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Rating Action:

Moody's upgrades 26 tranches' ratings in 10 Portuguese RMBS deals

16 Jul 2015

London, 16 July 2015 -- Moody's Investors Service has today upgraded the ratings of 26 tranches and affirmed 14 tranches in 10 Portuguese RMBS transactions. Today's rating actions conclude the review that Moody's initiated on 20 March 2015 (see "Moody's takes actions on multiple EMEA RMBS and ABS notes' ratings"). In addition, Moody's Investors Service is taking actions on Magellan Mortgages No. 1 plc and Magellan Mortgages No. 4 plc following completion of rating review actions of banks and assignment of Counterparty Risk Assessment ("CR Assessment").

Please refer to the end of the Ratings Rationale section for a list of affected ratings.

RATINGS RATIONALE

Today's rating actions reflect (1) the update of several of Moody's cross-sector, primary and secondary rating methodologies for structured finance securities, to incorporate the new Counterparty Risk (CR) Assessment that it introduced for banks as part of its revised bank rating methodology (see "Banks" published on March 16, 2015) and (2) completion of rating review actions of banks and the assignment of its Counterparty Risk Assessment to the relevant Portuguese and other banks acting as counterparties to the affected transactions, following the application of Moody's bank methodology.

Moody's has also affirmed or confirmed the ratings of the notes where the current Credit Enhancement was commensurate with the current ratings.

APPLICATION OF MOODY'S STRUCTURED FINANCE RATING METHODOLOGIES

Moody's updated several of its cross-sector methodologies to incorporate the CR Assessments in its analysis of structured finance transactions in March 2015 (see "Banks"). Moody's now matches banks' exposure in structured finance transactions to one of three reference points: the CR Assessment, bank deposit rating or senior unsecured rating.

Moody's has used CR Assessments in its analysis to measure the risk of default for (1) operational risk exposures (specifically exposures to servicers); (2) exposures to swap counterparties; and (3) exposures to servicers in relation to commingling risk.

Moody's has used the bank deposit rating to measure the default risk for exposures associated with account banks. Additionally, for bank-related exposures (e.g., deposits held at a defaulting bank) Moody's has assumed a recovery rate of 45% in instances when the risk is measured or modelled.

REVISION OF KEY COLLATERAL ASSUMPTIONS

The key collateral assumptions for all transactions remain unchanged as part of this review. The performance of the underlying asset portfolios remain in line with Moody's assumptions. Moody's also has a stable outlook (http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF387952) for Portuguese RMBS transactions. The ratings were not subject to an analysis on the sensitivity of key collateral assumptions.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework", published in January 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Please see Moody's Approach to Rating RMBS Using the MILAN Framework for further information on Moody's analysis at the initial rating assignment and the on-going surveillance in RMBS.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the ratings include (1) lower sovereign risk; (2) better-than-expected performance of the underlying collateral; (3) deleveraging of the capital structure; and (4) improvements in the credit quality of the transaction's counterparties.

Conversely, factors or circumstances that could lead to a downgrade of the ratings include (1) higher sovereign risk; (2) worse-than-expected performance of the underlying collateral; (3) deterioration in the notes' available credit enhancement; and (4) deterioration in the credit quality of the transaction's counterparties.

List of Affected Ratings:

Issuer: Lusitano Mortgages No. 1 plc

....EUR915M Series A Notes, Affirmed A1 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

....EUR32.5M Series B Notes, Upgraded to A1 (sf); previously on Mar 20, 2015 A3 (sf) Placed Under Review for Possible Upgrade

....EUR25M Series C Notes, Upgraded to Baa2 (sf); previously on Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

....EUR22.5M Series D Notes, Upgraded to B1 (sf); previously on Jan 23, 2015 Affirmed B2 (sf)

....EUR5M Series E Notes, Affirmed Caa1 (sf); previously on Jan 23, 2015 Affirmed Caa1 (sf)

Issuer: Lusitano Mortgages No. 2 plc

....EUR920M Series A Notes, Affirmed A1 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

....EUR30M Series B Notes, Upgraded to A1 (sf); previously on Mar 20, 2015 A3 (sf) Placed Under Review for Possible Upgrade

....EUR28M Series C Notes, Upgraded to Baa1 (sf); previously on Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

....EUR16M Series D Notes, Upgraded to Ba2 (sf); previously on Mar 20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

....EUR6M Series E Notes, Upgraded to B3 (sf); previously on Jan 23, 2015 Affirmed Caa2 (sf)

Issuer: Lusitano Mortgages No. 3 plc

....EUR1140M Series A Notes, Upgraded to A2 (sf); previously on Mar 20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade

....EUR27M Series B Notes, Upgraded to Ba2 (sf); previously on Mar 20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

....EUR18.6M Series C Notes, Upgraded to B1 (sf); previously on Jan 23, 2015 Upgraded to B3 (sf)

....EUR14.4M Series D Notes, Upgraded to B3 (sf); previously on Jan 23, 2015 Upgraded to Caa1 (sf)

Issuer: Lusitano Mortgages No. 4 plc

....EUR1134M Series A Notes, Upgraded to A1 (sf); previously on Mar 20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade

....EUR22.8M Series B Notes, Upgraded to Ba1 (sf); previously on Mar 20, 2015 B3 (sf) Placed Under Review for Possible Upgrade

....EUR19.2M Series C Notes, Upgraded to B3 (sf); previously on Jan 23, 2015 Affirmed Caa1 (sf)

....EUR24M Series D Notes, Affirmed Caa3 (sf); previously on Jan 23, 2015 Affirmed Caa3 (sf)

Issuer: Lusitano Mortgages No. 6 Limited

....EUR943.25M Series A Notes, Upgraded to A1 (sf); previously on Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

....EUR65.45M Series B Notes, Upgraded to Baa3 (sf); previously on Mar 20, 2015 Ba3 (sf) Placed Under Review for Possible Upgrade

....EUR41.8M Series C Notes, Upgraded to B3 (sf); previously on Jan 23, 2015 Affirmed Caa1 (sf)

....EUR17.6M Series D Notes, Affirmed Caa3 (sf); previously on Jan 23, 2015 Affirmed Caa3 (sf)

Issuer: Magellan Mortgages No. 1 plc

....EUR942.5M Series A Notes, Affirmed A1 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

....EUR37M Series B Notes, Upgraded to A3 (sf); previously on Jan 23, 2015 Affirmed Baa2 (sf)

....EUR20.5M Series C Notes, Affirmed Ba3 (sf); previously on Jan 23, 2015 Upgraded to Ba3 (sf)

Issuer: Magellan Mortgages No. 3 plc

....EUR1413.75M Series A Notes, Upgraded to A3 (sf); previously on Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

....EUR33.75M Series B Notes, Upgraded to Ba2 (sf); previously on Feb 6, 2015 Affirmed B1 (sf)

....EUR15.75M Series C Notes, Upgraded to B2 (sf); previously on Feb 6, 2015 Affirmed B3 (sf)

....EUR36.75M Series D Notes, Affirmed Caa1 (sf); previously on Feb 6, 2015 Affirmed Caa1 (sf)

Issuer: Magellan Mortgages No. 4 plc

....EUR1413.75M Series A Notes, Affirmed Baa1 (sf); previously on May 15, 2015 Upgraded to Baa1 (sf)

....EUR33.75M Series B Notes, Upgraded to Ba3 (sf); previously on May 15, 2015 Upgraded to B1 (sf)

....EUR18.75M Series C Notes, Affirmed B3 (sf); previously on May 15, 2015 Affirmed B3 (sf)

....EUR33.75M Series D Notes, Upgraded to Caa2 (sf); previously on May 15, 2015 Affirmed Caa3 (sf)

Issuer: PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY

....EUR611M Series A Notes, Affirmed A1 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

....EUR16.25M Series B Notes, Affirmed A1 (sf); previously on Jan 23, 2015 Upgraded to A1 (sf)

....EUR22.75M Series C Notes, Upgraded to A1 (sf); previously on Mar 20, 2015 Baa1 (sf) Placed Under Review for Possible Upgrade

Issuer: PELICAN MORTGAGES NO. 3 PUBLIC LIMITED COMPANY

....EUR717.375M Series A Notes, Upgraded to Baa1 (sf); previously on Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

....EUR14.25M Series B Notes, Upgraded to Ba3 (sf); previously on Mar 20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

....EUR12M Series C Notes, Affirmed B3 (sf); previously on Jan 23, 2015 Upgraded to B3 (sf)

....EUR6.375M Series D Notes, Affirmed Caa2 (sf); previously on Jan 23, 2015 Upgraded to Caa2 (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.

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.

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.

Cristina Quintana
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

Carole Bernard
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Christophe Larpin
Vice President - Senior Analyst
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 26 tranches' ratings in 10 Portuguese RMBS deals
No Related Data.
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