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Moody's: No Rating impact on Notes issued by Amathea Funding Public Limited Company following certain amendments.

Frankfurt am Main: Moody's announced today that proposed amendments to the programme and certain notes of Amathea Funding Public Limited Company would not, in and of itself and as of this time, result in the downgrade or withdrawal of the ratings of the notes issued by Amathea Funding Public Limited Company.

The proposed amendments (the "Amendments") are as follows:

1. Extension of the Programme Maturity Date from 8 October 2018 to 8 October 2030.

2. Extension of the Scheduled Maturity Date and Legal Maturity Date of the USD 10,000,000 Amathea Oct 2008 - 1 JN from 7 October 2017 to 7 October 2020.

3. Amendment to the scheduled and legal maturity date definitions of 3 classes of mezzanine notes (USD 15,000,000 Amathea Aug 2013 -- 1 MZ, USD 2,500,000 Amathea Aug 2013 -- 2 MZ and USD 60,000,000 Amathea Feb 2014 -- 1 MZ) in order to convert them into rolling notes.

4. Extension of the notice period for early termination by noteholder from 4 to 9 payment dates for five classes of variable funding notes (USD 196,500,000 Amathea May 2010-1 VFN, USD 300,000,000 Amathea Feb 2011 - 1 VFN, USD 215,000,000 Amathea October 2013 - 2 VFN, USD 65,000,000 Amathea Dec 2015-2 VFN and USD 65,000,000 Amathea Dec 2015-3 VFN).

5. Reduction of Majority Senior Creditors quorum from 50% to 20% of the outstanding principal and commitment to instruct the Trustee to accelerate the notes and enforce the collateral.

Moody's has determined that the Amendments, in and of itself and at this time, will not result in the downgrade or withdrawal of the notes ratings currently assigned to Amathea Funding Public Limited Company. This determination was made on the basis that none of the contemplated changes impose any additional credit, operational or legal risk to the transaction. However, Moody's opinion addresses only the credit impact associated with the Amendments, and Moody's is not expressing any opinion as to whether the Amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of noteholders and/or counterparties.

The principal methodology used in rating and monitoring of this transaction is described in the following publication, which can be found at in the Rating Methodologies sub-directory under the Research & Ratings tab: "Moody's Approach to Rating Transactions Backed by Portfolios of Hedge Fund Investments" published in July 2015.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 16, 2016
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