Paragon to avert Moody’s downgrade in all but two deals

31 Jan 2013

Most of Paragon Group’s RMBS and ABS transactions are likely to escape downgrade by Moody’s after the UK borrower changed documentation this week. Paragon Mortgages 14 and Paragon Personal and Auto Finance 3 were not amended, however, leaving them vulnerable to a downgrade.

Paragon needed noteholder consent on a tranche by tranche basis to cut two downgrade risks raised by Moody’s in 2011 from the documentation. It held 68 noteholder meetings at the end of last year, and then another 50 in January, after failing to reach quorum at many of ...

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