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Related Issuers
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
Barclays Bank PLC 6 Year Income Growth Switcher, Series GSN28909 (ISIN: XS0563171551)
Barclays Bank PLC AUD [20,000,000] Index Linked Notes due [9 May 2017], Series GSN29209 (ISIN: XS0569848103)
Barclays Bank PLC AUD 1,928,000 Index Linked Notes due March 2017, Series GSN26572 (ISIN: XS0521497973)
Barclays Bank PLC AUD 209,700,000 Index Linked Notes due 7 November 2016, Series GSN26167 (XS0514559839)
Barclays Bank PLC AUD 28,220,000 Index Linked Notes due 27 April 2017, Series GSN26573 (ISIN: XS0521498195)
Barclays Bank PLC AUD 460,000,000 Equity Linked Notes due April 2017, Series GSN27341 (ISIN: XS0535295694)
Barclays Bank PLC AUD 50,000,000 Index Linked Notes due 21 March 2017, Series GSN28946 (ISIN: XS0563972560)
Barclays Bank PLC AUD 6,500,000 Index Linked Notes due 13 October 2016, Series GSN26014
Barclays Bank PLC AUD554,343,600 Index Linked Notes due July 2017, Series GSN28180 (ISIN: XS0547217140)
Credit Suisse AG AUD927,000 3-Year AUD Equity Index Linked Note Series SPLB2011-005 (ISIN: XS0577453474)
Credit Suisse AG, AUD [100,000,000] 5-Year AUD Equity Index Linked Note, Series [] (ISIN: XS0622483278)
Credit Suisse AG, NZD [100,000,000] 6-Year NZD Equity Index Linked Notes, Series [] (ISIN: XS0580387842)
Credit Suisse AUD 167,751,900 6-Year AUD Equity Index Linked Note SPLB2010-1122 (XS0517955711)
Credit Suisse AUD 388,024,400 6-Year AUD Equity Index Linked Note SPLB2010-1124 (XS0517393962)
Credit Suisse AUD[100,000,000] 6-Year AUD Equity Index Linked Note Series SPLB2010-1125 (XS0517435557)
Credit Suisse AUD11,778,800 6-Year AUD Equity Index Linked Note SPLB2010-1421 (XS0566418827)
Deutsche Bank AG [.] Non Guaranteed and Unsecured 6-Year AUD Note Linked to S&P/AS200 Index (ISIN: XS0576543176)
Deutsche Bank AG AUD [.] Non Guaranteed and Unsecured 6-Year AUD Note Linked to S&P/AS200 Index (ISIN: XS0568367725)
Lunar Funding III Limited - Series 25
Magnolia Finance V plc - Series 2006-5
SG 6 Year AUD S&P/ASX200 Index-linked Unsecured and Non Guaranteed Structured Note, Series 29725 (ISIN: XS0563944783)
UBS AG 6-Year AUD 33,617,900 Equity Linked Notes due 2017, Series 8803 (ISIN: XS0561509786)
UBS AG AUD [20,000,000] Equity Linked Notes due May 2017, Series 8921 (ISIN: XS0576540586)
UBS AG AUD 39,000,000 Equity Linked Notes due March 2017, Series 8701 (ISIN Code: XS0549973377)
UBS AG AUD 593,957,600 Equity Linked Notes due 2017, Series 8638 (ISIN: XS0542668396)
UBS AG AUD[20,000,000] Equity Linked due 2017 Notes Series 9028 (ISIN: XS0593547952)
UBS AG AUD[30,000,000] Equity Index Linked Notes due [2015], Series 9504 (ISIN: XS0641052484)
UBS AG Equity Linked Notes due 2016, Series 8445 (XS0521412659)
UBS AG Equity Linked Notes due 2016, Series 8456 (XS0523325677)
UBS AG Equity Linked Notes due March 2015, Series 8753 (XS0555980290)
UBS AG NZD1,170,435,200 Equity Linked Notes due 2017 Series 8863 (ISIN: XS0568321813)
UBS AUD 30,430,000 Equity Linked Notes due September 2016 Series 8467 (XS0525302963)
UBS AUD 31,200,000 6 Year AUD Equity Linked Notes due 2015
UBS AUD 5,488,000 Equity Linked Notes due 2016, Series 8362 (XS0509273933)
Announcement:

Moody's reviews for downgrade 35 Asian structured finance transactions following the review for downgrade of certain European banks

20 Feb 2012

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
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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