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Rating Action:

MOODY'S ABCP RATING ACTIONS DURING THE SEVEN DAY PERIOD ENDED SEPTEMBER 26, 2002:

27 Sep 2002
MOODY'S ABCP RATING ACTIONS DURING THE SEVEN DAY PERIOD ENDED SEPTEMBER 26, 2002:

New York, September 27, 2002 -- MOODY'S ISSUED PROSPECTIVE RATINGS OF Aaa/PRIME-1 TO THE FOLLOWING STRUCTURED INVESTMENT VEHICLE (SIV) DURING THE SEVEN DAY PERIOD ENDED SEPTEMBER 26, 2002:

MOODY'S ASSIGNS PROSPECTIVE RATINGS TO SENIOR PROGRAMS OF TANGO FINANCE LIMITED AND TANGO FINANCE CORP.

In London, Moody's has assigned prospective ratings to the debt programs of Tango Finance Limited ("Tango") and Tango Finance Corp. ("Tango USA") as follows: (1) a prospective short-term credit rating of (P) Prime-1 to the Euro commercial paper program of Tango; (2) a prospective short-term credit rating of (P) Prime-1, and a prospective long-term credit rating of (P) Aaa to the Euro medium term note program of Tango; (3) a prospective short-term credit rating of (P) Prime-1 to the U.S. commercial paper program of Tango USA; and (4) a prospective short-term credit rating of (P) Prime-1, and a prospective long-term credit rating of (P) Aaa to the U.S. medium term note program of Tango USA. Moody's issues prospective ratings in advance of the sale of securities, but these ratings represent Moody's preliminary credit opinions only.

Tango is a structured investment vehicle. Tango will purchase diversified investment grade assets with the proceeds of debt issuance under the above programs. The structure will rely on the ability of Tango to sell or restructure the portfolio of assets, should it prove necessary to defease the programs and repay the rated debt.

Tango USA is a wholly owned subsidiary of Tango, incorporated in Delaware for the sole purpose of co-issuing U.S. medium term notes and U.S. commercial paper with Tango. Moody's prospective ratings on the above programs are based, among other things, upon: (1) the eligibility criteria and mark-to-market procedures to be followed for assets within the portfolio to be held by Tango; (2) the overcollateralization requirements, which will be calculated on a weekly basis according to the composition of the portfolio; (3) interest rate and currency hedging requirements that will limit exposure to market risk to a narrow range; (4) liquidity facilities to be granted by Prime-1 banks, together with certain liquid assets to be held within the investment portfolio.

For further details, please see Moody's press release dated September 24, 2002.

MOODY'S CONFIRMED THE RATINGS OF THE FOLLOWING STRUCTURED INVESTMENT VEHICLE (SIV) AT Aaa/PRIME-1 DURING THE SEVEN DAY PERIOD ENDED SEPTEMBER 26, 2002:

MOODY'S AFFIRMS THE RATINGS ASSIGNED TO RATHGAR CAPITAL CORP. AND RATHGAR CAPITAL (U.S.) CORP.

In London, Moody's affirmed the ratings currently assigned to the various debt programs of Rathgar Capital Corp. ("Rathgar") and Rathgar Capital (U.S.) Corp. ("Rathgar USA") as follows: Prime-1 to the Euro commercial paper program of Rathgar; Prime-1 to the U.S. commercial paper program of Rathgar USA; Aaa and Prime-1 to the Euro medium term note program of Rathgar; and Aaa and Prime-1 to the U.S. medium term note program of Rathgar USA.

The rating affirmations are prompted by the replacement of Gen Re Securities Limited by CIBC World Markets as provider of certain standby services to Rathgar and certain quarterly monitoring services to West End Capital Management Dublin.

Rathgar is a structured investment vehicle, incorporated as an exempted company under the laws of the Cayman Islands for the purpose of investing in a diversified portfolio of eligible investment grade assets with the proceeds of the rated programs. Income Notes issued by Rathgar provide additional funds for investment and credit enhancement to

investors in the rated notes.

Moody's based the ratings assigned to Rathgar's programs on: (1) the eligibility criteria for assets purchased by Rathgar; (2) the minimum ongoing overcollateralization provided by the Income Notes, which is calculated on a marked-to-market basis, according to various factors relating to the composition of the asset portfolio and the maturity profile of the liabilities; (3) interest rate and currency hedging requirements designed to limit exposure to a narrow tolerance range; (4) the role of CIBC World Markets Corporation (a wholly owned subsidiary of Canadian Imperial Bank of Commerce, currently rated Aa3/P-1) as standby servicer to Rathgar on a temporary basis and the provider of certain quarterly services to the Investment Advisor and as owner of 25% of the Investment Manager; (5) the provision of partial liquidity facilities by various Prime-1 rated banks and the inclusion of various highly liquid securities within the investment portfolio; and 6) various structural protections of the transaction.

Rathgar USA is a wholly owned subsidiary of Rathgar, incorporated in Delaware, that further lends the proceeds of the U.S. medium term notes and the U.S. commercial paper programs to Rathgar. The ratings of Rathgar USA's commercial paper and medium term note programs are based on an unconditional, irrevocable guarantee from Rathgar, and on a lien on the assets of Rathgar ranking pari passu with that securing Rathgar's own rated obligations.

For further details, please see Moody's press release dated September 24, 2002. .

THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED SEPTEMBER 26, 2002:

BAYERISCHE HYPO- UND VEREINSBANK'S ARABELLA ADDS JPY 3.4 BILLION CONSUMER LOAN TRANSACTION

Arabella Funding, LTD., a multiseller, partially supported ABCP conduit sponsored by Bayerische Hypo-und Vereinsbank AG (HVB), has closed a JPY 3.4 billion amortizing consumer loan transaction. The receivables are originated by an unrated Japanese finance company. This pool is the continuation of a portfolio that the same client has had financed through the Bavaria Securitization Limited (Bavaria) program sponsored by HVB. The performance experienced during the last two years under the Bavaria program was taken into account by Moody's.

Since the transaction has amortized significantly during the last two years and the pool-specific credit enhancement is partially based on the initial receivables balance, the transaction now benefits from a large amount of pool-specific credit enhancement. The enhancement is now equal to approximately 74% of the senior certificate. Pool-specific credit enhancement is provided in the form of a 7.5% cash reserve and a subordinated certificate equal to 10% of the initial outstanding senior certificate. Program-wide credit enhancement is provided through a 10% letter of credit provided by A1/Prime-1/C-rated HVB.

This partially supported transaction benefits from a cumulative default trigger in the event that defaults are greater than 50% of the junior certificate. If the trigger is hit, excess spread must be captured in the deal. Furthermore, ABCP maturity is limited to a maximum of 183 days for this portfolio. The liquidity facility, which is sized at 102% of the purchase limit funds for non-defaulted receivables, is provided by Prime-1-rated HVB.

With this addition, Arabella is now authorized to issue ABCP of up to approximately $ 6.4 billion.

SOCIETE GENERALE'S BARTON CAPITAL ADDS $1 BILLION AUTO LOAN RECEIVABLE WAREHOUSE FACILITY AND AMENDS EXISTING $650 MILLION DEALER FLOORPLAN LOAN FACILITY

Barton Capital Corp., Societe Generale's (SG, Aa3/Prime-1/B) partially supported, multiseller conduit, will invest in $1 billion of auto loan receivables originated by the investment-grade-rated subsidiary of an investment-grade automobile manufacturer. The transaction has a minimum credit enhancement requirement of 12%, but a dynamic enhancement formula will provide additional enhancement depending on the mix of autos in the portfolio. SG's Barton has added 8% program credit enhancement for this deal.

Barton has also amended a $650 million longstanding, partially supported floorplan loan facility with an investment grade-rated captive finance subsidiary of an entity in the agricultural and construction equipment business. The deal is being amended to include construction equipment floorplan loans as well as floorplan loans secured by agricultural equipment. The construction equipment floorplan loans are limited to 33% of the overall pool. The transaction has a minimum of 7% deal specific credit enhancement, as against de minimis losses in the pool since inception. The deal also benefits from yield, dilution and servicer fee reserves. Barton holds 8% program credit enhancement against this deal.

Barton is currently authorized to issue approximately $8.9 billion of ABCP.

MOODY'S WITHDRAWS PRIME-1 RATING OF WACHOVIA'S CENTRIC CAPITAL CORP.

Moody's has withdrawn the Prime-1 rating assigned to commercial paper issued by Centric Capital Corp., Wachovia's loan-backed ABCP program. The withdrawal follows the repayment of all outstanding ABCP and Wachovia's decision to not issue any more ABCP under the Centric program.

Several loan-backed CP programs have exited the market this year, including Mellon's Sweetwater Capital Corp., Deutsche Bank's Citation Capital and Credit Lyonnais' Short Term Funding Corp. Moody's believes that in the future other loan-backed CP programs may exit the market, as well. A number of factors may affect a bank's decision to wind down a loan-backed CP program. These types of programs tend to be credit enhancement-intensive, bringing into question the economics of the program. Also, proposed FASB guidelines regarding consolidation of certain ABCP conduit assets with sponsoring bank's balance sheets give rise to concerns regarding those banks' balance sheet management. More specifically, loan-backed programs are particularly vulnerable to the "primary beneficiary" standard proposed by FASB as a means of determining consolidation.

Authorized to issue $7 billion, Centric's peak outstanding ABCP was $6.2 billion in February of 2000.

BMO NESBITT BURNS' FAIRWAY REMOVES FULL LIQUIDITY SUPPORT FROM $42 MILLION TRADE RECEIVABLES FACILITY AND ADDS $150 MILLION MORTGAGE WAREHOUSE FACILITY

Fairway Finance Corp., a BMO Nesbitt Burns-sponsored and administered ABCP program, unwrapped a $42 million trade receivables facility with a United States-based manufacturer and distributor of residential windows and patio doors. Liquidity, provided by Bank of Montreal (Aa3/Prime-1/B), partially supports this transaction. Transaction-specific credit enhancement is in the form of overcollateralization with a 14% minimum. The amount will fluctuate based on pool performance. Fairway has also increased its program-level credit enhancement by 11%, to $4.62 million.

Fairway also added a $150 million revolving mortgage warehouse facility. The originator is a privately-owned residential and commercial asset loan servicing company which specializes in sub-performing loan portfolios. Liquidity, provided by Bank of Montreal, fully supports this transaction. Fairway has also increased its program-level credit enhancement by 10% to $15 million.

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

BAYERISCHE LANDESBANK'S GIRO BALANCED FUNDING CORP. (1) INCREASES INSURANCE PREMIUM-BACKED RECEIVABLE FACILITY TO GBP 200 MILLION; (2) ADDS EURO 95 MILLION TRADE RECEIVABLE FACILITY; (3) UNWRAPS $75 MILLION TRADE RECEIVABLE FACILITY; AND (4) PURCHASES A $300 MILLION UNRATED SENIOR NOTE FROM A CREDIT-CARD-BACKED MASTER TRUST

Bayerische Landesbank's (BLB) partially supported, multiseller conduit Giro Balanced Funding Corp. increased the facility limit for a London-based insurance premium facility to GBP 200 million from GBP 175 million. Bayerische Landesbank's (Aaa/P-1/C) liquidity support to the deal and the program credit enhancement were correspondingly adjusted. No other changes to the underlying transaction were made. The pool continues to perform satisfactorily although with some deterioration in performance.

Giro Balanced Funding Corp. (GBFC) also added to its portfolio a Euro 95 million facility extended to various European subsidiaries of a United Kingdom-based manufacturing company. The obligors in the receivables pool are all from the automotive industry. Pool-specific credit enhancement is a flat 10%. The credit enhancement is provided through overcollateralization, and the risk of large obligor concentrations absorbed by a liquidity facility. BLB will provide partial liquidity support, and has increased the conduit's credit enhancement by 10%.

In addition, GBFC removed full liquidity support for a $75 million trade facility deal that was originally funded a year ago. The facility has dynamic pool-specific enhancement with a floor of 32% (which was adjusted when the facility was renewed for another 364 days this month). The receivables are generated by an investment-grade supplier to the automotive industry. Large obligor concentrations are absorbed by BLB-provided liquidity.

Finally Giro Balanced Funding Corp. purchased a $300 million floating rate note from an established credit card issuer. The unrated senior note is supported by a 8.75% Class C note. Risk to investors is mitigated through a combination of a short ABCP tenor and a trigger event that requires a cease issuance of ABCP when a portion of the juniormost note is reduced through losses

To date, Giro Balanced Funding's total commitments amount to $4.1 billion, with outstanding ABCP at $3.8 billion, and program-wide credit enhancement at $528.4 million.

CREDIT LYONNAIS' LAFAYETTE AMENDS $125 MILLION TRADE RECEIVABLES DEAL

La Fayette Asset Securitization LLC, Credit Lyonnais' (A1/Prime-1/B-) multiseller conduit, amended deal documentation for a trade receivables originator in the automotive parts industry. The amendments relate primarily to exposure to large domestic automotive manufacturers who are obligors under the facility. The amendments increase special obligor concentrations for these manufacturers to 35% each. Investors, however, are not exposed to defaults by these obligors in excess of "normal" concentration limits. The only liquidity funding "out" with respect to the obligors is their bankruptcy. All are currently rated investment grade. The amendments also increase reporting frequency if certain rating triggers are breached. The dilution reserve floor will be increased from 5% to 17%. La Fayette is currently authorized to issue up to $735 million of ABCP.

ING'S MONT BLANC CAPITAL CORP. ADDS EXIM-GUARANTEED TRANSACTION

Mont Blanc Capital Corp., a partially supported, multiseller program sponsored by ING Bank (Aa2/B+/Prime- 1), recently added an aircraft financing transaction guaranteed by EXIM. This transaction, sized at up to a maximum of $411 million, will be initially funded at just over $110 million. Prior to increasing any commitments, ING must also provide an incremental increase in liquidity sized at 102% of the amount being funded. ABCP investors are protected by the EXIM guarantee and liquidity advances against payment to be made by EXIM. Other investor protections include program-level credit enhancement with a $300 million floor. Mont Blanc is now authorized to issue up to $9.9 billion with $8.8 billion outstanding.

GECC'S REDWOOD ADDS A $57 MILLION TRADE RECEIVABLES FACILITY

Redwood Receivables Corp., a GECC (Aaa/Prime-1) sponsored and administered ABCP program added a $57 million trade receivables facility, which is part of a $250 million co-purchase facility with three other conduits: PARCO, Liberty Street and Eiffel Funding. The receivables are originated by a B1-rated supplier of automotive interior systems, including but not limited to convertible top systems, carpeting and textiles, and plastic trim and acoustic systems. Pool-specific credit enhancement is in the form of asset overcollateralization equal to a minimum of 15% and is sized dynamically based on asset performance. The program's letter of credit was increased by an additional 22.5% of outstandings for this facility. With the addition of this asset pool, Redwood is now authorized to issue up to $3.147 billion of ABCP.

BARCLAY'S SHEFFIELD ADDS $180 MILLION AIRCRAFT ENGINE LEASE DEAL

Sheffield Receivables Corp., a partially supported, multiseller conduit sponsored by Barclays Bank (Aa1/Prime-1/A-), purchased $180 of Class A notes from an unrated entity which uses loan proceeds to finance aircraft engine leases. The transaction is fully supported by liquidity. Sheffield is currently authorized to issue up to $19.140 billion of ABCP.

SUN TRUST'S THREE PILLARS ADDS $267 MILLION VARIABLE FUNDING NOTE FROM RETAIL CONSUMER LOAN MASTER TRUST

Three Pillars Funding Corp. ("TPFC"), Sun Trust Bank's (Aa2/Prime-1/B+) multiseller ABCP conduit, purchased a fully supported, $267 million subordinate certificate issued by a retail credit card master trust. The originator is a retailer of home appliances and electronics as well as a provider of consumer credit through both a private-label and MasterCard/VISA credit card programs. The certificate purchased by Three Pillars is backed by MasterCard/Visa credit card receivables.

Liquidity, provided by Prime-1-rated Sun Trust Bank, fully supports this transaction in Three Pillars. Program-level credit enhancement for Three Pillars was increased by 10% ($26.7 million) of the purchase commitment. Three Pillars is now authorized to issue up to $3.76 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly.

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.
© 2021 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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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 $5,000,000. 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.”

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