Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
11 Apr 2003
New York, April 11, 2003 -- MOODY'S RATES EURO-DENOMINATED CLASS A NOTES ISSUED BY HOUSE OF
EUROPE FUNDING I LTD. PRIME-1:
Moody's Investors Service has assigned a Prime-1 rating to Euro
915,000,000 of Class A House of Europe Funding I Notes (the
Notes) due March 26, 2004 and issued on March 28, 2003 by
issuer House of Europe Funding I Ltd.
The rating reflects Moody's judgment as to the timeliness of payments
by the issuer as well as the expected losses posed to the investors in
the rated class. The rating is primarily based on the issuers'
ability to rely on a put option and a cash flow swap entered into with
WestLB AG (WestLB) as put option agent and cash flow swap counterparty.
The put option is designed to fund the principal repayment of any notes
that are not successfully remarketed at maturity, and the cash flow
swap is structured to fund any shortfall between the issuers' collections
from its assets and the amount of interest due on the Class A notes.
The amount WestLB is required to pay under its support obligations cannot
be reduced for defaults on the issuers' underlying assets. The
combined amounts of the put option and cash flow swap are designed to
provide the investor the full amount of principal and interest due on
the Notes. The rating of the Notes is highly correlated to the
short term deposit rating of West LB. WestLB has a short-term
deposit rating of Prime-1, a long term senior deposit rating
of Aa1 and a bank financial strength rating of D. Any replacement
support provider would be required to carry a Prime-1 rating.
Moody's notes that the short-term rating of the Class A Notes is
applicable only to those Class A Notes issued on the Closing Date.
Westfalische Hypothenbank Dortmund ("WestHyp") will be the portfolio manager,
while Wells Fargo Bank Minnesota, N.A. (Aa1/Prime-1/A)
will serve as indenture trustee.
For further details, please see Moody's press release dated April
MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE SEVEN-DAY
PERIOD ENDED APRIL 10, 2003:
MOODY'S RATES SEDONA CAPITAL FUNDING CORPORATION ABCP PRIME-1
Moody's has assigned a Prime-1 rating to the asset-backed
commercial paper (ABCP) of Sedona Capital Funding Corp. (Sedona).
Sedona is a partially supported, multiseller program administered
by Deutsche Bank AG (DB, Aa3/Prime-1/B). Sedona will
be able to fund three asset types: (a) term and trade receivables
transactions subject to prior review by Moody's, (b) asset-backed
securities under a securities arbitrage program and (c) securities rated
either Prime-1 or at least Aa2 and covered by a surety bond (with
a $500 million sub-limit) provided by a Aaa-rated
surety bond provider. Asset types (b) and (c) are not required
to be reviewed by Moody's prior to their purchase. Like its sister
conduit, Tahoe Funding (Tahoe), Sedona does not issue ABCP
to investors. Instead, all ABCP issued by Sedona will be
issued by Gemini Securitization Corp. (Gemini), another DB-administered
program that is rated Prime-1 by Moody's. Sedona ABCP is
match-funded by Gemini ABCP.
As of March 31, 2003, Sedona had commitments over $3.08
billion in asset interests that were all purchased on a prior review basis
prior to its rating by Moody's. It has over $1.81
billion of ABCP outstanding.
Sedona's Prime-1 rating is based on, among other factors:
the quality of the assets which are subject to review by Moody's prior
to purchase; the quality of the securities to be purchased on a post-review
basis, based on the ratings guidelines and limits or required coverage
under a surety bond policy; liquidity support provided by Prime-1
rated banks; and certain structural protections intended to preserve
the bankruptcy remote nature of Sedona.
Unlike many general-purpose multiseller ABCP programs, Sedona's
ABCP will not have "program-level" credit enhancement. Program
credit enhancement although calculated or determined by Sedona's assets,
will be provided at the Gemini program level. The amount of the
credit enhancement is dynamic and fluctuates with the credit quality and
composition of Sedona's asset portfolio. As of March 31,
2003, the required program credit enhancement for Sedona was $138.4
million, which is included within Gemini's required program credit
enhancement amount of $513.5 million.
Liquidity support for Sedona's ABCP will be provided at the Sedona level
by liquidity loan agreements provided by Prime-1-rated banks.
The liquidity agreement for prior review asset purchases will typically
have a borrowing base test, which means funds will be available
up to the amount of non-defaulted assets. It is contemplated
that each post-review asset purchase will have a separate liquidity
agreement. Liquidity will not be required to fund for the asset
interests covered by a surety bond, if the monoline surety bond
provider becomes insolvent or has failed to make a payment under the surety
bond. Also, liquidity will not fund for asset interests purchased
under the securities arbitrage program when the asset is rated below Caa1.
The commitment amount under the liquidity agreements will equal 102%
of the purchase limit of the transaction.
Due to the match-funding of Sedona ABCP with Gemini ABCP,
a failure to re-issue Gemini ABCP due to a market disruption would
result in a failure to re-issue Sedona ABCP. Sedona's liquidity
would have to be drawn to repay Gemini's ABCP. Moody's has reviewed
Deutsche Bank's role as administrator of the two conduits, and believes
this arrangement is consistent with the Prime-1 rating of Sedona's
Moody's will review each term and trade asset interest prior to purchase
to assess its effect on both the Sedona and Gemini Prime-1 ratings.
Because Gemini is the sole purchaser of Sedona's ABCP, it is anticipated
that such asset pools in Sedona's portfolio will be reviewed as if they
were purchased under the Gemini investment policy and program enhancement
guidelines. Any significant deterioration in the credit quality
of any asset pool in Sedona's portfolio is likely to have a negative impact
on the Prime-1 ratings of both Gemini and Sedona.
Please see Moody's press release dated April 7, 2003 for further
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD APRIL 4, 2003 THROUGH APRIL 10,
BANK OF NOVA SCOTIA'S LIBERTY STREET AND CREDIT LYONNAIS' LA FAYETTE EACH
ADD $50 MILLION PIECE OF CLUB TRADE RECEIVABLES DEAL
Liberty Street Funding Corp., The Bank of Nova Scotia's (Aa3/Prime-1/B)
partially supported, multiseller ABCP conduit, and Credit
Lyonnais' (A1/Prime-1/B-) La Fayette Asset Securitization
LLC each added a $50 million share in a co-purchase trade
receivables transaction. This is a co-purchase facility
with Bank One's Falcon Asset Securitization Corp. This quick-turning
transaction is backed by short-term receivables originated by a
paper products company rated in the Baa category. Investor protections
include funding with liquidity should the seller/servicer become insolvent
as well as a 20% floor level of reserves. Historically,
the receivables have performed well, demonstrating low levels of
losses. Other structural enhancements include fairly tight performance
triggers which, if violated, would cause the transaction to
wind down relatively quickly. Liquidity provided by The Bank of
Nova Scotia and Credit Lyonnais for their respective conduits funds for
non-defaulted assets (defined as greater than sixty days past due).
Liberty Street's investors, in addition to deal reserves,
will also benefit from a increase in the program letter of credit of 10%
of the amount of this transaction. La Fayette's investors will
benefit from an increase in its program enhancement of 8% of the
amount of this transaction. Liberty currently has approximately
$5 billion in ABCP commitments and close to $3 billion in
ABCP outstanding. Giving effect to the transaction, La Fayette
is now authorized to issue $1.2 billion in ABCP.
FLEET'S EAGLEFUNDING ADDS $90 MILLION TRADE RECEIVABLES TRANSACTION
EagleFunding Capital Corp., Fleet National Bank's (Aa3/Prime-1/B)
partially supported, multiseller ABCP conduit, has added a
$90 million revolving trade receivables facility to its portfolio.
The receivables are originated by a Baa3-rated utility company,
which provides electricity and natural gas service primarily to residential
customers. Pool-specific credit enhancement, in the
form of overcollateralization, fluctuates depending on pool performance.
The minimum amount of enhancement is equal to 15% of eligible receivables.
In addition to pool-specific credit enhancement, the program-wide
letter of credit was increased by 5% of outstandings. The
size of the credit support compares favorably to the amount of defaulted
receivables, which have averaged under 2% per month.
With the addition of this asset pool, EagleFunding is now authorized
to issue up to $3.8 billion of ABCP.
WESTLB'S PARADIGM ADDS $30 MILLION TRADE RECEIVABLES PURCHASE FACILITY
WestLB's (Aa1/Prime-1/D) Paradigm Funding LLC (Paradigm),
a partially supported, multiseller conduit, has added a $30
million revolving purchase facility of trade receivables originated by
an unrated German supplier of automotive chassis parts. A minimum
of 20% of deal-specific credit enhancement is provided.
However, the amount will adjust upward dynamically depending upon
asset performance. Program-level credit enhancement has
been increased by 10% of the purchase facility. Currently,
Paradigm has about $7.2 billion in ABCP outstanding,
with $541.7 million in program-level credit enhancement.
Paradigm is now authorized to issue about $ 9.3 billion
For a more detailed description of these ABCP programs, see Moody's
GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which
is published quarterly. This information is also available at http://www.moodys.com.
Structured Finance Group
Moody's Investors Service
MOODY' S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 10, 2003:
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
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.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
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 or in preparing its Publications.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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."
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 JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.