Bangkok--4 Apr--Moody's Investors Service
USD 30,000,000 CDO Securities Rated
Moody's Investors Service announced today that it has assigned a Aa2 rating to the notes issued by Magnolia Finance IV plc. (the Issuer) under its series 2005-2. The rating action is as follow:
- Aa2 to the Series 2005-2 USD 30,000,000 Portfolio Credit Linked Notes due 2045
According to Moody's, the rating addresses the expected loss posed to investors by the legal final maturity. The rating is primarily based on the characteristics of the reference portfolio, the subordination amount, the collateralised assets, the transaction's structure and legal documentation.
The transaction is a synthetic collateralised debt obligation, where Credit Suisse acting through its Cayman Islands branch is buying credit protection from the Issuer with reference to a static portfolio of structured finance securities which consist of senior and mezzanine ABS CBO tranches.
The Notes are collateralised by Aaa-rated USD 30,000,000 in principal amount of Kreditanstalt f?r Wiederaufban Callable Zero Coupon Notes due 20 December 2045.
Moody's ratings address only the credit risks associated with the transaction. Non-credit risks have not been addressed and may have a significant effect on yield to investors. The assigned rating is not recommendations to buy, sell or hold securities or any interest therein.
Hong Kong
Min Ye
Managing Director
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Hong Kong
Elaine Ng
Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121