Paris, March 03, 2009 -- Moody's Investors Service has placed under review for possible downgrade
the ratings on 12 classes of asset-backed notes issued under the
UK Receivables Trust II as well as the ratings of the Class A asset-backed
notes issued by Chester Asset Receivables Dealings No.11 PLC and
the ratings of the Class A 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.
Following the rating action taken by Moody's in 9th December 2008 on the
Class B and C Notes of the transactions above, Moody's has reviewed
the credit enhancement levels available to support the Class A Notes listed
above and believes that the Class A Notes are now comparatively weaker
than the senior notes issued out of other UK credit card trusts rated
by Moody's. The review was in part prompted by Moody's deepening
concerns regarding the negative trends observed for delinquencies and
charge-offs for the trust, as well as an increase in the
size of debt management programmes. In addition, the forecast
unemployment rate for 2009 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 will
endeavour to conclude its review of the outstanding Aaa ratings on the
Notes above following a more detailed understanding of the expected trajectory
of the performance of the trust in the next few months. Moody's
continues to have a negative outlook for UK credit card asset-backed
securities.
Under 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
- EUR682,000,000 Asset Backed Floating Rate Notes due
2009, Class A, Series UK2002-A, current rating
Aaa
- GBP220,000,000 Asset Backed Floating Rate Notes due
2013, Class A, Series UK2003-B, current rating
Aaa
- EUR621,000,000 Asset Backed Floating Rate Notes due
2010, Class A, Series UK2003-C, current rating
Aaa
- GBP440,000,000 Asset Backed Floating Rate Notes due
2014, Class A, Series UK2004-1, current rating
Aaa
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
- Series 2004-A2 GBP250,000,000 Class A Asset
Backed Floating Rate Notes due 2009, current rating Aaa
- Series 2006-A1 GBP250,000,000 Class A Asset
Backed Floating Rate Notes due 2011, current rating Aaa
- Series 2008-A1 EUR350,000,000 Class A Asset
Backed Floating Rate Notes due 2011, current rating Aaa
- Series 2008-A2 GBP300,000,000 Class A Asset
Backed Floating Rate Notes due 2011, current rating Aaa
Under 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
- GBP264,000,000 Asset Backed Floating Rate Notes due
2011, Class A, Chester Asset Receivables Dealings No.12
PLC, current rating Aaa
Date of last rating action: 9 December 2008
Methodology used: "Moody's Approach to Rating Credit
Card Receivables-Backed Securities", 16 April 2007
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.
London
Benedicte Pfister
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Paris
Christophe Germain
Vice President - Senior Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's places under review the senior notes issued under UK Receivables Trust II and UK Receivables Trust