer including structured finance transactions backed by Irish receivables, is Aa3 (sf).

Moody's has reassessed its lifetime loss expectation taking into account the collateral performance to date. The 90 days delinquencies have decreased from 12.5% in December 2013 to 11.8% in July 2014. Moody's expect the recent recovery in Irish house prices to be supportive of future recoveries on repossessed mortgage loans. As a result, Moody's reduced its expected loss assumption on the transaction from 3.4% to 3.0% on the original pool balance.

The ratings of the senior notes are also capped in the Baa range due to operational risk as per the 'Global Structured Finance Operational Risk Guidelines' published by Moody's Investors Service in June 2013. The non-investment grade rating of the servicer, EBS Ltd, coupled with the absence of any back up servicing arrangements is the reason behind this cap.

Factors that would lead to an upgrade or downgarde of the rating:

Factors or circumstances that could lead to a downgrade of the rating affected by today's action would be the worse-than-expected performance of the underlying collateral, deterioration in the credit quality of the counterparties and an increase in sovereign risk.

Factors or circumstances that could lead to an upgrade of the rating affected by today's action would be the better-than-expected performance of the underlying assets, and a decline in both counterparty and sovereign risk.

The principal methodology used in this rating was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in March 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 this transaction in the past six months.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

As the section on loss and cash flow analysis describes, Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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.

Ali Khan
Associate 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

Anthony Parry
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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 upgrades 2 notes in the Irish RMBS transaction: Emerald Mortgages No. 4 plc
No Related Data.
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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

​

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