Greek RMBS remained stable up to July
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.
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
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.