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Announcement:

Moody's ABCP rating actions ending May 6, 2013

Global Credit Research - 08 May 2013

New York, May 08, 2013 -- Moody's ABCP rating actions for the seven-day period ending May 6, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD APRIL 30, 2013 THROUGH MAY 6, 2013:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

SOCIETE GENERALE'S ANTALIS PURCHASES EURO 165 MILLION Aaa (sf)-RATED SENIOR NOTES BACKED BY DEALER FLOORPLAN RECEIVABLES

Antalis S.A./Antalis U.S. Funding Corp. (together, "Antalis"), a partially supported, multiseller conduit sponsored by Société Générale ("SocGen", rated A2/Prime-1/C-), purchased Aaa (sf)-rated senior notes issued by a French securitisation vehicle (Fond Commun de Tritrisation (FCT)) for an amount up to EUR 165 million.

The senior notes are backed by auto dealer floorplan receivables originated in France. The seller is the French subsidiary of a non-investment grade-rated captive financing company of a car manufacturer. The transaction is structured as a revolving portfolio.

The transaction is partially supported by a liquidity facility provided by SocGen. The liquidity facility is in the form of an asset purchase agreement. The facility finances the senior notes' outstanding principal balance and the asset-backed commercial papers' (ABCP) cost of funds as long as the senior notes' rating is at least Caa2 (sf) or if Moody's does not rate the notes. ABCP can be issued as long as the senior notes' rating is at least equal to Aa3 (sf). The maximum term of the ABCP is 130 days.

Investors are exposed to the risk that Moody's downgrades the senior notes' rating to Caa3 from Aa3 within 130 days. Moody's assesses that this situation is unlikely to take place taking into account the assumptions used to derive the Aaa (sf) rating of the notes.

With this transaction, Antalis' program-level credit enhancement increased by 6% of the funding limit to EUR 336.5 million. Antalis is authorised to issue approximately EUR 4,631.2 million of ABCP.

SOCIETE GENERALE'S BARTON ADDS $75 MILLION INTEREST IN CO-PURCHASED LOAN FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Societe Generale ("SG," A2/Prime-1/C-), has added a $75 million interest in $750 million co-purchased loan facility to its portfolio. The 2-year committed loan facility is established for a finance company that provides financial services in the agricultural industry. The loans from the conduit are for working capital purposes.

Transaction-specific credit enhancement is in the form of a dynamically-sized overcollateralization with a minimum of 20%. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG.

With this transaction, Barton's required program-level credit enhancement increased by 8% of the invested amount. Barton has $5.5 billion of purchase commitments and its program-level credit enhancement remains at the $500 million floor.

TWO EUROPEAN ABCP PROGRAMS CO-FINANCE EUR 135 MILLION AUTO LOAN PORTFOLIO

Antalis S.A./Antalis U.S. Funding Corp. (together, "Antalis") and LMA SA/LMA Americas LLC ("LMA"), have joined to provide funding to a EUR 135 million secured loan facility. Antalis has a commitment of approximately EUR 47 million and LMA has a commitment of EUR 50 million in the facility.

Antalis is a partially supported, multiseller conduit sponsored by Société Générale ("SocGen", rated A2/Prime-1/C-). LMA is a fully supported multiseller conduit sponsored by Credit Agricole Corporate and Investment Bank ("CACIB", rated A2/Prime-1/D-).

Antalis purchases senior units issued by a French securitisation vehicle (Fond Commun de Tritrisation (FCT)), the proceeds of which provide funding for a secured loan. The security is an auto loan portfolio originated in Belgium. The borrower is the Belgium subsidiary of a non-investment grade-rated financing company of a car manufacturer. The portfolio is a static amortising pool. The transaction specific credit enhancement is in the form of subordination and at closing equals 31%. The maximum term of the ABCP is 270 days. One of the ABCP cease issuance events is based on the level of credit enhancement.

Antalis' commitment is partially supported by a liquidity facility provided by SocGen. The liquidity facility funds non-defaulted assets, ABCP cost of funds and covers all seller risks. The facility is sized at 102.5% of the transaction purchase limit.

With this transaction, Antalis' program-level credit enhancement increased by 6% of the funding limit to EUR 260 million. Antalis is authorised to issue approximately EUR 4.5 billion of ABCP.

LMA's commitment is fully supported by a liquidity asset purchase agreement provided by CACIB. The facility is sized at 102% of the transaction purchase limit. LMA has approximately EUR 13.5 billion in purchase commitments.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have monthly updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.

Wanda Lee
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Everett Rutan
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending May 6, 2013
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

 


ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable, including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

 


MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

 


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