EUR 1,723 million of debt securities affected
London, 24 February 2009 -- Moody's Investors Service announced today it has confirmed its ratings
of 27 classes of notes issued by Premium Green.
The transaction is a repackaging of bonds issued by Credit Agricole SA
subsidiaries. For all the transactions apart from series 2006-1
and 2006-4 which have a pass-through structure, the
ratings on the notes are based on the ratings of the collateral bonds,
which are issued by various Caisse Regionale de Credit Agricole.
Today's rating actions are a response to Credite Agricole SA rating being
confirmed to Aa1. The counterparty risk of Canlyon has been de-linked
through the implementation of a double rating trigger.
Moody's initially analyzed and continues to monitor this transaction
using primarily the methodology and its supplements for repackaged securities
as described in Moody's Special Reports below:
--Repackaged Securities (October 2001)
--Moody's Refines It's Approach to Rating Structured
Notes (July 1997)
--Framework for De-Linking Hedge Counterparty Risks
from Global Structured Finance Cashflow Transactions (May 2007)
These reports can be found at www.moodys.com in the Credit
Policy & Methodologies directory, in the Ratings Methodologies
subdirectory. Other methodologies and factors that may have been
considered in the process of rating this issue can also be found in the
Credit Policy & Methodologies directory.
Today's rating actions are as follows:
Premium Green PLC:
(1) Series 2006-1 EUR 100,000,000 Secured Limited Recourse
CMS-Linked Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(2) Series 2006-2 EUR 100,000,000 Secured Limited Recourse
4.52 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(3) Series 2006-3 EUR 100,000,000 Secured Limited Recourse
4.56 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(4) Series 2006-4 EUR 100,000,000 Secured Limited Recourse
CMS-Linked Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(5) Series 2006-5 EUR 300,000,000 Secured Limited Recourse
4.54 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(6) Series 2006-6 EUR 100,000,000 Secured Limited Recourse
4.5575 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(7) Series 2006-7 EUR 30,000,000 Secured Limited Recourse
4.70 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(8) Series 2006-8, EUR 30,000,000 Secured Limited
Recourse CMS-Linked Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(9) Series 2006-9, EUR 50,000,000 Secured Limited
Recourse 4.33 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(10) Series 2006-11, EUR 30,000,000 Secured Limited
Recourse 4.30 per cent Notes due 2021
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(11) Series 2007-1, EUR 70,000,000 Secured Limited
Recourse CMS-Linked Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(12) Series 2007-2, EUR 50,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(13) Series 2007-3, EUR 25,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(14) Series 2007-4, Series 2007-4 EUR 100,000,000
Secured Limited Recourse 4.81 per cent. Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(15) Series 2007-5, EUR 10,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2017
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(16) Series 2007-6, EUR 50,000,000 Secured Limited
Recourse 4.50 per cent. Fixed / Index Linked Variable Notes
due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(17) Series 2007-7, EUR 50,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(18) Series 2007-8, EUR 50,000,000 Secured Limited
Recourse CMS-Linked Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(19) Series 2007-9, EUR 50,000,000 Secured Limited
Recourse CMS-Linked Variable Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(20) Series 2007-10, EUR 25,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(21) Series 2007-11 EUR 20,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(22) Series 2007-12 EUR 30,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(23) Series 2007-13, EUR 30,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(24) Series 2007-14, EUR 140,000,000 Secured
Limited Recourse 5.12 per cent. Fixed/Index Linked Switchable
Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(25) Series 2007-15 EUR 10,000,000 Secured Limited
Recourse 5.1425 per cent. Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(26) Series 2007-16 EUR 23,000,000 Secured Limited
Recourse 5.45 per cent. Notes due 2022
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 10 October 2008, Aa1 placed on review
for possible downgrade
(27) Series 2008-4 EUR 50,000,000 Secured Limited Recourse
6 per cent. Notes due 2018
Current Rating: Aa1
Prior Rating: Aa1, on review for possible downgrade
Prior Rating Action Date: 6 November 2008, Aa1 placed on review
for possible downgrade
London
Gabriele Gramazio
Senior Associate
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
London
Ian Perrin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's confirms notes issued by Premium Green PLC