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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

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Rating Action:

MOODY'S ASSIGNS RATINGS TO 5 NEW SUB-FUNDS, AFFIRMS THE RATINGS ASSIGNED TO 7 SUB-FUNDS AND DOWNGRADES 3 SUB-FUNDS ALL MANAGED BY DEXIA ASSET MANAGEMENT

22 May 2003
MOODY'S ASSIGNS RATINGS TO 5 NEW SUB-FUNDS, AFFIRMS THE RATINGS ASSIGNED TO 7 SUB-FUNDS AND DOWNGRADES 3 SUB-FUNDS ALL MANAGED BY DEXIA ASSET MANAGEMENT Moody's Investors Service has assigned the following ratings:

- Aaa/MR3 to Dexia Bonds USD

- Aaa/MR3 to Dexia Index Euro Bonds;

- Aaa/MR4 to Dexia Bonds Global Europe;

- Aa/MR3 to Dexia Bonds Euro Government Plus and

- Aa/MR4 to Dexia Bonds Euro.

The four Dexia Bonds sub-funds are part of the Dexia Bonds umbrella fund, which has been registered in Luxembourg on the official list of undertakings for collective investment (UCIs) under the law of March 30, 1988.

The Dexia Index Euro Bonds is a sub-fund of the Belgian Dexia Index umbrella fund.



A quite experienced asset manager using well-developed portfolio management, trading, audit and compliance systems, manages these five sub-funds: Dexia Asset Management (Dexia AM). Dexia AM is the research, financial analysis and asset management centre of the Dexia group. It specialises in the management of assets of institutional clients, undertakings for collective investment and private clients.



The credit ratings of the funds reflect the advisor’s focus on investment quality, including the ability to provide a high level of liquidity to meet redemption needs.

Dexia Banque Internationale à Luxembourg (Dexia BIL) acts as custodian and administrative service provider for the Luxembourg-based funds and Dexia Bank Belgium fulfils these tasks for Dexia Index Euro Bonds, Dexia Allocation and Dexia Invest. In both cases, Moody’s notices the custodian banks’ solid internal control environment as well as the high quality of the accounting, administration and custody services provided to the sub-funds.



Moody's Investors Service has affirmed the ratings of the following Belgian-domiciled bond funds:

- Aaa/MR3 to Dexia Allocation European Bonds

- Aaa/MR3 to Dexia Index European Bonds

- Aa/MR3 to Dexia Allocation Belgian Bonds

- Aa/MR3 to Dexia Allocation Euro Bonds

- Aa/MR3 to Dexia Allocation Mortgage Bonds

- Aa/MR3 to Dexia Index Belgian Bonds and

- Aa/MR3 to Dexia Invest Euro Bonds.



Moody's Investors Service has also reviewed the ratings assigned to:

- Dexia Allocation International Bonds to Aa/MR4 from Aaa/MR4;

- Dexia Index International Bonds to Aa/MR4 from Aaa/MR4 and

- Dexia Invest Euro Corporate Bonds to A/MR3 from Aa/MR3.

The change in ratings for these three Belgian sub-funds only reflects the credit quality deterioration of the investment universe of their indices (further to Japan’s downgrade to A2 from Aa1), which are the JPM Global Traded Index for the first two sub-funds and the Lehman Brothers Euro Corporate for the Dexia Invest Euro Corporate Bonds sub-fund.



Dexia Allocation is authorised for sale in: Belgium, France, Luxembourg, The Netherlands and Switzerland.

Dexia Index is authorised for sale in: Belgium, France, Luxembourg, The Netherlands and Switzerland.

Dexia Bonds is authorised for sale in: Belgium, France, Germany, Italy, Luxembourg, The Netherlands, Spain and Switzerland.

Dexia Invest is authorised for sale in: Belgium, France, Luxembourg, The Netherlands and Switzerland.



Moody's bond fund credit ratings are opinions of the investment quality of shares in mutual funds, which principally invest in long-term fixed income bonds. Bond funds rated Aaa, Aa and A are respectively judged to be of an investment quality similar to Aaa / Aa / A-rated fixed income bonds-that is, they are judged to be of the best / high quality / or possess many favorable investment attributes.

In addition to a credit quality rating, Moody’s also assigns a market risk rating using a five-tiered numerical scale. Funds with the least sensitivity to market changes will receive an MR1 rating, whilst the most sensitive funds will be rated MR5.

MR3 and MR4 ratings indicate respectively the funds’ moderate / high sensitivity to changing interest rates and other market conditions.


No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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