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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE FOURTEEN-DAY PERIOD ENDED SEPTEMBER 25, 2003:

26 Sep 2003
MOODY'S ABCP RATING ACTIONS FOR THE FOURTEEN-DAY PERIOD ENDED SEPTEMBER 25, 2003: MOODY'S ASSIGNED THE FOLLOWING ABCP CONDUITS PROVISIONAL RATINGS OF PRIME-1 DURING THE PERIOD SEPTEMBER 12, 2003 THROUGH SEPTEMBER 25, 2003:

MOODY'S ASSIGNS (P) PRIME-1 PROVISIONAL RATING OF PRIME-1 TO UFJ BANK'S CHEERUP II FUNDING CORP.
In Tokyo, Moody's has assigned a provisional rating of (P)Prime-1 to Cheerup II Funding Corporation's ABCP program. The ABCP issued by Cheerup II will be backed by loans to small and medium-sized enterprises originated by UFJ Bank for the purpose of securitization. The provisional rating is based on the credit quality of the underlying obligors evaluated by RiskCalc Japan and diversification of the underlying pool; the level of credit enhancement provided in the form of subordinated loans from UFJ Bank; the credit quality of UFJ Bank as liquidity provider, and the legal integrity of the structure.

Moody's issues provisional ratings in advance of the sale of ABCP notes into the market. These ratings represent Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the transactions. The definitive ratings may differ from the provisional ratings. This provisional rating is based on the information received as of September 16, 2003. UFJ Bank Limited (A3/Prime-1/E) will serve as administrator and provide liquidity.


MOODY'S ASSIGNS (P)PRIME-1 PROVISIONAL RATING TO UFJ BANK'S LAPUTA V FUNDING CORP.
In Tokyo, Moody's Investors Service has assigned a provisional rating of (P)Prime-1 to Laputa V Funding Corp.'s ABCP program. The conduit will extend corporate loans to small and medium-sized enterprises in Japan. The provisional rating is based on the credit quality of the underlying obligors evaluated by RiskCalc Japan and diversification of the underlying pool; the level of credit enhancement provided in the form of subordinated loans from UFJ Bank; the credit quality of UFJ Bank as liquidity provider, and the legal integrity of the structure.

Moody's issues provsional ratings in advance of the sale of ABCP into the market. These ratings, however, represent Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the transactions. The definitive ratings may differ from the provisional ratings. The provisional ratings are based on the information received as of September 16, 2003. UFJ Bank Limited (A3 /Prime-1/ E) will serve as administrator and provide liquidity.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD SEPTEMBER 12, 2003 THROUGH SEPTEMBER 25, 2003:

IN CLUB DEAL, THREE CONDUITS CO-PURCHASE $1.49 BILLION INTEREST IN CERTIFICATE BACKED BY AMORTIZING POOL OF AUTOMOBILE LEASES
WestLB AG's (Aa1/Prime-1/D-, bank financial strength rating on review for possible downgrade) Paradigm Funding LLC (Paradigm), Norddeutsche Landesbank's (Aa1/Prime-1/C-) Hannover Funding Company LLC (Hannover), and Societe Generale's (Aa3/Prime-1/B) Barton Capital Corp. (Barton), Three partially supported, multiseller conduits have funded an interest in a certificate backed by an amortizing pool of automobile lease receivables. The receivables were originated by the unrated finance subsidiary of an investment-grade-rated automobile manufacturer and distributor. The three Paradigm has acquired a $500 million interest, while Hannover acquired a $590 million interest and Barton acquired a $400 million interest in the certificate.

The transaction is partially supported by a minimum of 21% deal-specific credit enhancement. The deal-specific credit enhancement is sized to the original transaction limit and its dollar amount does not reduce as the pool amortizes. Barton is providing 8% incremental program-level credit enhancement; and Paradigm and Hannover are each providing 10% incremental program-level credit enhancement. Currently, Paradigm is authorized to issue $8.13 billion of ABCP and has $551.7 million of program-level credit enhancement; Hannover is authorized to $2.58 billion of ABCP and has $189.9 million of program-level credit enhancement; and Barton is authorized to issue $12.05 billion of ABCP and has $909.1 million of program-level credit enhancement.

ASCC ADDS SUBORDINATED DEBT TRANCHE
Moody's has confirmed the Prime-1 rating of Asset Securitization Cooperative Corp. after its issuance of subordinated debt in the amount of $10 million. The debt is fully subordinated to any ABCP issued by ASCC. Interest and principal on the note may be repaid only if ASCC has funds in excess of amounts needed to repay outstanding ABCP.

ELIXIR FUNDING LIMTED BUYS EURO 60 MILLION TRADE DEAL
In Paris, Moody's confirmed the Prime-1 rating of Elixir Funding Limited ABCP program, following a trade receivables pool addition. Elixir is a partially supported, multiseller asset-backed commercial paper (ABCP) program sponsored by French bank Natexis Banques Populaires (Aa3/Prime-1/C) and administered by Deutsche Bank A.G. (Aa3/Prime-1/B). This rating action follows the purchase of a Euro 60 million fully supported transaction backed by trade receivables originated by a French company. Liquidity facility provided by Natexis Banques Populaires fully supports the repayment of ABCP outstanding for the transaction. Elixir now owns two asset pools backed by trade receivables and is authorized to issue up to Euro 469.2 million of Billets de Trésorerie (French ABCP). The program-wide credit enhancement totals Euro 20 million.

RABOBANK'S ERASMUS FUNDS EURO 65 MILLION PORTFOLIO OF AGRICULTURAL RECEIVABLES
Erasmus Capital Corporation, the Prime-1 rated, partially supported multiseller conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has financed a Euro 65 million portfolio of receivables arising from the sale of agricultural products and related materials to German corporations, farmers and other entities. This transaction is fully supported through a liquidity facility provided by Rabobank. There is a trade tax reserve, initially set at Euro 375,000, which will be reset annually. Erasmus is now authorized to issue approximately US$ 1.36 billion of ABCP.

LLOYDS TSB'S CANCARA ASSET SECURITISATION LIMITED ADDS GBP 300 MILLION AND EURO 280 MILLION CONSUMER LOAN TRANSACTIONS
Cancara Asset Securitisation Limited ("Cancara") a Prime-1-rated, hybrid, partially supported ABCP conduit sponsored by Lloyds TSB Bank (Prime-1/Aaa/A-), has added a GBP 300 million and a EURO 280 million consumer loan transaction to its portfolio. They are both partially supported through liquidity.

In the pound sterling-denominated transaction, Cancara makes advances under a commissioning agreement to a purchasing company, Gresham Receivables (No.2) UK Limited, which finances consumer loans on a revolving basis. The debtors of the underlying portfolio are resident in the UK. Pool-specific credit enhancement is provided in the form of an 8% purchase discount. The maximum tenor of ABCP is 60 days. The transaction benefits from default and delinquency triggers, which would result in the termination of receivables purchases. If the amount invested by the conduit plus the amount of required reserves falls below the amount of eligible receivables, no further ABCP will be issued.

In the second transaction for EURO 280 million, Cancara makes advances under a commissioning agreement to a purchasing company, Gresham Receivables (No.1) Limited, which finances consumer loans on a revolving basis. The debtors of the underlying portfolio are resident in the Netherlands. Pool specific credit enhancement is provided in the form of a 4.5% cash reserve account. The maximum ABCP tenor is 60 days.
The transaction benefits from default and delinquency triggers, which would result in the termination of receivables purchases. If the amount invested by the conduit plus the amount of required reserves falls below the amount of eligible receivables, no further ABCP will be issued.

With these additions, Cancara is now authorized to issue ABCP up to approximately US$ 5 billion.

GENERAL FUNDING LIMITED ADDS EURO 112 MILLION OF ASSET- BACKED NOTES
In Paris, Moody's has confirmed the Prime-1 rating assigned to General Funding Limited, the multiseller, fully supported French ABCP program sponsored by Titrisation et Finance Internationales (unrated). This rating action follows the addition of asset-backed notes with a maximum amount of EURO 112 million. Moody's confirmation of the conduit's Prime-1 rating is based primarily upon the full support for General Funding's Billets de Trésorerie (French ABCP) provided by the Prime-1-rated rated banks Crédit Industriel et Commercial, Caja de Madrid, Crédit Commercial de France, Natexis and Rabobank Nederland through asset-specific purchase and sale agreements. General Funding is now authorized to issue up to Euro 1.19 billion of ABCP.

ROYAL BANK OF CANADA'S THUNDER BAY FUNDING REMOVES FULL SUPPORT FROM $300 MILLION INTEREST IN $2.35 BILLION RATED VARIABLE FLOATING RATE CERTIFICATES BACKED BY AUTO LOANS
Thunder Bay Funding, Inc. (Thunder Bay), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada (Aa2/Prime-1/B+) unwrapped its aggregate $300 million interest in rated variable funding certificates (VFCs) issued from a master trust backed by auto loans. Thunder Bay's interest includes a $239.2 million Aaa-rated Class A VFC, $19.6 million Aa2-rated Class B VFC, and a $41.2 million A2-rated Class C VFC. Other conduit co-purchasers of this $3.25 billion VFC issuance include Deutsche Bank's (Aa3/Prime-1/B) Gemini Securitization Corp., BMO Nesbitt Burns' (unrated) Fairway Finance Corporation, Wachovia Bank's (Aa2/Prime-1/B+) Variable Funding Capital, WestLB's (Aa1/Prime-1/D-, bank financial strength rating on review for possible downgrade), Paradigm Funding LLC, and Credit Suisse First Boston's (Aa2/Prime-1/C) Alpine Securitization Corporation, Greenwich Funding Corporation, and Gramercy Capital Corporation.

This deal is now a partially supported transaction. The amount of pool-specific credit enhancement for each note fluctuates based upon performance of underlying loans. Pool-specific credit enhancement is in the form of overcollateralization, subordinated notes and a funded 1.25% reserve account that benefits all classes. Also, incremental program-level credit enhancement of 10% of Thunder Bay's aggregate $300 million interest in the VFCs is provided. Thunder Bay is authorized to issue up to $8 billion of ABCP. Currently, Thunder Bay has about $4.2 billion in total purchase commitments and $3.7 billion in ABCP outstanding, with $2.1 billion in program-level credit enhancement.

VIKING ASSET SECURITIZATION FUNDS EURO 45 MILLION PORTFOLIO OF LOANS
Viking Asset Securitisation Limited, the Prime-1 rated, partially supported multiseller conduit sponsored by Nordea Bank Danmark A/S (Aa3/Prime-1/B), will fund a Euro 45 million portfolio of loans originated by a supplier of energy systems for offices. The loans are in the form of 10-year bonds owed predominantly by government agencies and municipalities. This transaction is supported by liquidity provided by Nordea Bank Sweden AB (publ) (Aa3/Prime-1/B). The obligation of the liquidity bank to fund is linked to the rating of various reference entities rated Aa3 or above. The transaction includes triggers which require no further ABCP to be issued upon the occurrence of certain events. These events limit investors' exposure to downgraded reference entities. Viking is now authorized to issue approximately $500 million of ABCP.

SAVE THE DATE FOR MOODY'S & IPMA EUROPEAN ABCP CONVENTION: OCTOBER 29, 2003
Moody's Investors Service and the IPMA will hold a conference on European Asset-Backed Commercial Paper on October 29, 2003 at the Dorchester Hotel in London. For further information, please contact Moody's by e-mail on [email protected]

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.
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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, Inc. 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 — Charter Documents - 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.

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