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Rating Action:

MOODY'S ASSIGNS DEFINITIVE COUNTERPARTY RATING TO THETA CORPORATION AND DEFINITIVE RATINGS TO ITS MTN AND COMMERCIAL PAPER PROGRAMS

20 Dec 2004
MOODY'S ASSIGNS DEFINITIVE COUNTERPARTY RATING TO THETA CORPORATION AND DEFINITIVE RATINGS TO ITS MTN AND COMMERCIAL PAPER PROGRAMS

New York, December 20, 2004 -- Moody's Investors Service has assigned the following definitive ratings to Theta Corporation ("Theta") (i) a definitive counterparty rating of Aaa, (ii) a definitive rating of Prime-1 to its U.S. commercial paper, (iii) a definitive rating of Aaa to its U.S. Medium Term Notes, (iv) a definitive rating of Prime-1 to its Euro commercial paper, and (v) a definitive rating of Aaa to its Euro medium term notes.

Theta is a limited purpose financial operating company incorporated in the Cayman Islands. Theta will invest in a diversified portfolio of eligible investment-grade credits through the credit default swap market and through cash bonds. Theta's stated aim is to generate a stable income stream for its capital holders by capturing the net premium earned on credit default swaps and the spread between the yield on its bond portfolio and the cost of its senior debt while managing credit, liquidity and funding risks. Theta will initially be capitalized through the issuance of capital notes which are currently not rated by Moody's.

Moody's believes that the financial resources of Theta have been sized to assure that the expected loss faced by a counterparty is consistent with the experience of investors in Aaa-rated instruments and that holders of debt obligations issued by Theta face the expected loss consistent with instruments of comparable ratings. Theta's Credit Model examines the impacts of potential counterparty defaults and changes in market rates on the calculation of required resources. In addition to the required resources suggested by the Credit Model, a buffer will be added to reflect non-quantifiable sources of risk such as operational failures.

In reaching its ratings, Moody's noted that it took into consideration the expertise of Theta's investment manager, Gordian Knot Limited. Gordian Knot currently serves as the investment manager of Sigma Finance Corporation, another limited purpose financial operating company.

Theta's ability to withstand market and credit risk is complemented by its legal and structural protections. Moody's noted that it has reviewed the operative documents and Theta's articles of incorporation, as well as draft legal opinions from Theta's outside counsel, and has determined that the risks presented therein are consistent with the ratings accorded to Theta.

Moody's added that its ability to monitor Theta will be enhanced by copies of reports issued to Theta's management by PricewaterhouseCoopers ("PwC"), the independent auditor for Theta. PwC will report on a regular basis on Theta's compliance with its Operating Guidelines, including the processing of transactions, the maintenance of required resources and the various capital and cash flow calculations.

Moody's assumes that various proposed alterations to the current draft documents will be incorporated into their final versions. Moody's ratings on the CP and the ECP address the timely payment of interest and principal. Moody's ratings on the MTN and the EMTN address the ultimate receipt of principal and interest and are based on the expected loss to such noteholders relative to the promise of receiving the present value of such payment.

New York
Cesar Crousillat
Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jack J. Chen
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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