S&P Rating Upgrade

RNS Number : 2423L

Paragon Group Of Companies PLC

07 January 2009

 



PARAGON WELCOMES STANDARD & POOR'S RATING UPGRADE

The Paragon Group of Companies has welcomed the decision by Standard & Poor's, the international credit ratings agency, to upgrade the ratings on two of its securitised portfolios. 

S&P upgraded the mezzanine classes issued on the First Flexible No.4 PLC from 'AA- to AA' and from 'A+' to 'AA' on First Flexible No. 5 PLC. This followed analysis that showed 'increased levels of credit enhancement' along with 'underlying levels of collateral that continues to perform well'.  

S&P also affirmed the ratings on the class B notes and 'AAA' rating on the class A notes issued in both deals.

The First Flexible portfolios predominantly comprise buy-to-let loans and are backed by first-ranking residential mortgages secured over properties in the United Kingdom.

Paragon Group chief executive Nigel Terrington said: 'We are delighted that Standard & Poor's has recognised the quality of these deals and the strength of the cashflow generated by the mortgages, reflecting the considerable effort and experience given to the careful management of the loan portfolios'.

Enquiries:

John Gemmell, Company Secretary

0121 712 2075

 

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