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"Rating Action: Moody's upgrades rating on Repack notes of Northern Lights III B.V.
Global Credit Research - 15 Aug 2014
Approximately USD 1,000m of structured securities affected
London, 15 August 2014 -- Moody's Investors Service has upgraded the rating on the following notes issued by Northern Lights III B.V.:
....USD 1,000,000,000 Loan Participation Notes due August 2019 Series 2012-1, Upgraded to Ba2; previously on Aug 16, 2012 Assigned Ba3
RATINGS RATIONALE
Moody's explained that the rating action taken today is the result of a rating action on the Government of Angola, which was upgraded to Ba2 from Ba3 on 8 August 2014. For further information on the underlying action see the press release titled "Moody's upgrades Angola's issuer ratings to Ba2; outlook stable" on
www.moodys.com.
The issue proceeds from the Notes were used to fund a loan facility agreement made between the Issuer as lender and the Government of Angola through its Ministry of Finance as borrower (the "Loan Agreement"). Payments received by the Issuer under the Loan Agreement will be used to make payments due under the Notes. This rating is essentially a pass-through of the rating of the Government of Angola. Noteholders are exposed to its credit risk and therefore the rating moves in lock-step."
