Bangkok--5 Jul--Moody's Investors Service
EUR227.5 million of repackaged securities affected
Moody's Investors Service has today upgraded to Aaa the principal-only rating for the EUR227,500,000 Series 25
Principal Protected Notes due 2014 issued by Lunar Funding III Limited. The issuance is pursuant to the US$5,000,000,000 Secured Asset-Backed Medium Term Note Programme arranged by the Royal Bank of Scotland Plc.
The complete rating action is as follows:
Issuer: Lunar Funding III Limited
Tranche description: EUR227,500,000 Series 25 Principal Protected Notes
due 2014
Prior rating: Aa1
Current rating: Aaa
The rating action is due to the upgrade of the collateral, the EUR227.5 million zero coupon bond issued by the Royal Bank of Scotland Plc, to Aaa.
The rating of the notes addresses the ultimate repayment of principal by 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.
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
Elaine Ng
Asst Vice President - Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Hong Kong
Myrna Fajardo
VP - Senior Credit Officer
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121