New York, January 14, 2011 -- Moody's Investors Service announced today that it has taken rating actions
on the following structured note transactions listed below (the "Transactions").
1. Issuer: Anthracite Rated Investments (Cayman) Limited
Series 17
Tranche: Principal Protected Notes due 2014 linked to the HFRX Global
Tracker Fund; Downgraded to Baa1; previously on May 14,
2009 Confirmed at A3
2. Issuer: ANTHRACITE RATED INVESTMENTS (JERSEY) LIMITED
Series 10
Tranche: Series 10 Euro 12,000,000 Principal Protected
Bonds due 2012 linked to the LJH Sanctuary Fund; Downgraded to Baa1;
previously on May 14, 2009 Confirmed at A3
3. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 12
Tranche: Series 12 Principal Protected Bonds due 2013; Downgraded
to Baa1; previously on May 14, 2009 Confirmed at A3
Tranche: Series 12 Principal Protected Notes due 2013 (New Notes);
Downgraded to Baa1; previously on May 14, 2009 Confirmed at
A3
4. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 13
Tranche: Series 13 Principal Protected Notes due 2013; Downgraded
to Baa1, previously on May 14, 2009 Confirmed at A3
5. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 20
Tranche: Series 20 Principal Protected Bonds due 2013; Downgraded
to Baa1, previously on May 14, 2009 Confirmed at A3
6. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 21
Tranche: Series 21 Principal Protected Bonds due 2013; Downgraded
to Baa1, previously on May 14, 2009 Confirmed at A3
7. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 27
Tranche: Principal Protected Bonds due 2012 linked to US dollar
denominated funds, Downgraded to Baa1; previously on May 14,
2009 Confirmed at A3
8. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 29
Tranche: Principal Protected Bonds due 2014 linked to the Hemisphere
Defensive Fund, Downgraded to Baa1; previously on May 14,
2009 Confirmed at A3
9. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 30
Tranche: Principal Protected Bonds due 2012 linked to Anthracite
Master Company (1) Limited and the Nucleus Fund, Downgraded to Baa1;
previously on May 14, 2009 Confirmed at A3
10. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 31
Tranche: Principal Protected Bonds due 2011 linked to Anthracite
Master Company (1) Limited, Olympia Star II Ltd., and
Nucleus Fund Ltd., Downgraded to Baa1; previously on
May 14, 2009 Confirmed at A3
11. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 35
Tranche: Principal Protected Bonds due 2015 linked to the Crown
Structured Diversified Segregated Portfolio, Downgraded to Baa1;
previously on May 14, 2009 Confirmed at A3
12. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 36
Tranche: Principal Protected Bonds due 2015 linked to the Crown
Structured Diversified Segregated Portfolio, Downgraded to Baa1;
previously on May 14, 2009 Confirmed at A3
13. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 43
Tranche: Principal Protected Bonds due 2017 linked to the Crown
Structured Diversified Segregated Portfolio, Downgraded to Baa1;
previously on May 14, 2009 Confirmed at A3
14. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 49
Tranche: Series Series 49 Pound sterling denominated Minimum Redemption
Amount Bonds due 2013 linked to a portfolio of funds of hedge funds and
mutual funds, Downgraded to Baa1; previously on May 14,
2009 Confirmed at A3
15. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 51
Tranche: Series 51 Euro 59,400,000 Principal Protected
Bonds due 2016 linked to a basket of funds of hedge funds, Downgraded
to Baa1; previously on May 14, 2009 Confirmed at A3
16. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 59
Tranche: Series 59 30,000,000 Principal Protected
Bonds due 2018 linked to a basket of funds of hedge funds, Downgraded
to Baa1; previously on May 14, 2009 Confirmed at A3
17. Issuer: Anthracite Rated Investments (Jersey) Limited
Series 60
Tranche: Series 60 US$12,890,000 130%
Auto-Callable Principal Protected Bonds due 2014 Linked To Crown
Global Investments Limited, Downgraded to Baa1; previously
on May 14, 2009 Confirmed at A3
18. Issuer: Suetone Investments Limited Series 1
Tranche: Series 1 100% Principal Protected Bonds due 2012
linked to Crown Structured Diversified Segregated Portfolio, Downgraded
to Baa1; previously on May 14, 2009 Confirmed at A3
19. Issuer: Suetone Investments Limited Series 2
Tranche: Series 2 100% Principal Protected Bonds due 2015
linked to Crown Structured Diversified Segregated Portfolio, Downgraded
to Baa1; previously on May 14, 2009 Confirmed at A3
20. Issuer: Suetone Investments Limited Series 3
Tranche: Series 3 100% Principal Protected Bonds due 2012
linked to Crown Structured Diversified Segregated Portfolio Fund,
Downgraded to Baa1; previously on May 14, 2009 Confirmed at
A3
RATINGS RATIONALE
These transactions are structured notes whose ratings are based on the
support of the Principal Protection Agreement between the Issuers and
the Principal Protection Providers as well as the legal structure of the
transactions. The Protection Provider for each of these transactions
is Banque AIG. Moody's downgraded the rating of Banque AIG to Baa1
on January 12, 2011.
The principal methodology used in these ratings was "Moody's Approach
to Rating Repackaged Securities" published in April 2010.
Further information on Moody's analysis of this transaction is available
on www.moodys.com. In addition, Moody's publishes
a weekly summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, 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 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.
New York
Ainat Koller
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Rodrigo Araya
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's downgrades ratings of structured notes affected by American International Group's ratings