30.11.2012 18:08
Bewerten
 (0)

Moody's updates on UK RMBS and ABS notes issued by entities ultimately owned by The Paragon Group

London, 30 November 2012 -- Moody's Investor Service continues to review the ratings of 37 senior notes issued by entities ultimately owned by The Paragon Group of Companies plc ("Paragon") pending the implementation of restructuring proposals.

The ratings of the affected notes were initially placed on review for possible downgrade on 14th October 2011 following the downgrade of Skipton Building Society from Baa1/P-2 to Ba1/NP. Moody's considers the affected transactions (the Paragon Transactions), to be exposed to payment disruption risk due to insufficient back-up servicing and cash management arrangements. Homeloan Management Limited ("HML"), which is part of Skipton Building Society ("Skipton"), acts as servicer, back-up servicer and back-up cash manager in all the Paragon Transactions.

Moody's review of the notes is also taking into account the legal risk arising from the fact that the issuers in the Paragon Transactions (the Paragon SPVs) are part of the Paragon group. In particular the risk of a pensions liability arising during the life of the Paragon Transactions is not so remote that it can be excluded in our rating analysis. For more information please refer to the special comment "Paragon Transactions' Potential Exposure to Pensions Claims Cannot Be Excluded from Rating Analysis" published on 29 March 2012.

Paragon has informed Moody's that it has submitted to noteholders for their approval restructuring proposals designed to address both the payment disruption and legal risks. In particular, the restructuring proposals include the addition of a back-up servicer facilitator as well as the incorporation of estimation language in the transaction documents to ensure continuity of payments in case of servicer disruption.

In addition, Paragon will amend the transaction documents such that the potential exposure to pension liabilities is mitigated and to ensure that Moody's is notified of any change to the group corporate structure that may increase the likelihood of secondary tax liabilities arising. Moody's expects that the noteholders' meetings will take place in December 2012, except for the First Flexible No. 5 plc and First Flexible No.6 plc meetings, which are postponed to 2013.

Moody's' intends to conclude the review of the notes following circulation of the noteholders' resolutions or the implementation of the restructuring proposals, if approved.

Moody's considers that the exposure to the Royal Bank of Scotland plc (RBS) as a swap and issuer account bank has been mitigated following the downgrade of RBS from A2/P-1 to A3/P-2 on 21 June 2012. In particular, issuer bank accounts were transferred to Barclays Bank plc (A2/P-1) and collateral was posted against various swaps with RBS.

The principal methodology used in these ratings was Moody's "Approach to Rating RMBS in Europe, Middle East, and Africa", published in June 2012 and Moody's "Approach to Rating Consumer Loan ABS Transactions", published in October 2012 for the respective RMBS and ABS deals. Please see the Credit Policy page on www.moodys.com a copy of this methodology.

Other Factors used in these ratings are described in "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published in June 2011.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Lyudmila Udot 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 Barbara Rismondo 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("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. 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. 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 MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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.

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. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

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

MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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 "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. 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.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". 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.

This credit rating is an opinion as to the creditworthiness or 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. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Artikel empfehlen?

Nachrichten zu Barclays plc

  • Relevant2
  • Alle4
  • vom Unternehmen1
  • Peer Group
  • ?
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

RSS Feed

Analysen zu Barclays plc

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
11:06 UhrBarclays buyUBS AG
21.10.2014Barclays overweightJP Morgan Chase & Co.
16.10.2014Barclays overweightHSBC
14.10.2014Barclays buySociété Générale Group S.A. (SG)
29.09.2014Barclays overweightJP Morgan Chase & Co.
11:06 UhrBarclays buyUBS AG
21.10.2014Barclays overweightJP Morgan Chase & Co.
16.10.2014Barclays overweightHSBC
14.10.2014Barclays buySociété Générale Group S.A. (SG)
29.09.2014Barclays overweightJP Morgan Chase & Co.
25.09.2014Barclays market-performBernstein Research
06.08.2014Barclays NeutralBNP PARIBAS
01.08.2014Barclays HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
18.07.2014Barclays NeutralGoldman Sachs Group Inc.
17.07.2014Barclays NeutralBNP PARIBAS
24.09.2013Barclays verkaufenIndependent Research GmbH
05.09.2013Barclays verkaufenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
03.09.2013Barclays verkaufenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
01.08.2013Barclays verkaufenIndependent Research GmbH
28.06.2013Barclays verkaufenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Barclays plc nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

Für den Live-Chat können Sie sich mit Ihrem finanzen.net-, Facebook- oder Twitter Account anmelden. Um immer die neusten Beiträge zu sehen, stellen Sie bitte "Neuesten" ein.

Private Krankenversicherung Tarifvergleich

Heute im Fokus

DAX schließt unter 9.000 Punkten -- 25 Banken sollen Stresstest nicht bestanden haben -- US-Börsen leicht im Plus -- Ford, BASF, Amazon, Microsoft im Fokus

Apple will Beats-Musik-App in iTunes aufgehen lassen. Deutsche Bank leidet unter Rückstellungen. S&P hebt Bonitätsnote von Zypern an. Ryanair-Chef unterschreibt für fünf weitere Jahre. FMC besorgt sich 900 Millionen US-Dollar am Bondmarkt. Chiquita lässt Fyffes-Fusion platzen. Cameron: Werden Milliarden-Rechnung aus Brüssel nicht bezahlen.
Diese Aktien sind auf den Kauflisten der Experten

So platzieren sich die Deutschen

Die öffentliche Verschwendung

Umfrage

Verkehrsminister Dobrindt erwägt scheinbar, die Pkw-Maut vorerst nur auf Autobahnen einzuführen. Was halten Sie von diesem Rückzieher?

Anzeige