Moody’s Investors Service downgraded some Irish residential mortgage-backed securities issue by Ulster Bank’s Celtic RMBS program, amid rising arrears.
“As of January 2012, loans 90-plus days in arrears have increased to 15 per cent of the current balance in Celtic 9, 15.2 per cent in Celtic 10 and 7.6 per cent in Celtic 11, which constitutes an approximate 20-40 per cent increase compared with June 2011 levels,” Moody’s said in statement today.
Moody’s said that...
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