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Rating Action:

MOODY' S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 6, 2003:

07 Mar 2003
MOODY' S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 6, 2003:

New York, March 07, 2003 -- MOODY'S RATED THE FOLLOWING ABCP CONDUITS PRIME-1 DURING THE PERIOD FEBRUARY 28, 2003 THROUGH MARCH 6, 2003:

MOODY'S ASSIGNS PRIME-1 RATING TO HUDSON CASTLE'S FOXBORO FUNDING LTD. and FOXBORO FUNDING LLC EXTENDIBLE ABCP PROGRAM; CONDUIT ADDS FIRST ASSET

Moody's has assigned a Prime-1 rating to Foxboro Funding Ltd., and to Foxboro Funding LLC's (collectively, Foxboro Funding) U.S. dollar-denominated secured liquidity notes program. Secured liquidity notes (SLNs) are a form of extendible ABCP. Hudson Castle Group Inc. acts as referral agent for Foxboro Funding, and provides certain administrative services, while Deutsche Bank Trust Company Americas (A1/Prime-1/C) is the administrative agent for Foxboro Funding.

Foxboro Funding Ltd. is a Jersey-registered, bankruptcy-remote corporation owned by Foxboro Capital Ltd. (Foxboro Capital, unrated). Its co-issuer, Foxboro Funding LLC, is a bankruptcy-remote Delaware based limited liability company, and Foxboro Capital is its sole member.

Foxboro Funding LLC will issue fully supported, U.S. dollar-denominated Prime-1-rated SLNs with expected maturities of up to 90 days and legal final maturities of 390 days. Foxboro Funding Ltd. will issue fully supported, Prime-1-rated, euro-denominated SLNs. The proceeds of the SLNs will be used to purchase intercompany funding notes issued by Foxboro Capital, a Jersey registered, bankruptcy-remote, multiseller and multidebt-issuing entity sponsored by Hudson Castle Group Inc. Foxboro Capital will in turn use the proceeds from these intercompany funding notes to make loans secured by interests in eligible assets originated by various sellers, as is typical of a multiseller ABCP conduit. Foxboro Capital will obtain both fully supporting liquidity facilities from Prime-1 rated financial institutions and swaps as needed to refund the SLNs issued by Foxboro Funding.

Moody's will review each asset purchase entered into by Foxboro Capital.

The Prime-1 rating assigned to Foxboro Funding's SLNs is based on, among other things: full liquidity support provided by Prime-1 rated entities to cover the principal amount of the SLNs and cost of funds swaps to cover the interest component of the SLNs at legal final maturity; structural protections against the bankruptcy of both Foxboro Capital and Foxboro Funding, and Moody's assessment of the ability of Deutsche Bank Trust Company Americas to administer the SLN and Euro SLN program.

There is no program level credit enhancement for Foxboro Funding, since it is a fully supported program. Foxboro has completed its first asset purchase, a $1 billion transaction backed by loan and participation interests originated by an A2/Prime-1 rated U.S. based nonbank broker-dealer. Liquidity, which fully supports this transaction, is provided through a combination of a funding obligation for the principal amount of the SLNs and a cost of funds swap for the interest component of the SLNs. Both are provided by Lehman Brothers Holding Inc. (rated A2/P-1). Foxboro is now authorized to issue up to $1.0 billion of SLNs.

For further details, please see Moody's press release dated March 6, 2003.

MOODY'S RATES DEUTSCHE BANK'S CUTLASS SECURITISATION LIMITED ASSET-BACKED COMMERCIAL PAPER PROGRAM PRIME-1

In Sydney, Moody's assigned a Prime-1 rating to the asset-backed commercial paper issued by CUTLASS Securitisation Limited (CUTLASS). CUTLASS is a partially supported, non-serialized, multi-seller asset-backed commercial paper (ABCP) program sponsored by Deutsche Bank AG, Sydney Branch (Aa3/Prime-1/B). The authorized amount for the program is currently A$1.5 billion, with a program limit of A$2.5 billion.

The Prime-1 rating is based on several factors, including seller-specific liquidity support, which will repay maturing ABCP in the event of market disruption and takes on some asset-related credit risks; strict ABCP issuance tests; and the bankruptcy-remote nature of the structure.

The CUTLASS program is administered by Deutsche Securitisation Australia Pty Limited, which is ultimately a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Securitisation Australia Pty Limited is an experienced administrator of ABCP programs, operating three other conduits in the domestic market.

A presale report for CUTLASS is available on www.moodysinvestors.com.au, and a detailed description of this program will be included in the forthcoming issue of Moody's Asset-Backed Commercial Paper Market Review, which is published quarterly.

MOODY'S PLACED THE FOLLOWING ABCP CONDUIT ON REVIEW FOR POSSIBLE DOWNGRADE DURING THE PERIOD FEBRUARY 28, 2003 THROUGH MARCH 6, 2003:

MOODY'S PLACES HUDSON CASTLES' FENWAY FUNDING LLC'S ABCP ON REVIEW FOR DOWNGRADE

Moody's put under review for possible downgrade the Prime-1 rating of Fenway Funding LLC, an extendible asset-backed commercial paper (ABCP) program sponsored by Hudson Castle Group, Inc..

The action came after the Prime-1 rating of ZCM Matched Funding Corp. (ZCMMF), a liquidity provider for Fenway Funding was placed under review for possible downgrade. ZCMMF's Prime-1 rating, which is based upon a surety bond provided by Zurich Insurance Company, was placed on review for possible downgrade on February 27, 2003. Zurich Insurance Company (ZIC)'s Prime-1 rating was also placed on review for possible downgrade on February 27, 2003.

Fenway has approximately $3.4 billion in outstanding SLNs.

MOODY'S HAS WITHDRAWN THE RATING OF THE FOLLOWING ABCP CONDUIT:

MOODY'S WITHDRAWS PRIME-1 RATING OF BAVARIA SECURITISATION LIMITED

In London, Moody's has withdrawn the Prime-1 rating of Bavaria Securitisation Limited, an ABCP programme sponsored by Bayerische Hypo-und Vereinsbank (A3/Prime-1/C-). As of January 31, 2003, all ABCP had been repaid in full. No further ABCP will be issued.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD FEBRUARY 28, 2003 THROUGH MARCH 6, 2003:

MIZUHO CORPORATE BANK'S ADVANTAGE ASSET SECURITIZATION CORP. ACQUIRES $58.82 MILLION INTEREST IN TRADE RECEIVABLES PURCHASE FACILITY

Advantage Asset Securitization Corp. (Advantage), a partially supported multiseller conduit, sponsored by Mizuho Corporate Bank, Limited (A3/Prime-1/E), acquired a $58.82 million interest in a revolving purchase facility of trade receivables originated by two unrated manufacturers of industrial chemicals. This transaction is fully supported by liquidity provided by a Prime-1-rated bank. Advantage is now authorized to issue up about $.41 billion of ABCP.

BANK OF TOKYO-MITSUBISHI'S APEX FUNDING CORP. LOWERS AUTHORIZED AMOUNT TO 1,000 BILLION YEN

In Tokyo, Moody's has confirmed the Prime-1 rating of Apex Funding Corp. (Apex) following a program amendment to reduce the maximum yen liquidity commitment by The Bank of Tokyo-Mitsubishi, Ltd. (BTM) (A2 /Prime-1/D-). Consequently, the authorized amount of Apex's program was decreased from 1,300 billion yen to 1,000 billion yen. Apex Funding Corp. is a multiseller, partially supported, ABCP program sponsored by BTM. The program finances yen-denominated assets by issuing ABCP in the Japanese market only.

BANK OF TOKYO-MITSUBISHI'S ARCADIA FUNDING CORP. RAISES AUTHORIZED AMOUNT TO 1,000 BILLION YEN

In Tokyo, Moody's confirmed the Prime-1 rating of Arcadia Funding Corp. (Arcadia) following a program amendment to raise the maximum yen liquidity commitment by The Bank of Tokyo-Mitsubishi, Ltd. (BTM) (A2 /Prime-1/D-). Consequently, the authorized amount of Arcadia's program was increased from 900 billion yen to 1,000 billion yen. Arcadia Funding Corp. is a multiseller, fully supported ABCP program sponsored by BTM. The program finances yen-denominated assets by issuing ABCP in the Japanese market only.

BRYANT PARK ADDS $300 MILLION TRADE DEAL

HSBC's Bryant Park Funding, LLC has added a fifth facility to its portfolio, which is a $300 million trade receivables facility. This purchase is part of a $1.4 billion co-purchase made among several ABCP conduits. The trade receivables are generated by the wireless service business of a Baa2-rated telecommunications company. Services provided by the company include both voice and data communications. Credit enhancement is in the form of asset overcollateralization, and is equal to a minimum of 6%. The program-wide credit enhancement has increased by 5% of outstandings to provide additional support. With the addition of this new facility, Bryant Park is authorized to issue up to $1.683 billion of ABCP.

BANK OF TOKYO-MITSUBISHI'S CONCERTO RECEIVABLES CORP. RAISES AUTHORIZED AMOUNT TO 1,000 BILLION YEN

In Tokyo, Moody's confirmed the Prime-1 rating of Concerto Receivables Corp. ("Concerto") following a program amendment raising its maximum yen liquidity commitment by The Bank of Tokyo-Mitsubishi, Ltd. (BTM) (A2 /Prime-1/D-). Consequently, the authorized amount for Concerto's program was increased from 100 billion yen to 1,000 billion yen. Concerto Receivables Corp. is a multiseller, fully supported asset-backed commercial paper ("ABCP") program sponsored by BTM. The program finances yen-denominated assets by issuing ABCP in the Japanese market only.

CDC IXIS CAPITAL MARKETS' DIRECT FUNDING S.A. ADDS ONE NEW GBP 75 MILLION ASSET

In Paris, Moody's confirmed the Prime-1 rating assigned to the asset-backed commercial paper (ABCP) of DIRECT Funding S.A., following its addition of a new asset in the amount of GBP 75 million. Direct Funding is a partially supported, multiseller ABCP program, sponsored by CDC Ixis Capital Markets (CDC IXIS CM), with a program limit of Euro 5 billion. The DIRECT program is now authorized to issue up to Euro 2.7 billion of ABCP.

The asset addition takes the form of subscription by Direct Funding to a credit derivatives transaction, through which it provides protection to its counterparty CDC Ixis Capital Markets against certain credit events which may occur in connection with the underlying assets. The proceeds of the ABCP issuance are invested into a cash deposit account, which is pledged to the benefit of the party buying credit protection. The new credit derivative transaction relates to a facility financing insurance premium loans in the United Kingdom. The transaction has been structured to a high investment-grade standard, and thus is consistent with the conduit's Prime-1 rating.

Confirmation of the conduit's Prime-1 rating is also based upon the rating of CDC Ixis Capital Markets (Aaa/Prime-1) as credit derivative counterparty and liquidity provider through its commitment to release the cash collateral associated with the credit derivative transaction when required. No increase of the program-wide credit facility for DIRECT was made. Thus, it remains at Euro 1 million.

BMO NESBITT BURNS' FAIRWAY INCREASES EXISTING EQUIPMENT LEASE FACILITY AND ADDS A SEPARATE $80 MILLION EQUIPMENT LEASE TRANSACTION

Fairway Finance Corp., a BMO Nesbitt Burns (BMO) (Aa3/Prime-1/B) sponsored and administered ABCP program, increased a partially supported equipment lease facility from $200 million to $250 million. Liquidity is provided by Prime-1-rated Bank of Montreal. The required program-wide credit enhancement for this transaction, a letter of credit provided by BMO, is sized at 5% of the facility limit. The performance of the receivables pool has been strong and has consistently demonstrated a low default rate. The deal structure incorporates triggers, which would cause the transaction to be removed from Fairway automatically if the performance of the portfolio begins to deteriorate.

Fairway also added an $80 million equipment leasing transaction, in which the seller is an unrated originator of leases for small-ticket commercial equipment such as computers, electronics, machine tools, furniture and restaurant equipment. Liquidity provided by Bank of Montreal fully supports this transaction.

Fairway is currently authorized to issue up to $10 billion of ABCP.

HARWOOD STREET FUNDING II LLC INCREASES AUTHORIZED AMOUNT TO $1.5 BILLION

Harwood Street Funding II LLC a single-seller mortgage loan warehouse facility sponsored by Centex Credit Corp., an indirect wholly owned subsidiary of Centex Corp., has increased its authorized amount from $1.0 billion to $1.5 billion. With this $500 million increase, Harwood II is now authorized to issue $1.425 billion in Prime-1-rated Secured Liquidity Notes ("SLNs"). Harwood II also issued an additional $25 million tranche of Baa2 rated subordinated notes to maintain the required levels of subordination for the increased authorized amount. The total amount of subordinated notes now equals $75 million. These subordinated notes and a 0.60% cash collateral account act as credit enhancement for the SLNs in this program.

NIEUW AMSTERDAM RECEIVABLES CORP. PURCHASES $135 MILLION INTEREST IN AGRICULTURAL AND CONSTRUCTION EQUIPMENT RETAIL INSTALLMENT CONTRACTS

Nieuw Amsterdam Receivables Corp. (NARCO), a partially supported, multiseller program sponsored by Rabobank (Aaa/Prime-1/A), has purchased a $135 million interest in agricultural and construction equipment installment contracts originated by one of the largest manufacturers of such equipment. This transaction benefits from dynamic credit enhancement with a floor of 8% in the form of overcollateralization of 5% and a spread account of 3%. NARCO is now authorized to issue $3.140 billion of ABCP.

BARCLAYS' SHEFFIELD ADDS $1 BILLION OF AUTO LOAN RECEIVABLES

Sheffield Receivables Corp., a partially supported, multiseller ABCP conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-) has added a $1 billion revolving auto loan transaction with an investment-grade-rated finance subsidiary of a manufacturer. The prime loans are made against new vehicles only, and 100% of the receivables have subvened interest rates. Credit enhancement in the form of subordination and cash reserves is less than 10%. The subvened interest amounts are covered by the sale of the receivables at a discount. Sheffield has added 10% of the amount of this asset as incremental program credit enhancement. Sheffield is currently authorized to issue about $23 billion of ABCP.

ROYAL BANK OF CANADA'S THUNDER BAY FUNDING INC. REMOVES FULL SUPPORT FROM $200 MILLION INTEREST IN $300 MILLION REVOLVING LOAN FACILITY BACKED BY STUDENT LOANS

Thunder Bay Funding Inc.. (Thunder Bay), a partially supported, multiseller ABCP program, sponsored by Royal Bank of Canada (Aa2/Prime-1/B+), unwrapped its $200 million interest a revolving loan facility for an unrated company. The facility is backed by government-guaranteed and non-government-guaranteed student loans. This deal is now partially supported by deal-specific credit enhancement in the form of a cash collateral account sized in the amount of .5% of the outstanding principal of the government-guaranteed student loans, and 4% of the non-government-guaranteed student loans. This transaction also benefits from a surety bond provided by Aaa-rated AMBAC that covers interest and principal owed under the loan facility. As long as AMBAC is rated above Caa2, liquidity provided by RBC advances against any amount payable under the surety bond. Also, incremental program-level credit enhancement of 10% loan facility is provided.

CDC Financial Products, Inc.'s (Aaa/Prime-1) Eiffel Funding LLC has also taken a $100 million share in this transaction. Thunder Bay is authorized to issue up to $4.2 billion of ABCP and has about $950 million in program-level credit enhancement.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly. This information is also available at http://www.moodys.com.

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

New York
Letitia Accarrino
Vice President - Senior 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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Moody’s Investors Service, Inc., 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 Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. 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 “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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