Cartesio Srl – Series 2003-1 — Moody’s: no negative impact on the rating of the outstanding tranches issued by Cartesio Srl
Valuation announcement: Moody’s: No negative impact on the rating of the outstanding tranches issued by Cartesio Srl – Series 2003-1 following changes for the transition from LIBOR to SONIAGlobal Credit Research – March 05, 2022Madrid, March 05, 2022 — Moody’s Investors Service (“Moody’s”) announced today that the proposed amendments to the initial pricing supplement and swap agreements for the transition from LIBOR to SONIA on the GBP-denominated tranche would not, in themselves or At this stage, a reduction, placement under review with a view to a possible downgrading or withdrawal of the current Moody’s ratings assigned to the bonds issued by Cartesio Srl – Series 2003-1 (the “Issuer”). The Tranche 4 Notes are denominated in GBP and initially paid variable interest linked to LIBOR. The terms and conditions of the trust deed have been amended to replace the original benchmark index with another risk-free rate, the SONIA, plus a predetermined adjustment spread. The swap agreements relating to the Tranche 4 Notes have been modified accordingly. =PBS_1230078. You can also visit the rating methodologies page on www.moodys.com for a copy of this methodology. Moody’s opinion addresses only the credit impact associated with the Proposed Amendments, and Moody’s expresses no opinion as to whether the Proposed Amendments have, or may have, other non-credit related effects that could have a detrimental impact on the interests of rated bondholders and/or counterparties. This publication does not announce any credit rating action. For all credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date credit rating action information and rating history. Cristina Quintana Poves Assistant Vice President – Analyst Structured Finance Group Moody’s Investors Service Espana, SA Calle Principe de Vergara, 131, 6 Planta Madrid 28002 Spain JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 Javier Hevia Portocarrero VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 Release Office: Moody’s Investors Service Espana, SA Calle Principe de Vergara, 131, 6 Planta Madrid 28002 Spain JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. 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