Moody's Investor Ratings

    RNS Number : 9030J
  Chester Asset Recs Deals 2004-1 PLC
  10 December 2008
   
    Issuer: Chester Asset Receivables Dealings 2004-1 PLC (the "Issuer")
    Date: 10 December 2008
    Notification of downgrade by Moody's Investor Services Limited of ratings of certain notes issued by the Issuer
    We have become aware that Moody's Investors Service has downgraded the ratings of 16 classes of asset-backed notes issued under the UK
Receivables Trust II, the ratings of the Class B asset-backed notes issued by Chester Asset Receivables Dealings No.11 PLC and the ratings
of the Class B asset-backed notes issued by Chester Asset Receivables Dealings No.12 PLC under the UK Receivables Trust. A complete list of
rating actions is below. 
    Under UK Receivables Trust II: 
    Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester Asset Receivables Dealings 2002-A PLC, Chester Asset Receivables
Dealings 2003-B PLC, Chester Asset Receivables Dealings 2003-C PLC, Chester Asset Receivables Dealings 2004-1 PLC 
    - GBP12,500,000 Asset Backed Floating Rate Notes due 2011, Class B, Series UK2001-B, downgraded to A3 from A1 
    - GBP17,500,000 Asset Backed Floating Rate Notes due 2011, Class C, Series UK2001-B, downgraded to Ba1 from Baa2 
    - EUR39,000,000 Asset Backed Floating Rate Notes due 2009, Class B, Series UK2002-A, downgraded to A3 from A1 
    - EUR54,500,000 Asset Backed Floating Rate Notes due 2009, Class C, Series UK2002-A, downgraded to Ba1 from Baa2 
    - GBP12,500,000 Asset Backed Floating Rate Notes due 2013, Class B, Series UK2003-B, downgraded to A3 from A1 
    - GBP17,500,000 Asset Backed Floating Rate Notes due 2013, Class C, Series UK2003-B, downgraded to Ba1 from Baa2 
    - EUR35,500,000 Asset Backed Floating Rate Notes due 2010, Class B, Series UK2003-C, downgraded to A3 from A1 
    - EUR49,500,000 Asset Backed Floating Rate Notes due 2010, Class C, Series UK2003-C, downgraded to Ba1 from Baa2 
    - GBP25,000,000 Asset Backed Floating Rate Notes due 2014, Class B, Series UK2004-1, downgraded to A3 from A1 
    - GBP35,000,000 Asset Backed Floating Rate Notes due 2014, Class C, Series UK2004-1, downgraded to Ba1 from Baa2 
    Issuer: Chester Asset Receivables Dealings Issuer Limited 
    - Series 2004-B1 EUR125,000,000 Class B Asset Backed Floating Rate Notes due 2011, downgraded to A3 from A1 
    - Series 2004-C1 EUR175,000,000 Class C Asset Backed Floating Rate Notes due 2011, downgraded to Ba1 from Baa2 
    - Series 2006-B1 GBP50,000,000 Class B Asset Backed Floating Rate Notes due 2013, downgraded to A3 from A1 
    - Series 2006-C1 GBP70,000,000 Class C Asset Backed Floating Rate Notes due 2013, downgraded to Ba1 from Baa2 
    Under UK Receivables Trust: 
    Issuers: Chester Asset Receivables Dealings No. 11 PLC, Chester Asset Receivables Dealings No. 12 PLC 
    - GBP20,000,000 Asset Backed Floating Rate Notes due 2010, Class B, Chester Asset Receivables Dealings No.11 PLC, downgraded to A3 from
A1 
    - GBP12,000,000 Asset Backed Floating Rate Notes due 2011, Class B, Chester Asset Receivables Dealings No.12 PLC, downgraded to A3 from
A1 
    Further information is available on www.moodys.com 

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