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30 May 2003
MOODY'S ASSIGNS RATINGS TO 4 CLASSES OF BLUE HERON FUNDING VII LTD.
Approximately $1.2 Billion of Debt Securities Affected.
New York, May 30, 2003 -- Moody's Investors Service announced that it has assigned ratings to three
tranches of notes and one class of certificates issued by Blue Heron Funding
VII Ltd. and co-issuer Blue Heron Funding VII Inc.
(the "Issuers"). The ratings assigned to the respective tranches
(i) Prime-1 short-term rating to U.S.$738,750,000
Class A-1 Blue Heron Funding VII Notes, Series 2003-1,
due May 28, 2004 (the "Class A-1 Notes"),
(ii) Prime-1 short-term rating to U.S.$400,000,000
Class A-2 Blue Heron Funding VII Notes, Series 2003-1,
due May 28, 2004 (the "Class A-2 Notes"),
(iii) A3 to the Euro 88,451,000 Class B Blue Heron Funding
VII Notes, Series 2003-1, due May 30, 2047 (the
"Class B Notes"), and
(iv) Aaa to the U.S.$6,250,000 Certificates
having a scheduled final distribution date in 2041 (the "Certificates").
Moody's stated that the short-term rating of the Class A-1
Notes is applicable only to those Class A-1 Notes issued on the
Closing Date and maturing on May 28, 2004 and the short-term
rating of the Class A-2 Notes is applicable only to those Class
A-2 Notes issued on the Closing Date and maturing on May 28,
2004, and does not address any payments that may be made on any
Moody's explained that the ratings of the Class A-1 Notes and Class
A-2 Notes (the "Class A Notes) are primarily based on the issuers'
ability to rely on a put option entered into with WestLB AG, ("WestLB"),
acting through its London branch and a cash flow swap entered into with
WestLB, acting through its New York branch. The put option
is designed to fund the principal repayment of any Class A Notes that
are not successfully remarketed at their maturity, and the cash
flow swap is structured to fund any shortfall between the issuers' collections
from their assets and the amount of interest due on the Class A notes.
In addition, the amount WestLB is required to pay under its support
obligations cannot be reduced for defaults on the issuers' underlying
assets. The combined amounts of the put option and cash flow swap
are designed to provide the investor the full amount of principal and
interest due on the Class A Notes. The short-term rating
of the Class A Notes is closely correlated to the short-term deposit
rating of WestLB. WestLB has a short-term deposit rating
of Prime-1, a long-term senior deposit rating of Aa1
and a bank financial strength rating of D. On May 15, 2003,
Moody's placed on review for possible downgrade WestLB AG's bank financial
strength rating (FSR) of D. Any replacement support provider would
be required to carry a Prime-1 rating.
Moody's explained that the rating on the Class B Notes only addresses
the ultimate receipt of all interest due on such notes and the ultimate
return of the Rated Principal Balance of such notes. It is based
on the expected losses, calculated at a discount rate equal to the
Class B Note Interest Rate, that are posed to the holders of the
Class B Notes relative to such promise. This rating does not address
any cash flows receivable by the holders of the Class B Notes after such
time as the Rated Principal Balance of such notes is reduced to zero.
The rating of the Class B Notes is also related to the short-term
deposit rating of the Put Option Agent. In the event the Class
A Notes are not successfully remarketed and are put to the Put Option
Agent, the overall cost of the Issuer's liabilities will increase,
thereby diverting cash flows from the Class B Notes. Accordingly,
in determining the ratings on the Class B Notes, Moody's analysis
in respect of the ratings on the Class B Notes is also related to and
includes consideration of the current ratings of WestLB (including its
bank financial strength rating).
The ratings on the Certificates address only the ultimate return of the
principal amount of such notes and certificates by their maturity date.
The ratings, Moody's said, do not address other cash flows
promised to the noteholders or certificateholders or the time value of
any cash flows due under the governing documents.
WestLB, through its New York branch, is also contracted as
the manager of the Issuers' assets, which primarily consist of highly
rated investment-grade structured finance securities. WestLB
currently manages 7 other CDO transactions.
Jeremy A. Gluck
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
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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