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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Related Issuers
ARENA 2004-I B.V.
ARENA 2004-II B.V.
ARENA 2005-I B.V.
ARENA 2006-I B.V.
Asset-Backed European Securitisation Transaction
Asset-Backed European Securitisation Transaction Two S.r.l.
Athlon Securitisation B.V.
Atlante Finance Srl
ATOMIUM MORTGAGE FINANCE 2003-I B.V.
Auto ABS Compartiment 2004-1
Cars Alliance Auto Loans France FCC - Series 2006
Castoro RMBS S.r.l.
DARTS FINANCE B.V.
DARTS FINANCE B.V. (Amstelhuys 2005 NHG portfolio)
DFM Vehicle Loans Securitisation 2005
DIAMOND MORTGAGE FINANCE 2006 N.V.
Dutch Mortgage Portfolio Loans V B.V. (DMPL 5)
E-MAC NL 2004-I B.V.
E-MAC NL 2004-II B.V.
E-MAC NL 2005-III B.V.
E-MAC NL 2006-II B.V.
E-MAC NL 2006-NHG I B.V.
FAST 2005 Limited
F-E Green S.r.l.
F-E Mortgages S.r.l.
GIOTTO FINANCE 2 S.p.A.
Granite Mortgages 03-2 plc
Granite Mortgages 04-2 plc
HOLLAND EURO-DENOMINATED MORTGAGE-BACKED SERIES (HERMES) V B.V.
HOLLAND HOMES MBS 2003-1 B.V.
Magellan Mortgages No. 2 plc
Marble Arch Residential Securitisation No. 3 Limited
Money Partners Securities 2 Plc (MPS 2)
Money Partners Securities 3 Plc (MPS 3)
Money Partners Securities 4 Plc (MPS 4)
MOUND FINANCING (NO. 4) PLC
Pan-European Industrial Properties Series III SA
Pan-European Industrial Properties Series IV S.A. (Compartment 1)
Paragon Mortgages (No. 10) PLC
Paragon Mortgages (No. 11) PLC
Paragon Mortgages (No. 12) PLC
Paragon Mortgages (No. 9) PLC
PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY
PELICAN MORTGAGES NO. 2 PUBLIC LIMITED COMPANY
PERMANENT FINANCING (NO. 8) PLC
Residential Mortgage Securities 19 Plc (RMS 19)
SAECURE 2 B.V.
SAECURE 3 B.V.
SAECURE 4 B.V.
SAECURE 5 B.V.
Sound I B.V.
STICHTING ELEVEN CITIES No. 1
STICHTING ELEVEN CITIES No. 2
STICHTING HOLLAND HOMES III
STICHTING UIVER 2002
VELA HOME S.r.l. - Series 3
Vesteda Residential Funding II B.V.
Announcement:

Moody's updates on ABS, RMBS and CMBS transactions having swaps affected by the rating action on Royal Bank of Scotland N.V.

08 Mar 2010

London, 08 March 2010 -- On 5 February 2010, Moody's Investors Service downgraded to A2 from Aa3 the long-term senior unsecured debt rating of Royal Bank of Scotland N.V. ("RBS N.V.", formerly ABN AMRO Bank N.V.); the short-term rating was affirmed at Prime-1. The downgrade was driven by the de-merger of the Dutch state-acquired business of ABN AMRO, which is now named ABN AMRO Bank N.V. Please refer to Moody's press release dated 5 February 2010 for details on this action.

RBS N.V. performs the role of swap counterparty in a number of EMEA ABS, RMBS and CMBS transactions. In each of the transactions listed at the end of this press-release, the swap agreement requires RBS to post collateral within 30 or 45 calendar days of its rating being downgraded below A1, unless and until it transfers the swap to a replacement counterparty or obtains a guarantee.

Moody's understands that RBS N.V. intends to transfer the swaps for the listed transactions to Royal Bank of Scotland Plc ("RBS Plc", rated Aa3/P-1) and, in the meantime, post collateral in favour of the issuers. However, in some cases, the amount of collateral to be posted may not be fully consistent with Moody's current published collateral formulas (see Moody's Report, "Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions", May 2007). Further, for a number of the affected transactions, collateral will not be posted pursuant to a pre-existing collateral arrangement; rather, Moody's understands that new documentation will be drafted with the intention of implementing Moody's criteria. For these reasons, Moody's is not yet in a position to determine whether, for all affected transactions, it will give value to the proposed collateral in assessing whether the rated notes are de-linked from the credit risk of RBS N.V.

Over the coming weeks, Moody's will closely monitor the situation and in case the anticipated transfers to Royal Bank of Scotland are not effected, review the degree of linkage to RBS N.V. and any consequent rating impact. Moody's will update the market accordingly.

List of affected transactions:

ARENA 2004-I B.V.

ARENA 2004-II B.V.

ARENA 2005-I B.V.

ARENA 2006-I B.V.

Asset-Backed European Securitisation Transaction

Asset-Backed European Securitisation Transaction Two S.r.l.

Athlon Securitisation B.V.

Atlante Finance Srl

ATOMIUM MORTGAGE FINANCE 2003-I B.V.

Auto ABS Compartiment 2004-1

Cars Alliance Auto Loans France FCC - Series 2006

Castoro RMBS S.r.l.

Darts Finance B.V.

DARTS FINANCE B.V. (Amstelhuys 2005 NHG portfolio)

DFM Vehicle Loans Securitisation 2005

DIAMOND MORTGAGE FINANCE 2006 N.V.

Dutch Mortgage Portfolio Loans V B.V. (DMPL 5)

E-MAC NL 2004-I B.V.

E-MAC NL 2004-II B.V.

E-MAC NL 2005-III B.V.

E-MAC NL 2006-II B.V.

E-MAC NL 2006-NHG I B.V.

F-E Green S.r.l.

F-E Mortgages S.r.l.

FAST 2005 Limited

GIOTTO FINANCE 2 S.p.A.

Granite Mortgages 03-2 plc

Granite Mortgages 04-2 plc

HOLLAND EURO-DENOMINATED MORTGAGE-BACKED SERIES (HERMES) V B.V.

HOLLAND HOMES MBS 2003-1 B.V.

Magellan Mortgages No. 2 plc

Marble Arch Residential Securitisation No. 3 Limited

Money Partners Securities 2 Plc (MPS 2)

Money Partners Securities 3 Plc (MPS 3)

Money Partners Securities 4 Plc (MPS 4)

MOUND FINANCING (NO. 4) PLC

Pan-European Industrial Properties Series III SA

Pan-European Industrial Properties Series IV S.A. (Compartment 1)

Paragon Mortgages (No. 10) PLC

Paragon Mortgages (No. 11) PLC

Paragon Mortgages (No. 12) PLC

Paragon Mortgages (No. 9) PLC

PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY

PELICAN MORTGAGES NO. 2 PUBLIC LIMITED COMPANY

PERMANENT FINANCING (NO. 8) PLC

Residential Mortgage Securities 19 Plc (RMS 19)

SAECURE 2 B.V.

SAECURE 3 B.V.

SAECURE 4 B.V.

SAECURE 5 B.V.

Sound I B.V.

STICHTING ELEVEN CITIES No. 1

STICHTING ELEVEN CITIES No. 2

STICHTING HOLLAND HOMES III

STICHTING UIVER 2002

VELA HOME S.r.l. - Series 3

Vesteda Residential Funding II B.V.

Moody's principal methodologies used monitoring the ratings of RMBS transactions referred to in this press-release are "Moody's Methodology for Rating RMBS in Europe, Middle East and Africa (EMEA)", October 2008, "Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model", January 2006, and "Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction", December 2008.

Moody's principal methodologies used in monitoring the ratings of ABS Auto Loan transactions referred to in this press-release are "Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction", December 2008, "The Lognormal Method Applied to ABS Analysis", 20 July 2000 and "Moody's Approach to rating European Auto ABS: More rubber set to hit European Roads", 19 November 2002.

Moody's principal methodology used in monitoring the ratings of the transaction F-E Green S.r.l. is described in the Rating Methodology report for EMEA ABS: "The Lognormal Method Applied to ABS Analysis", July 2000.

Moody's principal methodologies used in monitoring the CMBS transactions described in this press-release are "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA", June 2005 and "Moody's Updates on its Surveillance Approach for EMEA CMBS", March 2009.

All of the above reports are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

London
Barbara Rismondo
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Maria Divid
Senior Associate
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's updates on ABS, RMBS and CMBS transactions having swaps affected by the rating action on Royal Bank of Scotland N.V.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
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