Moody's: No rating impact following replacement of swap counterparty in Arena 2011-II B.V.

London, 17 June 2015 -- Moody's Investors Service has been requested to assess the impact on the ratings of the notes issued by Arena 2011-II B.V. following the replacement of the swap counterparty, The Royal Bank of Scotland plc (A3/P-2), "RBS", with ING Bank N.V. (A1/P-1). In Moody's opinion this swap counterparty replacement does not impact, in and of itself, the current ratings assigned to the outstanding classes of notes A2, B, C, D and E. The credit ratings for the class B, C, D and E notes were placed on review for upgrade on 20 March 2015, after the rating agency updated several of its structured finance rating methodologies, and remain on review.

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