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Rating Action:

Moody's upgrades certain subordinated securities of Northern Rock Asset Management

16 Nov 2010

London, 16 November 2010 -- Moody's Investors Service has today upgraded the Lower Tier 2 securities (LT2) of Northern Rock Asset Management (NRAM) from Ca to Caa3. In addition, one group of NRAM's Tier 1 securities called the TONS (tier one notes) have been upgraded from C to Ca. All other outstanding ratings of NRAM were affirmed. The rating actions follow the tender offer announced by NRAM on November 9, 2010 for certain of its hybrid securities. The outlook is stable on all ratings.

RATINGS RATIONALE

Marjan Riggi, VP/Senior Credit Officer and lead analyst for NRAM said "the proposed cash tender offer for NRAM's remaining Upper Tier 2 and Tier 1 instruments with a total book value of approximately GBP520 million is at a discount to par. As a result, a full take up of the offer would create an immediate net accounting gain for NRAM of approximately GBP324 million which would in effect increase Core Tier 1 capital while decreasing the total amount of capital". Moody's added that as of end-June 2010 reporting period, NRAM reported a positive net income of GBP349.7million in contrast to two consecutive losses of -GBP257.5million and -GBP724.2million respectively as of of FYE 2009 and end-June 2009. Moody's has upgraded the ratings of NRAM's LT2 securities to Caa3 from Ca to reflect the slight improvement in the underlying financial fundamentals of NRAM.

Moody's added that the tender offer also extends to the TONS which have resumed coupon payments because of NRAM having met certain capital thresholds as of the end-June 2010 reporting period. As a result, Moody's has upgraded the rating of TONS to Ca from C. The ratings of all other hybrid securities were affirmed at C and incorporate our expectation of lower recovery for these instruments relative to the TONS and LT2 securities. Coupons on all hybrids other than TONS have been suspended indefinitely and are fully loss absorbing while NRAM is in receipt of State Aid. Moody's notes that the Aa3/P-1/stable ratings of NRAM's senior debt are based on the guarantee from the UK government and are not affected by this transaction.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007 and Moody's Guidelines for Rating Hybrid Securities and Subordinated Debt published in January 2010.

Moody's last rating action on Northern Rock Asset Management was on January 11, 2010 when the senior ratings for NRAM were upgraded to Aa3 from A2. Subsequently on June 2, 2010 all ratings of NRAM were affirmed following the cash tender offer for some its subordinated securities.

Headquartered in Newcastle-upon-Tyne, United Kingdom, Northern Rock Asset Management had total assets of GBP69.8billion as of June 30, 2010.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, and public information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

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 www.moodys.com/disclosures on our website for further information.

Moody's adopts all necessary measures so that the information it uses in assigning a credit 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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

London
Marjan Riggi
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Johannes Wassenberg
MD - Banking
Financial Institutions 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

Moody's upgrades certain subordinated securities of Northern Rock Asset Management
No Related Data.
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