London, 06 March 2014 -- Moody's Investors Service has today downgraded ratings of all notes in UK buy-to-let residential mortgage-backed securities (RMBS) transaction, Paragon Mortgages (No. 7) PLC (Paragon 7), as a result of the rating agency's detailed analysis of swap counterparty exposure. At the same time, all notes remain on review for possible downgrade pending conclusion of Royal Bank of Scotland plc's (RBS) (A3, Possible Downgrade/P-2) placement on review for downgrade. RBS acts as the currency swap counterparty to the transaction.

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