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Announcement:

Moody's confirms ratings of SME notes of Entry Funding No.1 plc

26 Aug 2010

EUR 395.5 million (originally rated amount) of debt securities affected

London, 26 August 2010 -- Moody's Investors Service announced today that it has confirmed the ratings of the following notes issued by Entry Funding No.1 plc:

Issuer: Entry Funding No.1 plc

....EUR358.5M A Notes, Confirmed at Baa3 (sf); previously on Apr 29, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

....EUR8M B Notes, Confirmed at Caa1 (sf); previously on Apr 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

....EUR8M C Notes, Confirmed at Caa3 (sf); previously on Apr 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

....EUR10M D Notes, Confirmed at Ca (sf); previously on Apr 29, 2010 Ca (sf) Placed Under Review for Possible Downgrade

....EUR11M E Notes, Confirmed at Ca (sf); previously on Apr 29, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Entry Funding No.1 plc, issued in December 2006, is a cash-flow collateralised debt obligation backed by a static portfolio of Certificates of Indebtedness ("Schuldscheine") issued by German SME borrowers. Those Certificates represent senior unsecured debt with various redemption dates all falling on or before the scheduled maturity date of this CDO transaction in September 2011. Following partial amortisation and excluding defaults, the current outstanding pools amounts to approximately EUR 198.8 million with exposure to 177 borrowers.

Today's rating actions primarily reflect the positive impact of the shortened time to maturity on the expected loss of each class, which mitigates the credit deterioration experienced by the portfolio pool since last rating action in August 2009. In addition, substantial deleveraging of the senior most class contributed to the maintenance of OC levels consistent with the current ratings.

The transaction has experienced an increase in defaults and impairments, from 19 obligations, totaling EUR 31.4 million, at the time of last rating action, to 35 obligations, totaling EUR 46.4 million. The cumulative recovery on the defaulted obligations to date is EUR 3.57 million. According to the latest Investor Report, no recovery is expected on 8 defaulted obligations, totaling EUR 10.8 million. The credit indicators assigned to the borrowers by the originator Landesbank Baden-Württemberg ("LBBW") are used by Moody's to assess the credit quality of the. Indicators provided by LBBW indicate a credit deterioration across the portfolio which is reflected in a substantial increase in the Weighted Average Rating of the portfolio and EUR 16 million of assets have a credit quality consistent with a Moody's Caa rating range.

In addition, the investor report details an increase in the Principal Deficiency Ledger (PDL) from approximately EUR 20.8 million at time of last rating action to approximately EUR 30.5 million. The PDL is a measure representing the cumulative nominal amount of defaults in a transaction. It is cured by the sequential redemption of the notes from excess available funds until the PDL has been reduced to zero. Moody's anticipates the average excess available funds to be around EUR 1 million per quarterly payment date over the remaining life of the transaction. Excess spread will therefore not allow for a complete pay down of the PDL by the scheduled maturity date of the transaction.

The current portfolio has a credit quality consistent with the following equivalent rating distribution (excluding amortised and defaulted assets): 0.11% A3, 2.8% Baa1, 3.88% Baa2, 10.74% Baa3, 8.69% Ba1, 13.02% Ba2, 24.93% Ba3, 11.87% B1, 14.42% B2, 1.45% B3, 1.35% Caa1, 5.74% Caa2 and 1% Caa3. The two largest sector concentrations are in the Retail and Capital Equipment sectors, representing 20% and 18% of the current pool, respectively.

In addition to the quantitative factors that are explicitly modeled, qualitative factors are part of rating committee considerations. Moody's considers as well the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, and specific documentation features. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision.

Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, as primarily evidenced by uncertainties regarding credit conditions and refinancing opportunities of German SME borrowers in the general economic environment.

The principal methodologies used in rating and monitoring Entry Funding No.1 plc were Moody's Approach to Rating Collateralized Loan Obligations published in August 2009 and Moody's Approach to Rating CDOs of SMEs in Europe published in February 2007. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on Moody's website.

Under this methodology, Moody's relies on a simulation based framework, implemented via CDOROM2.6TM, to generate default and recovery scenarios for each asset in the portfolio, and computes the associated loss to each class of notes in the structure via Moody's EMEA Cash-Flow model.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

London
Neelam S. Desai
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Angela Jung
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom

Moody's confirms ratings of SME notes of Entry Funding No.1 plc
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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