Moody’s Investors Service downgraded the ratings of Irish RMBS notes issued by Emerald Mortgages No. 4 plc and Kildare Securities Limited.
“Emerald 4 and Kildare are performing worse than Moody’s expectations as of the latest review in July 2011,” the ratings company said. “As of February 2012, loans more than 90 days in arrears have increased to 8.3 percent of current balance in Emerald 4 and 5.9 percent in Kildare, which constitutes an approximately 40 percent and 35 percent increase, respectively, compared to the levels as of June 2011.”
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