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RPT-Fitch: No Rating Impact on Kildare from Change of Mortgage Manager
April 8, 2014 / 1:11 PM / in 4 years

RPT-Fitch: No Rating Impact on Kildare from Change of Mortgage Manager

(Repeat for additional subscribers)

April 8 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says that Kildare Securities Limited’s ratings are not affected by the change of mortgage manager to Bank of Ireland (BBB/Negative/F2) from ICS Building Society, a subsidiary of Bank of Ireland. This is because since October 2011, ICS Building Society in its capacity as mortgage manager has delegated the performance of the mortgage manager functions to Bank of Ireland as permitted under the Mortgage Management Agreement. The change in mortgage manager occurred on 4 April 2014.

The ratings of the notes are as follows:

Class A2 due Dec 2043 (ISIN: US493897AB83) rated ‘AAsf’; Outlook Negative

Class A3 due Dec 2043 (ISIN: XS0286335996) rated ‘Asf’; Outlook Negative

Class B due Dec 2043 (ISIN: XS0286336374) rated ‘BBBsf’; Outlook Negative

Class C due Dec 2043 (ISIN: XS0286336531) rated ‘B+sf’; Outlook Negative

Class D due Dec 2043 (ISIN: XS0286336887) rated ‘CCCsf’; Recovery Estimate: 20% Kildare is a securitisation of residential mortgages originated in the Republic of Ireland.

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