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Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATINGS TO FLOATING RATE SECURED NOTES ISSUED BY GRACECHURCH LIFE FINANCE P.L.C.

12 Nov 2003
MOODY'S ASSIGNS DEFINITIVE RATINGS TO FLOATING RATE SECURED NOTES ISSUED BY GRACECHURCH LIFE FINANCE P.L.C.

GBP400.0 Million of Debt Securities Affected.

London, 12 November 2003 -- Moody's Investors Service has assigned the following long term ratings to the notes to be issued by Gracechurch Life Finance p.l.c ("the Issuer"):

Aaa GBP400,000,000 Floating Rate Secured Notes due 2013

The Aaa rating of the Notes is based solely upon the unconditional and irrevocable guarantee of principal and interest by Ambac Assurance UK Limited ("Ambac") under a financial guarantee insurance policy. The Aaa financial strength rating of Ambac is based on the strong support provided by Ambac Insurance Corporation, its parent, whose own Aaa rating reflects the limited risk characteristics of the company's core operations, its steady growth and continuous profitability, ample claims paying resources, disciplined underwriting, and strong surveillance and loss mitigation expertise. Moody's has assessed the underlying credit quality of the Notes as an A2 risk.

The transaction employs both capital markets securitisation and financial reinsurance techniques to raise non-recourse financing against the future emerging surplus expected to emerge from a closed book of life insurance and pension polices originated in the UK by Barclays Life. Barclays Life is primarily a unit-linked book of business where investment risk is passed directly on to policyholders.

Barclays Bank plc (Aa1, Prime-1) will have a substantial subordinate interest in the cashflows. It will make a GBP357m subordinate loan into the structure. No 'leakage' to noteholders will occur in servicing this subordinate loan as principal can only be repaid once the Notes are redeemed in full and subordinate interest can only be paid in a period where the cashflows are in excess of base case forecasts. Barclays further enhances the credit of the surplus cashflows through contractual obligations under a comprehensive indemnities package. This is designed to ensure that if the capital base of Barclays Life was adversely affected by a breach, a capital injection would be made by Barclays to bolster the financial position of the company and to hold harmless the emergence of surplus. In the event of a breach of an indemnity that does not have an effect on the current or future capital position of the closed life insurer, it is expected that Barclays will make a cash payment directly to the Issuer.

Moody's has assessed the expected emergence of the cashflows from the securitised book of policies under a variety of stress scenarios and believes that the resilience of the cash flows is consistent with the underlying ratings assigned to the notes.

To reserve a copy of Moody's forthcoming New Issue Report regarding this transaction, please contact Moody's Client Service Desk at +44 (20) 7772-5454.

London
Stephen Roughton-Smith
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

London
Neal Shah / George Skelton
VP / Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 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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