CORRECTION TO CONTACTS: MOODY'S ASSIGNS RATINGS TO 4 CLASSES OF TRIPLAS III LIMITED
London, November 14, 2003 -- Moody's Investors Service has assigned the following prospective ratings to the debt issuance of Triplas III Limited ("Triplas III"):
(P)Aaa to the EUR 23,500,000 Class A Secured Floating Rate Notes due 2010,
(P)Aa3 to the EUR 29,000,000 Class B Secured Floating Rate Notes due 2010,
(P)A2 to the EUR 21,000,000 Class C Secured Floating Rate Notes due 2010,
(P)A3 to the EUR 1,000,000 Class D Secured Floating Rate Notes due 2010 and
This transaction is a synthetic CDO of Structured Finance Securities. The portfolio includes 3 synthetic CDO expected to be privately rated Aa3, the remaining is made of Aaa rated ABS.
The ratings are primarily based upon: (i) an assessment of the credit quality of the underlying reference obligations; (ii) an assessment of the diversity of the underlying reference obligations; (iii) the level of protection against losses provided through the subordinated tranches and (iv) the legal and structural integrity of this issue.
Moody's issues prospective ratings in advance of the final sale of securities, but these ratings represent only Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the Notes. A definitive rating, if any, may differ from a prospective rating.
The prospective ratings assigned to the Notes address the expected loss posed to Noteholders. The structure allows for timely payment of interest and ultimate payment of principal in or before March 2013.
In this transaction, Triplas III will enter into a Credit Default Swap Agreement ("Swap") with Crédit Agricole Indosuez ("CAI"). Under this Swap, Triplas III will pay to CAI any losses incurred up to a cap of 7.45% on a reference portfolio constituted of structured finance securities for an exposure of EUR 1 billion after a ramp-up period of 6 months (60% of the portfolio will be ramped up at closing). Investors are taking the default risk on this reference portfolio through the purchase of the 4 classes of credit-linked notes issued by Triplas III. CAI shall have the right at any time to add, remove or substitute any reference entities according to certain substitution conditions.
The transaction is arranged by Crédit Agricole Indosuez.
To obtain a copy of Moody's pre-sale report for this transaction, please contact Moody's London Press Desk at +44-20-7772-5454 or visit our web site www.moodys.com.
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