DBRS Places Guaranteed Debt of National Asset Management Limited Under Review Negative, at A (low)

DBRS, Inc. (DBRS) today has placed the A (low) Guaranteed Senior Unsecured Debt rating and R-1 (low) Short-Term Guaranteed Senior Unsecured Debt rating of National Asset Management Limited (NAML or the Group) Under Review with Negative Implications. This rating action follows DBRS’s placement of the A (low) rating of the Republic of Ireland Under Review with Negative Implications.

National Asset Management Limited is a special purpose vehicle set up by Ireland’s National Asset Management Agency (NAMA) and is responsible for issuing government guaranteed debt instruments for the purposes of acquiring eligible bank assets. National Asset Management Limited is a wholly-owned subsidiary of National Asset Management Agency Investment Limited, which is 51% owned by private investors and 49% owned by NAMA. At 30 September 2011, NAML had issued EUR 27.9 billion of NAMA Guaranteed Floating Rate Notes and EUR 1.5 billion of NAMA Callable Perpetual Subordinated Bonds.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include company documents and DBRS ratings of the Republic of Ireland. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Steven Picarillo
Rating Committee Chair: Roger Lister
Initial Rating Date: 21 April 2011
Most Recent Rating Update: 30 November 2011

For additional information on this rating, please refer to the linking document under Related Research.