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Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATINGS TO TWELVE CLASSES OF NOTES TO BE ISSUED BY PARTHOLON CDO I PLC.

06 Oct 2003
MOODY'S ASSIGNS DEFINITIVE RATINGS TO TWELVE CLASSES OF NOTES TO BE ISSUED BY PARTHOLON CDO I PLC.

Euro 408.325 Million of Debt Securities Affected.

Paris, October 06, 2003 -- Moody's has assigned definitive credit ratings to the notes to be issued by Partholon CDO I Plc, an Irish special purpose company. The ratings are as follows:

Aaa to the Euro 271,443,000 Class A-1 Floating Rate Notes due 2016,

Aaa to the Euro 9,000,000 Class A-3 Accreting Zero Coupon Notes due 2016,

Aa3 to the Euro 31,432,000 Class B-1 Floating Rate Notes due 2016,

Aa3 to the Euro 2,250,000 Class B-2 Fixed Rate Notes due 2016,

Aa3 to the Euro 4,000,000 Class B-3 Accreting Zero Coupon Notes due 2016,

Baa3 to the Euro 28,450,000 Class C-1 Floating Rate Notes due 2016, and

Baa3 to the Euro 7,750,000 Class C-2 Fixed Rate Notes due 2016.

Euro 55,100,000 Subordinated Notes will be issued but will not be rated by Moody's.

The ratings of the Class A-1, Class B-1 and Class B-2 notes address the timely payment of interest and the ultimate payment of principal before the legal final maturity date of the notes in October 2016.

The ratings of the Class A-3 and Class B-3 notes address the ultimate repayment of an amount equal to the Redemption Price of such notes, being equal to their principal amount of 9,000,000 Euro and 4,000,000 Euro respectively, or to their Redemption Value in case of Event of Default or Optional redemption,on or before the legal final maturity date of the notes in October 2016.

The ratings of the Class C-1 and C-2 notes address the ultimate payment of interest and principal at par on or before the legal final maturity date of the notes in October 2016.

These ratings are based upon:

1. An assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio;

2. The protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes;

3. The currency swap transactions, which insulate Partholon CDO I Plc from the volatility of the foreign currency exchange rates, for hedged Non-Euro obligations;

4. The expertise of Bank of Ireland as loan manager; and

5. The legal and structural integrity of the issue.

Moody's has also assigned credit ratings to the following combination notes to be issued by Partholon CDO I Plc:

Aa2 to the Euro 24,000,000 Class J Combination Notes due 2016,

Aaa to the Euro 9,000,000 Class P Combination Notes due 2016,

Baa2 to the Euro 7,000,000 Class Q Combination Notes due 2016,

Aa3 to the Euro 4,000,000 Class R Combination Notes due 2016, and

Baa1 to the Euro 10,000,000 Class S Combination Notes due 2016.

The ratings of the Class J and Q Combination Notes address the ultimate repayment of the Rated Balance in respect of such Combination Notes on or before the legal maturity date (in October 2016), where the "Rated Balance" is equal, at any time, to the principal amount of Combination Notes on the Issue Date (respectively Euro 24,000,000 and Euro 7,000,000) minus the aggregate of all payments made from the issue date to such date, either through interest or principal payments. It is not an opinion about the ability of the issuer to pay interest.

The rating of the Class S Combination Notes addresses the ultimate payment of a 3% annual coupon, and the ultimate repayment of the Rated Balance in respect of such Combination Notes on or before the legal maturity date (in October 2016), where the "Rated Balance" is equal, at any time, to the principal amount of Combination Notes on the Issue Date (Euro 10,000,000) minus the aggregate of all payments made from the issue date to such date, either through interest or principal payments (but only interest payments over the 3% annual coupon).

The ratings of the Class P and R Combination Notes address the ultimate repayment of an amount equal to the Redemption Price of such notes, being equal to their principal amount of 9,000,000 Euro and 4,000,000 Euro respectively, or to their Redemption Value in case of Event of Default or Optional redemption . It is not an opinion about the ability of the issuer to pay interest.

The Class J Combination Notes are combination notes, which represent an ownership of a Euro 6,000,000 principal amount of the Class C-1 Floating Rate Notes and of a Euro 18,000,000 principal amount of the Class A-1 Floating Rate Notes issued by Partholon CDO I Plc.

The Class P Combination Notes are combination notes which represent an ownership of a Euro 2,943,000 principal amount of the Subordinated Notes and of a Euro 9,000,000 principal amount of the Class A-3 Accreting Zero Coupon Notes issued by Partholon CDO I Plc.

The Class Q Combination Notes are combination notes, which represent an ownership of a Euro 2,450,000 principal amount of the Subordinated Notes and of a Euro 4,550,000 principal amount of the Class B-1 Floating Rate Notes issued by Partholon CDO I Plc.

The Class R Combination Notes are combination notes which represent an ownership of a Euro 1,482,000 principal amount of the Subordinated Notes and of a Euro 4,000,000 principal amount of the Class B-3 Accreting Zero Coupon Notes issued by Partholon CDO I Plc.

The Class S Combination Notes are combination notes, which represent an ownership of a Euro 2,250,000 principal amount of the Class B-2 Fixed Rate Notes and of a Euro 7,750,000 principal amount of the Class C-2 Fixed Rate Notes issued by Partholon CDO I Plc.

The ratings on the Class J, P, Q, R and S Combination Notes reflect:

(a) For the class J Combination Notes, the credit quality of the Class C-1 Floating Rate Notes and of the Class A-1 Floating Rate Notess isued by Partholon CDO I Plc, rated respectively Baa3 and Aaa;

(b) For the class P Combination Notes, the credit quality of the Class A-3 Accreting Zero Coupon Notes issued by Partholon CDO I Plc, rated Aaa;

(c) For the class Q Combination Notes, the credit quality of the Class B-1 Floating Rate Notes issued by Partholon CDO I Plc, rated Aa3;

(d) For the class R Combination Notes, the credit quality of the Class B-3 Accreting Zero Coupon Notes issued by Partholon CDO I Plc, rated Aa3;

(e) For the class S Combination Notes, the credit quality of the Class B-2 Fixed Rate Notes and of the Class C-2 Fixed Rate Notes issued by Partholon CDO I Plc, rated respectively Aa3 and Baa3; and

(f) The legal and structural integrity of the issue.

The transaction size was subsequently increased, the Class B-1 tranche was split into fixed and floating tranches and two additional combination notes were issued.

This transaction is a high yield collateralised loan obligation related to an Euro 394,470,000 portfolio of mostly European senior and mezzanine loans (with a predominance of senior secured loans). This portfolio is dynamically managed by Bank of Ireland's acquisition finance team. This portfolio will be partially acquired at closing date and partially during the 275-day ramp-up period in compliance with portfolio guidelines (which include, among other tests, diversity score, weighted average rating factor and weighted average spread). Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to direct the issuer to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria.

To obtain a copy of Moody's Pre-Sale Report on this transaction, please contact Moody's client service desk in London at +44 20 7772 5454 or visit www.moodys.com

London
Frederic Drevon
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

Paris
Lisa Goldbaum
Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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