Ocwen UK Deal Rated

Duff & Phelps Credit Rating Co. has assigned provisional ratings to Ocwen's first United Kingdom securitization of B&C-credit mortgages originated by the former Cityscape affiliate City Mortgage Corp., the rating agency has reported.Five classes of the transaction, Ocwen Mortgage Loans 1 plc mortgage-backed floating-rate notes due 2030, received investment-grade ratings. Senior classes A1 and A2, in the amount of 51 million British pounds (about $85 million) and 130 million British pounds (about $217 million), respectively, received triple-A ratings. Mezzanine class M1, in the amount of 20 million British pounds (about $33 million), received a double-A rating, and mezzanine class M2, in the amount of 11 million British pounds (about $18 million), received an A rating. Subordinate class B, in the amount of 10 million British pounds (about $16.6 million) received a BBB rating.