Moody's downgrades four notes and confirms three notes in four Portuguese RMBS transactions

London, 17 July 2013 -- Moody's Investors Service has today downgraded the ratings of one senior note and three mezzanine and junior notes in two Portuguese residential mortgage-backed securities (RMBS) transactions: Nostrum Mortgages 2003-1 PLC and Navigator Mortgage Finance No.1 plc. At the same time Moody's has confirmed the rating of two senior notes in Bocage Mortgages No.1 Limited and Bocage Mortgages No.2 Limited and one junior notes in Nostrum Mortgages 2003-1 PLC. Insufficiency of credit enhancement to address sovereign risk, counterparty risk and revision of key collateral assumptions have prompted today's downgrade.

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