Moody's: No Rating impact on 2 RMAC RMBS following swap amendments

Deniz Kılınç / İstanbul, May 4 (DHA) – Moody’s Investor’s Service has assessed the impact on the ratings of the notes issued by RMAC SECURITIES No.1 PLC Series 2006-NS1 and RMAC SECURITIES No.1 PLC Series 2006-NS2 following the changes to the swap documentation and declared that there will be no rating effects.
While Moody’s evaluated that \"the amendments to the swap documentation will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of the notes issued by RMAC SECURITIES No.1 PLC Series 2006-NS1 and RMAC SECURITIES No.1 PLC Series 2006-NS2.\", Moody’s has also assessed the probability and impact of a default of the swap counterparty on the ability of the Issuer to meet their obligations under the transaction.
Following the announcement, Moody’s has also declared that its opinion addresses \"only the credit impact associated with the proposed amendments, and Moody\'s is not expressing any opinion to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of bondholder and/or counterparties\".