Greek RMBS re­mained sta­ble up to July

Financial Mirror (Cyprus) - - FRONT PAGE -

The per­for­mance of the Greek residential mort­gage-backed se­cu­ri­ties (RMBS) mar­ket was sta­ble in the three months ended July, ac­cord­ing to the latest in­dices pub­lished by Moody’s In­vestors Ser­vice.

The 90+ day delin­quen­cies of Greek RMBS trans­ac­tions rose mod­estly to 7.3% of the cur­rent bal­ance in July, from 6.9% in April.

The

in­dex

of

cu­mu­la­tive

de­faults re­mained at 2.5% of the orig­i­nal pool bal­ance in July, com­pared to April.

The pre­pay­ment rate in­dex in­creased slightly to 1.5% in July, from 1.3% in April.

The out­stand­ing pool bal­ance of Greek RMBS trans­ac­tions de­creased by 2.6% in the quar­ter, to EUR 2,095 mln in July from EUR 2,150 mln in April, with six out­stand­ing re­pay­ment deals.

On July 3, Moody’s

down­graded

and placed on re­view for down­grade the rat­ings on 14 notes and placed on re­view for down­grade the rat­ings on five notes in eight Greek struc­tured fi­nance trans­ac­tions. This fol­lows the July 1 ac­tions in which Greece’s coun­try ceil­ing was down­graded to Caa2 from B3 and Greece’s sov­er­eign rat­ing was down­graded to Caa3 from Caa2. Greece’s sov­er­eign rat­ing re­mains on re­view for down­grade.

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