The rating actions reflect Moody's expectation that RMBS and SME corporate performance will deteriorate further given the increasing uncertainty to Ireland's economic outlook. At this time Moody's no longer views 'Aaa(sf)' ratings as achievable for Irish structured finance deals, except, for example, those with very short remaining maturities. Moody's added that due to the increasingly uncertain economic situation as well as the pending rating actions on the Ireland's sovereign and banking sectors, 'Aaa(sf)' ratings are not currently achievable in Ireland for most structured finance offerings, the rating agency said. This is independent of the credit enhancement made available on these deals.