Moody’s downgrades Packaged Income Notes
Moody's has announced ratings changes for Packaged Income Notes (PINs) 2005-1 and 2006-1, due to problems with the notes' managers.
Monday, February 9th 2009, 6:00AM
The Packaged Income Notes Series (PINs) 2006-1 has been downgraded from an Aa1 rating to Aa3.
The rating action follows a rating change with respect to Barclays Bank, who provides a principal guarantee for the notes.
The rating is based on credit exposure to Barclays Bank as a provider of 100% principal protection at the legal financial maturity date, and legal and structural integrity of the structure.
Moody’s also placed on review for possible downgrade ratings assigned to Packaged Income Notes Series (PINs) 2005-1, following a corresponding rating development in the ratings of ABN Amro Bank, which provides the notes’ principal guarantee.
Moody’s has said it will provide a further update with regard to the Series 2005-1 notes following the conclusion of the ABN Amro Bank review.
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