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09 Nov 1999
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED NOVEMBER 3, 1999
New York, November 09, 1999 -- Moody's held a very successful day long instructional seminar for investors, issuers and intermediaries on "The ABC's of ABCP" on Friday, October 29th in New York. Approximately 85 ABCP investors, issuers and intermediaries attended the seminar. This is the second consecutive year Moody's has presented the "The ABC's of ABCP" in New York. It was also held this past March in both Sydney and Melbourne, Australia, and will be presented in Chicago, Boston, and Minneapolis in the coming months. A shortened version of the training session was also held in Sacramento and San Francisco in October.
Members of the Asset-Backed Commercial Paper Group discussed Moody's approach to analyzing ABCP programs. A total of eight speakers conducted talks on many aspects of the analytical process, including such areas as liquidity, credit enhancement, asset analysis, securities arbitrage programs and trends in the ABCP market.
THE FOLLOWING ABCP PROGRAMS WERE ASSIGNED PRIME-1 RATINGS BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED NOVEMBER 3, 1999:
MOODY'S ASSIGNS PRIME-1 RATINGS TO ACE OVERSEAS
Moody's assigned Prime-1 ratings to ACE Overseas, a partially supported, securities repackaging ABCP program sponsored by SG Australia Limited (SG Australia), Societe Generale's Australian investment banking operation. The Prime-1 ratings are based on the high credit quality of ACE Overseas' investments and the availability of asset-specific liquidity and hedging facilities provided by Prime-1-rated banks to support repayment of maturing ABCP so long as the underlying debt security is not in default. ACE Overseas is a prior review program, which means that Moody's will review all new assets prior to acquisition. The Prime-1 ratings are also linked to the role of SG Australia as program manager and liquidity support provider.
For details, see Moody's press release dated November 1, 1999.
MOODY'S ASSIGNS A PRIME-1 RATING TO WEYERHAEUSER NOTES ACQUISITION TRUST'S SHORT TERM CERTIFICATES
Moody's assigned a Prime-1 rating to Weyerhaeuser Notes Acquisition Trust's $750 million short term certificate issuance. The certificates are backed by a total rate of return swap provided by Chase Manhattan Bank (Aa2/Prime-1/B+).
Weyerhaeuser Company Limited will issue a $750 million 5-year note to be purchased by Weyerhaeuser Notes Acquisition Trust. Concurrently, Weyerhaeuser Notes Acquisition Trust will issue $750 million of certificates in the short-term market. A total rate of return swap provided by Chase Manhattan Bank will fully support repayment of interest and principal on the short-term certificates. The rating of the certificates is correlated to the rating of Weyerhaeuser Company (A2/Prime-1), as either a default on Weyerhaeuser's obligation under the note or the bankruptcy of Weyerhaeuser would cause the termination of the total rate of return swap; however, the risk to certificateholders is limited to a relatively short interval, as Weyerhaeuser Notes Acquisition Trust's certificates will be outstanding for a period no greater than 180 days after closing. For details, see Moody's press release dated November 5, 1999.
THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED NOVEMBER 3, 1999:
SYNDICATED RESIDENTIAL MORTGAGE WAREHOUSE FINANCE FACILITY FINANCED BY NINE ABCP PROGRAMS IS AMENDED
Temporary and permanent amendments were made to a $5 billion residential mortgage warehouse finance facility which is syndicated among nine ABCP programs (Amsterdam Funding Corp., Asset Securitization Cooperative Corp. (ASCC), Barton Capital Corp., Compass Securitization LLC, Falcon Asset Securitization Corp., International Securitization Corp., Preferred Receivables Funding Corp. (PREFCO), Sheffield Receivables Corp., and Windmill Funding Corp.). The amendments affect mortgage concentration limits, ABCP tenor, and warehousing periods.
The warehouse facility is used to finance two lines of the company's business. The first involves short-term lending to mortgage bankers, in which the advances to the mortgage bankers are secured by recently originated mortgage loans. The second line of business for the company is the securitization of mortgage loans it purchases directly from loan originators or in the whole loan market. For the entire facility, the maximum tenor of ABCP issued will be temporarily increased from 60 days to 120 days over the period from November 1 to December 31, 1999.
No changes other than the temporary extension of ABCP tenor are being made with respect to the first side of the business (short-term lending to mortgage bankers).
As to the second line of business, the permanent changes include increasing the concentration limitations for mortgage loans in the "Alt-A" category from 40% of the pool to 70%, and from 30% to 50% for subprime loans. The temporary changes in effect from November 1, 1999 to March 31, 2000 are that "high loan-to-value ratio" loans may amount to a maximum of $450 million or 10% of the portfolio, instead of the previous maximum of $200 million or 10% of the portfolio; and that "SNT" loans may amount to a maximum of $300 million or 10% of the portfolio, instead of the previous maximum of $200 million or 10% of the portfolio. Also, during this temporary period, the maximum average number of days during which certain types of loans may be in the warehouse has been increased: for expanded credit and SNT loans, this period has been increased from 120 days to 180 days; for commercial mortgage loans, from 180 days to 240 days; and for home equity loans, from 210 days to 270 days.
EIGHT CONDUITS ENTER $2.005 BILLION FLEET LEASING DEAL
Eight ABCP conduits entered into a $2.005 billion certificate purchase backed by a diversified pool of open-end and closed-end automotive fleet leases originated and serviced by a noninvestment-grade auto rental and automotive services company. The purchase was divided into two tranches: a $1.75 billion senior variable funding note and a $256 million class B interest. This interest was originally purchased by Chase Manhattan's Park Avenue Receivables Corp. (PARCO) in June of this year. The prior review conduit purchasers are as follows: Chase's PARCO is purchasing $380.97 million and is authorized to issue up to $11.51 billion of ABCP, Dresdner's Beethoven is purchasing $100 million and is authorized to issue up to $300 million of ABCP, West LB's Compass is purchasing $150 million and is authorized to issue up to $5.7 billion of ABCP, CIBC's SPARC is purchasing $200 million and is authorized to issue up to $9.322 billion of ABCP, and Bank of Nova Scotia's Liberty Street is purchasing $200 million and is authorized to issue up to $3.314 billion of ABCP.
WEST LB'S COMPASS AND MONTAUK PURCHASE INTERESTS IN AN AMORTIZING POOL OF AUTO LOANS
Two partially supported, multiseller ABCP programs sponsored by West LB - Compass Securitization LLC, an affiliate of Compass Securitisation Limited; and Montauk Funding Corp. - each purchased interests in an amortizing pool of auto loans from the captive finance company of a major auto manufacturer. Compass purchased $550 million of loans and is authorized to issue up to $5.697 billion of ABCP. Montauk purchased $200 million of loans and is authorized to issue up to $10 billion of ABCP.
ABN AMRO'S ABEL TASMAN PROGRAM PURCHASES A A$200 MILLION AUTO LOAN POOL
ABN AMRO's Abel Tasman program purchased a new A$200 million pool of auto loans from an existing seller. This is a partially supported transaction. Auto pools now comprise 13% of Abel Tasman's total purchase commitments. Abel Tasman is now authorized to issue up to A$2.7 billion (approximately US$1.8 billion) of ABCP.
SOCIETE GENERALE'S ANTALIS ADDS A DUTCH DEALER FLOORPLAN TRANSACTION
Antalis SA, a partially supported, multiseller ABCP program sponsored by Societe Generale, added to its asset portfolio a Euro 114 million pool of loans granted to car dealers in the Netherlands; the loans are backed by car leases entered into between the car dealers and Dutch corporates. The pool is supported by overcollateralization and a pool-specific liquidity facility provided by Prime-1-rated Societe Generale. The program-wide credit enhancement, which takes the form of a letter of credit, has also been increased by 10% of the size of this deal, so that it now totals approximately Euro 305 million. Antalis is now authorized to issue up to Euro 2.8 billion of ABCP.
No Related Data.
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