Moody's Rates 1st Mideast MBS Deal

Moody's Investors Service has assigned a provisional long-term rating of (P)Aaa to what it said is the first mortgage-backed transaction in Dubai and the Middle East region.Moody's said the deal issued by ENSeC Home Finance Pool I Ltd., an exempted limited liability company based in the Cayman Islands, is a sale-leaseback securitization backed by a 10-year lease on residential property located in The Palm-Jumeirah development in Dubai. The LLC's purpose is to acquire from and lease back to the residential property. It also will issue the notes and engage in transactions solely related to this financing. Moody's can be found on the Web at http://www.moodys.com.