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Rating Action:

Moody's downgrades combo notes linked to the government of France

28 Sep 2015

London, 28 September 2015 -- Moody's Investors Service has today downgraded the ratings of three structured finance securities that are linked to France's government bond rating. Today's downgrades were prompted by the weakening of the French government's credit profile, as captured by Moody's recent downgrade of the long-term rating of France's government bonds to Aa2 (stable outlook) from Aa1 (negative outlook).

Issuer: ADAGIO III CLO P.L.C.

....EUR5M Class U Combination Notes due 2022, Downgraded to Aa2 (sf); previously on Jul 25, 2014 Affirmed Aa1 (sf)

Issuer: Ares European CLO III B.V.

....EUR15M Class P Combination Notes due 2024, Downgraded to Aa2 (sf); previously on Aug 18, 2015 Affirmed Aa1 (sf)

Issuer: Leveraged Finance Europe Capital III B.V.

....EUR15M S Notes, Downgraded to Aa2 (sf); previously on Nov 24, 2014 Affirmed Aa1 (sf)

Each of the CLO Combination Notes (Combo Notes) is a combination of a piece of equity from its respective CLO and a stripped French Treasury (Obligation Assimilable du Tresor Securities or 'OAT strip'). Their ratings address the expected loss posed to investors by the legal final maturity of the respective CLOs as a proportion of the Rated Balance where the Rated Balance is equal, at any time, to the principal amount of the Combination Notes on the closing date minus the aggregate of all payments from the closing date to such date, either through interest or principal payments.

RATINGS RATIONALE

Moody's explained that the rating action taken today is the result of the downgrade of the Government of France, which was downgraded to Aa2 (stable outlook) from Aa1 (negative outlook) on 18 September 2015. For further information on the underlying action see the press release titled "Moody's downgrades France's government bond ratings to Aa2 from Aa1; outlook changed to stable from negative" on www.moody.com.

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

This rating is essentially a pass-through of the rating of the Government of France. Noteholders are exposed to the credit risk of France and therefore the rating moves in lock-step.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

No additional cash flow analysis, sensitivity or stress scenarios have been conducted as the rating is directly derived from the rating of the Government of France.

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 downgrades combo notes linked to the government of France
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