Moody’s cuts ratings on Australian RMBS

26 Feb 2009

The Australian mortgage securitisation market suffered another blow this week as Moody’s downgraded the ratings of 92 subordinated notes linked to Genworth Financial Mortgage Insurance.

Moody’s cut the mortgage insurer from Aa3 to A1 last week, after cutting the ratings of its US parent company to Baa1. Genworth, the dominant mortgage insurer in Australia, insures mortgages in RMBS securitisation pools, leading to the spate of downgrades on Tuesday.

Junior RMBS notes, which lack ...

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