Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED NOVEMBER 3, 1999

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.
© 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.

​​​​​​​​
Moodys.com