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15 Dec 2010
USD $108 million of debt securities affected
New York, December 15, 2010 -- Moody's Investors Service announced today that it has placed the ratings
of the following notes issued by ALPS Capital II plc (the "Issuer")
under review for possible further upgrade:
US $90,000,000 Series B Floating Rate Notes due September
30, 2025(current outstanding balance of $48,125,115.08),
Placed under review for possible further upgrade; previously on March
20, 2008 Upgraded to A2 (sf);
US$30,000,000 Series C Fixed Rate Notes due September
30, 2025, Placed under review for possible further upgrade;
previously on December 28, 2005 Rated at Baa1 (sf);
US$30,000,000 Series D Fixed Rate Notes due September
30, 2025, Placed under review for possible further upgrade;
previously on December 28, 2005 Rated at Ba1 (sf);
According to Moody's, the rating actions taken on the notes result
primarily from the delevering of the Series A Notes and Series B Notes.
The Series A Notes have been paid in full and the Series B Notes have
been paid down by approximately 47% or $41.9 million
since the last rating action in August 2008. The Series B,
Series C, and Series D Notes are being left under review for possible
further upgrade while Moody's assesses the full impact of delevering,
which Moody's expects will continue.
Moody's also notes that the deal has benefited from improvement in the
actuarial experience of the referenced block of insurance business.
Based on the annual report of the ALPS Capital II plc transaction dated
on September 28, 2010, the Subject Business generated $58.8
million of net cash proceeds to the Issuer for the year ended June 30,
2010, compared to the original projection of $45.4
million, or 29.5% more than projected. Cumulatively,
the Subject Business has generated $311.4 million of net
cash proceeds since closing, compared to the original projection
of $274.5 million.
Improvement in the actuarial experience is primarily driven by a favourable
mortality experience and a higher than expected persistency in the Subject
Business. In particular, as of the latest annual report for
the year ended June 30, 2010, mortality was 92% of
expected for the period, and premiums were $4.5 million
higher than originally projected.
ALPS Capital II plc, issued in December 2005, is a Embedded
Value Insurance-Linked Securitization backed by a closed block
of life insurance policies. It contains approximately 60%
of traditional life Insurance and 40% of non-traditional
life insurance, which includes interest sensitive life (ISL),
fixed deferred annuities (FDA) and corporate owned life insurance (COLI).
The ratings on the notes issued by ALPS Capital II plc were originally
assigned and are monitored by evaluating factors believed to be relevant
to the credit profile of the notes such as (i) the actuarial experience
of the referenced block of insurance business; (ii) risk analysis
and projection performed by Milliman USA, a consulting firm that
specializes in the insurance industry, based on relevant industry
experience for similar products/underwriting; (iii) review of actuarial
reports, including actual underlying cash flows; (iv) performance
of invested assets ; and (v) other factors believed to be applicable
to the assessment of the creditworthiness of the transaction, such
as a review of the structural, legal, and regulatory risks.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found on Moody's website.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the past
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 web site, at www.moodys.com/SFQuickCheck.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public 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.
Structured Finance Group
Moody's Investors Service
Ramon O. Torres
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's places the ratings of Insurance-linked Securities issued by ALPS Capital II plc under review for possible upgrade
250 Greenwich Street
New York, NY 10007
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