Ratings Lowered And Kept On CreditWatch Negative In Celtic 9 And 10's Irish RMBS Transactions

Standard & Poors, October 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
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Abstract
OVERVIEW In our view, performance continues to deteriorate in these transactions as the Irish economy contracts and unemployment levels climb. We have thus lowered our ratings on the class A2 and B notes in Celtic 9 and Celtic 10 and kept them on CreditWatch negative. Celtic 9 and 10 are Irish RMBS transactions with loans originated by First Active. LONDON (Standard & Poor's) Oct. 21, 2010--Standard & Poor's Ratings Services today lowered and kept on CreditWatch negative its credit ratings on all rated notes in Celtic Residential Irish Mortgage Securitisation No. 9 PLC and Celtic Residential Irish Mortgage Securitisation No. 10 PLC (see list below). We believe that a growing proportion of the mortgages in the pools underlying Celtic 9...

Companies mentioned in this report are: Celtic Residential Irish Mortgage Securitisation No. 9 PLC,Celtic Residential Irish Mortgage Securitisation No. 10 PLC
Action: Downgraded
Action: On CreditWatch:Negative

Celtic Residential Irish Mortgage Securitisation No. 9 PLC,Celtic Residential Irish Mortgage Securitisation No. 10 PLC

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