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Related Issuers
Rating Action:

Moody's downgrades CMBS Notes issued by Colligo Funding Limited

22 Dec 2010

USD 3,974 million of CMBS affected

London, 22 December 2010 -- Moody's Investors Service has today downgraded to Baa3 the following classes of notes issued by Colligo Funding Limited (the "Issuer", amounts reflecting initial outstandings):

US$1324.78M Class A1 Senior Commercial Mortgage Backed Floating Rate Notes due 2027 Certificate, Downgraded to Baa3 (sf); previously on Nov 22, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

US$1324.78M Class A2 Senior Commercial Mortgage Backed Floating Rate Notes due 2027 Certificate, Downgraded to Baa3 (sf); previously on Nov 22, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

US$1324.78M Class A3 Senior Commercial Mortgage Backed Floating Rate Notes due 2027 Certificate, Downgraded to Baa3 (sf); previously on Nov 22, 2010 Downgraded to A3 (sf) and Remained On Review for Possible Downgrade

RATINGS RATIONALE

Today's rating action is a result of the downgrade of the unguaranteed senior debt and bank deposit ratings of Anglo Irish Bank Corporation Limited ("Anglo Irish"). On 20 December 2010, Moody's downgraded Anglo Irish's unguaranteed senior debt rating to Ba3/Not-Prime (negative outlook) from Baa3/Prime-3 and the long- and short-term bank deposit ratings to Baa3/P-3 (negative outlook) from A3/P-1. On 22 November 2010, Moody's downgraded the ratings of Class A1, Class A2 and Class A3 Notes ("Senior Notes") and kept the ratings on review for possible downgrade citing the inherent credit linkage of the Senior Notes to Anglo Irish. This action concludes our review of the transaction.

Colligo Funding Limited is a CMBS transaction backed by USD denominated loans which originally closed in May 2008 and was subject to a restructuring in February 2009. In this transaction, Anglo Irish is involved as originator, servicer, borrower-level interest rate swap counterparty, issuer-level interest rate swap counterparty, liquidity facility provider, account bank and lender of further advances.

The Senior Notes of the Issuer maintain credit-linkage to Anglo Irish as, following the downgrade of the bank's senior debt rating to Baa3/P-3 on 27 September 2010, Anglo Irish has decided to keep the Bank Account with Anglo Irish and benefit from the guarantee provided by the Government of Ireland under the Eligible Liabilities Guarantee (ELG) Scheme which is set to expire on 30 June 2011.

On 17 December 2010, Moody's downgraded Ireland's foreign- and local-currency government bond ratings to Baa1 (negative outlook) from Aa2 (on review for possible downgrade) and short-term issuer rating to Prime-2 from Prime-1. Anglo Irish's bank deposits which benefit from the ELG Scheme were subsequently downgraded to Baa3/P-3 (negative outlook). For further information on the rating actions taken by Moody's Financial Institutions Group on Anglo Irish, and the sovereign rating action on Ireland, please refer to "Moody's downgrades Irish Banks further to sovereign downgrade" published on 20 December 2010 and "Moody's downgrades Ireland to Baa1 from Aa2; outlook negative," published on 17 December 2010.

As explained in its press release from 22 November 2010 on the transaction, Moody's takes into account in its assessment of the creditworthiness of the Senior Notes that a significant amount of cash (USD 1,201 million) is currently deposited with Anglo Irish as Issuer security, and is to be used to repay the Senior Notes over the next three interest payment dates. The cash represented 46% of the total Senior Note balance as per September 2010 and currently represents 61% of the total Senior Note balance. As of the November 2010 interest payment date, the total outstanding balance of the Senior Notes was USD 1,961 million.

Moody's factored into its analysis that Anglo Irish will likely retain the primary servicing function in the transaction in spite of the breach of the Baa3 rating trigger (amended in November 2010 from Baa2), the remedy for which is Anglo Irish's reasonable efforts to enter into a new or stand-by servicing agreement.

Further, a replacement swap provider under the issuer level interest rate swap agreement has not been found; instead, as of 29 November 2010 the Irish Government guaranteed all of the swap obligations of Anglo Irish which currently does not satisfy the guarantor conditions of the swap agreement due to the ratings of the Irish Government.

For details on Moody's latest assessment of the underlying loan collateral, please refer to the press release published on 22 November 2010.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term in addition to Moody's assessment of the credit-quality of Anglo Irish in light of the inherent credit-linkage of the Senior Notes to Anglo Irish. From time to time Moody's may, if warranted, change these expectations. Collateral performance that falls outside of Moody's expectations as it translates into Moody's expected loss from the portfolio as well as a change to the current senior debt and bank deposit ratings of Anglo Irish may result in further rating action.

The principal methodologies used in this rating were Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA published in June 2005, and Moody's Updates on its Surveillance Approach for EMEA CMBS published in March 2009.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's prior full review is summarized in a Press Release dated 22 November 2010. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our web site, at www.moodys.com/SFQuickCheck.

Moody's Investors Service did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

REGULATORY DISCLOSURES

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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

New York
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service Ltd.
One Canada Square
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades CMBS Notes issued by Colligo Funding Limited
No Related Data.
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