London, 12 December 2012 -- Moody's Investors Service announced today that it has downgraded the ratings of the following notes issued by ENBD Asset Finance Company No.1 Limited:
....USD 99m Series 1 Notes due 2014 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Downgraded to Baa1; previously on Oct 10, 2012 Definitive Rating Assigned A3
....USD 249m Series 2 Notes due 2016 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Downgraded to Baa1; previously on Oct 10, 2012 Definitive Rating Assigned A3
....USD 155m Series 3 Notes due 2024 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Downgraded to Baa1; previously on Oct 10, 2012 Definitive Rating Assigned A3
....USD 11m Series 4 Notes due 2017 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Downgraded to Baa1; previously on Oct 10, 2012 Definitive Rating Assigned A3
....USD 415m Series 7 Notes due 2014 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Downgraded to (P)Baa1; previously on Aug 9, 2012 Provisional Rating Assigned (P) A3
Moody's Investors Service has also announced today that it has withdrawn the provisional ratings of the following notes issued by ENBD Asset Finance Company No.1 Limited as Moody's was advised these deals did not issue.
....USD 26m Series 5 Notes due 2014 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Withdraw; previously on Aug 9, 2012 Provisional Rating Assigned (P) A3
....USD 34m Series 6 Notes due 2016 issued by ENBD Asset Finance Company No. 1 Limited and Guaranteed by Emirates NBD Bank PJSC, Withdraw; previously on Aug 9, 2012 Provisional Rating Assigned (P) A3
These transactions represent a repackaging of certain unrated loans and/or subparticipation facilities guaranteed by the Emirates NBD Bank PJSC ("Guarantor") .
Moody's explained that the rating action taken today is the result of a rating action on Emirates NBD Bank PJSC, which was downgraded to Baa1 from A3 on the 6th December 2012. For further information on the underlying action see the press release titled "Moody's takes rating actions on four Dubai-based banks" on www.moodys.com.
The ratings of the Notes address the expected loss posed to investors by the legal final maturity, and are based primarily on the guarantee provided by the Emirates NBD Bank PJSC. The irrevocable, unconditional and validly existing guarantee issued by the Emirates NBD Bank PJSC covers 100% of the timely payment of principal and interest. The payment under the Guarantee can be triggered by, among other events, the failure to pay by the underlying Borrowers under the relevant loans, the fronting lenders under any sub-participation agreement or by the Issuer's failure to pay any amounts due in respect of the Notes.
The rating of the notes is essentially a pass-through of the rating of the Guarantor. Noteholders are exposed to the credit risk of Emirates NBD Bank PJSC and therefore the rating moves in lock-step.
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 and 2) more specifically, any uncertainty associated with the underlying credits in the transaction could have a direct impact on the repackaged transaction.
The principal methodology used in this rating 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.
No cash flow analysis, sensitivity or stress scenarios have been conducted as the rating was directly derived from the rating of the Guarantor.
The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
Information sources used to prepare the rating are the following: parties involved in the ratings, and public information.
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 this transaction in the past six months.
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Mariona Serrat Associate Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Neelam S. Desai Senior Vice President 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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