Rating Action Commentary
ֳ Withdraws Ratings on 91 European SF IO and Prepayment Related Structured Finance Securities
Tue 29 Jun, 2010 - 12:17 PM ET
ֳ-London-29 June 2010: ֳ has today withdrawn the ratings of 91 European structured finance interest-only and prepayment tranches. Of the total, 27 tranches relate to European RMBS transactions and 64 to European CMBS transactions. ֳ-rated European ABS and CDO transactions do not include interest-only or prepayment tranches that would qualify for a withdrawal under the agency's recently revised practice. A full list of all the affected tranches is provided below.
The rating withdrawal follows ֳ's recent revision of its practice globally for assigning and maintaining structured finance ratings on such securities, and covers all EMEA structured finance tranches that are affected by this revision. Following the revision of its practice, the agency will no longer provide rating or analytical coverage of such structured finance interest-only and prepayment tranches. (For further information, please refer to the 23 June 2010 comment, entitled 'ֳ Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities', which is available on the agency's website at .)
The ratings of the following 91 tranches have been withdrawn:
CMBS:
Cornerstone Titan 2005-1 plc: Class X, rated 'AAA' with Stable Outlook
Cornerstone Titan 2005-2 plc: Class X, rated 'AAA' with Stable Outlook
Cornerstone Titan 2006-1 plc: Class X, rated 'AAA' with Stable Outlook
Cornerstone Titan 2007-1 plc: Class X, rated 'AAA' with Stable Outlook
DECO 10 - Pan Europe 4 p.l.c: Class X, rated 'AAA' with Stable Outlook
DECO 11 - UK Conduit 3 plc: X Certificate, rated 'AAA' with Stable Outlook
DECO 14 - Pan Europe 5 B.V.: Class X, rated 'AAA' with Stable Outlook
DECO 9 Pan Europe 3 p.l.c: Class X, rated 'AAA' with Stable Outlook
Deco 15 - Pan Europe 6 Ltd.: Class X, rated 'AAA' with Stable Outlook
European Property Capital 3 p.l.c.: Class X, rated 'AAA' with Stable Outlook
European Property Capital 4 p.l.c: X, rated 'AAA' with Stable Outlook
FCC NACREA: Class X, rated 'AAA' with Stable Outlook
Fornax (Eclipse 2006-2) B.V.: Class X, rated 'AAA' with Stable Outlook
German Residential Funding plc: Class X, rated 'AAA' with Stable Outlook
Indus (ECLIPSE 2007-1) plc: Class X, rated 'AAA' with Stable Outlook
JUNO (Eclipse 2007-2): Class X, rated 'AAA' with Stable Outlook
LEO - MESDAG B.V.: Class X, rated 'AAA' with Stable Outlook
MESDAG (Berlin) B.V.: Class X, rated 'AAA' with Stable Outlook
MESDAG (Charlie) B.V.: Class X, rated 'AAA' with Stable Outlook
Mesdag (Delta) B.V.: Class X, rated 'AAA' with Stable Outlook
Paris Prime Commercial Real Estate FCC: X1, rated 'AAA' with Stable Outlook
Paris Prime Commercial Real Estate FCC: X2, rated 'AAA' with Stable Outlook
Patrimonio Uno CMBS S.r.l.: Class X - Detachable Coupons, rated 'AAA' with Stable Outlook
Radamantis (European Loan Conduit No. 24) plc: Class X, rated 'AAA' with Stable Outlook
Rivoli - Pan Europe 1 plc: Class X, rated 'AAA' with Stable Outlook
TALISMAN - 3 Finance plc: Class X, rated 'AAA' with Stable Outlook
TALISMAN - 5 Finance plc: Class X, rated 'AAA' with Stable Outlook
TALISMAN-4 Finance plc: Class X, rated 'AAA' with Stable Outlook
TALISMAN-6 Finance plc: Class X, rated 'AAA' with Stable Outlook
TALISMAN-7 Finance Ltd: X, rated 'AAA' with Stable Outlook
TAURUS CMBS No. 2 S.r.l.: Class X, rated 'AAA' with Stable Outlook
Talisman-1 Finance plc: Class X, rated 'AAA' with Stable Outlook
Taurus CMBS (Germany) 2006-1 plc: Class X, rated 'AAA' with Stable Outlook
Taurus CMBS (Pan-Europe) 2006-3 Plc: Class X1, rated 'AAA' with Stable Outlook
Taurus CMBS (Pan-Europe) 2006-3 Plc: Class X2, rated 'AAA' with Stable Outlook
Taurus CMBS (Pan-Europe) 2007-1 Limited: Class X1, rated 'AAA' with Stable Outlook
Taurus CMBS (Pan-Europe) 2007-1 Limited: Class X2, rated 'AAA' with Stable Outlook
Taurus CMBS (UK) 2006-2 P.L.C.: Class X, rated 'AAA' with Stable Outlook
Taurus CMBS No. 1 plc: Class X, rated 'AAA' with Stable Outlook
Titan Europe 2006-2 plc: Class X, rated 'AAA' with Stable Outlook
Titan Europe 2006-3 plc: Class X, rated 'AAA' with Stable Outlook
Titan Europe 2006-5 plc: Class X, rated 'AAA' with Stable Outlook
Titan Europe 2007-2 Limited: Class X, rated 'AAA' with Stable Outlook
Triton (European Loan Conduit No. 26) plc: Class X, rated 'AAA' with Stable Outlook
Ulysses (European Loan Conduit No. 27) PLC: Class X1, rated 'AAA' with Stable Outlook
Ulysses (European Loan Conduit No. 27) PLC: Class X2, rated 'AAA' with Stable Outlook
Ursus 2 (Octane) plc: Class X2, rated 'AAA' with Stable Outlook
Ursus EPC p.l.c: Class X1, rated 'AAA' with Stable Outlook
Ursus EPC p.l.c: Class X2, rated 'AAA' with Stable Outlook
Ursus EPC p.l.c: Class X3, rated 'AAA' with Stable Outlook
Ursus EPC p.l.c: Class X4, rated 'AAA' with Stable Outlook
Vulcan (European Loan Conduit No.28) Ltd: Class X, rated 'AAA' with Stable Outlook
WILCO 2007 - 1 GmbH: Class X, rated 'AAA' with Stable Outlook
White Tower Europe 2007-1: Class X, rated 'AAA' with Stable Outlook
Windermere IX CMBS (Multifamily): Class X, rated 'AAA' with Stable Outlook
Windermere X CMBS Ltd: Class X, rated 'AAA' with Stable Outlook
Windermere XII FCC: Class X, rated 'AAA' with Stable Outlook
Windermere XIV CMBS Ltd: Class X, rated 'AAA' with Stable Outlook
Xuthus (European Loan Conduit No. 29): Class X, rated 'AAA' with Stable Outlook
Business Mortgage Finance 3 PLC: MERC, rated 'AAA' with Stable Outlook
Business Mortgage Finance 4 Plc: MERCs, rated 'AAA' with Stable Outlook
Business Mortgage Finance 5 PLC: MERCs, rated 'AAA' with Stable Outlook
Business Mortgage Finance 6 PLC: MERC, rated 'AAA' with Stable Outlook
Business Mortgage Finance 7 Plc: MERCs, rated 'AAA' with Stable Outlook
RMBS:
ALBA 2006-1 plc: MERCs, rated 'AAA' with Stable Outlook
ALBA 2006-2 plc: MERCs, rated 'AAA' with Stable Outlook
ALBA 2007-1 plc: MERC, rated 'AAA' with Stable Outlook
EuroMASTR Series 2007-1V plc: MERCs, rated 'AAA' with Stable Outlook
Eurohome Mortgages 2007-1 plc: GMERCs, rated 'AAA' with Stable Outlook
Eurohome Mortgages 2007-1 plc: IMERCs, rated 'AAA' with Stable Outlook
Eurohome UK Mortgages 2007-1 plc: MERCs, rated 'AAA' with Stable Outlook
Farringdon Mortgages No. 1 Plc: MERCs, rated 'AAA' with Stable Outlook
Farringdon Mortgages No. 2 Plc: MERCs, rated 'AAA' with Stable Outlook
Ludgate Funding Plc Series 2006 FF1: MERCs, rated 'AAA' with Stable Outlook
Money Partners Securities 1 Plc: MERCs, rated 'AAA' with Stable Outlook
Money Partners Securities 2 Plc: MERCs, rated 'AAA' with Stable Outlook
Money Partners Securities 3 Plc: MERCs, rated 'AAA' with Stable Outlook
Money Partners Securities 4 Plc: MERCs, rated 'AAA' with Stable Outlook
Newgate Funding Plc Series 2006-2: MERC, rated 'AAA' with Stable Outlook
Newgate Funding Plc Series 2006-3: MERC, rated 'AAA' with Stable Outlook
Newgate Funding Plc Series 2007-1: MERC, rated 'AAA' with Stable Outlook
Newgate Funding Plc Series 2007-2: MERC, rated 'AAA' with Stable Outlook
Newgate Funding Plc Series 2007-3: MERCs, rated 'AAA' with Stable Outlook
ResLoC UK 2007-1 plc: MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 16 plc (RMS 16): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 17 Plc (RMS 17): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 18 Plc (RMS 18): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 19 Plc (RMS 19): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 20 Plc (RMS 20): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 21 Plc (RMS 21): MERCs, rated 'AAA' with Stable Outlook
Residential Mortgage Securities 22 Plc (RMS 22): MERCs, rated 'AAA' with Stable Outlook
ֳ's revised practice for assigning and maintaining structured finance ratings on structured finance interest-only and prepayment tranches is detailed in the 23 June 2010 comment, entitled 'ֳ Revises Practice for Rating IO & Pre-Payment Related Structured Finance Securities'. The revision and other issues related to certain ratings of structured finance transactions are explored further in 'Criteria for Rating Caps in Global Structured Finance Transactions', dated 23 June 2010, available at .
Contacts: Peter Dossett, London, Tel: +44 (0) 20 7417 7427; Gioia Dominedo, +44 (0) 20 7417 4376.
Media Relations: Julian Dennison, London, Tel: +44 020 7682 7480, Email: julian.dennison@fitchratings.com.
Additional information is available at .
Related Research:
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.