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Rating Action:

Moody's takes action on very few Greek structured finance transactions following Greece's downgrade to Ca

29 Jul 2011

Only Greek government-related transactions and transactions highly linked to Greek banks affected

Paris, July 29, 2011 -- Moody's Investor Service has today taken the following actions on a limited number of Greek structured finance transactions:

1. Titlos plc, a government-related transaction, has been downgraded to Ca(sf) from Caa1(sf);

2. Ariadne S.A. Secured Notes, also a government-related transaction, has been placed on review for downgrade;

3. Four transactions with high linkage to Greek banks--namely Axia III Finance Plc, Katanalotika Plc, Praxis II Finance Plc, and Epihiro Plc --have also been placed on review for downgrade.

Moody's did not take any action on any other Greek structured finance transaction.

The highest achievable rating for Greek structured finance transactions remains Ba1(sf). A detailed list of the ratings affected by today's actions can be found at the end of this press release.

RATINGS RATIONALE

Today's rating actions follow the downgrade to Ca from Caa1 of the Greek government debt rating and the placement on review for downgrade of the ratings of Greek banks on 25 July 2011. Moody's anticipates that Greek banks will suffer substantial economic losses on their holdings of Greek government debt under the debt exchange proposal made by major financial institutions.

--GOVERNMENT-RELATED TRANSACTIONS

Moody's took rating actions on two transactions that are directly linked to the creditworthiness of the Greek government:

- Moody's downgraded to Ca(sf) from Caa1(sf) the rating of Titlos plc, a transaction backed by a swap relying on payments by the Greek government. The downgrade of this transaction mirrors the Greek sovereign rating downgrade.

- Moody's placed on review for downgrade the rating of Ariadne S.A. Secured Notes, a transaction backed by Greek lottery receivables and a guarantee from the Greek government. The government guarantee would only be called to the extent that both the payments from the receivables and the liquidity reserve were insufficient to repay the notes. Moody's review will consider the re-assessment of the credit risk profile of Greek debt after the debt exchanges have been completed as well as the amount of receivable collections and the liquidity reserve.

--TRANSACTIONS HIGHLY LINKED TO GREEK BANKS

Moody's placed four asset-backed transactions on review for downgrade today that are highly linked to either Piraeus Bank or Alpha Bank AE (both rated B3, on review for downgrade), because their issuer accounts, including reserve funds, are held at these banks. Should the banks become insolvent, all sources of liquidity in these transactions could become trapped in their insolvency estate, creating immediate payment defaults and, potentially, more severe losses.

Increased default expectations for the Greek banks will result in increased default expectations for transactions highly linked to these banks. Moody's review will consider the outcome of the Greek bank rating review.

--ALL OTHER GREEK STRUCTURED FINANCE TRANSACTIONS

The downgrade of Greek government debt will not affect other Greek structured finance transaction ratings because the combination of the announced EU support programme and debt exchange proposals by major financial institutions points to an orderly restructuring of Greek government debt. Moody's stated on 10 June 2011 that the orderly restructuring of Greek government debt would likely have no further impact on Greek structured finance ratings, with the exception of highly linked transactions.

Upon an orderly default of the Greek government, some temporary disruption may occur and severe losses could arise. However, Moody's has already reflected these extreme loss scenarios in the current ratings of the notes.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The applicable principal methodologies for each asset class are listed in the index of methodologies under the research and ratings tab on Moodys.com.

Moody's methodology for rating Ariadne is primarily based on the effective guarantee of the Greek government rather than on the value of the lottery receivables backing the notes, but also considers the benefit of the non-amortizing liquidity reserve. Moody's methodology for rating Titlos considers a full linkage to the rating of Greece.

LIST OF AFFECTED TRANSACTIONS BY RELEASING OFFICE

Releasing Office:

Moody's Investors Service Ltd.

One Canada Square

Canary Wharf

London E14 5FA

United Kingdom

Issuer: Axia III Finance Plc

A Certificate, B1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 10, 2011 Downgraded to B1 (sf)

Issuer: Praxis II Finance Plc

A Certificate, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 10, 2011 Downgraded to Ba3 (sf)

Issuer: EPIHIRO PLC

Class A Asset Backed Floating Rate Notes due January 2035 Notes, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2011 Downgraded to Ba3 (sf)

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

Releasing Office:

Moody's France SAS

96 Boulevard Haussmann

75008 Paris

France

Issuer: Ariadne S.A. Secured Notes

A Notes, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 3, 2011 Downgraded to Caa1 (sf)

Issuer: Titlos plc

A Certificate, Downgraded to Ca (sf); previously on Jun 3, 2011 Downgraded to Caa1 (sf)

Issuer: KATANALOTIKA PLC

A Certificate, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2011 Downgraded to Ba3 (sf)

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 agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Please see www.moodys.com for any updates on changes to the lead rating analyst, and to the Moody's legal entity that has issued the rating.

Paris
Ariel Weil
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Katherine Frey
MD - EMEA Structured Fin
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's takes action on very few Greek structured finance transactions following Greece's downgrade to Ca
No Related Data.
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