Moody's: No negative rating impact on the CMBS notes of Trafford Centre Finance Limited following the downgrade of Royal Bank of Scotland plc

London, 30 June 2014 -- Moody's Investors Service announced today that the proposal of Royal Bank of Scotland plc ("RBS") to take no remedial action as swap counterparty following its the downgrade to Baa1 from A3 ("the Proposal") will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of the notes issued by Trafford Centre Finance Limited (the "Issuer") because of 1) the limited linkage of the ratings of the notes to the rating of RBS and 2) the strong performance of the transaction. RBS is the swap provider in relation to the swap agreement (the "Note Level Swap") between the Issuer and RBS related to the floating rate notes.

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