Moody’s Downgrades 18 Notes and Affirms 1 Note in 8 Greek structured Finance Transactions

Moody’s Investors Service has today downgraded 18 notes and affirmed 1 note in 8 Greek structured finance transactions. This follows Moody’s lowering of its country ceiling on Greece to B3 from Ba3 and its downgrade of Greece’s sovereign rating to Caa2 from Caa1 that occurred on 29 April 2015.

As a result of today’s rating actions, the maximum achievable rating for outstanding Greek structured finance securities is now B3(sf), down from Ba3(sf) previously. A detailed list of today’s rating actions is included towards the end of this press release before the regulatory disclosure section.

This rating action concludes the review of the seven senior notes that started on 20 April 2015 for ABS and RMBS transactions due to a) heightened uncertainty regarding the Greek government’s negotiations with its international lenders, b) its adverse effect on the Greek economy and c) the risk of the government imposing deposit freezes, or other capital controls, to preserve financial stability and the review of Titlos plc that started on 11 February 2015 as a the result of the Greek sovereign rating action.

The material has been provided by InstaForex Company –

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