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Rating Action:

MOODY'S CONFIRMS RATINGS TO THE FCC UNITS OF TRANSACTIONS APIGAZ, ELECTRA 1 AND LOGGIAS-2001-1 FOLLOWING RECENT DOWNGRADES OF EDF AND GAZ DE FRANCE DEBT RATINGS.

03 Dec 2002
MOODY'S CONFIRMS RATINGS TO THE FCC UNITS OF TRANSACTIONS APIGAZ, ELECTRA 1 AND LOGGIAS-2001-1 FOLLOWING RECENT DOWNGRADES OF EDF AND GAZ DE FRANCE DEBT RATINGS.

Approximately EUR 1,218 Million of Debt Securities Affected.

Paris, December 03, 2002 -- Moody's confirms the ratings assigned to the Fonds Commun de Creances (FCC) units issued by APIGAZ, ELECTRA 1 and LOGGIAS 2001-1. The Units are secured by housing loans granted jointly by Electricite de France (EDF) and Gaz de France to their employees which have the "agent titulaire" status. This rating confirmation follows the downgrade of the ratings of Gaz de France to Aa3 from Aa1 on 12 November 2002 and the downgrade of the ratings of EDF to Aa3 from Aaa on 29 November 2002.

Apigaz (closing date December 1995) is backed by loans granted by Gaz de France. Electra 1 (closing date November 1999) is backed by loans granted by EDF. Loggias 2001-1 (closing date December 2001) is backed by a combined portfolio of loans granted by EDF and Gaz de France.

At the time when the ratings were first assigned to these transactions, Moody's said that the credit quality of EDF and Gaz de France as employers of the debtors of the loans and servicers of the loans were important factors in the ratings of the securitisation transactions.

When Moody's first rated these transactions, the expected loss calculations assumed extremely low levels of losses related to non payments by debtors given the credit risk profile of the borrowers who benefit from stable income through their employment status as "agent titulaire". In addition, repayment of the housing loans are currently made via direct debit of the obligors' salary income or pension benefits.

Credit support levels provided in the transactions aimed at covering losses related to death and disability of the debtors. Under the loan documentation, loans are cancelled and written off upon death of the debtor and there is no death insurance on these loans, hence creating a loss for the FCCs. Historically the main source of losses on these loans has been the obligors' death.

The downgrades on the ratings of both EDF and Gaz de France were prompted by, amongst other things, Moody's expectation that both companies will lose their EPIC status sometime in 2003 and that it is likely that a minority stake in each company's capital will be opened up over the medium term. Moody's also noted the uncertainties relating to the solution of the material under-funded pension liabilities.

During its review process of the transactions, Moody's noted that, although the companies' status may evolve, Moody's is not aware of any discussions to abandon the legal status of the "agent titulaire" of EDF and Gaz de France; as such their job stability remains unchanged. Moody's also noted that debtors under the loans pool are part of both companies' core businesses.

In addition Moody's noted that the relative levels of protection supporting the Class A Notes in Apigaz and to a lesser extent, Electra have mechanically increased as the Class A are repaid in priority and Class B are fully sequential, which make the those transactions rather robust. However, Loggias, a more recent transaction in which the Class A and B amortise on a pro-rata basis unless some triggers are hit, is less resistant to changes in environment surrounding its debtors.

Moody's will closely monitor these transactions as well as any possible impact of changes in EDF and Gaz de France credit quality and any evolution in the status and pensions of EDF and Gaz de France agents.

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

The following ratings have been confirmed by this announcement:

FCC Apigaz

- Aaa Senior Units due December 2017

- A3 Mezzanine Units due December 2017

FCC Electra 1

- Aaa Class A1, A2, A3 and A4 Senior Units due November 2020

- Aa3 Subordinated Units due November 2020

FCC Loggias Compartiment 2001-1

- Aaa Senior Units due December 2023

- A3 Subordinated Units due December 2023

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

Paris
Boudewijn Dierick/Annick Poulain
Associate Analyst/SVP
Structured Finance Group
Moody's France S.A.
33 1 53 30 10 20

No Related Data.
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