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I AGREE
Rating Action:

Moody's upgrades ratings on repack notes of Premium Green PLC

26 Sep 2019

EUR 1,663m of structured securities affected

London, 26 September 2019 -- Moody's Investors Service ("Moody's") has upgraded the ratings on the following 25 series of repack notes issued by Premium Green PLC:

Issuer: Premium Green PLC Series 2006-1

....Series 2006-1 EUR 100,000,000 Secured Limited Recourse CMS-Linked Notes due 2021, Upgraded to Aa3; previously on Jul 28, 2016 Upgraded to A1

Issuer: Premium Green PLC Series 2006-2

....Series 2006-2 EUR 100,000,000 Secured Limited Recourse 4.52 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-3

....Series 2006-3 Euro 100,000,000 Secured Limited Recourse 4.56 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-4

....Series 2006-4 EUR 100,000,000 Secured Limited Recourse CMS-Linked Notes due 2021, Upgraded to Aa3; previously on Jul 28, 2016 Upgraded to A1

Issuer: Premium Green PLC Series 2006-5

....Series 2006-5 Euro 300,000,000 Secured Limited Recourse 4.54 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-6

....Series 2006-6 Euro 100,000,000 Secured Limited Recourse 4.5575 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-7

....Series 2006-7 Euro 30,000,000 Secured Limited Recourse 4.70 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-8

....Series 2006-8 Euro 30,000,000 Secured Limited Recourse CMS-Linked Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-9

....Series 2006-9 Euro 50,000,000 Secured Limited Recourse 4.33 per cent Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2006-11

....Series 2006-11 Euro 30,000,000 Secured Limited Recourse 4.30% Fixed Rate Notes due 2021, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-1

....Series 2007-1 EUR 70,000,000 Secured Limited Recourse CMS-Linked Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-3

....Series 2007-3 EUR 25,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-4

....Series 2007-4 EUR 100,000,000 Secured Limited Recourse 4.81 per cent Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-6

....Series 2007-6 EUR 50,000,000 Secured Limited Recourse 4.50 per cent. Fixed / Index Linked Variable Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-7

....Series 2007-7 EUR 50,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-8

....Series 2007-8 EUR 50,000,000 Secured Limited Recourse CMS-Linked Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-9

....Series 2007-9 EUR 50,000,000 Secured Limited Recourse CMS-Linked Variable Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-10

....Series 2007-10 EUR 25,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-11

....Series 2007-11 EUR 20,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-12

....Series 2007-12 EUR 30,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-13

....Series 2007-13 EUR 30,000,000 Secured Limited Recourse Variable Interest Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-14

....Series 2007-14 EUR 140,000,000 Secured Limited Recourse 5.12 per cent. Fixed/Index Linked Switchable Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-15

....Series 2007-15 EUR 10,000,000 Secured Limited Recourse 5.1425% Fixed Rate Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC Series 2007-16

....Series 2007-16 EUR 23,000,000 Secured Limited Recourse 5.45 per cent. Notes due 2022, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

Issuer: Premium Green PLC, Series 2009-1

....Series 2009-1 EUR 50,000,000 Secured Limited Recourse CMS-Linked Variable Interest Rate Notes due 2024, Upgraded to Aa3 (sf); previously on Jul 28, 2016 Upgraded to A1 (sf)

These transactions represent a repackaging of collateral bonds issued by various Caisses Regionales de Credit Agricole Mutuel, subsidiaries of Credit Agricole S.A. In most transactions, Credit Agricole Corporate and Investment Bank acts as the swap counterparty, providing asset and/or interest rate swaps.

RATINGS RATIONALE

Moody's explained that the rating actions taken today are the result of the rating actions on Credit Agricole S.A., Credit Agricole Corporate and Investment Bank and Caisses Regionales de Credit Agricole Mutuel, on which the long-term deposit and senior unsecured debt ratings -- where applicable -- were upgraded to Aa3 from A1 on 19 September 2019. For further information on the underlying action see the press release titled "Moody's upgrades Credit Agricole S.A.'s long-term deposit and senior unsecured debt ratings to Aa3 from A1; outlook changed to stable" on www.moody.com.

The ratings of Premium Green PLC transactions are closely linked to the rating of Credit Agricole for being the issuer of the collateral bonds and the swap counterparty.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in March 2019. Please see the Rating Methodologies 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 repack nature of the structure, Noteholders are mainly exposed to the credit risk of the underlying asset and the swap counterparty. An upgrade or downgrade of either the underlying or the swap counterparty could trigger an upgrade or downgrade on the Notes.

Moody's notes that this transaction is 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; 2) more specifically, any uncertainty associated with the underlying credits in the transaction could have a direct impact on the repackaged transaction; and 3) additional expected loss associated with hedging agreements in this transaction may also negatively impact the ratings.

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.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

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

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or Note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

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.

Iwona Fernandes
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Raja Iyer
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Mizuho Tanaka
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 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
Client Service: 44 20 7772 5454

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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