London, 14 December 2011 -- Moody's Investors Service announced today that it has downgraded the rating
of 28 series of notes issued by Premium Green PLC. The notes affected
by today's rating are listed at the end of the Ratings Rationale.
For all the transactions the ratings on the notes are based on the ratings
of the collateral bonds, which are issued by various Caisse Regionale
de Credit Agricole, subsidiaries of Credit Agricole S.A.
The counterparty risk of Credit Agricole Corporate and Investment bank
has been de-linked through the implementation of a double rating
trigger, except for series 2006-1 and 2006-4 which
have a pass-through structure and no swap.
RATINGS RATIONALE
Moody's explained that the rating action taken today is the result of
a rating action on Credit Agricole S.A., which was
downgraded to Aa3 from Aa2 under review for possible downgrade on 9 December
2011. For further information on the underlying action see the
press release titled "Moody's downgrades Credit Agricole SA's long-term
ratings to Aa3, concluding review" on www.moodys.com.
This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of Credit Agricole S.A. and therefore the rating moves in
lock-step.
Moody's notes that this transaction is 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.
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.
No cash flow analysis or stress scenarios have been conducted as the rating
was directly derived from the rating of the collateral.
Issuer: Premium Green PLC Series 2006-1
....EUR 100,000,000 Secured Limited
Recourse CMS-Linked Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-11
.... Euro 30,000,000 Secured Limited
Recourse 4.30 percent Fixed Rate Notes due 2021, Downgraded
to Aa3; previously on Sep 16, 2011 Downgraded to Aa2 and Remained
On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2006-2
.... EUR 100,000,000 Secured Limited
Recourse 4.52 percent Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-3
....Euro 100,000,000 Secured Limited
Recourse 4.56 percent Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-4
.... EUR 100,000,000 Secured Limited
Recourse CMS-Linked Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-5
.... Euro 300,000,000 Secured
Limited Recourse 4.54 percent Notes due 2021, Downgraded
to Aa3; previously on Sep 16, 2011 Downgraded to Aa2 and Remained
On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2006-6
.... Euro 100,000,000 Secured
Limited Recourse 4.5575 percent Notes due 2021, Downgraded
to Aa3; previously on Sep 16, 2011 Downgraded to Aa2 and Remained
On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2006-7
.... Euro 30,000,000 Secured Limited
Recourse 4.70 percent Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-8
.... Euro 30,000,000 Secured Limited
Recourse CMS-Linked Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2006-9
.... Euro 50,000,000 Secured Limited
Recourse 4.33 percent Notes due 2021, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-1
.... EUR 70,000,000 Secured Limited
Recourse CMS-Linked Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-2
.... EUR 50,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-3
.... EUR 25,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-4
.... EUR 100,000,000 Secured Limited
Recourse 4.81 percent Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-5
.... EUR 10,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2017, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-6
.... EUR 50,000,000 Secured Limited
Recourse 4.50 percent. Fixed / Index Linked Variable Notes
due 2022, Downgraded to Aa3; previously on Sep 16, 2011
Downgraded to Aa2 and Remained On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2007-7
.... EUR 50,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-8
.... EUR 50,000,000 Secured Limited
Recourse CMS-Linked Variable Interest Rate Notes due 2022,
Downgraded to Aa3; previously on Sep 16, 2011 Downgraded to
Aa2 and Remained On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2007-9
.... EUR 50,000,000 Secured Limited
Recourse CMS-Linked Variable Notes due 2022, Downgraded to
Aa3; previously on Sep 16, 2011 Downgraded to Aa2 and Remained
On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2007-10
.... EUR 25,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-11
.... EUR 20,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-12
.... EUR 30,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-13
.... EUR 30,000,000 Secured Limited
Recourse Variable Interest Rate Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC Series 2007-14
.... EUR 140,000,000 Secured Limited
Recourse 5.12 percent Fixed/Index Linked Switchable Notes due 2022,
Downgraded to Aa3; previously on Sep 16, 2011 Downgraded to
Aa2 and Remained On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2007-15
.... EUR 10,000,000 Secured Limited
Recourse 5.1425 percent Fixed Rate Notes due 2022, Downgraded
to Aa3; previously on Sep 16, 2011 Downgraded to Aa2 and Remained
On Review for Possible Downgrade
Issuer: Premium Green PLC Series 2007-16
.... EUR 23,000,000 Secured Limited
Recourse 5.45 percent Notes due 2022, Downgraded to Aa3;
previously on Sep 16, 2011 Downgraded to Aa2 and Remained On Review
for Possible Downgrade
Issuer: Premium Green PLC, Series 2008-4
.... EUR 50,000,000 Secured Limited
Recourse 6 percent Notes due 2018, Downgraded to Aa3; previously
on Sep 16, 2011 Downgraded to Aa2 and Remained On Review for Possible
Downgrade
Issuer: Premium Green PLC, Series 2009-1
.... EUR 50,000,000 Secured Limited
Recourse CMS-Linked Variable Interest Rate Notes due 2024,
Downgraded to Aa3; previously on Sep 16, 2011 Downgraded to
Aa2 and Remained On Review for Possible Downgrade
REGULATORY DISCLOSURES
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.
Information source used to prepare each of the ratings is the following:
public 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
entity, obligation or credit satisfactory for the purposes of issuing
a rating.
Moody's adopts all necessary measures so that the information it
uses in assigning a 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.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entity or its related third parties within the
two years preceding the credit rating action. Please see the special
report "Ancillary or other permissible services provided to entities
rated by MIS's EU credit rating agencies" on 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.
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.
Mariona Serrat
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
Ian Perrin
VP - Senior Credit Officer
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 downgrades EUR 1,773m repack notes of Premium Green PLC
