Reuters: Financial Services and Real Estate: TEXT-S&P lowers rtgs in U.K. RMBS deal Money Partners Securities 4

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TEXT-S&P lowers rtgs in U.K. RMBS deal Money Partners Securities 4 Mar 30th 2012, 11:17 Fri Mar 30, 2012 7:17am EDT March 30 - OVERVIEW -- We have carried out a credit and cash flow analysis in line with our recently published U.K. RMBS criteria. -- Credit enhancement has increased across all classes of notes due to deleveraging. Also, the reserve fund has topped up to its required amount and there is excess spread in the transaction. -- Arrears in this transaction remain high but stable; however, cumulative losses in this transaction have been increasing at a faster rate over the past year than in the other Money Partners transactions. -- We have taken various rating actions based on our credit and cash flow analysis of the most recent transaction information that we have received. -- Money Partners Securities 4 is backed by nonconforming U.K. residential mortgages originated by Money Partners Ltd. and Money Partners Loans Ltd. Standard & Poor's Ratings Services today took various credit rating actions on Money Partners Securities 4 PLC's notes. Specifically: -- We have affirmed and removed from CreditWatch negative our ratings on the class A1a, A1b, M1a, and M1b notes; and -- We have lowered and removed from CreditWatch negative our ratings on the class M2a, M2b, B1a, B1b, and B2 notes (see list below). Link this Share this Digg this Email Reprints

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