Bangkok--7 Dec--Moody's Asia Pacific
Approximately US$ 20 million of securities affected
Moody's Investors Service announced today that it has placed ratings of the three tranches of credit-linked notes issued by Sun Funding Limited on review for possible downgrade. 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 review has been prompted by further deterioration in the credit quality of the reference portfolio. Moody's has noted an increase in the weighted average 10-year rating factor from 505 to 594 since the last rating action date in April 2006.
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: Baa3
Current Rating: Baa3, on review for possible downgrade
Tranche Description: USD 840,000 Secured Fixed Rate FX and Credit-Linked
Notes due 2009
Prior Rating: Baa3
Current Rating: Baa3, on review for possible downgrade
Tranche Description: AUD 2,188,300 Secured Fixed Rate Credit-Linked Notes due 2009
Prior Rating: Baa3
Current Rating: Baa3, on review for possible downgrade
Moody's will continue to monitor the transaction and any further rating action will be publicly disseminated.
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.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Hong Kong
Elaine Ng
Asst Vice President - Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121