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In more bad news for Mobius, Standard & Poor’s Ratings Service this week placed the ratings on several of its NCM-04 notes on CreditWatch.
The notes include Class D, Class M, Class E and Class F.
The action follows recent losses in the transaction, which have resulted in charge-offs to the unrated note, and worsening of the asset quality of the pool, which has weakened the credit support position of the notes.
Standard & Poor’s said arrears in the pool were high with loans more than 90 days in arrears constituting approximately 20 per cent of the total portfolio. Furthermore, losses on defaulted loans were increasing, resulting in charge-offs to the unrated note in the previous month.
Published: 06-06-08
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