Moody's updates on Aire Valley Master Trust and Bradford and Bingley Covered Bond programme following the recent downgrade of Bradford & Bingley plc - Announcement - 2008/06/27 - Moody's Global Credit Research

Report title: Moody's updates on Aire Valley Master Trust and Bradford and Bingley Covered Bond programme following the recent downgrade of Bradford & Bingley plc

from Moody's Global Credit Research
1096 word report published Jun 27, 2008

Price $150.00 available for immediate download

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Global Credit Research Announcement 27 JUN 2008 Announcement: Aire Valley Mortgages 2007-2 plc Moody's updates on Aire Valley Master Trust and Bradford and Bingley Covered Bond programme following the recent downgrade of Bradford &...

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Announcement

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Aire Valley Mortgages 2004-1 plc; Aire Valley Mortgages 2005-1 plc; ...

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Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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...Overview Legal Framework Programme closing date : May 2004 Does a specific Covered Bonds Law apply for this programme : No Total outstanding liabilities : GBP 8,320,441,567 Total Assets in the Cover Pool : GBP 10,823,557,664 Country in which Collateral is based : United Kingdom Issuer Name : Country in which issuer is based : United Kingdom Group / Parent Name : Main Collateral Type (>50%) : Residential Timely Payment Ratings Refinancing period for principal payments of 6 months or greater: Yes A2 / On review for Upgrade Liquidity reserve to support timely payments on all issuances : Yes Funded Group / Parent Senior Unsecured rating : A2 / On review for Upgrade Timely Payment Indicator ("TPI") (note 2) : Probable Covered Bonds Rating : Aa2 / On review for Upgrade Maximum Leeway given TPI, Issuer Rating and CB Rating : 3 notch(es)...
Aire Valley Mortgages 2004-1 plc - Performance Overview $300.00
...Footnotes - General Information 1 Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary 1 At present the information on the Liquidity Facility is not reported by Bradford & Bingley. Footnotes - Capital Structure Series 1 A, Series 2 A3: USD - GBP = 1.8000 Series 2 A2, Series 3 A2: EUR - GBP = 1.4600 Series 2 B2: EUR - GBP = 1.4590 Series 3 B2: EUR - GBP = 1.4710 Series 2 C2: EUR - GBP = 1.4580 Series 3 C2: EUR - GBP = 1.4550 Series 3 D2: EUR - GBP = 1.4670 4 The Percentages may not add up to 100% due to rounding or a tranche(s) having a rating not in the categories displayed. Footnotes - Portfolio and Performance Data 5 TRR (Total Redemption Rate) Footnotes - Trigger Description PDL - Stop Substitution: Substitution is stopped when, amongst others, the PDL is greater than zero. Delinquencies - Stop Substitution: Substitution is stopped when, amongst others, delinquencies >90 days exceed 5%. Seller Share - Stop Substitution: Substitution is stopped...
Aire Valley Mortgages 2005-1 plc - Performance Overview $300.00
...Footnotes - General Information 1 Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary 1 At present the information on the Liquidity Facility is not reported by Bradford & Bingley. Footnotes - Capital Structure Series 1 A2, Series 1 B2, Series 1 C2, Series 2 A2, Series 2 B2, Series 2 C2: EUR - GBP = 1.4580 Page 3 of 4 05/10/2009 15:11...
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...Footnotes - General Information 1 Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary 1 At present the information on the Liquidity Facility is not reported by Bradford & Bingley. Footnotes - Capital Structure Series 1 A, Series 1 B1: USD - GBP = 1.9088 Series 1 B2, Series 1 C2, Series 2 A1, Series 2 B2, Series 2 C2: EUR - GBP = 1.4814 4 The Percentages may not add up to 100% due to rounding or a tranche(s) having a rating not in the categories displayed. Footnotes - Portfolio and Performance Data 5 TRR (Total Redemption Rate) Footnotes - Trigger Description PDL - Stop Substitution: Substitution is stopped when PDL is greater than zero. PDL - Principal Distribution: Principal is distributed to Funding when, amongst others, the PDL is greater than zero. Delinquencies - Stop Substitution: Substitution stops when, amongst others, delinquencies >90 days exceed 5% of the balances of mortgage loans as a percentage of the trust property. Seller Share...
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