London, 30 November 2012 -- Moody's Investors Service announced today that in its opinion the replacement of the issuer services provider has, in and of itself, no rating impact on the current ratings assigned to the notes issued by Holland Mortgage Backed Series (Hermes) X B.V. ("Issuer").
On 26 November 2012 the Issuer has entered into supplemental and revised transaction documents in order to, among others, reflect the following changes.
- Replacement of SNS Bank N.V. (Baa2, Possible Downgrade/P-2, Possible Downgrade) as provider of the issuer services with an independent issuer administrator, ATC Financial Services B.V. (not rated).
- Implementation of estimation language which allows the issuer administrator, ATC Financial Services B.V. (not rated), to determine interest and principal payments for distribution to the noteholders when no mortgage reports are available.
The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa, published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Moody's believed that the amendment did not have an adverse effect on the credit quality of the securities such that the Moody's ratings were impacted. Moody's did not express an opinion as to whether the amendment could have other, non credit-related effects.
Moody's monitors this transaction on an ongoing basis. For updated monitoring information, please contact firstname.lastname@example.org.
Maria Divid Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Annabel Schaafsma Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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