Bangkok--24 Apr--Moody's
Moody's Investors Service has today assigned Aaa principal-only rating on the EUR43,000,000 Series 2 Limited Recourse Secured Principal Protected Notes with Credit-Linked Coupons due September 2013 issued by Aquarius + Investments plc, pursuant to the US$10,000,000,000 Limited Recourse Secured Debt Issuance Programme
arranged by BNP Paribas.
The notes are secured by EUR43,000,000 Floating Rate Senior Secured Offentliche Pfandbriefe due September 2013, which is issued by Hypothekenbank in Essen AG ("collateral"). In addition, BNP Paribas, London Branch has provided an interest rate swap to this transaction.
The complete rating action is as follows: Issuer: Aquarius + Investments plc Aaa principal-only rating to the EUR43,000,000 Series 2 Limited Recourse Secured Principal Protected Notes with Credit-Linked Coupons due September 2013
The rating addresses the ultimate repayment of principal on the legal maturity date. Moody's does not rate any of the interest promise of the notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments, have not been addressed and may have a
significant impact on the yield to investors.
The rating is primarily based upon:
1) An assessment of the credit quality of the collateral which matures one day prior to the maturity date of the notes.
2) The structure of the transaction, which enables physical delivery of the collateral to noteholders upon early redemptions.
3) The legal and structural integrity of the transaction.
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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