The backdrop for Irish prime RMBS stabilised in the three months to April, an index report by Moody's shows. Severe delinquencies of more than 90 days dropped to 19.2% from 19.6% in January, while arrears of 60 days or more fell to 1.5% from 1.6%. Delinquencies of 30 days or more fell to 22.7% from 23.3%. The trend seen on the three indicators is expected to lead to a further stabilisation in long-term arrears, which would be driven by improving macro conditions, especially in the housing market. The agency is reviewing the majority of RMBS notes of Irish RMBS for possible upgrade after two successive upgrades of the Irish sovereign rating in January and May 2014. The sovereign rating now stands at Baa1.
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