Moody's11 months ago
Moody's Investors Service ("Moody's") has assessed the impact on the ratings of the Notes issued by Clavis Securities plc: Series 2007-01 ("Clavis 2007-1") following changes to the swap documentation. NatWest Markets plc ("NWM", formerly known as the Royal Bank of Scotland plc) (Baa2/P-2, A3(cr)/P-2(cr)) acts as the swap counterparty in the transaction. The swap documentation was amended so that Moody's second rating trigger references the Counterparty Risk Assessment (CRA) of NatWest Markets plc. The trigger is set at a minimum of A3(cr) or, if there is no CRA, at a minimum long-term unsecured debt rating of A3.