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I AGREE
Rating Action:

Moody's upgrades ratings on Repack notes of Aquarius + Investments plc

10 Apr 2014

London, 10 April 2014 -- Moody's Investors Service has upgraded the ratings on the following notes issued by Aquarius + Investments plc:

Issuer: Aquarius + Investments Plc

....EUR245M Series Dynamo 1 Class 3C Notes, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....EUR32.5M Dynamo Series 2 DPPN Class 3AE Notes, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....JpnY3000M Dynamo Series 2 DPPN Class 4CJ Notes, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....EUR40M Danske Notes Class E-10 EUR 40,000,000 100% Principal Protection Notes due 2017, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....EUR5M Series 2 Credit Strategy Principal Protected Notes Class E EUR 5,000,000 Credit Strategy Principal Protected Notes due 2015, Upgraded to A1 (sf); previously on Jun 23, 2012 Downgraded to A2 (sf)

....Axiom Series 1 Class AU-10 USD 10,000,000 100% Principal Protection due 2016, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Axiom Series 1 Tranche 2 Class AU-10k USD 40,000,000 100% Principal Protection Notes due 2016, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Axiom Series 1 Tranche 2 Class AU-10k USD 25,000,000 100% Principal Protection Notes due 2016, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Axiom Series 1 Class BE-10 EUR 123,000,000 100% Principal Protection due 2016, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Axiom Series 1Tranche 2 Class BE-10 EUR 123,000,000 100% Principal Protection due 2016, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Azur Class CC-10 CHF 66,300,000 100% Principal Protection due 2017, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Azur Class CE-10 EUR 61,200,000 100% Principal Protection due 2017, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Azur Class DE-7 EUR 121,000,000 100% Principal Protection due 2014, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

....Azur Class DE-10 EUR 18,000,000 100% Principal Protection due 2017, Upgraded to Aa3 (sf); previously on Nov 21, 2012 Downgraded to A1 (sf)

These ratings address the repayment of principal only by the legal final maturity. They do not address coupon payments.

All transactions, except for the Series 2 Credit Strategy Principal Protected Notes, issued by Aquarius + Investments Plc apply the CPPI technique which ensures that there is always sufficient cash to purchase a zero-coupon at any time. Such zero-coupon enables the payment of the protected principal at maturity. In these transactions, Moody's analysis focuses on the credit exposure to BNP Paribas due to the repurchase agreement ('Repo') entered into by the issuer with BNP Paribas as Repo Counterparty.

RATINGS RATIONALE

Moody's explained that the rating action taken today is the result of a rating action on BNP Paribas, which was upgraded to A1 from A2 on 4 April 2014. For further information on the underlying action see the press release titled "Moody's upgrades BNP Paribas to A1 and assigns stable outlook" on www.moodys.com.

Moody's assumes strong linkage to BNP Paribas (as explained in the previous rating action taken on 21 November 2012 "Moody's downgrades notes of Aquarius + Investments plc") because the structures rely on BNP Paribas as a provider of the principal protection at maturity, based on its role as Repo Counterparty. The ratings on all notes other than Series 2 Credit Strategy Principal Protected Notes Class E, reflect such a linkage with a one-notch uplift over the rating of BNP Paribas due to the presence of a replacement trigger of the Repo Counterparty upon the loss of Baa3/P-2.

Aquarius + Investments Plc Series 2 Credit Strategy Principal Protected Notes Class E represents the repackaging of assets purchased via a 90 day repurchase agreement with BNP Paribas. The repo assets will be selected by BNP Paribas and are subject to certain criteria. BNP Paribas, under the notes, pays the payment of principal on the scheduled maturity date and any shortfall of the market value of the collateral upon an early termination. Therefore the rating on the notes reflects primarily the rating of BNP Paribas.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in April 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Given the nature of the structure and the strong linkage to BNP Paribas, noteholders are mainly exposed to the credit risk of BNP Paribas. A downgrade or upgrade of BNP Paribas could trigger a downgrade or upgrade on the Notes.

Moody's notes that these transactions are subject to a high level of macroeconomic uncertainty, which could negatively impact the ratings of the notes, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) more specifically, any uncertainty associated with the underlying credits in the transaction could have a direct impact on the repackaged transactions.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

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 these transactions in the past six months.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Mariona Serrat
Associate Analyst
Structured Finance Group
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

Neelam S Desai
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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 upgrades ratings on Repack notes of Aquarius + Investments plc
No Related Data.
© 2023 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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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.

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