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Rating Action:

Moody's confirms ratings on Repack notes of Aquarius + Investments plc

01 Jul 2015

London, 01 July 2015 -- Moody's Investors Service has confirmed the ratings on the following notes issued by Aquarius + Investments plc:

Issuer: Aquarius + Investments Plc Axiom Series 1

....US$10M Class AU-10 100% Principal Protection due 2016 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....US$25M Tranche 2 Class AU-10k 100% Principal Protection Notes due 2016, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....US$40M Tranche 2 Class AU-10k 100% Principal Protection Notes due 2016, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....EUR123M Class BE-10 100% Principal Protection due 2016 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....EUR7.2M Tranche 2 Class BE-10 100% Principal Protection due 2016 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Aquarius + Investments plc. Azur

....SwFr66.3M Class CC-10 100% Principal Protection due 2017 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....EUR61.2M Class CE-10 100% Principal Protection due 2017 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....EUR18M Class DE-10 100% Principal Protection due 2017 Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Aquarius + Investments plc Danske Notes

....EUR40M Class E-10 100% Principal Protection Notes due 2017, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Aquarius + Investments Plc - Series Dynamo 1

....EUR245M Class 3C Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Aquarius + Investments Plc - Dynamo Series 2 DPPN

....EUR32.5M Class 3AE Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

....JpnY3000M Class 4CJ Notes, Confirmed at Aa3 (sf); previously on Mar 20, 2015 Aa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Aquarius + Investments PLC Credit Strategy Principal Protected Notes

....EUR5M Series 2 Class E Credit Strategy Principal Protected Notes due 2015, Confirmed at A1 (sf); previously on Mar 20, 2015 A1 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

Moody's explained that the rating actions taken today are the result of the affirmation of the senior unsecured rating of BNP Paribas on 28 May 2015. For further information on the underlying action see the press release titled "Moody's concludes reviews on 13 global investment banks' ratings" on www.moody.com.

Moody's assumes a strong linkage to BNP Paribas (as explained in the rating action taken on 21 November 2012 "Moody's downgrades notes of Aquarius + Investments plc") because the structures rely on BNP Paribas as a provider of the principal protection at maturity, based on its role as repo counterparty. The ratings on all notes other than Series 2 Class E Credit Strategy Principal Protected Notes, reflect this linkage with a one-notch uplift over the senior unsecured rating of BNP Paribas due to the presence of a replacement trigger of the repo counterparty upon the loss of Baa3/P-2.

Aquarius + Investments PLC Series 2 Class E Credit Strategy Principal Protected Notes represents the repackaging of assets purchased via a 90 day repurchase agreement with BNP Paribas. The repo assets are selected by BNP Paribas subject to certain eligibility criteria. Under the repack notes, BNP Paribas repays the principal amount on the scheduled maturity date and any shortfall in the market value of the repo assets upon an early termination. Therefore the rating on the notes reflects the senior unsecured rating of BNP Paribas.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in June 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Given the nature of the structure and the strong linkage to BNP Paribas, note-holders are mainly exposed to the credit risk of BNP Paribas. A downgrade or upgrade of BNP Paribas could trigger a downgrade or upgrade on the Notes.

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.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

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.

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.

Philippe Joly
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

Raja Iyer
Vice President - Senior 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 ratings on Repack notes of Aquarius + Investments plc
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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