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Rating Action:

MOODY'S ASSIGNS PROSPECTIVE RATINGS TO DUTCH RMBS ISSUED BY STICHTING ELEVEN CITIES NO. 2

01 Oct 2003
MOODY'S ASSIGNS PROSPECTIVE RATINGS TO DUTCH RMBS ISSUED BY STICHTING ELEVEN CITIES NO. 2

Euro 450.0 Million of Debt Securities Affected.

London, 01 October 2003 -- Moody's has assigned prospective long-term ratings to three classes of Notes issued by Stichting Eleven Cities No. 2. The prospective ratings assigned are as follows:

- (P)Aaa to Class A, EUR 421.5 Million Senior Class A Notes due 2071,

- (P)A1 to Class B, EUR 21.5 Million Mezzanine Class B Notes due 2071, and

- (P)Baa2 to Class C, EUR 7.0 Million Subordinated Class C Notes due 2071.

This transaction represents the second securitisation of Dutch residential mortgage loans originated by Friesland Bank N.V. and has been arranged by NIB Capital Bank N.V. and ABN AMRO Bank N.V.

The Notes are secured on the assignment of Dutch Residential Mortgages to the Issuer and the security assignments closely follow the security structure observed in other Dutch Residential Mortgage-Backed transactions.

The transaction benefits from a swap with ABN AMRO Bank N.V. to hedge interest rate risk over the entire term of the transaction. Excess Margin in the transaction is guaranteed through the operation of the interest rate swap.

The benefit of Excess Margin to the transaction is enhanced by structural features - once the Reserve Account reaches its target level of 1.1 per cent of the total balance of the Notes, any Excess Margin is used to amortize the Notes in order of seniority after the first optional redemption date. This will create some overcollateralisation and accelerate the redemption of the Notes as of this date. The 2 per cent Liquidity facility and the GIC are provided by ABN AMRO Bank N.V.

Moody's issues prospective ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive rating to the Notes. A final rating may differ from a prospective rating.

The prospective ratings address the timely payment of interest, and ultimate payment of principal on or before their legal final maturity date. These prospective ratings address payment of principal by the final maturity date and not the first Optional Redemption Date.

To obtain a copy of the Pre Sale Report please contact Moody's Client Service Desk in London at +44 (0) 20 7772 5454 or visit our website at www.moodys.com.

Madrid
Juan Pablo Soriano
Managing Director
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

Paris
Sandra Dirkx-Westerhof
Associate Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 33 1 53 43 93 78 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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