Moodys.com
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ 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 inform​ation 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

 

1.            Unless 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.               

 

2.            You 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 Information.

 

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.​​​

I AGREE
Rating Action:

MOODY' S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 24, 2003

25 Apr 2003
MOODY' S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 24, 2003 New York, April 25, 2003 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD APRIL 18, 2003 THROUGH APRIL 24, 2003:

MOODY'S ASSIGNS A PRIME-1 RATING TO COUNTRYWIDE FINANCIAL'S PARK GRANADA LLC EXTENDIBLE ABCP PROGRAM
Moody's has assigned a rating of Prime-1 to a combined amount of $9.56 billion of Secured Liquidity Notes and Callable Notes to be issued by Park Granada LLC (Park Granada). Park Granada is a single-seller residential mortgage loan warehouse facility sponsored by Countrywide Home Loans Inc. (A3/Prime-2), a wholly owned subsidiary of Countrywide Financial Corp. (A3). Countrywide Home Loans Inc. will act as originator, seller, and servicer of the loans purchased by Park Granada. It will also act as conduit administrator.

Park Granada, with an authorized amount of $10 billion, will fund the purchase of mortgage loans originated by Countrywide Home Loans Inc. from the proceeds of the Secured Liquidity Notes ("SLNs") and Callable Notes ("CNs") on a revolving basis. SLNs and CNs are a form of asset-backed commercial paper (ABCP) that are mainly distinguished by the potential extendibility of their maturity dates. Unlike most ABCP, SLNs and CNs are not backed by a traditional bank liquidity facility. As the purchased mortgage portfolio reaches a critical mass, pools of mortgages will be sold or securitized. The SLNs and CNs issued by Park Granada are short-term debt with an original term of up to 180 days, but which may be extended by the issuer up to an additional 120 days under certain conditions.

The Prime-1 rating assigned to Park Granada's SLNs and CNs is based on, among other factors, expected collateral performance; credit enhancement primarily provided by a cash collateral account and unrated variable funding notes, both subordinate to the SLNs and CNs; market value risk protection of non-defaulted collateral through a swap with Bank of America N.A. (Aa1/Prime-1/A-), ABN Amro Bank NV (Aa3/Prime-1/B), and BNP Paribas (Aa2/P-1/B+); and liquidity support for non-delinquent and non-defaulted collateral from Bank One, N.A. (Aa2/Prime-1/B+) acting as a committed buyer of the mortgages, and structural protections, including a requirement to cease issuing SLNs and CNs if the portfolio is not in compliance with aging guidelines or if the program credit enhancement is not at the required level.

Credit enhancement is sized to cushion SLN and CN investors against loss or yield erosion in two forms: a cash collateral account and subordinated variable funding notes. The cash collateral account is sized at 0.60% of the program size, or $60 million, and is funded at closing. The subordinated variable funding notes are sized at 4.4%, and the dollar amount of subordinated variable funding notes will vary with facility utilization. However, if the program were to wind down, the credit enhancement would freeze to protect the SLN and CN investors.

Liquidity support is provided through a combination of a committed buyer, Bank One N.A., who is obligated to make a bid on non-delinquent or non-defaulted collateral as and when required along with proceeds of a market value swap, provided by Bank of America N.A., ABN Amro Bank NV, and BNP Paribas, for the market value component of all collateral. The combination of a required liquidation of mortgages in the pool upon a failure to reissue SLNs or CNs at their initial maturity or during the subsequent 120 day extension period, plus the committed buyer arrangement and market value swap, is structured to refund the SLNs or CNs by their legal final maturity of 300 days.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD APRIL 18, 2003 THROUGH APRIL 24, 2003:

CDC's EIFFEL FUNDING ADDS $180 MILLION SUBSCRIPTION LOAN FACILITY
Eiffel Funding, a CDC-Financial Products, Inc.(Aaa/Prime-1)-sponsored and administered, partially supported, multiseller ABCP conduit, has added a $180 million subscription loan facility. This is the sixth facility of this kind in Eiffel providing financing to an investment company that will use the proceeds to invest in real estate. The investments are backed by loan commitments from eight different investors, including universities, states and mutual funds. Eiffel Funding is relying on these loan commitments to repay ABCP when needed. If the investors do not make required payments under these loans, then the liquidity bank will repay the full amount of outstanding ABCP, up to the commitment amount, plus ABCP interest; as long as certain rated securities of the some of the investors or some of the investors themselves have not defaulted. Default for all securities and investors is defined as a rating of less than Caa3. The majority of the rated securities or parties are all currently highly rated (Aa2 or higher). One of the parties is unrated; and investors are fully supported through liquidity for that loan commitment. Another entity is rated Aa3, and the transaction is structured to protect investors from losses associated with that loan commitment to a level consistent with Prime-1. CDC is the liquidity provider. Program-wide credit enhancement has been increased by 10% of outstandings.

STATE STREET'S GALLEON ADDS NORWEGIAN KRONER 500 MILLION TRADE RECEIVABLES TRANSACTION
Galleon Capital Corp., a partially supported, multiseller ABCP program sponsored by State Street Capital Markets, LLC (Aa2/P-1/B+), has added a trade receivables facility in the amount of Norwegian Kroner 500 million. The receivables are originated by affiliates of a Norwegian company which designs, builds and operates information communication platforms. Credit enhancement is provided by overcollateralization. The reserve is dynamic with a floor of 20%. Although partially supported by liquidity, the transaction has limited risk due to structural features which restrict the amount of defaulted receivables which are not funded by the liquidity facility. Kroners are swapped into dollars by State Street, who is also the liquidity provider. Galleon is now authorized to issue $2.9 billion of ABCP.

BANK OF NOVA SCOTIA'S LIBERTY STREET ADDS $70 MILLION TRADE RECEIVABLES FACILITY
Liberty Street Funding Corp., The Bank of Nova Scotia's (Aa3/Prime-1/B) partially supported, multiseller ABCP conduit, has added a $70 million partially supported revolving trade receivables facility. The seller is a Baa2-rated developer, manufacturer and marketer of special surgical/medical products and equipment. Transaction-specific credit enhancement in the form of overcollateralization is set at a minimum of 13.5%. Pool-specific enhancement will increase dynamically based upon the performance of the pool of receivables.

Liquidity, provided by Prime-1-rated Bank of Nova Scotia, partially supports Liberty Street's commitment. Program-level credit enhancement for Liberty was increased by 10% of the new transaction amount, or $7 million. Liberty currently has approximately $5 billion in ABCP commitments and close to $3 billion in ABCP outstanding.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ADDS $300 MILLION REVOLVING TRADE RECEIVABLES PURCHASE FACILITY
Manhattan Asset Funding Co. LLC (Manhattan), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. (SMBC) (A3/Prime-1/E), has added a $300 million revolving purchase facility of trade receivables originated by a subsidiary of an investment-grade-rated tire products manufacturer. A minimum of 20% deal-specific credit enhancement is provided. However, the amount will adjust upward dynamically depending upon asset performance. Program-level credit enhancement has increased by 10% of the purchase facility. Manhattan is authorized to issue up to $5 billion of ABCP. Currently, Manhattan has about $1.17 billion in outstanding ABCP, with $184 million in program-level credit enhancement.

ABN AMRO'S ORCHID FUNDING ADDS USD EQUIVALENT OF UP TO NEW TAIWAN DOLLAR 6 BILLION EXTENDABLE FLOATING RATE NOTES
Orchid Funding Corp. (Orchid), a partially supported, multiseller conduit sponsored and administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B), purchased the U.S. dollar equivalent of up to 6 billion of New Taiwan Dollar extendable floating rate notes ("FRNs") issued by a finance company. The extendable FRNs are backed by a pool of credit card receivables originated by a Taiwanese specialized credit card company. The confirmation of Orchid's rating for this transaction is largely based on the credit quality of the underlying credit card receivables, with subordination covering credit and commingling losses, the sequential cashflow mechanisms, and the legal integrity of the extendable FRNs. This transaction is also supported by a liquidity facility provided by Prime-1-rated ABN AMRO Bank N. V.

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.
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.

​​​​​​​​
Moodys.com