Moody's places M2 notes on review for upgrade, M1 notes on rating direction uncertain, and affirms ratings on other notes in RMAC Securities No1. PLC Series 2006 NS-1

London, 07 March 2014 -- Moody's Investors Service has today reviewed RMAC Securities No. 1 PLC Series 2006 NS-1 (RMAC 2006 NS-1) and placed M2a, M2c notes on review for upgrade and M1a, M1c notes on rating direction uncertain. RMAC 2006 NS-1 is a UK non-conforming residential mortgage-backed securities (RMBS) transaction. M1a and M1c notes were placed on review for possible downgrade on the 14th November 2013, in relation to swap counterparty exposure following the introduction of the rating agency's updated approach to assessing swap counterparty linkage in structured finance transactions. (https://www.moodys.com/research/Moodys-reviews-for-downgrade-EMEA-RMBS-and-ABS-transactions-due--PR_286515). At the same time, Moody's affirms the ratings on A2a, A2c, and B1c.

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