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Rating Action:

Moody's downgrades 21 Asian structured finance transactions directly exposed to certain European banks

25 Jun 2012

Hong Kong, June 25, 2012 -- Moody's Investors Service announced today that it has downgraded the ratings of 21 Asian structured finance securities directly exposed to the declining credit quality of certain European banks, which Moody's downgraded on June 21, 2012.

Today's rating actions affect 21 transactions including 2 repackaged securities and 19 variable promise notes.

Issuer: Magnolia Finance V plc

....Series 2006-5 USD 10,000,000 Principal Protected Notes due 2051, Downgraded to A2 (sf); previously on Nov 11, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Underlying rated securities: A USD 10,000,000 zero coupon bond due 2014 (ISIN: XS0272408286) issued by HBOS Treasury Services Plc and subsequently assumed by Bank of Scotland plc

Issuer: Lunar Funding III Limited

....EUR227,500,000 Series 25 Principal Protected Notes due 2014, Downgraded to A3 (sf); previously on Feb 20, 2012 A2 (sf) Placed Under Review for Possible Downgrade

Underlying rated securities: A EUR 227,500,000 zero coupon bond due 2014 (ISIN XS0281550342) issued by The Royal Bank of Scotland plc

Issuer: Credit Suisse AG

....AUD167,751,900 6-Year AUD Equity Index Linked Note SPLB2010-1122 (ISIN: XS0517955711), Downgraded to A1 (sf); previously on Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....AUD927,000 3-Year AUD Equity Index Linked Note Series SPLB2011-005 Notes (ISIN: XS0577453474), Downgraded to A1 (sf); previously on Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....AUD388,024,400 6-Year AUD Equity Index Linked Note SPLB2010-1124 (ISIN: XS0517393962), Downgraded to A1 (sf); previously on Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....AUD11,778,800 6-Year AUD Equity Index Linked Note SPLB2010-1421 (ISIN: XS0566418827), Downgraded to A1 (sf); previously on Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Barclays Bank PLC

....AUD 1,928,000 Index Linked Notes due March 2017, Series GSN26572 (ISIN: XS0521497973), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 209,700,000 Index Linked Notes due 7 November 2016, Series GSN26167 (ISIN: XS0514559839), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 28,220,000 Index Linked Notes due 27 April 2017, Series GSN26573 (ISIN: XS0521498195), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 460,000,000 Equity Linked Notes due April 2017, Series GSN27341 (ISIN: XS0535295694), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 6,500,000 Index Linked Notes due 13 October 2016, Series GSN26014 (ISIN: XS0512593277), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 554,343,600 Index Linked Notes due July 2017, Series GSN28180 (ISIN: XS0547217140), Downgraded to A2 (sf); previously on Feb 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: UBS AG

....AUD 30,430,000 Equity Linked Notes due September 2016, Series 8467 (XS0525302963), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 5,488,000 Equity Linked Notes due 2016, Series 8362 (XS0509273933), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 33,617,900 6-year Equity Linked Notes due 2017, Series 8803 (XS0561509786), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 39,000,000 Equity Linked Notes due March 2017, Series 8701 (XS0549973377), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 593,957,600 Equity Linked Notes due 2017 Series 8638 (XS0542668396), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 12,870,000 Equity Linked Notes due 2016, Series 8445 (XS0521412659), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....AUD 7,722,000 Equity Linked Notes due 2016, Series 8456 (XS0523325677), Downgraded to A2 (sf); previously on Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

....NZD1,170,435,200 Equity Linked Notes due 2017, Series 8863 (XS0568321813), Downgraded to A2 (sf); previously on Oct 26, 2011 Definitive Rating Assigned Aa3 (sf) and Remained On Review for Possible Downgrade

....AUD 31,200,000 6-year AUD Equity Linked Notes due 2015 linked to the KOSPI 200 Index, Downgraded to A2; previously on Sep 16, 2011 Aa3 Placed Under Review for Possible Downgrade

For additional information on structured finance ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/eusovereign

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 declining credit quality of the banks, each of which acts as the issuer or the underlying security. Because of the linkage, each rating is essentially a pass-through of the rating of the bank.

For further information on the underlying action see the press releases titled "Moody's downgrades firms with global capital markets operations" and "Moody's downgrades Lloyds TSB Bank to A2; outlook negative" on www.moody.com.

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) the acute sovereign and banking crisis in the euro area, which is weakening the credit profiles of banks exposed to the currency union. This crisis accentuates challenges facing banks globally that have accelerated since second-half 2011. For more information please refer to two interrelated Special Reports published on 19 January 2012: "Euro Area Debt Crisis Weakens Bank Credit Profiles" and "European Banks: How Moody's Analytic Approach Reflects Evolving Challenges."

The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in April 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

The rated entities have not informed Moody's whether the issuers are publicly disclosing all relevant information about the product.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

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.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Kan Leung
Analyst
Structured Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Koji Kumamaru
MD - Structured Finance
Structured Finance Group
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's downgrades 21 Asian structured finance transactions directly exposed to certain European banks
No Related Data.
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