DBRS Discontinues-Withdraws Residential Mortgage Securities 26 Plc

DBRS Ratings Limited (DBRS) has today discontinued-withdrawn its provisional rating to the Class A1 notes issued under Residential Mortgage Securities Plc (RMS26, issuer) as shown below:
• AAA (sf) rating to the Class A1 notes aggregating GBP150,000,000

RMS26 is a securitisation of a portfolio of first ranking UK non-conforming residential mortgages funded by the issuance of five classes of mortgage-backed notes. The mortgages were originated by Kensington Mortgage Company Limited (KMC), GMAC-RFC Limited (now known as Paratus AMC Limited) and Money Partners Limited. The mortgage portfolio will be serviced by KMC, delegated to Homeloan Management Limited (HML).

DBRS has withdrawn its rating following changes to the mechanism of the swap and consequent impact on its rating analysis.

Note:
All figures are in GBP unless otherwise noted.

The principal methodologies applicable are:
• Master European Residential Mortgage-Backed Securities Rating Methodology
• Legal Criteria for European Structured Finance Transactions
• Swap Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European RMBS Servicers
• Unified Interest Rate Model Methodology for European Securitisations

These can be found on dbrs.com under Methodologies.

The sources of information used for this rating include historical performance and repossession data from KMC, and performance history of publicly rated non-conforming UK RMBS transactions. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This is a newly created financial instrument.

This was the first DBRS rating on this financial instrument.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Kali Sirugudi, Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Provisional Rating Date: September 6 2012