Bangkok--10 Apr--Moody's
Moody's Investors Service announced today that it has downgraded three tranches of credit-linked notes issued by
Sun Funding Limited. The transaction is a synthetic CDO deal in which the notes are exposed to the credit risk of a static portfolio of reference entities. The rating actions reflect the deterioration in the credit quality of the reference portfolio. Moody's noted increase in the weighted average 5-year rating factor from 972 to 1149 since the last rating action date in December 2005. The rating actions conclude the review for possible downgrade of the rating of the notes announced on 16
December 2005.
The complete rating actions are as follows:
Issuer: Sun Funding Limited
Tranche Description: USD 17,580,000 Secured Floating Rate Credit-Linked Notes due 2009
Prior Rating: Baa2 and on review for possible downgrade
Current Rating: Baa3
Tranche Description: USD 840,000 Secured Fixed Rate FX and Credit-Linked
Notes due 2009
Prior Rating: Baa2 and on review for possible downgrade
Current Rating: Baa3
Tranche Description: AUD 2,188,300 Secured Fixed Rate Credit-Linked Notes
due 2009
Prior Rating: Baa2 and on review for possible downgrade
Current Rating: Baa3
Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities.
Hong Kong
Min Ye
Managing Director
Structured Finance Group
Moody's Asia Pacific Ltd.
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