RATINGS RATIONALE

Today's rating assignment reflects de Alliantie's solid interest coverage ratios and operating margins. Moreover, Moody's notes that de Alliantie, which is the third-largest not-for profit housing association in the Netherlands, benefits from a favourable market position in the economically strong "North Belt" of the Netherlands, which displays long waiting lists.

However, the rating is constrained by de Alliantie's high debt levels, although they are slightly lower than the average for Dutch housing associations. The company also has a significant exposure to sales, but does not rely on sales to meet interest costs. While its investment programme is largely funded by asset disposal, this exposure is mitigated by de Alliantie's practice of largely pre-funding its capital programme well before actual commitments. The rating also incorporates Moody's assessment of a strong regulatory framework for Dutch housing associations through the regulator Centraal Fonds Volkshuisvesting (CFV) and the Waarborgfonds Sociale Woningbouw (WSW; Aaa, negative) which guarantees the bulk of housing associations' debt.

The rating also takes into account Moody's assessment of a very high likelihood that the government of the Netherlands (Aaa, negative) would intervene in the event that de Alliantie faces acute liquidity stress.

The outlook on de Alliantie's issuer rating is negative, reflecting the outlook on Netherlands' sovereign rating.

What could change the rating up/down

Continuing high levels of projected debt make it unlikely that the rating of de Alliantie will improve in the near term.

Higher-than-projected debt growth and/or a structural erosion of coverage ratios could prove negative for the rating. Additionally, significant weakening of the regulatory framework or any dilution of the overall level of support from the Dutch government or a downgrade of the Netherlands' sovereign rating could exert downward pressure on the rating.

PRINCIPAL METHODOLOGIES

The methodology used in this rating was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Sarah Kieling Analyst Sub-Sovereign Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 David Rubinoff MD - Sub-Sovereigns Sub-Sovereign Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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