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Announcement:

Moody's comments on liquidity facility of Annington Finance No.1 plc, a UK CMBS

02 Dec 2010

GBP 405.5 million of CMBS Notes affected

Frankfurt am Main, December 02, 2010 -- Moody's Investors Service has affirmed today the ratings of the following Secured Bonds issued by Annington Finance No.1 plc (amount reflects initial outstandings):

GBP180M Secured Bonds 2007/2011; Affirmed at Aaa; previously on Nov 4, 1996 Definitive Rating Assigned Aaa

GBP369M Secured Bonds 2012/2021; Affirmed at Aaa; previously on Nov 4, 1996 Definitive Rating Assigned Aaa

The Annington Finance No.1 plc securitisation transaction represents the issuance of Bonds in relation to the Ministry of Defence's Armed Forces Married Quarters Estate ("MQE"), which closed in November 1996.

The borrower under this transaction, Annington Property Limited ("APL") was formed in 1996 to purchase the long leasehold interest in initially 57,429 residential units in the MQE from the Secretary of State for Defence of the UK ("Secretary of State"). APL originally purchased the MQE with a combination of equity, bank debt and a secured loan provided by Annington Finance No. 1 plc. APL subsequently leased back to the Secretary of State 55,055 units for continued use by the Ministry of Defence ("MoD"). Under these arrangements, the Secretary of State covenants to make unconditional guaranteed payments ("Guaranteed Payments") to APL to the extent that those amounts are not met by the rental payments received. The aggregate value of the issued Bonds is sized such that the interest and amortisation payable under the Bonds is matched exactly to the prescribed Guaranteed Payments receipts.

The fully amortising secured loan matures in 2021. To cover any potential risk of late payments from MoD to APL, a liquidity support was provided at closing by a liquidity facility amounting initially to GBP26.7 million, being always equal to one scheduled quarterly payment due under the Secured Bonds. No drawings under the liquidity facility have been made since closing.

In the past the liquidity facility was reduced several times to align it with the scheduled reduction of the Guaranteed Payments: First time in October 2006 to GBP20.0m following by a reduction to GBP18.6m in August 2009 and further to GBP18.0m from 1 January 2010.

Based on a written notice dated 18 November 2010 provided to Moody's the issuer intends to reduce further the liquidity facility amount to GBP17,325,000 with effect from 1st January 2011. The quarterly Guaranteed Payments required under the AF1 transaction reduce with effect from 25th December 2010 to GBP16,875,000.

In Moody's view, the proposed reduced liquidity facility balances will not, in and of itself, result in a reduction or withdrawal of the current ratings on the Secured Bonds.

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

The last rating action on this transaction was at closing on 4 November 1996, last rating affirmation took place at 24 August 2009. The last Performance Overview for this transaction was published on 27 September 2010.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's Pre-Sale Report and or New Issuer Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772-5454).

Frankfurt am Main
Leokadia Szalkiewicz-Zaradzka
Vice President - Senior Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Christophe de Noaillat
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany

Moody's comments on liquidity facility of Annington Finance No.1 plc, a UK CMBS
No Related Data.
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