Eagle Re 2021-1 Ltd. — Moody’s assigns definitive ratings to mortgage insurance credit risk transfer notes issued by Eagle Re 2021-1 Ltd.

Rating Action: Moody’s assigns definitive ratings to mortgage insurance credit risk transfer notes issued by Eagle Re 2021-1 Ltd.Global Credit Research – 22 Apr 2021New York, April 22, 2021 — Moody’s Investors Service, (“Moody’s”) has assigned definitive ratings to nine classes of mortgage insurance credit risk transfer notes issued by Eagle Re 2021-1 Ltd.Eagle Re 2021-1 Ltd. is the fifth transaction issued under the Eagle Re program, which transfers to the capital markets the credit risk of private mortgage insurance (MI) policies issued by Radian Guaranty Inc. (Radian, the ceding insurer) on a portfolio of residential mortgage loans. The notes are exposed to the risk of claims payments on the MI policies, and depending on the notes’ priority, may incur principal and interest losses when the ceding insurer makes claims payments on the MI policies.On the closing date, Eagle Re 2021-1 Ltd. (the issuer) and the ceding insurer will enter into a reinsurance agreement providing excess of loss reinsurance on mortgage insurance policies issued by the ceding insurer on a portfolio of residential mortgage loans. Proceeds from the sale of the notes will be deposited into the reinsurance trust account for the benefit of the ceding insurer and as security for the issuer’s obligations to the ceding insurer under the reinsurance agreement. The funds in the reinsurance trust account will also be available to pay noteholders, following the termination of the trust and payment of amounts…