London, 25 June 2013 -- Moody's Investors Service has today downgraded to Baa2 (sf) from Baa1 (sf) the rating of the Class B notes, and to Caa1 (sf) from B2 (sf) the rating of the Class C notes issued by Locat Securitisation Vehicle 3. Insufficient credit enhancement, which protects against sovereign and counterparty risk, primarily drove the rating action.

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