Moody's has assessed the Proposal to lower the Account Bank trigger to Baa3 or P-3 and to change the Eligible Investment definition for investments with a maturity of less or equal to 3 month to Baa2 or P-2 and for investments with a maturity of between 3 and 6 month to Baa1 or P-2. For the avoidance of doubt Eligible Investments continue to have a maturity which needs to fall before the then following payment date. The ratings of the notes of the transaction are therefore linked to the Account Bank and the Eligible Investments respectively.
Moody's has assessed the probability and impact of a default of the account bank and eligible investment counterparties on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any cash held by the Account Bank should it default and any loss that may be incurred after that time due to any delay in redirecting payments to a new account or taking any other appropriate action.
The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for copy of these methodology.
Other Factors used in this rating are described in "The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines" published on December 9, 2008
Moody's noted that on 2 July 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for the temporary use of cash in structured finance transactions. If the revised rating implementation guidance is implemented as proposed, the rating on the class A note should not be negatively affected. Please refer to Moody's Request for Comment, entitled "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings.
On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modelling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions", (http://www.moodys.com/research/Approach-to-Assessing-the-Impact-of-a-Rapid-Country-Credit--PBS_SF294880) for further details regarding the implications of the proposed methodology changes on Moody's ratings.
Moody's will continue to monitor the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.
Pier Paolo Vaschetti Vice President - Senior Analyst Structured Finance Group Moody's Italia S.r.l Corso di Porta Romana 68 Milan 20122 Italy Telephone:+39-02-9148-1100Michelangelo Margaria VP - Senior Credit Officer Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Italia S.r.l Corso di Porta Romana 68 Milan 20122 Italy Telephone:+39-02-9148-1100(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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