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Announcement:

Correction to Text, August 20, 2008 Release: Moody's ABCP rating actions ending August 18, 2008

20 Aug 2008

New York, August 20, 2008 -- Correction to program-level credit enhancement information in third paragraph of Romulus Funding Corporation. Revised release follows:

Moody's ABCP rating actions for the seven-day period ended August 18, 2008

THE FOLLOWING ABCP PROGRAMS WERE RATED PRIME-1 DURING THE PERIOD AUGUST 12, 2008 THROUGH AUGUST 18, 2008:

MOODY'S ASSIGNS PRIME-1 RATING TO SIX OF BANK OF MONTREAL'S CANADIAN ABCP PROGRAMS

Moody's has assigned Prime-1 ratings to the Series A, senior short-term notes issued by each of Canadian Master Trust ("CMT"), STARS Trust ("STARS"), CARE Trust ("CARE"), Ridge Trust ("Ridge"), Diversified Trust ("Diversified") and Summit Trust ("Summit"), six prior review, partially supported, multiseller Canadian asset-backed commercial paper ("ABCP") programs sponsored by Bank of Montreal ("BMO," rated Aa1/Prime-1/B) and administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of BMO.

The trusts purchase pools of receivables backed by various types of term and trade receivables, and fund these assets by issuing various types of notes, which may be denominated in both Canadian dollars or U.S. dollars, or through borrowings under loan agreements with other ABCP conduits.

Complete rating actions are as follows:

(i) Prime-1 rating assigned to the Series A senior short-term notes issued by CMT;

(ii) Prime-1 rating assigned to the Series A senior short-term notes issued by STARS;

(iii) Prime-1 rating assigned to the Series A senior short-term notes issued by CARE;

(iv) Prime-1 rating assigned to the Series A senior short-term notes issued by Ridge;

(v) Prime-1 rating assigned to the Series A senior short-term notes issued by Diversified; and

(vi) Prime-1 rating assigned to the Series A senior short-term notes issued by Summit

The Prime-1 ratings assigned to the Series A notes issued by CMT, STARS, CARE, Ridge, Diversified and Summit is based on, among other factors, the following: (i) Moody's prior review of all transactions to ensure that the asset credit quality is consistent with the Prime-1 rating assigned to the ABCP; (ii) program-level liquidity support provided by Prime-1-rated BMO that will fund for non-defaulted assets; (iii) the experience and capability of BMO NB as the administrator of the trusts to recommend new asset purchases, monitor compliance, and ensure the timely issuance and payment of notes; and (iv) structural protections to ensure the bankruptcy-remoteness of the trusts.

For further details, please see Moody's press release dated August 15, 2008.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD AUGUST 12, 2008 THROUGH AUGUST 18, 2008:

SYNDICATE OF PRIME-1-RATED ABCP CONDUITS AMEND INTERESTS IN AUTO FACILITIES TOTALING $23.8 BILLION

A syndicate of banks has renewed its participation in auto facilities totaling $23.8 billion. The facilities include an $11 billion auto loan facility, a $6.5 billion dealer floorplan facility, and two auto lease facilities totaling $6.3 billion established for a non-investment-grade-rated financial services firm in the automotive industry. Each participating bank has taken a pro rata share in each of the four facilities, while the conduits themselves have added interests in some or all of the facilities.

The retail loan and dealer floor plan facilities are Aaa-rated, while the two lease facilities are unrated. The retail loan facility benefits from 15.75% transaction-specific credit enhancement in the form of overcollateralization and a reserve account, and is subject to a 2.5% minimum excess spread. The dealer floorplan facility has 16.5% transaction-specific enhancement, provided by a combination of overcollateralization and subordination. Additionally, the facility benefits from a newly established 1.75% reserve account. Transaction-specific credit enhancement for the two lease facilities is in the form of overcollateralization, subordination, and a cash reserve. The first lease facility has 36% in total enhancements, while the second facility has 25.9%.

The liquidity facility for each participating conduit is sized at 102% of its respective commitment, and funds for non-defaulted assets and estimated recoveries in most cases.

The following Prime-1-rated ABCP conduits participated in the facilities:

• JPMorgan's conduits have a combined interest of $1.95 billion.

• Societe Generale's Barton Capital, LLC has a $1.52 billion commitment and its program-level enhancement remains at 8% of the invested amount for the lease facilities.

• ABN AMRO's Amsterdam Funding Corp. and Windmill Funding Corp. have a combined commitment of $1.88 billion. The program-level enhancement for each conduit remains at 8% of purchase commitments for the lease facilities.

• The Bank of Nova Scotia's Liberty Street Funding LLC has an $869.8 million interest and its program-level credit enhancement remains at 10% of purchase commitments for the lease facilities.

• Barclays Bank's Sheffield Receivables Corp. has a $1.74 billion commitment and its program-level credit enhancement remains at 10% of purchase commitments for the lease facilities.

• BLB's Giro Balanced Funding Corp. has a $260 million commitment and its program-level credit enhancement remains at 10% of purchase commitments for the lease facilities.

• BNP Paribas' Starbird Funding Corp. has a $1.56 billion commitment and its program-level credit enhancement remains at 8% of purchase commitments for the lease facilities.

• Credit Suisse's Alpine Securitization Corp. has a $456 million commitment.

• Deutsche Bank's Gemini Securitization Funding Corp. has an $863.6 million interest in the retail loan facility, Monterey Funding LLC has a $435.2 million interest in the dealer floorplan facility, and Riverside Funding LLC has a $477.8 million interest in the lease facilities. Riverside Funding's program-level enhancement remains at 8% of purchase limits for the lease facilities.

• HSBC's Bryant Park Funding and Regency Markets No. 1 LLC have a combined commitment of $1.74 billion. Bryant Park's program-level enhancement remains at 8% of outstanding ABCP issued for the lease facilities and Regency Markets' program-level enhancement remains at 5% of outstanding ABCP issued for the lease facilities.

• NordLB's Hannover Funding Corp. has a $696 million commitment, which is fully supported by a liquidity facility provided by Prime-1-rated NordLB.

• Lloyds TSB Bank Plc's Cancara Asset Securitisation Limited has a $689.5 million commitment and its program-level credit enhancement remains at 5% of purchase commitments.

• Natixis' Versailles Assets LLC has a $1.04 billion interest and its program-level credit enhancement remains at 10% of outstanding ABCP issued for the lease facilities.

• PNC Bank's Market Street Funding LLC has a $434.9 million commitment and its program-level credit enhancement remains at 10% of purchase commitments for the lease facilities.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $1.348 billion. The program-level enhancement for each conduit remains at 10% of outstanding ABCP issued for all facilities.

• The Royal Bank of Scotland plc's Thames Asset Global Securitization No. 1, Inc. ("TAGS") LLC has a $941 million interest and its program-level credit enhancement remains at 5% of outstanding ABCP issued with respect to this transaction.

Other non-conduit lenders provided the remaining commitments.

INTESA SANPAOLO'S ROMULUS FUNDING CORPORATION ADDS EURO 157 MILLION TRADE RECEIVABLES TRANSACTION

Romulus Funding Corporation ("Romulus"), a partially supported, hybrid ABCP conduit sponsored and administered by Intesa Sanpaolo Spa ("Intesa," rated Aa2/Prime-1/B-), has added a Euro 157 million trade receivables transaction to its portfolio.

In this transaction, Romulus lends its CP proceeds to finance the purchase of receivablesoriginated by an Italian company operating in the telecommunication systems and networks industry. This transaction is fully supported by a combination of credit insurance provided by Coface Assicurzioni SpA (Aa3 insurance financial strength rating) and a junior loan provided by Intesa Sanpaolo London branch (Aa2/Prime-1/B-). Investors also benefit from structural protections in the transaction such as a cease CP issuance if Coface Assicurazioni SpA is downgraded below A1 by Moody's and a CP tenor limitation of 60 days. A liquidity facility is provided by Prime-1-rated Intesa Sanpaolo Spa.

With this transaction, Romulus' programme-level credit enhancement was increased by 8% of the purchase commitment. Romulus is authorized to issue up to Euro 1.2 billion of ABCP.

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

New York
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to Text, August 20, 2008 Release: Moody's ABCP rating actions ending August 18, 2008
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

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