London, 22 November 2012 -- Moody's Investors Service has today announced that the changes and amendments to the transaction documents of the ABN Amro Covered Bond Programme (the "Programme") in conjunction with the programme update, will not, in and of themselves and at this time, result in a reduction or withdrawal of the current Aaa ratings of the notes issued by the Issuer (the "Notes"). The changes and amendments are being made mainly to include new Prospective Directive disclosure requirements, changes in the definition of the asset percentage test, and other rating agency swap counterparty criteria.
Moody's believes that the amendments do not have an adverse effect on the credit quality of the Notes such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.
The principal methodology used in this rating was "Moody's Approach to Rating Covered Bond" published in July 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Other methodologies and factors that may have been considered in the process of rating the Issuers' notes may 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.
Moody's will continue monitoring the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.
The rating assigned by Moody's addresses the expected loss posed to investors. 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.
Alexis Michon Vice President - Senior Analyst Structured Finance Group Moody's France SAS 96 Boulevard Haussmann Paris 75008 France JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Juan Pablo Soriano MD - Structured Finance Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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