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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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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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I AGREE
Announcement:

Moody's updates on transactions with SNS acting as servicer and cash manager

24 May 2011

London, 24 May 2011 -- On the 5 April 2010, Moody's Investors Service's Financial Institution Group (FIG) downgraded SNS Bank's (Baa1/P-2/D+/Stable outlook) long-term debt rating to Baa1 from A3 and its outlook was revised to stable from negative. The prime-2 short-term debt rating was affirmed. Please refer to the updated press release dated 11 of April 2011 for details on this action.

Moody's notes that the Issuer/Sponsor of the transactions listed at the end of this press release has amended the administration agreement. SNS Bank fulfils the role of both the cash manager and servicer in the transactions listed. According to these amendments if the rating of the long-term unsecured debt obligations of SNS Bank, falls below Baa3 or the rating is withdrawn, the Issuer shall use his reasonable efforts to appoint a back-up servicer and cash manager within 40 business days. This is now in line with our guidelines published on 2 March 2011, "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk".

SNS Bank is a 100% subsidiary of SNS REAAL N.V. ("SNS REAAL") and is part of the group formed by SNS REAAL and its subsidiaries. SNS Bank N.V. is a Dutch branch based retail banking organisation, concentrating on savings, mortgages and services to small and medium sized enterprises (SMEs) in the Netherlands. The listed transactions that now benefit from a back up servicer and cash manager trigger are the Hermes VIII, IX, X, XI, XII, XIII, XIV, XV, XVI, XVII transactions and the PEARL Mortgage Backed Securities 4 B.V. The Hermes transactions were launched between February 2005 and October 2010. The Hermes transactions either benefit from a sufficient reserve fund or a cash advance facility. The first layer of protection for investors in the notes is a guaranteed excess spread. The PEARL Mortgage Backed Securities 4 B.V. was launched in July 2010 and benefits from sufficient liquidity facility and a guaranteed excess spread.

For more details on the deal structure, please refer to the Hermes VIII, IX, X, XI, XII, XIII, XIV, XV, XVI, XVII and the PEARL Mortgage Backed Securities 4 B.V. new issue reports. All reports are available on www.moodys.com.

Please also refer to the "Dutch RMBS Indices - February 2011", which is available on www.moodys.com in the Industry/Sector Research sub-directory under the Research & Ratings tab.

Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The Operational Risk Guidelines described in this press release complement the applicable principal methodologies for each asset class. To identify the primary methodology for each of the asset classes of the listed transactions, please refer to the index of methodologies under the research and ratings tab on Moodys.com.

The principal methodology Moody's used in rating these transactions is described in the Rating Methodology reports: "Moody's Updated MILAN methodology for Rating Dutch RMBS", published on 16 March 2009, "Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model", published in January 2006, and "Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction," published in December 2008.

The lead analyst and rating office for each of the transactions listed 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.

LIST OF TRANSACTIONS

Issuer: Holland Mortgage Backed Series (Hermes) VIII B.V.

Issuer: Holland Mortgage Backed Series (Hermes) IX B.V.

Issuer: Holland Mortgage Backed Series (Hermes) X B.V.

Issuer: Holland Mortgage Backed Series (Hermes) XI B.V.

Issuer: Holland Mortgage Backed Series (Hermes) XII B.V.

Issuer: Holland Mortgage Backed Series (Hermes) XIII B.V.

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XIV B.V.

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XV B.V.

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XVI B.V.

Issuer: HOLLAND MORTGAGE BACKED SERIES (HERMES) XVII B.V.

Issuer: PEARL Mortgage Backed Securities 4 B.V.

London
Shivani Kak
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's updates on transactions with SNS acting as servicer and cash manager
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.

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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.

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