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Fitch Upgrades Aeolos΄, Atlas΄, And Taneo΄s Notes After Greece΄s Upgrade...


Fitch Ratings-London-21 October 2003: 
Fitch Ratings, the international rating agency, has today upgraded the ratings on Atlas Securitisation S.A.’s ("Atlas"), Aeolos S.A.’s ("Aeolos"), and New Economy Development Fund S.A.’s ("Taneo") notes to A+ from A. This rating action follows the upgrade of the Long-term sovereign rating of the Hellenic Republic to A+ from A on 20 October 2003.

Issued in 2001, Atlas’ EUR1,000 million Series 1 and EUR1,000m Series 2 notes are due in 2005 and 2007, respectively. This transaction is the securitisation of receivables owed from the European Commission to the Hellenic Republic for eligible projects under the third Community Support Framework. Aeolos’ EUR355m notes were issued in 2002 and are due in 2019. The notes are backed by receivables due from route charges levied on airlines for the use of the Greek airspace. The notes have started to amortise and the current outstanding balance is EUR341m. Taneo’s EUR105m notes were issued in 2003 are due in 2013. Taneo is a fund of funds, whose purpose is to make investments in funds that will turn invest in small- to medium-sized firms located in Greece and specialise in new technologies.

Atlas and Aeolos’ notes benefit from an unconditional and irrevocable undertaking granted by the Hellenic Republic to provide any shortfall in amounts due by the issuers. Taneo’s notes benefit from a direct, unconditional and irrevocable guarantee from the Hellenic Republic in respect of the interest and principal due. The above notes are therefore credit-linked to the sovereign rating of the Hellenic Republic, and any change in the Republic’s rating will result in an identical rating action on Atlas, Aeolos and Taneo’s notes.


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