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Moodys assigns NCUA Guaranteed Notes Trust ratings
NEW YORK (11/19/10)--Notes issued under the National Credit Union Administration (NCUA) Guaranteed Notes Trust for legacy asset securities in four corporate credit unions under conservatorship have been assigned ratings by Moody's Investors Service, the ratings agency announced Wednesday. Moody's assigned ratings of Aaa to $2.62 billion Senior 1-A notes that are due November 2017 and to more than $2.86 billion in Senior 11-A notes due November 2020. The trust was established to issue notes for roughly $6.11 billion in private label residential mortgage-backed securities from NCUA in its capacity as liquidating agency for U.S. Central FCU, Lenexa, Kan.; Western Corporate FCU, San Dimas Calif.; Members United Corporate FCU, Warrenville, Ill.; and Southwest Corporate FCU, Plano, Texas. The notes are part of NCUA's securitization program for legacy assets obtained in the corporates' conservatorships. Moody's said the ratings address the ultimate receipt of all required interest and principal payments, as provided by the notes' governing documents. "The ratings on the notes are based primarily on the guaranty provided by NCUA in its capacity as an agency of the executive branch of the U.S. government," Moody's said in its ratings rationale. "Accordingly, any change in the rating of the U.S. government will cause a change in the rating of the notes," it added. The service said it did not receive or take into account any third-party due diligence report on the underlying assets or financial instruments in the transaction.
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