Moody's downgrades 4 notes and confirms 1 note in 3 Dutch E-MAC RMBS transactions

London, 16 April 2014 -- Moody's Investors Service has today downgraded the ratings of four mezzanine and junior notes in three Dutch residential mortgage-backed securities (RMBS) transactions: E-MAC Program II B.V. / Compartment NL 2007-IV, E-MAC Program II B.V. / Compartment NL 2008-IV and E-MAC Program III B.V. / Compartment NL 2008-I. Swap counterparty exposure has prompted today's downgrade action. At the same time, Moody's confirmed the ratings of Class C in E-MAC Program II B.V. / Compartment NL 2007-IV. Sufficient protection of the notes ratings from swap counterparty exposure has prompted today's confirmation action. At the same time, Moody's affirmed the ratings of all tranches in these three transactions which were not on review for possible downgrade.

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