09.07.2013 17:01:00

Moody's downgrades six notes and confirms six notes in four Magellan Portuguese RMBS transactions

Madrid, July 09, 2013 -- Moody's Investors Service has today downgraded the ratings of 6 mezzanine and junior notes in three Portuguese residential mortgage-backed securities (RMBS) transactions: Magellan Mortgages No 1 plc, Magellan Mortgages No 2 plc and Magellan Mortgages No 4 plc . Also, Moody's Investors Service has today confirmed the ratings of all notes in Magellan Mortgages No. 3 and class A notes and class D notes in Magellan 4. Insufficiency of credit enhancement to address sovereign risk, counterparty risk and revision of collateral assumptions has prompted today's downgrade action.

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