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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE EIGHT DAY PERIOD ENDED NOVEMBER 2, 2001

05 Nov 2001
MOODY'S ABCP RATING ACTIONS FOR THE EIGHT DAY PERIOD ENDED NOVEMBER 2, 2001 New York, November 05, 2001 -- MOODY'S RATED THE FOLLOWING SHORT TERM, ASSET-BACKED NOTES PRIME-1 DURING THE EIGHT DAY PERIOD ENDED NOVEMBER 2, 2001:

MOODY'S RATES CLASS A BLUE HERON FUNDING 1 NOTES PRIME-1
Moody's assigned a Prime-1 rating to U.S.$910,000,000 of Class A Blue Heron Funding I Notes (the Notes) due October 17, 2002, and issued on October 18, 2001 by issuer Blue Heron Funding I Ltd. and co-issuer Blue Heron Funding I Inc. The notes are backed by a collateralized debt obligation.

The rating is primarily based on the issuers' ability to rely on a put option and a cash flow swap entered into with Westdeutsche Landesbank Girozentrale (WestLB) as put option agent and cash flow swap counterparty. 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. Any replacement support provider would also be required to carry a Prime-1 rating.

For further details, please see Moody's press release dated October 25, 2001.

MOODY'S RATED THE FOLLOWING ASSET-BACKED COMMERCIAL PAPER PROGRAM PRIME-1 DURING THE EIGHT DAY PERIOD ENDED NOVEMBER 2, 2001:

MOODY'S RATES IOWA STUDENT LOAN LIQUIDITY CORP.'S ABCP PRIME-1
Moody's Investors Service has assigned a Prime-1 rating to Iowa Student Loan Liquidity Corp. 's ("ISLLC") asset-backed commercial paper (ABCP) program. ISLLC is authorized to issue up to $100 million in notes with maturities up to 270 days. The ABCP Notes are backed by a revolving pool of taxable student loans originated and serviced by ISLLC under its Student Loan Program.

ISLLC originates loans to finance post-secondary education. In order for loans to be eligible, they must be: (1) originated under the Higher Education Act, (2) insured by the Secretary of Health and Human Services, or (3) fully or partially guaranteed or insured by the federal government.

The ABCP is fully supported by a liquidity facility provided by Prime-1 rated Lloyds TSB Bank PLC, New York Branch. The liquidity commitment is sized at $102 million and funds for the face amount of maturing ABCP. Liquidity will front for a surety bond provided by Ambac Assurance Corp. (insurance financial strength rated Aaa. Lloyds is not required to make liquidity loans if any of the following events of default occur: Ambac's long-term rating falls below Caa2, Ambac fails to make a required payment under a surety bond or insurance policy that supports an obligation rated by Moody's, or in the event of the voluntary or involuntary bankruptcy or insolvency of Ambac.

Lloyds TSB Bank plc ("Lloyds") is a wholly owned subsidiary of Lloyds TSB Group plc. Lloyds and its subsidiaries provide a wide range of banking and financial services in the United Kingdom and overseas. Lloyd's has a long term deposit rating of Aaa, a short term deposit rating of Prime-1 and a bank financial strength rating of A.

This is the first asset-backed commercial paper program established by ISLLC.

For further details, please see Moody's press release dated October 31, 2001.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE EIGHT DAY PERIOD ENDED NOVEMBER 2, 2001:

CREDIT LYONNAIS' ATLANTIC ADDS A $75 MILLION TRADE RECEIVABLES AND $200 MILLION LOAN-BACKED DEAL
Atlantic Asset Securitization Corp., Credit Lyonnais' multiseller conduit, added a $75 million partially supported transaction backed by trade receivables originated by a major floor furnishings manufacturer. Obligor concentration is relatively well diversified. Investors are protected by a dynamic credit enhancement formula based on pool performance, with a minimum loss reserve amount of 12%, and a liquidity commitment that absorbs all risks relating to non-defaulted receivables.

Atlantic also entered into a $200 million fully supported loan commitment that finances investments with a major asset manager of mezzanine debt funds. This innovative facility is backed by capital commitments from institutional investors with high investment-grade ratings.

For both of these transactions, Atlantic's program-wide letter of credit will be increased by 10% of the committed amount. Giving effect to these commitments, Atlantic is now authorized to issue up to $3.6 billion in ABCP.

CDC'S EIFFEL ADDS $76.5 MILLION FULLY SUPPORTED CDO TRANSACTION
Eiffel Funding LLC (Eiffel), a partially supported, multiseller conduit sponsored and administered by CDC Financial Products (rated Aaa/P-1), entered into a $76.5 million revolving commitment with a market value collateralized debt obligation (CDO). The collateralized debt obligations consist primarily of distressed loans on the books of a Prime-1-rated bank. Eiffel is committed to fund the CDO's Class A notes, which have been rated Aaa based on a financial guaranty from MBIA. MBIA guarantees timely repayment of interest, fees and principal on the notes. The transaction is fully supported by CDC-PF liquidity, which fronts for the MBIA policy. The only circumstances under which liquidity would not have to fund are if Eiffel is bankrupt or if MBIA defaults on certain debt or is downgraded to Caa2.

Eiffel will add incremental program-level credit enhancement equal to 5% of the face amount of ABCP used to fund this asset. Eiffel is authorized to issue up to approximately $5 billion in ABCP.

BMO NESBITT BURNS-SPONSORED POOLED ACCOUNTS RECEIVABLE CAPITAL TRANSFERS ALL TRANSACTIONS TO FAIRWAY FINANCE
BMO Nesbitt Burns, sponsor of both Pooled Accounts Receivable Capital Corp. ("PAR") and Fairway Finance Corp. ("Fairway"), transferred all of the transactions in PAR to Fairway. In total, eighteen individual transactions were transferred to Fairway representing approximately $2.1866 billion in aggregate outstanding commitments.

All transactions in PAR were reviewed by Moody's prior to its transfer to Fairway in order to ensure that each deal is structured to conform with Fairway's Prime-1 rating. Liquidity and deal-specific credit enhancement are provided by Prime-1 rated Bank of Montreal.

Fairway is now authorized to issue up to $12 billion in ABCP.

BARCLAYS' SHEFFIELD ENTERS INTO $201 MILLION PRIVATE LABEL RETAIL CREDIT CARD TRANSACTION
Sheffield Receivables Corporation, Barclays Bank's partially supported, multiseller program, purchased $201 million of unrated Class A notes backed by private label retail credit card receivables. The transaction has 27.5% enhancement in the form of subordination, and 10% incremental program credit enhancement is being added for this asset. Sheffield is now authorized to issue up to $16.914 billion of ABCP.

MOODY'S GRANTS LIMITED POST REVIEW STATUS TO ABN AMRO'S TULIP PROGRAM
Tulip Funding Corp. (Tulip), the fully supported, multiseller ABCP conduit administered by ABN AMRO, has become the first European ABCP conduit to be assigned post- review status by Moody's. Thus, provided that certain conditions are satisfied, Tulip may now purchase new assets without first obtaining a ratings confirmation from Moody's.

The conditions for Tulip's entering into post review transactions include the execution of documents in an agreed form. Any Tulip transaction which deviates from the agreed form will continue to be subject to prior review. Moody's will review transaction documents periodically to monitor compliance with the post review conditions which have been set.

In granting post review status, Moody's pays particular attention to the ability and experience of the program administrator. Moody's believes ABN AMRO has clearly demonstrated the necessary competence, through its management of Tulip and 9 other ABCP programs.

DEUTSCHE BANK'S TWIN TOWERS INCREASES $750 MILLION PURCHASE OF UNRATED ABCP BACKED BY AUTO LOAN RECEIVABLES TO $1 BILLION
Twin Towers Inc, a partially supported, multiseller conduit sponsored by Deutsche Bank AG, increased to $1 billion an existing $750 million purchase of unrated ABCP backed by a revolving pool of auto loan receivables generated by the captive finance company of an investment grade auto manufacturer. The asset interest will continue to be fully supported by liquidity provided by Prime-1 rated Deutsche Bank, and no additional program-wide credit enhancement is required.

Twin Towers Inc. may now issue up to $7.5 billion of ABCP. The conduit has about $4.2 billion in outstanding ABCP with $325.8 million in program-level credit enhancement.

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
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.

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