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NEWS BY COUNTRY News & Analysis>
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| Moody's confirms the A1 ratings of the notes issued by Thor Asset Purchase Company Limited |
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05 November 2009
$2000 Million of Debt Securities Affected
DIFC, November 05, 2009 -- Moody's Investors Service has confirmed the A1 rating on the Notes issued by Thor Asset Purchase Company Limited (the "Issuer") due 2036.
The rating confirmation is stable and considers Moody's rating action on the ratings of Dubai Electricity and Water Authority ("DEWA") on 4 November 2009, but is driven by the explicit guarantee from the Government of Dubai for DEWA's obligation to provide liquidity sufficient to repay the Notes.
Methodology used: This transaction is a securitisation of a revolving pool of utility (water and electricity) receivables from designated accounts of certain customers of DEWA. Therefore, the cashflows that back the Notes issued by the Issuer rely on the ability of DEWA to continue generating the utility receivables during the life of the transaction. Due to this and the presence of the guarantee, Moody's considers the ratings on the Notes to be directly linked to the creditworthiness of both DEWA and the Government of Dubai.
Date of last rating action: 5 August 2009
The rating addresses the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.
-Ends-
Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
DIFC
Khalid F. Howladar
VP - Senior Credit Officer
Structured Finance Group
Moody's Middle East Ltd.
Telephone: +971-44-01-9536
© Press Release 2009
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