Moody's determines no negative rating impact on Zephyros Finance S.r.l. following the downgrade of The Royal Bank of Scotland plc
London, 07 January 2013 -- Moody's has determined that the fact that the issuer will not make a stand-by drawing under the liquidity facility agreement provided by The Royal Bank of Scotland plc ("RBS", the "Bank"), following the Bank's downgrade would not, in and of itself, at this time result in a reduction or withdrawal of the current ratings of the notes ("Notes") issued by Zephyros Finance S.r.l.. Moody's does not express an opinion as to whether the proposal may be considered to have negative effects in any other respect.
