04.02.2015 17:19:00
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Moody's Downgrades three Notes in Arena 2011-II B.V.
London, 04 February 2015 -- Moody's Investors Service has today downgraded the ratings of Classes B, C, and D in Arena 2011-II B.V. (Arena 11-II). Moody's has also affirmed the ratings of Classes A1, A2 and E. Today's rating actions conclude the rating review of the notes due to their strong linkage to the swap counterparty, The Royal Bank of Scotland plc (RBS, Baa1/P-2). Please see towards the end of the Ratings Rationale section for the list of affected ratings.