Moody’s sees red for UK ABS collateral in 2019
European ABS collateral quality is expected to broadly remain stable in 2019, said Moody’s. But the ratings agency singled out the UK as an exception, saying it expects every underlying UK asset to exhibit higher credit risk next year.
UK ABS makes up roughly a quarter of all outstanding European ABS paper, according to data from the Association for Financial Markets in Europe (AFME), with issuance this year across prime RMBS, buy-to-let (BTL) RMBS and non-conforming RMBS adding up to more than €22bn.While UK collateral has ...
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