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Rating Action:

Moody's downgrades EUR 1,420 m BS CDO Notes of Liffey Funding

Global Credit Research - 19 May 2011

London, 19 May 2011 -- Moody's Investors Service announced today that it has downgraded the ratings of senior notes issued by Liffey Funding No. 1 Limited. The notes affected by today's rating action are as follows:

....EUR 1419.99 million Class A EUR 2010-01 Notes, Aa2 (sf); previously on Dec 02, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

This cash balance sheet CDO which closed in February 2010 has one rated class of notes with an underlying collateral pool composed mainly of senior unsecured loans to corporate entities with a primary place of business located in Ireland. Credit enhancement is provided through over-collateralisation as well as sizeable reserve funds amounting to 69% of the rated notes. The servicer and account bank roles are performed by Ulster Bank Ireland Limited which is wholly owned by Royal Bank of Scotland group. Royal Bank of Scotland plc provides an interest rate swap to the issuer to hedge the interest rate risk on a portion of the collateral pool which pays fixed interest rates.

In December 2010 Moody's placed Liffey Funding No 1 Limited, along with other Irish structured finance transactions, on review for possible downgrade, pending conclusion of its review of the Irish sovereign rating, ratings of Irish banks, and a review of the exposure of these transactions to sovereign, operational and other risks. For full details, please refer 'Moody's reviews for downgrade remaining top rated Irish structured finance deals'.

RATING RATIONALE

Moody's recently published a detailed special comment on the impact of the Eurozone sovereign debt crisis on structured finance transactions, wherein, it focussed on (a) the highest structured finance rating achievable, (b) minimum level of credit enhancement, and (c) the operational risk in such transactions issued out of Greece, Ireland, Portugal and Spain. Please refer 'Assessing the Impact of Eurozone Sovereign Debt Crisis on Structured Finance Transactions' dated 20 April 2011.

In line with the guidance on the highest structured finance rating achievable for structured finance transactions issued out of Ireland as detailed in this publication, Liffey Funding No 1 Limited has been downgraded to Aa2 (sf). This downgrade primarily stems from the domicile of the underlying collateral pool in the transaction and the resultant uncertainties regarding asset performance. The high level of credit enhancement and low operational risk cushion the extent of the downgrade.

For more detail on our rating approach, see the applicable principal methodologies for this asset class listed in the index of methodologies under the research and ratings tab on Moodys.com

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 6 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

Information sources used to prepare the credit rating are the following: public information; and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating 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 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
Raja Iyer
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

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 downgrades EUR 1,420 m BS CDO Notes of Liffey Funding
No Related Data.

 

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