Performance of consumer-loan asset backed securities in Europe, the Middle East and Africa, continued to deteriorate in January, according to Moody’s Investors Service. Moody’s pointed to reserve funds in 14 EMEA consumer-loan ABS transactions as currently below target levels, while the reserve funds of seven transactions are fully depleted and five others are reporting unpaid principal deficiency ledger. Defaults have soared 41% over the past 12 months.

Click here to read the release from Moody’s.