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03 Dec 2008
Moody's to assign backed Aaa ratings to eligible banks' new debt securities covered by Dutch guarantee
Paris, December 03, 2008 -- Moody's Investors Service announced today that it will assign backed ratings
of Aaa to new long-term senior debts issued by eligible financial
institutions that are covered by the guarantee of the Kingdom of the Netherlands.
To be eligible debts must be issued by the end of December 2009.
The backed Aaa ratings that will be assigned to guaranteed notes are based
on the unconditional and irrevocable guarantee from the Kingdom of the
Netherlands (Aaa/P-1). Moody's will also assign backed P-1
ratings to new short-term obligations covered by the guarantee.
This will reflect that guaranteed obligations of these institutions,
issued within the guarantee period, are backed by the Kingdom of
the Netherlands rated Aaa/P-1. This guarantee scheme has
been put in place following the government's publicly stated objective
of improving the medium-term financing of the country's banking
Moody's will assign backed -Aaa and backed Prime-1 ratings
with a stable outlook only to those instruments or programmes that are
currently not rated at that level. Backed-Aaa ratings will
only be assigned to those obligations issued before 31 December 2009 with
a maturity ranging from three months to three years. To reflect
the stand-alone credit profile of the issuers and the exposure
of creditors to un-guaranteed obligations, Moody's will maintain
the stand-alone ratings of the issuers.
The guarantee could be provided to debt instruments issued by eligible
institutions. Eligibility criteria are defined in the rules of
the 2008 credit guarantee scheme of the Kingdom of the Netherlands and
will be checked by the Dutch Central Bank upon application by the banks.
The list of banks that have applied and been accepted in the scheme is
publicly available on the website of the Dutch State Treasury Agency.
Instruments covered by the guarantee are senior debt issuance with a maturity
from three to thirty-six months including commercial paper,
certificates of deposits or medium term notes. Subordinated debts
and complex instruments are excluded from the guarantee.
Moody's notes that the guarantee provides for payments to be made on demand.
However, the guarantor is entitled to request evidence from the
beneficiaries. It is Moody's understanding that the Kingdom
of the Netherlands undertakes to pay promptly on receipt of a valid demand.
Given the government's intention to restore confidence and liquidity in
the country's financial system, Moody's expects that any such claims
will be paid in a timely manner.
Moody's also notes that according to the terms of the guarantee,
interest between the due date and the actual payment date will accrue
based on the Euro OverNight Index Average (EONIA) rate and not on the
contractual rate. Due date is to be defined contractually by issuers
in their issuing documentations.
At the time of writing LeasePlan (rated A3/P-2/C, on review
for possible downgrade) and NIBC (rated Baa1/P-2/C-,
stable outlook) are the only two Dutch banks that have applied for debt
instruments to be covered by the guarantee of the Kingdom of the Netherlands
and have been declared eligible. LeasePlan has already announced
that it is planning to issue guaranteed obligations.
Moody's will assign backed rating of Aaa/P-1 to 1.6
billion guaranteed senior unsecured notes to be issued under the 15
billion debt issuance programme established by LeasePlan. This
rating will be assigned only to senior unsecured issuances under the above
programme that have been awarded an eligibility certificate by the Kingdom
of the Netherlands and therefore qualify as guaranteed notes.
The Aaa/Prime-1 ratings reflect the fact that the guaranteed obligations
are backed by the Aaa/P-1 rating of the Kingdom of the Netherlands.
The outlook on the backed rating is stable, in line with that on
the Kingdom of the Netherlands' ratings.
Reynold R. Leegerstee
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Stephane Le Priol
VP - Senior Credit Officer
Financial Institutions Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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