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I AGREE
07 Dec 2012
New York, December 07, 2012 -- Moody's Investors Service announced today that it has downgraded the ratings
of the following structured notes:
Deal Name: Auction Pass-Through Trust 2006-5
Tranche Name: $120,000,000 Class A Certificates,
Downgraded to Baa1 (sf); previously on September 21, 2012 A3
(sf) Placed Under Review for Possible Downgrade;
Tranche Name: $30,000,000 Class B Certificates,
Downgraded to Baa1 (sf); previously on September 21, 2012 A3
(sf) Placed Under Review for Possible Downgrade.
Deal Name: Auction Pass-Through Trust 2006-6
Tranche Name: $120,000,000 Class A Certificates,
Downgraded to Baa1 (sf); previously on September 21, 2012 A3
(sf) Placed Under Review for Possible Downgrade;
Tranche Name: $30,000,000 Class B Certificates,
Downgraded to Baa1 (sf); previously on September 21, 2012 A3
(sf) Placed Under Review for Possible Downgrade.
RATINGS RATIONALE
The transactions are structured notes whose ratings are based on the rating
of the Underlying Securities and the legal structure of the transaction.
Today's rating actions are a result of the change of the rating of the
Underlying Securities which are the U.S. Bancorp Non-Cum
Pfd. Stk. Ser. 4, issued by U.S.
Bancorp, whose rating was downgraded by Moody's to Baa1 (hyb) on
December 6, 2012.
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.
Further information on Moody's analysis of this transaction is available
on www.moodys.com.
Moody's conducted no additional cash flow analysis or stress scenarios
because the ratings are a pass-through of the rating of the Underlying
Security.
Moody's says that the Underlying Securities are subject to a high level
of macroeconomic uncertainty, which is manifest in uncertain credit
conditions across the general economy. Because these conditions
could negatively affect the ratings on the Underlying Securities ,
they could also negatively impact the ratings on the note.
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the rating.
Oswald Espinoza
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Rodrigo Araya
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
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 with exposure to U.S. Bancorp
No Related Data.
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