Moody's downgrades some Irish mortgage securities

Moody’s Investors Service has downgraded the ratings of Irish mortgage-backed securities notes issued by Emerald Mortgages 4 and Kildare Securities.

26th March, 2012

Moody’s Investors Service has downgraded the ratings of Irish Residential Mortgage-Backed Securities (RMBS) notes issued by Emerald Mortgages No. 4 plc and Kildare Securities Limited.

“Emerald 4 and Kildare are performing worse than Moody’s expectations as of the latest review in July 2011,” the ratings company said. “As of February 2012, loans more than 90 days in arrears have increased to 8.3 per cent of current balance in Emerald 4 and 5.9 per cent...

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