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19 Apr 2004
MOODY'S ABCP RATING ACTIONS FOR THE FOURTEEN-DAY PERIOD ENDED APRIL 15, 2004
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WAS AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD APRIL 1, 2004 THROUGH APRIL 15, 2004:
CREDIT LYONNAIS' ATLANTIC ADDS $150 MILLION COMMITMENT IN REAL ESTATE CONSTRUCTION LOAN FACILITY
Atlantic Asset Securitization Corp. ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Credit Lyonnais (Aa2/Prime-1/B-) added a $150 million commitment in a $400 million real estate construction loan facility. The facility finances senior interests in a revolving pool of residential builder and developer loans originated and serviced by an A3-rated mortgage finance company.
Liquidity, provided by Prime-1-rated Credit Lyonnais, partially supports this transaction. Deal-specific credit enhancement, in the form of overcollateralization, is dynamic with a floor of 22%. Program-wide credit enhancement for Atlantic has been increased by $15 million. Atlantic is currently authorized to issue approximately $6 billion in ABCP.
WESTLB'S COMPASS SECURITIZATION INCREASES INTEREST FROM $150 MILLION TO $180 MILLION IN NON-US REVOLVING TRADE RECEIVABLE PURCHASE FACILITY
Compass Securitization LLC ("Compass"), a partially supported, multiseller conduit sponsored by WestLB AG (Aa2/Prime-1/E), increased its interest from $150 million to $180 million in a revolving purchase facility of trade receivables originated by an unrated non-US-based cement and concrete manufacturer and distributor. Although the seller's underlying receivables are not US dollar-denominated, its performance has been comparable historically to its US-based peers. The foreign exchange risk is hedged, with WestLB as the counterparty. Foreign currency risk is absorbed by the liquidity provider, which is also WestLB. In addition, there are ABCP cease issuance triggers tied to seller default and the rating of the country where the seller is domiciled.
The facility has a minimum of 12% transaction-specific credit enhancement that adjusts dynamically depending upon the asset performance and which has averaged about 15.5%. This transaction also benefits from 8% incremental program-level credit enhancement. Compass has about $8.9 billion in ABCP outstanding, with $554 million in program-level credit enhancement. Paradigm is now authorized to issue about $12.3 billion of ABCP.
DEUTSCHE BANK'S GEMINI PURCHASES SARATOGA ABCP BACKED BY A $100 MILLION LOAN-BACKED VARIABLE FUNDING NOTE
Gemini Securitization Corp. LLC, ("Gemini"), a multiseller conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-) ("Deutsche Bank"), has purchased ABCP from its sister conduit, Saratoga Funding Corp. LLC ("Saratoga"). The ABCP is backed by a $100 million loan-backed variable funding note. The variable funding note is backed by a pool of timeshare loans originated by an investment grade company engaged in travel and real estate services. Saratoga's purchase of the asset interest was with full liquidity support provided by Deutsche Bank AG.
Gemini is the sole purchaser of the ABCP issued by two other Deutsche Bank-sponsored ABCP conduits: Sedona Capital Funding Corp. ("Sedona") and Tahoe Funding Corp. ("Tahoe"). With this transaction, Gemini's program limit is set at $15 billion. As of March 31, 2004, the total commitment for Gemini was at $9.9 billion with $4.7 billion ABCP outstanding. Of those amounts, Saratoga has $165 million in total commitment and $165 million in ABCP outstanding. Gemini PWCE is $750 million (with a floor of $250 million).
CREDIT LYONNAIS' LMA ADDS EURO 115 MILLION TRADE RECEIVABLE FACILITY
LMA S.A. ("LMA," also known as Liquidités de Marché) has added a Euro 115 million trade receivable facility. LMA is a fully supported, multiseller ABCP program sponsored and administered by Crédit Lyonnais S.A (Aa2/Prime-1/B-). LMA uses the proceeds of its Billets de Trésorerie and Euro commercial paper ("Euro ABCP") to fund the purchase of FCC units (also known as French asset-backed securities), asset-backed securities and bonds issued by French and US corporate entities.
The Prime-1 rating assigned to LMA's Billets de Trésorerie and Euro ABCP is based primarily on: (i) the full liquidity support provided by Prime-1 rated banks through transaction-specific purchase and sale agreements, which allows for timely repayment of maturing Billets de Trésorerie and Euro ABCP, (ii) the integrity of the conduit's structure, and (iii) the operational ability of Credit Lyonnais as the program administrator. Currently, LMA's liquidity facility is provided by a syndicate of seven Prime-1 rated banks. LMA is authorized to issue up to Euro 4.35 billion, $190.14 million and GBP 70 million of ABCP.
MORTGAGE INTEREST NETWORK TRUST (MINT) AMENDS PROGRAM STRUCTURE
Moody's affirmed the Prime-1 rating of the ABCP and MITTENs and the Aaa rating of the MTNs issued by MINT, GMAC Mortgage Group's multi-asset mortgage warehouse program, after reviewing certain program amendments. The biggest change was to end GMAC Commercial Mortgage's (GMACCM) participation in MINT. GMACCM started a new ABCP program, CRE-8 Funding LLC, at the end of last year, and will no longer use MINT for funding purposes. All securities issued by MINT that relied on GMACCM collateral have been repaid and withdrawn. Other changes are of a housekeeping nature, related to accounting issues, and do not have credit implications. As of the end of March, MINT had approximately $5.6 billion of Prime-1-rated ABCP and MITTENs, and $1.5 billion of Aaa-rated MTNs outstanding.
RABOBANK'S NARCO ACQUIRES $125 MILLION CDO
Nieuw Amsterdam Receivables Corporation ("NARCO"), a partially supported, multiseller ABCP conduit sponsored by Rabobank (Aaa/Prime-1), has acquired a $125 million CDO backed by loan commitments originated by a Prime-1-rated U.S. financial institution.
The CDO is rated Aaa by Moody's. A liquidity facility provided by Rabobank will fund for the face amount of ABCP as long as the CDO is rated at least Caa2 and the CDO issuer is not insolvent. NARCO is currently authorized to issue up to $3.7 billion of ABCP.
ROYAL BANK OF CANADA'S OLD LINE FUNDING REMOVES FULL SUPPORT FROM ITS $300 MILLION INTEREST IN CERTIFICATE ISSUED BY A FLOORPLAN MASTER TRUST
Old Line Funding LLC ("Old Line"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada (Aa2/Prime-1/B+) has removed full support of its $300 million interest in a $1 billion certificate issued by a floorplan master trust backed by consumer appliance, electronic and computer equipment, recreational vehicles, and other equipment dealer floorplan receivables. The certificate benefits from 5% transaction-specific credit enhancement and 10% incremental program-level credit enhancement. This transaction is now partially supported through liquidity. The other co-purchasers in the certificate include JPMorgan Chase Bank's (Aa3/Prime-1/B, long-term rating and bank financial strength rating on review for possible upgrade) Delaware Funding Corporation and Bank One NA's (Aa2/Prime-1/B+) Preferred Receivables Funding Corporation.
Old Line is authorized to issue up to $12 billion of ABCP. Currently, Old Line has about $9.6 billion in total purchase commitments with $1.3 billion in program-level credit enhancement.
ABN AMRO'S TULIP ADDS EURO 120 MILLION TRADE RECEIVABLE FACILITY
Tulip Funding Corp. ("Tulip"), a fully supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B), financed a Euro 120 million trade receivable facility originated by a global manufacturer of chip board products headquartered in Portugal. The receivables are originated in six European countries: Portugal, Spain, France, Germany, the Netherlands and the United Kingdom. This transaction will be financed by Tulip's Euro funding vehicle, Tulip Euro Funding Company Limited.
The Tulip conduit is fully supported through liquidity commitments for 90% of the facility and a standby letter of credit for 10% of the facility. The liquidity facility and the standby letter of credit are both provided by Prime-1-rated ABN AMRO. The letter of credit serves as both liquidity and credit enhancement. The authorized issuance amount for Tulip is approximately $16 billion of ABCP.
For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com.
No Related Data.
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