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Announcement:

Moody's affirms three Classes of CMBS Notes issued by Aquila (Eclipse 2005-1) plc

21 Jan 2011

EUR418 million of EMEA CMBS affected

London, 21 January 2011 -- Moody's Investors Service has today affirmed the ratings of the following classes of Notes issued by Aquila (Eclipse 2005-1) plc (amounts reflect initial outstandings):

GBP 377,000,000 Class A Notes, Affirmed at Aaa (sf); previously on March 22, 2005 Assigned Aaa (sf)

GBP 20,000,000 Class B Notes, Affirmed at Aa1 (sf); previously on Jan 22, 2010 Upgraded to Aa1 (sf)

GBP 20,500,000 Class C Notes, Affirmed at A1 (sf); previously on Jan 22, 2010 Upgraded to A1 (sf)

Moody's does not rate the Class D and Class E Notes.

RATINGS RATIONALE

The key parameters in Moody's analysis are the default probability of the securitised loans (both during the term and at maturity) as well as Moody's value assessment for the properties securing these loans. Moody's derives from those parameters a loss expectation for the securitised pool. Based on the revised assessment, the loss expectation for the pool has increased compared to our last review in January 2010. However, the current credit enhancement for the affirmed classes is still sufficient to maintain the current ratings. A further mitigant for the increased loss expectation is the fully sequential allocation of prepayments, balloon repayments, principal recoveries and scheduled amortisation to the notes upon the breach of the transaction's sequential payment trigger in January 2010.

In Moody's view, the overall default probability of the three remaining underlying loans has increased since the last rating review due to a re-assessment of the refinancing risk. Moody's weighted average loan to value (LTV) ratio on the pool is moderate at 61%. None of the loans have B-loans outside the transaction.

The Great Victoria Loan, which is the largest loan in the pool (61% of the pool balance), has a Moody's LTV ratio of approximately 52% at its scheduled maturity date in October 2012. Despite its moderate leverage, Moody's increased its refinancing default risk expectation for this loan considering limited commercial real estate lending over the next few years. The Cardiff Retail Park Loan (23% of the current pool) has its scheduled maturity date in April 2011 and has a Moody's LTV ratio of 97%. Consequently, Moody's anticipates a high likelihood of default at the maturity date, despite some amortization on the loan from a cash sweep operating since the interest payment date in July 2009. The smallest loan in the pool, the Northumberland Estates Loan (16% of the pool balance) is due to mature in October 2014. Moody's expects an exit LTV ratio of approximately 72% and a moderate default risk at refinancing.

Moody's conducted different stress scenarios and analysed the likely impact on the ratings due to a default of the Cardiff Retail Park Loan which matures within the next three months. Moody's notes that in such a scenario the pool expected loss would increase considerably. However, due to the existing subordination levels for the Class A, B and C Notes, the current ratings would be commensurate with the then weakened credit profile. In contrast, upon the repayment of the Cardiff Retail Park Loan on its maturity date and due to the sequential allocation of the repayment proceeds the subordination levels for the Class A, B and C Notes should further strengthen the senior notes.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan re- prepayments or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed macro-economic environment and continued weakness in the occupational and lending markets. Moody's anticipates (i) delayed recovery in the lending market persisting through 2012, while remaining subject to strict underwriting criteria and heavily dependent on the underlying property quality, (ii) values will overall stabilise but with a strong differentiation between prime and secondary properties, and (iii) occupational markets will remain under pressure in the short term and will only slowly recover in the medium term in line with the anticipated economic recovery. Overall, Moody's central global scenario remains 'hooked-shaped' for 2011; we expect sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

As of the October 2010 interest payment date (IPD) the transaction's total pool balance was EUR93.6 million, down 79% since closing, as seven out of the initially ten loans fully prepaid or repaid. On the respective IPD, the Cardiff Retail Park Loan was on the servicer's watchlist due to the upcoming maturity date in April 2011.

The principal methodologies used in rating and monitoring this transaction was "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" June 2005 and "Moody's Updates on its Surveillance Approach for EMEA CMBS" March 2009.

The updated assessment is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's prior review is summarised in a Press Release dated 22nd January 2010. The last Performance Overview for this transaction was published on 19th August 2010. 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.

London
Manuel Rollmann
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

New York
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms three Classes of CMBS Notes issued by Aquila (Eclipse 2005-1) plc
No Related Data.
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