OREANDA-NEWS. S&P Global Ratings today affirmed its credit ratings on the class A3 notes in RMAC 2003-NS1 PLC, RMAC 2003-NS2 PLC, RMAC 2003-NS3 PLC, RMAC 2003-NS4 PLC, RMAC 2004-NS1 PLC, and RMAC 2004-NSP 2 PLC (see list below).

Today's affirmations follow our credit and cash flow analysis of the transactions' information from the June 2016 investor reports and loan-level data. Our analysis reflects the application of our U. K. residential mortgage-backed securities (RMBS) criteria and our current counterparty criteria (see "U. K. RMBS Methodology And Assumptions," published on Dec. 9, 2011, and "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013).

In each of the six transactions, the available credit enhancement continues to increase for the class A3 notes, there have been no draws on the liquidity facility (which reduced in February 2015), there is excess spread, and the level of overcollateralization is at its target amount.

Total delinquencies and 90+ day arrears for all six transactions have been stable or declining in 2016 and remain below our U. K. nonconforming index (see "U. K. RMBS Index Report Q2 2016: Collateral Performance Improves, But Downside Risks Increase," published on Sept. 20, 2016). See below for arrears levels in each transaction (by comparison, 90+ day and total arrears in our U. K. nonconforming index are at 9.90% and 16.30%, respectively).