Approximately EUR 22.6 billion of debt securities affected
Frankfurt, March 23, 2009 -- Moody's Investors Service has placed on review for possible downgrade
the ratings of 163 classes of notes in 38 asset-backed securities
(ABS) transactions backed by granular portfolios of loans to small and
mid-sized enterprises (SME) in Europe. A detailed list of
the rating actions can be found at the end of this press release.
Today's rating actions reflect Moody's revised anticipations for
the performance of the European SME sector in the current down cycle.
Specifically, Moody's has increased its probability of default
(PD) assumption on SME pools across Europe to incorporate expectations
that European SME default rates are likely to greatly exceed the levels
observed in historical performance data. Moody's currently has
a negative outlook for the European SME loan sector, which has increasingly
shown signs of weakness in terms of credit performance. The sector
is further stressed by the anticipated limited refinancing opportunities
for EMEA non-financial corporate issuers rated Baa and below over
the next six to 12 months.
On 17 March 2009, Moody's published a new Rating Methodology
report, entitled: "Refining the ABS SME Approach: Moody's
Probability of Default Assumptions in the Rating Analysis of Granular
Small and Mid-Sized Enterprise Portfolios in EMEA". This
is a refined approach in which Moody's first determines a country-specific
base PD assumption for a pool of SMEs and then adjusts it for the securitised
portfolio quality (e.g. originator's underwriting
quality/data, borrower size/industry, loan characteristics,
etc.) and macro-economic factors (cycle adjustments).
Moody's started to introduce this top down approach towards the
end of 2007, to complement any pool-specific information
(such as past performance data and internal scoring systems) used to derive
the pool PD assumption of SME ABS pools. This approach has further
been refined over time and has led to an increase in PD assumptions in
SME loan transactions rated since end-2007.
Until then, the two main sources of information available to Moody's
to determine the PD assumption on SME pools had been historical data and
internal scoring systems/transition matrices, especially in the
two major SME securitisation markets: Spain and Germany.
However, the available historical data (including transition matrices)
usually only covers a short period (less than six years) and thus does
not allow an accurate assessment of the average creditworthiness of the
SME portfolio across a business cycle that includes a very severe recession.
At the same time, limited information is sometimes provided on internal
rating systems and large differences can be observed in PD estimates for
similar portfolios in the same country.
To reflect its revised approach and increased PD expectations, Moody's
has considered all 79 outstanding SME ABS transactions initially rated
before 2008 (and, in very limited instances, transactions
rated in 2008 while the approach was being further refined).
Moody's has placed on review for possible downgrade the notes in
all 38 transactions exposed to assets in countries or industrial sectors
for which Moody's has increased its PD assumptions and that have
not yet built material additional credit enhancement or that do not benefit
from other off-setting factors (such as a government guarantee).
Moody's applied the same approach when it put the notes in two UK
transactions on review for possible downgrade on 17 February 2009.
While Moody's expects transactions affected by today's rating
actions to see their performance deteriorate over time as reflected in
its revised PD assumptions, to date these transactions have typically
performed in line with Moody's initial expectations. In contrast,
Moody's previously placed the ratings on most of the Notes in 18
Spanish SME ABS deals under review for possible downgrade, the performance
of which had already started to deteriorate significantly. Moody's
will incorporate its revised approach on PD assumptions in the review
process of these Spanish deals.
Moody's expects that the SME ABS transactions affected by today's
rating action could experience a one to two notch rating migration on
some Aaa-rated notes, and larger rating migrations through
the rest of the capital structure. The outcome of the review process
for these transactions will be based on a detailed analysis of each transaction's
specific collateral and structural features, a review of the asset
correlation and recovery assumptions, taking into account any information
provided by the servicers in addition to their regular investor reports
(e.g. loan-by-loan information).
In a separate rating action, on 13 March, Moody's also
placed on review for possible downgrade the ratings of notes in 20 European
collateralised debt obligation (CDO) transactions backed by generally
non-granular portfolios of SMEs. These rating actions reflected
the revision of certain key assumptions that the rating agency uses to
rate and monitor SME CDO transactions. These revised assumptions
are described in greater detail in the press release titled "Moody's updates
key assumptions for rating corporate synthetic CDOs" published on 15 January
2009.
In some instances, Moody's revised assumptions for SME CDO
transactions may also apply to SME ABS transactions. In particular,
when assessing credit risk for the less granular SME ABS transactions,
or those with significant debtor or industrial sector concentrations,
the rating agency's new correlation assumptions may be considered,
which could lead to additional rating actions or affect the migration
for ratings currently on review.
Moody's ratings address the expected loss posed to investors by the legal
final maturity of the notes. Moody's ratings address only the credit
risks associated with the transaction. Other risks have not been
addressed, but may have a significant effect on yield to investors.
The principal methodology that Moody's uses in assessing and monitoring
the ratings of SME ABS is described in the Rating Methodology report for
granular SME transactions in EMEA: ''Refining the ABS SME Approach:
Moody's Probability of Default Assumptions in the Rating Analysis of Granular
Small and Mid-Sized Enterprise portfolios in EMEA'', published
on 17 March, 2009 and "Moody's Approach to Rating Granular SME Transactions
in Europe, Middle East and Africa", published in October 2006,
which can be found at www.moodys.com under the "Ratings
Methodologies & Performance" section.
Today's detailed rating actions are as follows:
Ascot Black CLO A CDS,
Sr CDS, Aaa and Placed Under Review for Possible Downgrade;
previously on 19 October 2006 Assigned Aaa
A CDS, Aaa and Placed Under Review for Possible Downgrade;
previously on 19 October 2006 Assigned Aaa
B CDS, Aa2 and Placed Under Review for Possible Downgrade;
previously on 19 October 2006 Assigned Aa2
C CDS, A2 and Placed Under Review for Possible Downgrade; previously
on 19 October 2006 Assigned A2
D CDS, Baa2 and Placed Under Review for Possible Downgrade;
previously on 19 October 2006 Assigned Baa2
E CDS, Ba2 and Placed Under Review for Possible Downgrade;
previously on 19 October 2006 Assigned Ba2
AyT CAIXA GALICIA EMPRESAS I, FTA
B, Aa3 and Placed Under Review for Possible Downgrade; previously
on 26 November 2007 Assigned Aa3
C, A3 and Placed Under Review for Possible Downgrade; previously
on 26 November 2007 Assigned A3
D, Ba3 and Placed Under Review for Possible Downgrade; previously
on 26 November 2007 Assigned Ba3
AyT FTPYME II, FTA
F3, Baa3 and Placed Under Review for Possible Downgrade; previously
on 27 December 2004 Assigned Baa3
BANKINTER 2 PYME, FTA
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 27 June 2006 Assigned Aaa
B, Aa3 and Placed Under Review for Possible Downgrade; previously
on 27 June 2006 Assigned Aa3
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 27 June 2006 Assigned Baa2
D, Ba3 and Placed Under Review for Possible Downgrade; previously
on 27 June 2006 Assigned Ba3
BBVA 3 FTPYME, FTA
B, A2 and Placed Under Review for Possible Downgrade; previously
on 30 November 2004 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 30 November 2004 Assigned Baa2
BBVA 4 PYME, FTA
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 27 September 2005 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 27 September 2005 Assigned A2
C, Baa3 and Placed Under Review for Possible Downgrade; previously
on 27 September 2005 Assigned Baa3
BBVA EMPRESAS 1, FTA
A1, Aaa and Placed Under Review for Possible Downgrade; previously
on 06 November 2007 Assigned Aaa
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 06 November 2007 Assigned Aaa
A3, Aaa and Placed Under Review for Possible Downgrade; previously
on 06 November 2007 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 06 November 2007 Assigned A2
C, Baa3 and Placed Under Review for Possible Downgrade; previously
on 06 November 2007 Assigned Baa3
BBVA HIPOTECARIO 3, FTA
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 02 June 2005 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 02 June 2005 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 02 June 2005 Assigned Baa2
BEL SME 2006 - I
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Aa2
C, A1 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned A1
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Baa2
Chaves SME CLO No. 1
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 20 December 2006 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 20 December 2006 Assigned Aa2
C, A1 and Placed Under Review for Possible Downgrade; previously
on 20 December 2006 Assigned A1
D, A3 and Placed Under Review for Possible Downgrade; previously
on 20 December 2006 Assigned A3
E, Baa2 and Placed Under Review for Possible Downgrade; previously
on 20 December 2006 Assigned Baa2
Clock Finance No.1 B.V.
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned Aaa
B1, Aa2 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned Aa2
B2, Aa2 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned Aa2
C1, A2 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned A2
C2, A2 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned A2
D, Baa3 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned Baa3
E, Ba3 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned Ba3
F1, B3 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned B3
F2, B3 and Placed Under Review for Possible Downgrade; previously
on 06 March 2007 Assigned B3
CoSMO Finance 2007-1 Limited
A1+, Aaa and Placed Under Review for Possible Downgrade;
previously on 30 July 2007 Assigned Aaa
A2+, Aaa and Placed Under Review for Possible Downgrade;
previously on 30 July 2007 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 30 July 2007 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 30 July 2007 Assigned A2
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 30 July 2007 Assigned Baa2
E, Ba2 and Placed Under Review for Possible Downgrade; previously
on 30 July 2007 Assigned Ba2
F, B2 and Placed Under Review for Possible Downgrade; previously
on 30 July 2007 Assigned B2
CoSMO Finance 2008-1 Limited
A1+, Aaa and Placed Under Review for Possible Downgrade;
previously on 06 October 2008 Assigned Aaa
A2+, Aaa and Placed Under Review for Possible Downgrade;
previously on 06 October 2008 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 06 October 2008 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 06 October 2008 Assigned A2
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 06 October 2008 Assigned Baa2
E, Ba2 and Placed Under Review for Possible Downgrade; previously
on 06 October 2008 Assigned Ba2
F, B2 and Placed Under Review for Possible Downgrade; previously
on 06 October 2008 Assigned B2
FONCAIXA FTGENCAT 3, FTA
A(G), Aaa and Placed Under Review for Possible Downgrade; previously
on 16 November 2005 Assigned Aaa
B, A1 and Placed Under Review for Possible Downgrade; previously
on 16 November 2005 Assigned A1
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 16 November 2005 Assigned Baa2
D, Ba2 and Placed Under Review for Possible Downgrade; previously
on 16 November 2005 Assigned Ba2
FONCAIXA FTGENCAT 4, FTA
A (G), Aaa and Placed Under Review for Possible Downgrade;
previously on 17 July 2006 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 17 July 2006 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 17 July 2006 Assigned Baa2
D, Ba1 and Placed Under Review for Possible Downgrade; previously
on 17 July 2006 Assigned Ba1
FONCAIXA FTGENCAT 5, FTA
A (G), Aaa and Placed Under Review for Possible Downgrade;
previously on 27 November 2007 Assigned Aaa
A (S), Aaa and Placed Under Review for Possible Downgrade;
previously on 27 November 2007 Assigned Aaa
B, Aa3 and Placed Under Review for Possible Downgrade; previously
on 27 November 2007 Assigned Aa3
C, Baa3 and Placed Under Review for Possible Downgrade; previously
on 27 November 2007 Assigned Baa3
FONCAIXA FTPYME 1, FTA
B, A2 and Placed Under Review for Possible Downgrade; previously
on 01 December 2003 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 01 December 2003 Assigned Baa2
FTPYME BANCAJA 2, FTA
B, A2 and Placed Under Review for Possible Downgrade; previously
on 22 September 2003 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 22 September 2003 Assigned Baa2
FTPYME SANTANDER 1, FTA
D, Baa1 and Placed Under Review for Possible Downgrade; previously
on 29 September 2003 Assigned Baa1
FTPYME TDA 7, FTA
A1, Aaa and Placed Under Review for Possible Downgrade; previously
on 21 December 2007 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2007 Assigned A2
C, Ba1 and Placed Under Review for Possible Downgrade; previously
on 21 December 2007 Assigned Ba1
FTPYME TDA BANCA MARCH, FTA
3SA, Baa3 and Placed Under Review for Possible Downgrade; previously
on 29 October 2004 Assigned Baa3
FTPYME TDA CAM 2, FTA
Series 2SA, A2 and Placed Under Review for Possible Downgrade;
previously on 19 November 2004 Assigned A2
Series 3SA, Baa2 and Placed Under Review for Possible Downgrade;
previously on 19 November 2004 Assigned Baa2
GAT FTGENCAT 2005, FTA
A2(G), Aaa and Placed Under Review for Possible Downgrade;
previously on 13 December 2005 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 13 December 2005 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 13 December 2005 Assigned A2
D, Baa3 and Placed Under Review for Possible Downgrade; previously
on 13 December 2005 Assigned Baa3
GC FTPYME SABADELL 4, FTA
A(S), Aaa and Placed Under Review for Possible Downgrade; previously
on 25 October 2005 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 25 October 2005 Assigned A2
C, Baa3 and Placed Under Review for Possible Downgrade; previously
on 25 October 2005 Assigned Baa3
GELDILUX-TS-2005 S.A.
Series 3 A, Aaa and Placed Under Review for Possible Downgrade;
previously on 17 June 2005 Assigned Aaa
Series 3 B, A1 and Placed Under Review for Possible Downgrade;
previously on 17 June 2005 Assigned A1
Series 3 C, Baa2 and Placed Under Review for Possible Downgrade;
previously on 17 June 2005 Assigned Baa2
Series 3 D, Ba2 and Placed Under Review for Possible Downgrade;
previously on 17 June 2005 Assigned Ba2
Series 3 E, B2 and Placed Under Review for Possible Downgrade;
previously on 17 June 2005 Assigned B2
GELDILUX-TS-2007 S.A.
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 03 May 2007 Assigned Aaa
B, A2 and Placed Under Review for Possible Downgrade; previously
on 03 May 2007 Assigned A2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 03 May 2007 Assigned Baa2
D, Ba2 and Placed Under Review for Possible Downgrade; previously
on 03 May 2007 Assigned Ba2
E, B2 and Placed Under Review for Possible Downgrade; previously
on 03 May 2007 Assigned B2
Liquidity Notes, Aaa and Placed Under Review for Possible Downgrade;
previously on 03 May 2007 Assigned Aaa
GELDILUX-TS-2008 S.A.
A1, Aaa and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Aaa
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Aaa
A SS, Aaa and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Aa2
C, Baa2 and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Baa2
D, Ba2 and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Ba2
D SS, Ba2 and Placed Under Review for Possible Downgrade; previously
on 07 August 2008 Assigned Ba2
Liquidity Note, Aaa and Placed Under Review for Possible Downgrade;
previously on 07 August 2008 Assigned Aaa
Goodwood Gold Limited
A1, Aaa and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Aaa
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Aaa
B CDS, Aa2 and Placed Under Review for Possible Downgrade;
previously on 28 November 2007 Assigned Aa2
B1, Aa2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Aa2
B2, Aa2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Aa2
C CDS, A2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned A2
C1, A2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned A2
C2, A2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned A2
D CDS, Baa2 and Placed Under Review for Possible Downgrade;
previously on 28 November 2007 Assigned Baa2
D1, Baa2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Baa2
D2, Baa2 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Baa2
E CDS, Ba1 and Placed Under Review for Possible Downgrade;
previously on 28 November 2007 Assigned Ba1
E1, Ba1 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Ba1
E2, Ba1 and Placed Under Review for Possible Downgrade; previously
on 28 November 2007 Assigned Ba1
IM BANCO POPULAR FTPYME 1, FTA
B, Aa3 and Placed Under Review for Possible Downgrade; previously
on 22 December 2004 Assigned Aa3
C, Ba1 and Placed Under Review for Possible Downgrade; previously
on 22 December 2004 Assigned Ba1
IM FTPYME SABADELL 3, FTA
Series 2, A2 and Placed Under Review for Possible Downgrade;
previously on 23 November 2004 Assigned A2
Series 3, Baa3 and Placed Under Review for Possible Downgrade;
previously on 23 November 2004 Assigned Baa3
IM GRUPO BANCO POPULAR EMPRESAS 1, FTA
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 19 September 2006 Assigned Aaa
B, Aa3 and Placed Under Review for Possible Downgrade; previously
on 19 September 2006 Assigned Aa3
C, A3 and Placed Under Review for Possible Downgrade; previously
on 19 September 2006 Assigned A3
D, Baa3 and Placed Under Review for Possible Downgrade; previously
on 19 September 2006 Assigned Baa3
RCL Securitisation GmbH / Silver Tower 125 Inc.
Tranche 1 Loan, A1 and Placed Under Review for Possible Downgrade;
previously on 21 December 2005 Assigned A1
Tranche 2 Loan, Baa1 and Placed Under Review for Possible Downgrade;
previously on 21 December 2005 Assigned Baa1
Tranche 3 Loan, Ba2 and Placed Under Review for Possible Downgrade;
previously on 21 December 2005 Assigned Ba2
ROOF CEE 2006-1
Sr CDS, Aaa and Placed Under Review for Possible Downgrade;
previously on 23 March 2006 Assigned Aaa
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 23 March 2006 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 23 March 2006 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 23 March 2006 Assigned A2
D, Ba2 and Placed Under Review for Possible Downgrade; previously
on 23 March 2006 Assigned Ba2
SANTANDER EMPRESAS 2, FTA
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 14 December 2006 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 14 December 2006 Assigned A2
D, Baa3 and Placed Under Review for Possible Downgrade; previously
on 14 December 2006 Assigned Baa3
E, Ba1 and Placed Under Review for Possible Downgrade; previously
on 14 December 2006 Assigned Ba1
F, Ca and Placed Under Review for Possible Downgrade; previously
on 14 December 2006 Assigned Ca
SMART SME CLO 2006-1, LTD.
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned A2
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Baa2
E, Ba2 and Placed Under Review for Possible Downgrade; previously
on 21 December 2006 Assigned Ba2
SMILE 2005 Synthetic B.V.
A1, Aaa and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned Aaa
A2, Aaa and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned Aa2
C, A2 and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned A2
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned Baa2
E, Ba3 and Placed Under Review for Possible Downgrade; previously
on 20 December 2005 Assigned Ba3
Smile Securitisation Company 2007 B.V.
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 26 February 2007 Assigned Aaa
B, Aa2 and Placed Under Review for Possible Downgrade; previously
on 26 February 2007 Assigned Aa2
C, A1 and Placed Under Review for Possible Downgrade; previously
on 26 February 2007 Assigned A1
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 26 February 2007 Assigned Baa2
E, Ba3 and Placed Under Review for Possible Downgrade; previously
on 26 February 2007 Assigned Ba3
Stichting Mars 2006
A, Aaa and Placed Under Review for Possible Downgrade; previously
on 19 January 2007 Assigned Aaa
B, Aa1 and Placed Under Review for Possible Downgrade; previously
on 19 January 2007 Assigned Aa1
C, Aa2 and Placed Under Review for Possible Downgrade; previously
on 19 January 2007 Assigned Aa2
D, Baa2 and Placed Under Review for Possible Downgrade; previously
on 19 January 2007 Assigned Baa2
E, Ba3 and Placed Under Review for Possible Downgrade; previously
on 19 January 2007 Assigned Ba3
Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 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
Moody's reviews 38 European SME ABS deals for possible downgrade
