EMEA

摘要

A combination of better than expected portfolio performance and the raising of the country ceiling in Ireland to Aa3 led to Moody's upgrading 19 tranches from seven RMBS of Ulster Bank Ireland's Celtic programme. However, the originator also services the portfolios, and its low rating of Baa3/P-3 and absence of a back-up servicing agreement mean that Moody's restricts the maximum achievable rating for this programme to the Single A level. The agency cut the expected loss assumption in Celtic 9 to 4% (from 4.9%), in Celtic 10 to 5.5% (6.5%), Celtic 12 to 6% (9.1%), Celtic 14 to 11% (17.3%), Celtic 15 to 10% (11.3%), and Celtic 16 to 12.5% (16%). The changes were not specified for Celtic 11.