info

Yes No
Global Header | Moody's
ABOUT US
REGULATORY AFFAIRS
CAREERS
Terms of Use
CONTACT US
HOME
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

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.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's places on review for downgrade mezzanine and subordinated notes issued under UK Receivables Trust II and UK Receivables Trust and provides a market update

05 Oct 2009

London, 05 October 2009 -- Moody's Investors Service has placed under review for possible downgrade the ratings of 12 classes of asset-backed notes issued under UK Receivables Trust II, the Class B asset-backed notes issued by Chester Asset Receivables Dealings No.11 PLC, and the Class B of asset-backed notes issued by Chester Asset Receivables Dealings No.12 PLC under the UK Receivables Trust. A complete list of rating actions is below.

UK Receivables Trust II:

Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester Asset Receivables Dealings 2003-B PLC, Chester Asset Receivables Dealings 2003-C PLC, Chester Asset Receivables Dealings 2004-1 PLC

- GBP12,500,000 Asset Backed Floating Rate Notes due 2011, Class B, Series UK2001-B, A3 on review for downgrade

- GBP17,500,000 Asset Backed Floating Rate Notes due 2011, Class C, Series UK2001-B, Ba1 on review for downgrade

- GBP12,500,000 Asset Backed Floating Rate Notes due 2013, Class B, Series UK2003-B, A3 on review for downgrade

- GBP17,500,000 Asset Backed Floating Rate Notes due 2013, Class C, Series UK2003-B, Ba1 on review for downgrade

- EUR35,500,000 Asset Backed Floating Rate Notes due 2010, Class B, Series UK2003-C, A3 on review for downgrade

- EUR49,500,000 Asset Backed Floating Rate Notes due 2010, Class C, Series UK2003-C, Ba1 on review for downgrade

- GBP25,000,000 Asset Backed Floating Rate Notes due 2014, Class B, Series UK2004-1, A3 on review for downgrade

- GBP35,000,000 Asset Backed Floating Rate Notes due 2014, Class C, Series UK2004-1, Ba1 on review for downgrade

Issuer: Chester Asset Receivables Dealings Issuer Limited

- Series 2004-B1 EUR125,000,000 Class B Asset Backed Floating Rate Notes due 2011, A3 on review for downgrade

- Series 2004-C1 EUR175,000,000 Class C Asset Backed Floating Rate Notes due 2011, Ba1 on review for downgrade

- Series 2006-B1 GBP50,000,000 Class B Asset Backed Floating Rate Notes due 2013, A3 on review for downgrade

- Series 2006-C1 GBP70,000,000 Class C Asset Backed Floating Rate Notes due 2013, Ba1 on review for downgrade

Under UK Receivables Trust:

Issuers: Chester Asset Receivables Dealings No. 11 PLC, Chester Asset Receivables Dealings No. 12 PLC

- GBP20,000,000 Asset Backed Floating Rate Notes due 2010, Class B, Chester Asset Receivables Dealings No.11 PLC, A3 on review for downgrade

- GBP12,000,000 Asset Backed Floating Rate Notes due 2011, Class B, Chester Asset Receivables Dealings No.12 PLC, A3 on review for downgrade

This rating review is in part prompted by the rapid performance deterioration observed in the recent months, with charge-offs reaching over 15% in September. Furthermore, the forecast unemployment rate for 2010 combined with the level of indebtedness of UK families in general has led Moody's to expect charge-offs in the trust to increase further in coming months.

Moody's is also currently reviewing the purchase rate assumption for both master trusts as Moody's considers that there is an increased likelihood that a stressed scenario where the trust balance may decline would be observed in relation to the trusts. The assumption on whether a pool balance is declining during the stressed scenario is a key consideration for the 'purchase rate' assumption for the trust and Moody's overall credit analysis. The concerns primarily stem from the relatively small size of MBNA's card business in EMEA in comparison to the core credit card franchise of Bank of America in the US and, in particular, the higher charge offs that have been observed in the recent months coupled with the expectation that this trend will continue over the course of 2010. As such, in Moody's opinion, the purchase rate assumption should be decreased in order for this assumption to be better aligned with the corresponding assumption for the core US portfolio and with assumptions taken in other credit card trusts rated by Moody's. Moody's believes that the current economic environment places more importance in making this adjustment.

The Aaa ratings of the senior notes listed below issued under both master trusts were placed on review for possible downgrade on 3 March 2009. Since March's rating action, the Issuers have communicated to Moody's and the market that they are contemplating alternatives to increase the credit enhancement supporting the Notes and Moody's has remained in frequent dialogue with Bank of America. Moody's notes that in similar circumstances during the period 2005-2007 various issuers in the UK credit card sector have issued subordinated classes of notes to increase the credit enhancement available to the rated notes.

Moody's will endeavor to conclude the review on all classes of notes in the next 45 days. In the absence of additional credit enhancement, the rating of the senior classes of notes would likely be downgraded a number of rating categories. Currently, but subject to further analysis, we would expect this to be in the 'A' category.

UK Receivables Trust II:

Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester Asset Receivables Dealings 2002-A PLC, Chester Asset Receivables Dealings 2003-B PLC, Chester Asset Receivables Dealings 2003-C PLC, Chester Asset Receivables Dealings 2004-1 PLC

- GBP220,000,000 Asset Backed Floating Rate Notes due 2011, Class A, Series UK2001-B, current rating Aaa, on review for possible downgrade

- GBP220,000,000 Asset Backed Floating Rate Notes due 2013, Class A, Series UK2003-B, current rating Aaa, on review for possible downgrade

- EUR621,000,000 Asset Backed Floating Rate Notes due 2010, Class A, Series UK2003-C, current rating Aaa, on review for possible downgrade

- GBP440,000,000 Asset Backed Floating Rate Notes due 2014, Class A, Series UK2004-1, current rating Aaa, on review for possible downgrade

Issuer: Chester Asset Receivables Dealings Issuer Limited

- Series 2004-A1 GBP300,000,000 Class A Asset Backed Floating Rate Notes due 2011, current rating Aaa, on review for possible downgrade

- Series 2004-A2 GBP250,000,000 Class A Asset Backed Floating Rate Notes due 2009, current rating Aaa, on review for possible downgrade

- Series 2006-A1 GBP250,000,000 Class A Asset Backed Floating Rate Notes due 2011, current rating Aaa, on review for possible downgrade

- Series 2008-A1 EUR350,000,000 Class A Asset Backed Floating Rate Notes due 2011, current rating Aaa, on review for possible downgrade

- Series 2008-A2 GBP300,000,000 Class A Asset Backed Floating Rate Notes due 2011, current rating Aaa, on review for possible downgrade

UK Receivables Trust:

Issuers: Chester Asset Receivables Dealings No. 11 PLC, Chester Asset Receivables Dealings No. 12 PLC

- EUR730,000,000 Asset Backed Floating Rate Notes due 2010, Class A, Chester Asset Receivables Dealings No.11 PLC, current rating Aaa, on review for possible downgrade

- GBP264,000,000 Asset Backed Floating Rate Notes due 2011, Class A, Chester Asset Receivables Dealings No.12 PLC, current rating Aaa, on review for possible downgrade

In addition, Moody's is currently assessing the possible credit impact of certain trust provisions related to the occurrence of an originator "insolvency event" in the trusts - please refer to Moody's press release dated 15 June 2009 for further details.

The last rating action on the senior notes was on 3 March 2009 when the notes were placed on review for possible downgrade.

The last rating action on the mezzanine and subordinated notes was on 9 December 2008.

The principal methodology used in analyzing and monitoring these transactions is " Moody's Approach to Rating Credit Card Receivables-Backed Securities (April 2007)" and available on www.moodys.com in the in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's ratings address only the credit risks associated with the transaction, other non-credit risks have not been addressed, but may have significant effect on yield to investors.

Moody's ratings are subject to revision, suspension or withdrawal at any time at our absolute discretion. The ratings are expressions of opinion and not recommendations to purchase, sell or hold securities.

The rating is published. Moody's will publicly disseminate any change in the ratings through normal print and electronic media, and in response to requests to the Moody's rating desk, in accordance with Moody's standard practice at the time.

Moody's will continue to monitor the transaction on an ongoing basis. For more information, please see Moody's research on www.moodys.com or contact Moody's Client Service Desk on +44 20 7772 5454. 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.

London
Jean Dornhofer
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Durga Bhavani
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places on review for downgrade mezzanine and subordinated notes issued under UK Receivables Trust II and UK Receivables Trust and provides a market update
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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Global Footer | Moody's