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Announcement:

Moody's changes outlook to negative on 1 Dutch infrastructure & utility company's ratings; 5 remain unchanged

24 Jul 2012

Announcements follow outlook change on Dutch sovereign

London, 24 July 2012 -- Moody's Investors Service has today changed to negative from stable the outlook on N.V. Luchthaven Schiphol's A1/P-1 ratings. The ratings and outlooks of Alliander N.V., Enexis Holding N.V., Enexis B.V., N.V. Nederlandse Gasunie and TenneT Holding B.V. remain unchanged.

The outlook change for Schiphol reflects Moody's view that the credit quality of the Dutch government is one of the main drivers of uplift incorporated in the company's ratings.

These rating announcements follow Moody's recent decision to change the outlook on the rating of the Government of Netherlands to negative from stable, as announced on 23 July 2012. For additional information on PIF ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/eusovereign

Please refer to the end of this press release for a list of the affected and unaffected ratings.

RATINGS RATIONALE

- N.V. LUCHTHAVEN SCHIPHOL (SCHIPHOL). Moody's change of outlook to negative on Schiphol's ratings reflects the negative outlook on the rating of the Government of Netherlands and the fact that any deterioration in the creditworthiness of the Dutch sovereign rating would likely impact the rating of Schiphol.

Given Schiphol's 70% direct state ownership, the credit quality of the Dutch government is one of the main drivers of uplift incorporated in the companies' ratings. In accordance with Moody's rating methodology for government related issuers, Schiphol's ratings incorporate an assumption of "moderate" extraordinary support from the government in the event that this were required. Moody's says that this support assumption remains unchanged.

The baseline credit assessment (BCA), which represents Schiphol's standalone financial strength, remains unchanged at 7 (on a scale of 1 to 21, where 1 represents the lowest risk and 7 is equivalent to an A3 rating).

N.V. Luchthaven Schiphol is a holding company of a group that owns and operates Amsterdam Airport, Rotterdam Airport, Lelystad Airport, and 51% of Eindhoven Airport, which together comprise most of the airport capacity in the Netherlands.

WHAT COULD CHANGE THE RATING UP/DOWN

- N.V. LUCHTHAVEN SCHIPHOL (SCHIPHOL). Moody's views upward rating pressure as unlikely at this stage.

Any deterioration in the creditworthiness of the Dutch sovereign rating would likely impact the rating of Schiphol. There would also be downward rating pressure if the financial profile of Schiphol Group deteriorates to the extent that any of the following ratios falls consistently below the identified levels: (i) cash interest coverage below 3.5 times, (ii) funds from operations (FFO) / Debt below 12.5% or (iii) Moody's debt-service coverage ratio (DSCR) below 3.5x.

Furthermore, a programme of material overseas or non-core investments may dilute the existing business profile to the extent that it has negative rating implications.

UNAFFECTED ISSUERS -- ALLIANDER, ENEXIS HOLDING, ENEXIS, NEDERLANDSE GASUNIE AND TENNET HOLDING

The ratings and outlooks of these issuers remain unchanged. This reflects Moody's view that even a significant downgrade in the rating of the Government of the Netherlands would not cause an adjustment to the uplift for potential extraordinary support incorporated into their ratings.This reflects the an assumption of "strong" extraordinary support from the government in the event that this were required.

RATINGS LIST

The outlook is negative on the below ratings:

--- N.V. Luchthaven Schiphol

Backed senior unsecured MTN (domestic currency) ratings of (P)A1

Backed commercial paper (domestic currency) ratings of P-1

--- Schiphol Nederland B.V. (guaranteed by N.V. Luchthaven Schiphol)

Senior unsecured (domestic currency) ratings of A1

Backed senior unsecured (domestic and foreign currency) ratings of A1

Backed senior unsecured MTN (domestic currency) ratings of (P)A1

Backed commercial paper (domestic currency) ratings of P-1

The following ratings are unaffected:

- Alliander N.V.:

LT Issuer Rating of Aa3

Senior Unsecured (Domestic) of Aa3

Senior Unsecured MTN (Domestic) of (P)Aa3

Pref. Stock (Domestic) of A3

Other Short Term (Domestic) of (P)P-1

ST Issuer Rating of P-1

- Enexis Holding N.V.:

LT Issuer Rating (Domestic) of Aa3

Senior Unsecured (Domestic) of Aa3

Senior Unsecured MTN (Domestic) of (P)Aa3

- Enexis B.V.:

LT Issuer Rating (Domestic) of Aa3

- N.V. Nederlandse Gasunie:

LT Issuer Rating of A2

Senior Unsecured (Domestic) of A2

Senior Unsecured MTN (Domestic) of (P)A2

ST Issuer Rating of P-1

- TenneT Holding B.V.:

LT Issuer Rating (Domestic) of A3

Senior Unsecured (Domestic) of A3

Senior Unsecured MTN (Domestic) of (P)A3

Junior Subordinate (Domestic) of Baa3

Commercial Paper (Domestic) of P-2

Other Short Term (Domestic) of (P)P-2

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Alliander N.V., Enexis Holding N.V., Enexis B.V., N.V. Nederlandse Gasunie and TenneT Holding B.V. was Regulated Electric and Gas Networks published in August 2009. The principal methodology used in rating N.V. Luchthaven Schiphol was Operational Airports outside of the United States published in May 2008. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Neil Griffiths-Lambeth
MD - Infrastructure Finance
Infrastructure Finance Group
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

Andrew?Blease
Senior Vice President
Infrastructure Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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 changes outlook to negative on 1 Dutch infrastructure & utility company's ratings; 5 remain unchanged
No Related Data.
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