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Rating Action:

Moody's downgrades notes in three UK CMBS transactions to A2

26 Sep 2017

Approximately GBP 1,307 Million of CMBS Affected

London, 26 September 2017 -- Moody's Investors Service ("Moody's") has today downgraded to A2 from A1 the ratings of the notes issued by three UK commercial mortgage-backed security (CMBS) transactions: Juturna (European Loan Conduit No. 16) PLC (ELoC 16), Pacific Quay Finance PLC and White City Property Finance PLC.

Moody's rating action is as follows:

Issuer: Juturna (European Loan Conduit No. 16) plc (ELoC 16)

....GBP813.32M Class A Notes, Downgraded to A2; previously on Nov 7, 2014 Affirmed A1

.Underlying Rating: Downgraded to A2; previously on Feb 27, 2013 Downgraded to A1

Issuer: Pacific Quay Finance PLC

....GBP129.25M Class A Notes, Downgraded to A2; previously on Nov 7, 2014 Affirmed A1

Issuer: White City Property Finance PLC

....GBP364.85M Class A Notes, Downgraded to A2; previously on Nov 7, 2014 Affirmed A1

.Underlying Rating: Downgraded to A2; previously on Feb 27, 2013 Downgraded to A1

RATINGS RATIONALE

The rating action reflects the recent downgrade of The Government of United Kingdom's bond rating to Aa2, stable outlook from Aa1, negative outlook. For more details, please refer to Moody's press release http://www.moodys.com/viewresearchdoc.aspx?docid=PR_372649. The downgrade of the UK's sovereign rating has direct implications for a number of structured finance transactions given their financial linkages to The Government of United Kingdom. The rating action reflects the British Broadcasting Corporation (BBC)'s position as sole tenant for the buildings financed by the three affected transactions and its sensitivity to the UK's sovereign rating. The BBC's ability to meet its obligations under the occupational leases and headleases is underlined by its essential role as a public institution in the UK.

The ratings continue to reflect (1) the expected full repayment of the notes by their respective maturity dates, based on the scheduled amortisation under the secured loans; (2) the obligations of the respective swap counterparty to mitigate against indexation risk; and (3) the legal and structural integrity of the transactions.

The transactions are securitisations of fully-amortising secured loans, which financed sale and leaseback structures involving the BBC and key specialised operational properties located in London and Glasgow. The BBC's obligations to make payments under the originally 30-year occupational leases are absolute and unconditional.

The renewal of a 11-year Royal Charter in January 2017 and the appointment of the BBC board in April 2017 are credit positive, because they cleared the uncertainty around the BBC's institutional role. The 2017 charter abolished the BBC Trust and replaced it with external regulation by Ofcom, with governance by the BBC Board. The main responsibility of the Board is setting the BBC's strategy and assessing performance. In addition, the new charter has secured that 1) License fee will continue for at least 11 years and will increase in line with inflation until 2021-2022; 2) Those watching on-demand TV must now also have a TV license, and 3) The BBC World Service has been secured funding for the next 5 years. BBC continues to have a very strong and regular relationship with nearly all parts of the British public.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was Moody's Approach To Rating EMEA CMBS Transactions published in November 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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

Main factor that could lead to an upgrade of the ratings is an upgrade of The Government of United Kingdom rating or a change in our assumption for The Government of United Kingdom extraordinary support for the BBC.

Main factors that could lead to a downgrade of the ratings are (i) further downgrade of The Government of United Kingdom rating and/or change in our assumption for The Government of United Kingdom extraordinary support for the BBC, or (ii) material underperformance against the BBC's budget.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Radostina Kumchev
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Oliver Moldenhauer
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 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
Client Service: 44 20 7772 5454

No Related Data.
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