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Announcement:

Moody's affirms ratings of existing ABN AMRO ABS and RMBS following the demerger of ABN AMRO Bank N.V.

09 Feb 2010

Approximately EUR 64 billion of ABS and RMBS affected.

London, 09 February 2010 -- Moody's has affirmed the ratings of the notes issued by various SPV's in relation of ABS and RMBS transactions of ABN AMRO Bank N.V. (listed at the end of this press release) following the de-merger of ABN AMRO Bank N.V.

Most of the obligations and roles that The Royal Bank of Scotland N.V. (formerly known as "ABN AMRO Bank N.V." and immediately renamed on completion of legal demerger) (RBS) performed in the transactions listed below are transferred to a new entity ABN AMRO Bank N.V. (formerly known as "ABN AMRO II N.V. and immediately renamed on completion of legal demerger) (ABN AMRO). ABN AMRO has taken action to remedy any potential negative impact on the outstanding ABS and RMBS transactions as a result of this demerger. Moody's has reviewed the impact of the demerger itself and remedial actions taken and concluded that there was no adverse rating impact on any of the outstanding ABS and RMBS transactions that have been originated by ABN AMRO entities.

Background: RBS's commercial and retail banking businesses in the Netherlands, global private client business and international diamond and jewelry group have been transferred to the newly formed bank, ABN AMRO. RBS will retain its large corporate and wholesale banking business, its global transactions business and a portion of its international banking network. The legal demerger represents one of the final steps in the split-up of the ABN AMRO group following the bank's acquisition in 2007 by a consortium of banks (Royal Bank of Scotland Group PLC, Banco Santander SA and Fortis SA), through a special purpose vehicle, RFS Holdings B.V. In December 2008, the Dutch State became the direct owner of Fortis' stake in ABN AMRO group following its bailout of Fortis Bank (Nederland).

On February 5th 2010, Moody's has assigned long-term unsecured debt rating and deposit rating of Aa3 and a short rating of Prime-1 to ABN AMRO.

In Moody's opinion, the existing ratings of the outstanding ABS and RMBS transactions are not affected for the following reasons:

Firstly, RBS performed various roles such as Issuer Account Bank, Deposit Account Bank, Cash Administration Agent, Calculation Agent, Servicer, Account bank, Swap provider, and Liquidity Facility provider prior to the demerger. As per the documentation received by Moody's, these roles have now been transferred such that they will be performed by the "new" ABN AMRO which was assigned an Aa3 by Moody's.

Secondly, all assets under the true sale transactions fall under the Dutch silent assignment law, which ensures that the legal title to the receivables and securities have legally transferred to the various Issuers. However, for specific types of receivables of which there is legal uncertainty with regards to the transferability of their security rights, an agreement between The Royal Bank of Scotland N.V. and "new" ABN AMRO Bank N.V. and the various Issuers has been put in place to cover residual risks related to the security transfer.

Moody's analysed the effect that the demerger and remedial action would have on all the classes of notes. Taking all of this into consideration, Moody's affirms that neither the demerger nor the remedial action will, in and of itself, cause the downgrade or withdrawal of the current ratings assigned by Moody's to the notes. Today's update relates to the demerger and any remedial action only and should not be taken to imply that Moody's will not take a rating action in respect of the securities by virtue of any other events or circumstances that may be occurring now or that occur in the future.

List of transactions:

EMS V

EMS VII Compartment 2006-I

EMS VII Compartment 2006 II

EMS VII Compartment 2007-I

EMS VII Compartment 2007-II

EMS VII Compartment 2008-I

EMS VII Compartment 2009-I

EMS VIII

Shield 1

SMILE 2001

SMILE 2005

SMILE 2007

Moody's initially analysed and monitored this transaction using the rating methodology for granular SME transactions in EMEA as described in the following Rating Methodology reports: "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", June 2007 and "Refining the ABS SME Approach: Moody's Probability of Default Assumptions in the Rating Analysis of Granular Small and Mid-Sized Enterprise Portfolios in EMEA", March 2009. The rating methodology used for Dutch RMBS is described in the Rating Methodology reports "Moody's Approach to Rating Dutch RMBS" published in December 2004 and "Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model" published in January 2006. These reports are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Milan
Michelangelo Margaria
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Telephone:+39-02-9148-1100

Moody's affirms ratings of existing ABN AMRO ABS and RMBS following the demerger of ABN AMRO Bank N.V.
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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