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Rating Action:

Moody's lowers ratings on fixed recovery rate transactions exposed to Lehman and GSEs

26 Sep 2008
Moody's lowers ratings on fixed recovery rate transactions exposed to Lehman and GSEs

Paris, September 26, 2008 -- Moody's Investors Service announced today that it has downgraded or placed on review for possible downgrade the ratings of certain credit derivative transactions listed below that incorporate credit default swaps with fixed recovery rates (the "Transactions"). Moody's explained that the Transactions have credit exposures to Lehman Brothers Holding Inc., which filed for protection under Chapter 11 of the U.S. Bankruptcy Code on September 15, 2008, and to Fannie Mae and/or Freddie Mac which were placed into the conservatorship of the U.S. government on September 8., 2008.

Issuer: SEA CDO Ltd

(1) Tranche Description: USD 7,000,000 Secured Floating-Rate Credit-Linked Optimum Class A Notes due 29 March 2010, Series 2005-1

Current Rating: Ba3

Prior Rating: Baa2

Prior Rating Date: 8 August 2008

(2) Tranche Description: USD 13,000,000 Secured Floating-Rate Credit-Linked Optimum Class B1 Notes due 29 March 2010, Series 2005-1

Current Rating: B3

Prior Rating: Ba1

Prior Rating Date: 8 August 2008

(3) Tranche Description: EUR 5,000,000 Secured Floating-Rate Credit-Linked Optimum Class B2 Notes due 29 March 2010, Series 2005-1

Current Rating: B3

Prior Rating: Ba1

Prior Rating Date: 8 August 2008

(4) Tranche Description: USD 20,000,000 Secured Fixed Rate Credit Linked Notes due 30 June 2010, Series 2005-2-A1

Current Rating: Caa3

Prior Rating: Ba1

Prior Rating Date: 22 May 2008

(5) Tranche Description: USD 10,360,000 Secured Fixed Rate Credit Linked Notes due 30 June 2010, Series 2005-2-A2

Current Rating: Caa3

Prior Rating: Ba1

Prior Rating Date: 22 May 2008

Issuer: Elva Funding PLC

(1) Tranche Description: Series 2003-21 EUR 45,000,000 Class I Secured Credit-Linked Floating Rate Notes due 2011

Current Rating: A2

Prior Rating: Aa3

Prior Rating Date: 14 July 2008

(2) Tranche Description: Series 2003-21 EUR 45,000,000 Class II Secured Credit-Linked Floating Rate Notes due 2011

Current Rating: Baa1

Prior Rating: A2

Prior Rating Date: 14 July 2008

(3) Tranche Description: Series 2003-21 EUR 10,000,000 Class III Secured Credit-Linked Fixed Rate Notes due 2011

Current Rating: Baa2

Prior Rating: A3

Prior Rating Date: 14 July 2008

Issuer: Trees S.A.

(1) Tranche Description: USD 80,250,000 Class A, Secured Note due 2028

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 14 April 2005

(2) Tranche Description: USD 46,000,000 Class B, Secured Note due 2026

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 23 May 2005

(3) Tranche Description: USD 24,000,000 Class C, Secured Note due 2024

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 23 May 2005

(4) Tranche Description: USD 19,000,000 Class D, Secured Note due 2027

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 23 May 2005

Issuer: Clear PLC

(1) Tranche Description: Series 21 JPY 1,000,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(2) Tranche Description: Series 22 USD 30,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(3) Tranche Description: Series 24 USD 13,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba1

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(4) Tranche Description: Series 25 USD 1,000,000 Limited Recourse Secured Fixed Rate Credit-Linked Notes due 2017

Current Rating: B3

Prior Rating: Baa2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(5) Tranche Description: Series 26 USD 1,500,000 Limited Recourse Secured Fixed Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(6) Tranche Description: Series 27 USD 3,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(7) Tranche Description: Series 28 USD 7,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba1

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(8) Tranche Description: Series 30 USD 30,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba1

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(9) Tranche Description: Series 45 USD 10,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Baa1

Prior Rating: Aaa, on review for possible downgrade

Prior Rating Date: 01 August 2008

(10) Tranche Description: Series 46 USD 10,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(11) Tranche Description: Series 47 JPY 2,000,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: B1

Prior Rating: A3, on review for possible downgrade

Prior Rating Date: 01 August 2008

(12) Tranche Description: Series 48 JPY 2,500,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 14 May 2008

(13) Tranche Description: Series 49 JPY 2,000,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba1

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 14 May 2008

(14) Tranche Description: Series 50 USD 13,000,000 Limited Recourse Secured Fixed Rate Credit-Linked Notes due 2017

Current Rating: Baa3

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 01 August 2008

(15) Tranche Description: Series 52 USD 18,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2017

Current Rating: Ba3

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 August 2008

Issuer: Starts (Ireland) plc - Amber Structured Finance CDO

(1) Tranche Description: EUR 19,000,000 Series 2004-1 Class A1-E1 Credit-Linked Notes due 2009

Current Rating: Aa2

Prior Rating: Aaa

Prior Rating Date: 19 Nov 2004

(2) Tranche Description: EUR 48,500,000 Series 2004-2 Class A2-E1 Credit-Linked Notes due 2009

Current Rating: Aa3

Prior Rating: Aaa

Prior Rating Date: 19 Nov 2004

(3) Tranche Description: EUR 15,000,000 Series 2004-3 Class B-E1 Credit-Linked Notes due 2009

Current Rating: Baa2

Prior Rating: Aa3

Prior Rating Date: 19 Nov 2004

(4) Tranche Description: EUR 35,000,000 Series 2004-6 Class A2-E2 Credit-Linked Notes due 2009

Current Rating: Aa3

Prior Rating: Aaa

Prior Rating Date: 19 Nov 2004

(5) Tranche Description: Series 2005-1 USD 25,000,000 Class A2-D2 Floating Rate Amber Credit-Linked Notes due 2010

Current Rating: A1

Prior Rating: Aaa

Prior Rating Date: 10 Mar 2005

Issuer: Corsair Finance (Ireland) No. 2 Limited

(1) Tranche Description: Series 11 EUR 100,000,000 Secured Floating Rate Portfolio Credit Linked Notes due 2009

Current Rating: Ba3

Prior Rating: A1

Prior Rating Date: 6 May 2004

Issuer: True North No. 3 (CDO) Limited

(1) Tranche Description: USD 50,000,000 Class A Floating Rate Credit-Linked Notes.

Current Rating: Baa1

Prior Rating: Aa3

Prior Rating Date: 28 Aug 2008

Issuer : Ixis Corporate and Investment Bank -- Belem CDO

(1) Tranche Description: Series 1799 - Tranche 1 Class A1 EUR 132,000,000 Floating Rate Credit-Linked Note due 2010

Current Rating: A1

Prior Rating: Aaa

Prior Rating Date: 9 Mar 2005

(2) Tranche Description: Series 1800 - Tranche 1 Class A2 USD 20,200,000 Floating Rate Credit-Linked Note due 2010

Current Rating: A1

Prior Rating: Aaa

Prior Rating Date: 9 Mar 2005

(3) Tranche Description: Series 1801 - Tranche 1 Class A3 EUR 10,000,000 Floating Rate Credit-Linked Note due 2010

Current Rating: A1

Prior Rating: Aaa

Prior Rating Date: 9 Mar 2005

(4) Tranche Description: Series 1802 - Tranche 1 Class B EUR 100,000,000 Floating Rate Credit-Linked Note due 2010

Current Rating: Baa1

Prior Rating: Aa1

Prior Rating Date: 9 Mar 2005

(5) Tranche Description: Series 1803 - Tranche 1 Class C EUR 30,000,000 Floating Rate Credit-Linked Note due 2010

Current Rating: Ba1

Prior Rating: Aa3

Prior Rating Date: 9 Mar 2005

(6) Tranche Description: Series 1804 - Tranche 1 Class D EUR 20,000,000 Floating Rate Credit-Linked Note due 2010

Current Rating: B1

Prior Rating: A2

Prior Rating Date: 9 Mar 2005

Issuer: Robeco CDO VII

(1) Tranche Description: Euro 146,200,000 Class A-1 Secured Floating Rate Credit-Linked Notes due 2009

Current Rating: Aaa, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 29 April 2003

(2) Tranche Description: Euro 89,396,100 Class A-2 Secured Fixed Rate Credit-Linked Notes due 2009

Current Rating: Aaa, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 29 April 2003

(3) Tranche Description: Euro 44,457,000 Class A-3 Secured Fixed Rate HICP-Linked Credit-Linked Notes due 2009

Current Rating: Aaa, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 29 April 2003

(4) Tranche Description: Euro 140,000,000 Class B Secured Floating Rate Credit-Linked Notes due 2009

Current Rating: Aaa, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 29 April 2003

(5) Tranche Description: Euro 112,000,000 Class C Secured Floating Rate Credit-Linked Notes due 2009

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 29 April 2003

(6) Tranche Description: Euro 56,000,000 Class D Secured Floating Rate Credit-Linked Notes due 2009

Current Rating: Baa1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 29 April 2003

(7) Tranche Description: Euro 266,100,000 Class P Combination Notes due 2009

Current Rating: A2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 29 April 2003

(8) Tranche Description: Euro 256,500,000 Class Q Combination Notes due 2009

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 29 April 2003

London
Neelam S. Desai
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Florence Tadjeddine
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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