Rating Raised On Greek RMBS Transaction Estia Mortgage Finance#s Class A Notes Following Sovereign Upgrade

Stocks and Financial Services Press Releases Thursday July 5, 2018 16:08
MILAN--5 Jul--S&P Global Ratings
MILAN (S&P Global Ratings) July 5, 2018--S&P Global Ratings today raised to 'BBB- (sf)' from 'BB+ (sf)' its credit rating on Estia Mortgage Finance PLC's class A notes.

Today's upgrade follows our June 25, 2018, raising of our long-term sovereign credit rating on Greece to 'B+' from 'B' (see "Long-Term Ratings On Greece Raised To 'B+' On Reduced Sovereign Debt Servicing Risks; Outlook Stable").

In our previous full review of the transaction, we performed our credit and cash flow analysis of the most recent transaction information as of the April 2018 interest payment date (IPD; see "Ratings Raised On Estia Mortgage Finance's Class A And B Greek RMBS Notes; Class C Rating Affirmed," published on June 11, 2018). The next IPD is due at the end of July 2018.

The application of our RAS criteria caps our ratings on the notes in this transaction at four notches above our long-term foreign currency rating on Greece. However, as not all of the conditions in paragraph 48 of the RAS criteria are met, we cannot assign the two additional notches of uplift to the ratings in this transaction. Furthermore, our counterparty and credit and cash flow analyses remain unchanged since our previous review. Consequently, we have raised to 'BBB- (sf)' from 'BB+ (sf)' our rating on the class A notes.

Our ratings on the class B and C notes are unaffected by today's rating action as they are lower than our rating on Greece.
Estia Mortgage Finance is a Greek residential mortgage-backed securities transaction backed by Greek mortgage loans, which Piraeus Bank originated.

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