Moody’s Investors Service today held still on Dubai-based RMBS Tamweel Residential ABS C1, despite recent downgrades of the primary servicer Tamweel PJSC and standby servicer Dubai Islamic Bank (DIB).
The agency had cut the long-term issuer rating of Tamweel to ‘Baa3’ from ‘Baa1’ and of DIB to ‘Baa1’ from ‘A1.’
Defaults on the transaction are still zero, as pointed out in the December issuer of ASR. In addition, 90+ day delinquencies stood at 0.25% at the end of October against the backdrop of a severe real estate crisis. The agency also said that there are ways the transaction is cushioned against the servicer’s risk.
The agency has executed no ratings action in this deal since its issuance in July 2007.
