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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. 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 or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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