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TEXT-Fitch: no rating actions on DMF 2006 following RBS notification
April 5, 2012 / 4:17 PM / 5 years ago

TEXT-Fitch: no rating actions on DMF 2006 following RBS notification

April 5 - aFitch Ratings says it does not expect to take rating action on
Diamond Mortgage Finance 2006 N.V. (DMF 2006) following the downgrade of The
Royal Bank of Scotland NV (RBS ('A'/Stable/'F1') on 13 October 2011 and
subsequent notification to Fitch.	
	
RBS NV acts as liquidity facility provider and account bank in DMF 2006.	
	
Fitch was notified on 5 April 2012 by RBS that the relevant transaction parties
have decided not to implement any potential remedial actions following the
downgrade of the bank.	
	
Fitch's Counterparty Criteria for Structured Finance Transactions states that a
counterparty with ratings of at least 'A'/'F1' is generally eligible to support
the ratings of transactions up to 'AAAsf'. As the ratings of RBS remain above
this threshold, Fitch is of the opinion that the ratings of the notes are
unaffected by RBS's downgrade, taking into account the decision of transaction
parties not to implement remedial actions at this stage. Under its criteria,
Fitch expects remedial actions to be implemented upon the downgrade of RBS below
'A'/'F1'. The ratings and any remedial action would be reviewed in such a
scenario.	
	
Additional information is available on www.fitchratings.com.

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