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Rating Action:

Moody's confirms 8 EMEA structured finance transactions directly exposed to US banks

18 Nov 2013

Moody's also downgrades 4 EMEA structured finance transactions

London, 18 November 2013 -- Moody's Investors Service announced today that it has taken the following actions on ratings that are directly exposed to the credit quality of certain US banks, on which Moody's took rating action on 14 November 2013.

Issuer: Cloverie Plc

....Series 2005-72 EUR 25,000,000 Variable Rate Notes due 2025, Confirmed at Baa2; previously on Aug 27, 2013 Baa2 Placed Under Review Direction Uncertain

....Series No: 2006-14 USD 3,000,000 Riviera Dynamic Portfolio Insurance Notes due 2013, Confirmed at Baa2 (sf); previously on Aug 27, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

....Series No: 2006-15 HUF 8,500,000,000 Riviera Dynamic Portfolio Insurance Notes due 2013, Confirmed at Baa2 (sf); previously on Aug 27, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

....Series No: 2006-16 EUR 6,000,000 Riviera Dynamic Portfolio Insurance Notes due 2013, Confirmed at Baa2 (sf); previously on Aug 27, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

....Series No: 2006-18 EUR 23,200,000 Variable Rate Secured Notes due 2016, Confirmed at Baa2 (sf); previously on Aug 27, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

Issuer: Duchess IV CLO B.V.

....EUR12.8M Class L Combination Notes, Confirmed at Baa2 (sf); previously on Aug 28, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

....EUR4.977M Class N Combination Notes, Confirmed at Baa2 (sf); previously on Aug 28, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

....EUR9.634M Class V Combination Notes, Confirmed at Baa2 (sf); previously on Aug 28, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

Issuer: Jupiter International Company Limited

....Series 2007-1 JPY 1,000,000,000 Floating Rate Notes due 2025, Confirmed at Baa2; previously on Aug 27, 2013 Baa2 Placed Under Review Direction Uncertain

Issuer: Willow No. 2 (Ireland) PLC

....SEK 82,500,000 Secured Limited Recourse Index-Linked Notes due 2025, Confirmed at Baa2 (sf); previously on Aug 27, 2013 Baa2 (sf) Placed Under Review Direction Uncertain

Issuer: Elva Funding Plc

....Series 2005-6 EUR 156,300,000 Zero Coupon Notes due 2015, Downgraded to Baa2 (sf); previously on Aug 27, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade

....Series 2006-4 EUR 11,000,000 Principal Protected Fund-Linked Zero Coupon Notes due 2016, Downgraded to Baa2 (sf); previously on Aug 27, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade

....Series 2008-5 COP 54,558,000,000 Fixed Rate Notes due 2018, Downgraded to Baa2; previously on Aug 27, 2013 Baa1 Placed Under Review for Possible Downgrade

Issuer: Euro EPICS I Plc

....Euro 105,000,000 Euro EPICS I Protected Notes due 2023, Downgraded to Baa1 (sf); previously on Aug 27, 2013 A3 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The reason for Moody's actions is the linkage between the ratings of the structured finance securities and those of the banks. This linkage is due to the direct exposure of the structured finance securities to the credit quality of certain US banks, each of which acts as either the guarantor of the securities or the issuer of collateral securities. Because of the linkage, each rating is essentially a pass-through of the rating of the bank. For further information on the underlying actions taken by Moody's Financial Institutions Group, see the press release, "Moody's concludes review of eight large US banks" on www.moodys.com.

Transactions affected by the long term rating of Citigroup Inc., Citigroup Funding Inc. and of Citigroup Global Markets Holdings Inc. being confirmed at Baa2:

- Cloverie PLC Series 2006-14 , 15, 16, 18 and 2005-72

- Jupiter International Company Limited Series 2007-1

- Willow No.2 (Ireland) PLC Series No.1

- Duchess IV CLO B.V. Clas L, N and V Combination Notes

Transactions affected by the Baa1 long term rating of Morgan Stanley being downgraded to Baa2:

- Elva Funding series 2005-6, 2006-4 and 2008-5

Transactions affected by the A3 long term rating of Goldman Sachs Group, Inc (The) being downgraded to Baa1:

- Euro Epics I PLC

Moody's notes that these transactions are subject to a high level of macroeconomic uncertainty, which could negatively impact the ratings of the notes, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) more specifically, any uncertainty associated with the underlying credits in the transaction could have a direct impact on the repackaged transaction.

The principal methodology used in these ratings, except Duchess IV CLO B.V. was "Moody's Approach to Rating Repackaged Securities" published in April 2010. The methodology used in rating Duchess IV CLO B.V. was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's conducted no cash flow analysis or stress scenarios because each rating is a pass-through of the rating of the underlying entity.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Mariona Serrat
Associate Analyst
Structured 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

Neelam S Desai
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Gabriele Gramazio
Associate Analyst
Structured 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 confirms 8 EMEA structured finance transactions directly exposed to US banks
No Related Data.
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