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23 Oct 2008
Moody's Affirms Ratings of Apigaz, Electra 1, FCC Minotaure 2004-1, Loggias 2001-1 and Loggias 2003-1
Paris, October 23, 2008 -- On 7 December 2006, the French law regulating public electricity
and gas services as well as electricity and gas companies ("SPEGEEG" law)
was amended. In order to conform to these changes, certain
amendments were required for the following structured finance transactions:
Apigaz, Electra 1, Loggias Compartiment 2001-1 and
Compartiment 2003-1, and FCC Minotaure Compartiment 2004-1.
Moody's has reviewed the amendments and the potential impact on the rated
notes outstanding, and has today affirmed the ratings for the following
structured finance transactions:
- Senior Units due December 2017, current rating: Aaa,
- Mezzanine Units due December 2017, current rating:
Last rating action date: 28 December 1995.
- Class A3 and A4 Senior Units due November 2020, current
rating: Aaa, affirmed,
- Subordinated Units due November 2020, current rating:
Last rating action date: 17 December 1999.
FCC Minotaure Compartiment 2004-1:
- Class A Notes due December 2026, current rating:
- Class B Notes due December 2026, current rating:
- Class C notes due December 2026, current rating:
Last rating action date: 21 December 2004.
Loggias Compartiment 2001-1:
- Senior Units due December 2023, current rating: Aaa,
- Subordinated Units due December 2023, current rating:
Last rating action date: 8 March 2002.
Loggias Compartiment 2003-1:
- Senior Units due November 2025, current rating: Aaa,
- Subordinated Units due November 2025, current rating:
Last rating action date: 21 November 2003.
These five transactions represent the securitisation of housing loans
granted by Electricité de France ("EDF") and Gaz de France ("GDF")
to their employees.
In summary, the December 2006 amendments to law SPEGEEG contemplate
that the activity of electricity and gas distribution should be legally
segregated from the production activities. In that respect,
EDF and GDF legally segregated the electricity and gas distribution activity
into Electricité Réseau Distribution France ("ERDF") for
EDF and Gaz réseau Distribution France ("GrDF") for GDF.
This segregation has been effective since 1st January 2008. Employees
from EDF and GDF working in the distribution activity have been transferred
automatically to ERDF and GrDF. A similar segregation was implemented
in 2005 in relation to the electricity and gas transportation activities
(through RTE and GRTgaz). Those dedicated entities are 100%-owned
by EDF and GDF and, from an accounting perspective, consolidated
into EDF and GDF accounts respectively.
These changes have no implication on the way the housing loans scheduled
payments are collected as employees transferred to the separate distribution
companies will continue to make payment through a direct debit from their
salaries by the employer.
In addition, Moody's notes that the interest rate swap agreements
with Merrill Lynch International Bank Ltd have been amended for Loggias
Compartiment 2003-1 and FCC Minotaure Compartiment 2004-1
transactions in relation to the first rating trigger level applicable
to the swap counterparty guarantor (Merrill Lynch & Co, Inc.),
which has been changed from loss of A1 to loss of A2. This rating
trigger amendment to the interest rate swaps had no impact on the rating
of the notes issued under those two transactions.
Moody's initially analysed and monitors these transactions using
the rating methodology for EMEA ABS as described in the transaction specific
New Issue Reports or press releases released when the definitive ratings
were assigned and available on www.moodys.com.
Moody's monitors the performance of this transaction. For more
information, please refer to Moody's Performance Overview published
monthly on Apigaz, Electra 1, FCC Minotaure Compartiment 2004-1,
Loggias Compartiment 2001-1, Loggias Compartiment 2003-1.
For further information on the transactions, please refer to www.moodys.com
or contact Moody's Client Service Desk on +44-20 7772 5454.
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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