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Rating Action:

Moody's assigns definitive ratings to notes issued by Delta SPARK Limited

30 Sep 2008
Moody's assigns definitive ratings to notes issued by Delta SPARK Limited

EURO 1,289.50 million of debt securities rated

London, 30 September 2008 -- Moody's Investors Service has assigned definitive ratings to the following notes issued by Delta SPARK Limited (the "Issuer"):

- Aaa to the Euro 1,289.50m Floating Rate Secured Notes due July 2023 (the "Notes").

This is a repackaging of the Credit Rights originally awarded to Dexia and Depfa pursuant to the June 2008 auction as a result of the €1,300 million financing granted by Dexia and Depfa to the Spanish State to compensate certain Spanish electricity utility companies for the shortfall in the settlement of the regulated activities during 2007 and the period up to 31 March 2008 (the "2007/2008 Tariff Deficit"). Pursuant to the transaction documents, the Issuer acquired on the Closing Date €1,289.50 mln of the rights created pursuant to a public auction held in June 2008. These rights (the "Credit Rights") entitle the parties which financed the aforementioned deficit at the auction, and their assignees (the "Rights Holders"), to receive fixed monthly annuity payments on pre-determined dates from the CNE until July 2023 ("the Final Maturity Date").

During its analysis, Moody's noted that the Rights Holders right to receive the fixed monthly annuity payments from the CNE has been enacted by way of a series of Spanish Royal Decrees (and further detailed in corresponding Ministerial Orders). The Credit Rights refer explicitly to an obligation on the CNE to effect monthly payments to the Rights Holders regardless of collections from the electricity system. Although the primary source of revenue for repayment of the Rights are intended to be derived from the energy system, there is no volumetric risk in this transaction since the obligation to repay the Rights Holders in accordance with the schedule of payments exists regardless of the amount of such collections.

Moody's has been advised by the transaction legal counsel that the manner in which the financing of this Tariff Deficit has been made is such that the obligations of the CNE are ultimately those of the Spanish State and that should the CNE fail to make the required payments in respect of the Credit Rights to the Rights Holders, the Rights Holders will be entitled to claim ultimately from the Spanish State. Moody's therefore considers the ratings to be linked to the credit worthiness of the Spanish Government.

The interest rate swap embedded in the transaction is a simple swap to mitigate the mismatch between the interest component of the instalments received from the CNE in respect of the Credit Rights and the interest rate payable on the Notes. In terms of the swap agreement the Issuer will pay on each payment date the swap counterparty the interest portion of the amounts received by it from the CNE and in return will receive from the swap counterparty an amount determined by applying the one month Euribor plus a spread to the outstanding principal of the Notes at the beginning of each interest period. The principal portion of the instalments received from the CNE will not be swapped in terms of the swap agreement but will be used to redeem the Notes, resulting in a linear amortization of the Notes each year.

Moody's understands that the European Commission opened a formal investigation procedure in January 2007 to determine whether the Spanish law regulated electricity tariff system constitutes State Aid pursuant to Article 87 of the EC Treaty. Moody's understands from the transaction legal counsel that in the unlikely event that the European Commission makes a recovery order or requires the Spanish Government to change the Royal Decrees governing the recovery of any Tariff Deficit amounts, the Issuer will have a claim against the Spanish Government to recover the then outstanding amount owing to it. Moody's is of the view that the risk to the Notes as a result of this issue is commensurate with the ratings assigned to the Notes.

The definitive ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, including a change in law risk which may impact the Notes if the Royal Decrees were overturned by the Spanish Government in the future, have not been addressed, but may have a significant effect on yield to investors.

A rating is not a recommendation to purchase, sell or invest in any securities.

Date of previous rating action: Provisional ratings were assigned to the Notes on 9 September 2008. Please refer to the Pre Sale Report dated 9th September 2008 for further details on the transaction.

For further information, please visit www.moodys.com or contact Moody's Client Desk in London at +44-20-7772 5454.

London
Benedicte Pfister
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Ning Loh
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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