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Announcement:

CORRECTION TO TEXT JUNE 30, 2005 RELEASE: MOODY'S AFFIRMS THE RATINGS OF THE FOLLOWING ABCP PROGRAMS AT PRIME-1 DURING THE PERIOD JUNE 21, 2005 THROUGH JUNE 27, 2005:

01 Jul 2005
CORRECTION TO TEXT JUNE 30, 2005 RELEASE: MOODY'S AFFIRMS THE RATINGS OF THE FOLLOWING ABCP PROGRAMS AT PRIME-1 DURING THE PERIOD JUNE 21, 2005 THROUGH JUNE 27, 2005:

New York, July 01, 2005 -- Substitute third sentence in fourth paragraph under "BARCLAYS' STRATFORD ADDS TWO TRANSACTIONS TOTALING $1.87 BILLION" with the following, "Stratford is now authorized to issue up to $1.87 billion of extendible notes and has $30 million in program-level credit enhancement."

Substitute third paragraph under "BARCLAYS' SHEFFIELD ADDS TWO CREDIT CARD TRANSACTIONS TOTALING $184 MILLION" with the following, "With the inclusion of both transactions, Sheffield is currently authorized to issue up to $24 billion of ABCP."

SOCGEN'S BARTON FUNDS $425 MILLION CAPITAL CALL TRANSACTION Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+), has funded a $425 million loan facility for a limited partnership fund. The fund was established to invest in a portfolio of investments in commercial real estate, distressed assets and other assets recommended by the fund managers. The loan facility provides interim financing for new investments added to the fund's portfolio and is secured by the uncalled capital commitments of the fund's limited partners.

This transaction is fully supported by a liquidity facility provided by Prime-1-rated SocGen. With this transaction, Barton is now authorized to issue up to $14.6 billion of ABCP and has $1.2 million in program-level credit enhancement.

ING'S MONT BLANC ADDS TWO CREDIT CARD TRANSACTIONS TOTALING $925 MILLION Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multiseller ABCP conduit sponsored by ING Bank N.V. (Aa2/Prime-1/B+), added two credit card transactions totaling $925 million to its portfolio.

The first transaction is a $625 million floating rate note ("FRN") backed by private-label credit card receivables issued out of the master trust of a Aa1-rated financial institution. Transaction-specific credit enhancement for the FRN is provided by several subordinated classes, which offer first-loss protection and must equal at least 16.75% of the aggregate outstanding principal balance of the FRN. Of Mont Blanc's total $625 million purchase commitment, $450 million is partially supported by a liquidity facility provided by Prime-1-rated ING. The remaining $175 million purchase commitment is fully supported through liquidity. With this transaction, Mont Blanc's program-level credit enhancement was increased by 10% ($45 million) of the $450 million portion.

The second transaction is a $300 million FRN backed by credit card receivables of an unrated Korean electronics company. Transaction-specific credit enhancement for the $300 million FRN is provided by a subordinated trust interest amount, which offers first-loss protection and must equal at least 21% of the aggregate outstanding principal balances of the FRN. This transaction is partially supported by a liquidity facility provided by Prime-1-rated ING. With this transaction, Mont Blanc's program-level credit enhancement was increased by 10% ($45 million) of the $450 million portion

With the addition of both transactions, Mont Blanc is now authorized to issue up to $7.0 billion of ABCP.

BARCLAYS' STRATFORD ADDS TWO TRANSACTIONS TOTALING $1.87 BILLION

Stratford Receivables Company LLC ("Stratford"), a partially supported, extendible note, multiseller ABCP program sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has added two transactions to its portfolio: a $1 billion unrated variable funding note and a $870.9 million Aaa-rated variable funding note.

The first transaction is a $1 billion variable funding note backed by business credit card receivables originated by an investment-grade-rated company. The transaction benefits from 8% transaction-specific credit enhancement in the form of subordination. Additionally, the transaction has bank-provided liquidity sized at 10% of the commitment size. This transaction is partially supported by a liquidity facility provided by Barclays. With this transaction, Stratford's program-level credit enhancement was increased by 3% of the asset commitment.

The second transaction is an $870.9 million Aaa-rated variable funding note backed by credit card receivables issued out of a master trust. The transaction has bank-provided liquidity sized at 31% of the commitment size. This transaction is partially supported by a liquidity facility provided by Barclays.

Stratford is the first reduced liquidity, multiseller extendible program in the ABCP market worldwide. Stratford may issue up to $10 billion of U.S. dollar-denominated ABCP in the US market. Stratford is now authorized to issue up to $1.87 billion of extendible notes and has $30 million in program-level credit enhancement.

BARCLAYS' SHEFFIELD ADDS TWO CREDIT CARD TRANSACTIONS TOTALING $184 MILLION

Sheffield Receivables Corp. ("Sheffield"), a partially supported, multiseller conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has added two credit card transactions totaling $184 million to its portfolio. The first transaction is a $55 million interest in a retail credit card transaction originated by a non-investment-grade-rated retail company. The transaction benefits from 22.5% transaction-specific credit enhancement in the form of overcollateralization. This transaction is partially supported by a liquidity facility provided by Barclays. With this transaction, Sheffield's program-level credit enhancement was increased by 10% of this asset commitment.

The second transaction is a $129 million interest in a A1-rated variable funding note backed by credit card receivables originated from an existing master trust. The underlying assets consist primarily of private label credit cards originated by various retailers. The transaction benefits from 16.75% transaction-specific credit enhancement provided in the form of subordination. With this transaction, Sheffield's program-level credit enhancement was also increased by 10% of the asset commitment.

With the inclusion of both transactions, Sheffield is currently authorized to issue up to $24 billion of ABCP.

ROYAL BANK OF SCOTLAND'S TAGS ADDS $500 MILLION RETAIL AUTO LOAN TRANSACTION Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has added a $500 million amortizing auto loan facility to its portfolio. The underlying receivables consist of prime retail loans originated by an investment-grade-rated captive finance subsidiary of a major automotive manufacturer.

The facility benefits from 7.9% transaction-specific credit enhancement, which is comprised of 5.8% overcollateralization and 2.1% excess spread. In addition, the transaction has an ABCP tenor limitation of 150 days and an ABCP cease issuance trigger upon an asset deficiency test for any month. This transaction is partially supported by a liquidity facility is provided by Prime-1-rated RBS.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $20 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Jonathan Polansky
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Wanda Lee
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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