Bangkok--14 Nov--Moody's
Moody's Investors Service announced today it has upgraded its principal-only rating of the Series 2006-5 US$10,000,000 Principal Protected Notes due 2051 ("the notes") issued by Magnolia Finance V plc. The notes is on review for possible downgrade.
The notes are secured by US$10,000,000 in zero coupon bonds - which mature on 31 October 2014, and were issued by HBOS Treasury Services Plc and subsequently assumed by Bank of Scotland plc - as well as US$3,385,000 in subordinated notes, maturing on 30 October 2051 and issued by Halyard CDO I p.l.c.
The rating action is to bring the rating of the notes consistent with that of the zero coupon bonds.
Today's rating action is as follows:
Magnolia Finance V plc:
(1) Series 2006-5 USD 10,000,000 Principal Protected Notes due 2051
Current Rating: Aa1, on review for possible downgrade.
Prior Rating: Aa2
Prior Rating Action Date: 3 November 2006
The rating addresses the ultimate repayment of principal only on or prior to the legal maturity date. The rating does not address coupon payments.
Paris
Florence Tadjeddine
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Hong Kong
Kan Leung
Associate Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077