Hong Kong, February 20, 2012 -- Moody's has announced the placement on review for downgrade structured
finance securities that are directly linked to the ratings of certain
European banks, which were placed under review on February 15,
2012.
Today's rating actions affect 35 tranches including 33 variable
promise notes and 2 repackaged securities. Provisional ratings
have been assigned to notes which are proposed by the issuer and not yet
issued. These provisional ratings are also affected and denoted
by (P) in front of the rating.
The securities affected are listed below:
Issuer: Lunar Funding III Limited
....EUR227,500,000 Series 25 Principal
Protected Notes due 2014, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 10, 2011 Downgraded to A2(sf)
Underlying rated securities: A EUR 227,500,000 zero
coupon bond due 2014 (ISIN XS0281550342) issued by The Royal Bank of Scotland
plc
Issuer: Magnolia Finance V plc
....Series 2006-5 USD 10,000,000
Principal Protected Notes due 2051, A1 (sf) Remains On Review for
Possible Downgrade; previously on Nov 11, 2011 A1 (sf) Placed
Under Review for Possible Downgrade
Underlying rated securities: A USD 10,000,000 zero coupon
bond due 2014 (ISIN: XS0272408286) issued by HBOS Treasury Services
Plc and subsequently assumed by Bank of Scotland plc
Issuer: Barclays Bank PLC
....AUD 1,928,000 Index Linked
Notes due March 2017, Series GSN26572 (ISIN: XS0521497973),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Mar 4, 2011 Definitive Rating Assigned Aa3 (sf)
....AUD 209,700,000 Index Linked
Notes due 7 November 2016, Series GSN26167 (ISIN: XS0514559839),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Nov 5, 2010 Definitive Rating Assigned Aa3 (sf)
....AUD 28,220,000 Index Linked
Notes due 27 April 2017, Series GSN26573 (ISIN: XS0521498195),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Apr 19, 2011 Definitive Rating Assigned Aa3 (sf)
....AUD 460,000,000 Equity Linked
Notes due April 2017, Series GSN27341 (ISIN: XS0535295694),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Apr 11, 2011 Definitive Rating Assigned Aa3 (sf)
....AUD 6,500,000 Index Linked
Notes due 13 October 2016, Series GSN26014 (ISIN: XS0512593277),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Oct 6, 2010 Definitive Rating Assigned Aa3 (sf)
....AUD 554,343,600 Index Linked
Notes due July 2017, Series GSN28180 (ISIN: XS0547217140),
Aa3 (sf) Placed Under Review for Possible Downgrade; previously on
Jul 25, 2011 Definitive Rating Assigned Aa3 (sf)
....AUD [25,000,000] 6 Year
Income Growth Switcher, Series GSN28909 (ISIN: XS0563171551),
(P)Aa3 (sf) Placed Under Review for Possible Downgrade;
....AUD [20,000,000] Index
Linked Notes due [9 May 2017], Series GSN29209 (ISIN:
XS0569848103), (P)Aa3 (sf) Placed Under Review for Possible Downgrade;
....AUD [50,000,000] Index
Linked Notes due [March 2017], Series GSN28946 (ISIN:
XS0563972560), (P)Aa3 (sf) Placed Under Review for Possible Downgrade;
Issuer: Credit Suisse AG
....AUD167,751,900 6-Year
AUD Equity Index Linked Note SPLB2010-1122 (ISIN: XS0517955711),
Aa1 (sf) Remains On Review for Possible Downgrade; previously on
Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade
....AUD927,000 3-Year AUD Equity
Index Linked Note Series SPLB2011-005 Notes (ISIN: XS0577453474),
Aa1 (sf) Remains On Review for Possible Downgrade; previously on
Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade
....AUD388,024,400 6-Year
AUD Equity Index Linked Note SPLB2010-1124 (ISIN: XS0517393962),
Aa1 (sf) Remains On Review for Possible Downgrade; previously on
Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade
....AUD11,778,800 6-Year
AUD Equity Index Linked Note SPLB2010-1421 (ISIN: XS0566418827),
Aa1 (sf) Remains On Review for Possible Downgrade; previously on
Nov 15, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade
....AUD[100,000,000] 5-Year
AUD Equity Index Linked Note Series [] (ISIN: XS0622483278),
(P)Aa1 (sf) Remains On Review for Possible Downgrade;
....NZD[100,000,000] 6-Year
NZD Equity Index Linked Notes Series [] (ISIN: XS0580387842),
(P)Aa1 (sf) Remains On Review for Possible Downgrade;
....AUD[100,000,000] 6-Year
AUD Equity Index Linked Note Series SPLB2010-1125 (ISIN:
XS0517435557), (P)Aa1 (sf) Remains On Review for Possible Downgrade;
Issuer: Deutsche Bank AG
....AUD [.] Non Guaranteed and
Unsecured 6-Year AUD Note Linked to S&P/AS200 Index (ISIN:
XS0576543176), (P)Aa3 (sf) Placed Under Review for Possible Downgrade;
....AUD [.] Non Guaranteed and
Unsecured 6-Year AUD Note Linked to S&P/AS200 Index (ISIN:
XS0568367725), (P)Aa3 (sf) Placed Under Review for Possible Downgrade;
Issuer: Societe Generale
....AUD[50,000,000] SG 6
Year AUD S&P/ASX200 Index-linked Unsecured and Non-Guaranteed
Structured Note (ISIN: XS0650761108), Series 34641/11.12,
Tranche 1, (P)A1 (sf) Placed Under Review for Possible Downgrade;
....AUD[100,000,000] SG 6
Year AUD S&P/ASX200 Index-linked Unsecured and Non-Guaranteed
Structured Note (ISIN: XS0563944783), Series 29725 (the "Series
29725 Notes"), (P)A1 (sf) Placed Under Review for Possible Downgrade;
Issuer: UBS AG
....AUD 30,430,000 Equity Linked
Notes due September 2016, Series 8467 (XS0525302963), Aa3
(sf) Remains On Review for Possible Downgrade; previously on Sep
16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade
....AUD 5,488,000 Equity Linked
Notes due 2016, Series 8362 (XS0509273933), Aa3 (sf) Remains
On Review for Possible Downgrade; previously on Sep 16, 2011
Aa3 (sf) Placed Under Review for Possible Downgrade
....AUD 33,617,900 6-year
Equity Linked Notes due 2017, Series 8803 (XS0561509786),
Aa3 (sf) Remains On Review for Possible Downgrade; previously on
Sep 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade
....AUD 39,000,000 Equity Linked
Notes due March 2017, Series 8701 (XS0549973377), Aa3 (sf)
Remains On Review for Possible Downgrade; previously on Sep 16,
2011 Aa3 (sf) Placed Under Review for Possible Downgrade
....593,957,600 Equity Linked
Notes due 2017 Series 8638 (XS0542668396), Aa3 (sf) Remains On Review
for Possible Downgrade; previously on Sep 16, 2011 Aa3 (sf)
Placed Under Review for Possible Downgrade
....AUD 12,870,000 Equity Linked
Notes due 2016, Series 8445 (XS0521412659), Aa3 (sf) Remains
On Review for Possible Downgrade; previously on Sep 16, 2011
Aa3 (sf) Placed Under Review for Possible Downgrade
....AUD 7,722,000 Equity Linked
Notes due 2016, Series 8456 (XS0523325677), Aa3 (sf) Remains
On Review for Possible Downgrade; previously on Sep 16, 2011
Aa3 (sf) Placed Under Review for Possible Downgrade
....NZD1,170,435,200 Equity
Linked Notes due 2017, Series 8863 (the "Note," ISIN code:
XS0568321813), Aa3 (sf) Remains On Review for Possible Downgrade;
previously on Oct 26, 2011 Definitive Rating Assigned Aa3 (sf) and
Remained On Review for Possible Downgrade
....AUD 31,200,000 6-year
AUD Equity Linked Notes due 2015 linked to the KOSPI 200 Index,
Aa3 Remains On Review for Possible Downgrade; previously on Sep 16,
2011 Aa3 Placed Under Review for Possible Downgrade
....AUD[20,000,000] Equity
Linked Notes due May 2017, Series 8921 (XS0576540586), (P)Aa3
(sf) Remains On Review for Possible Downgrade;
....AUD[20,000,000] Equity
Linked Notes due 2017, Series 9028 (XS0593547952), (P)Aa3
(sf) Remains On Review for Possible Downgrade;
....AUD[30,000,000] Equity
Index Linked Notes due [2015], Series 9504 (XS0641052484),
(P)Aa3 (sf) Remains On Review for Possible Downgrade;
....AUD[30,000,000] Equity
Linked Notes due March 2015, Series 8753 (XS0555980290), (P)Aa3
(sf) Remains On Review for Possible Downgrade;
RATINGS RATIONALE
Moody's explained that rating reviews were driven by the placement under
review of banks in Europe. For further information on the underlying
action see the press release titled "Moody's Reviews Ratings for
European Bank" on www.moody.com. Each rating
is essentially a pass-through of the rating of the issuer or,
if any, the underlying security. Note holders are exposed
to the credit risk of the issuer or the underlying security and therefore
the rating moves in lock-step in each case.
RATING METHODOLOGY
The principal methodology used in each rating was "Moody's Approach to
Rating Repackaged Securities" published in April 2010. Please
see the Credit Policy page on www.moodys.com for a copy
of this methodology.
No additional cash flow analysis or stress scenarios have been conducted
as the rating was directly derived from the rating of the underlying security.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
Moody's considers the quality of information available on the rated
entity, obligation or credit satisfactory for the purposes of issuing
a rating.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
In addition to the information provided below please find on the ratings
tab of the issuer page at www.moodys.com, for each
of the ratings covered, Moody's disclosures on the lead rating
analyst and the Moody's legal entity that has issued each of the
ratings.
Kan Leung
Analyst
Structured Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Koji Kumamaru
MD - Structured Finance
Structured Finance Group
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Moody's reviews for downgrade 35 Asian structured finance transactions following the review for downgrade of certain European banks