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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED DECEMBER 15, 1999

17 Dec 1999
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED DECEMBER 15, 1999 New York, December 17, 1999 -- THE FOLLOWING ABCP PROGRAMS WERE ASSIGNED PRIME-1 RATINGS BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED DECEMBER 15, 1999:

MOODY'S ASSIGNS A PRIME-1 RATING TO ABN AMRO'S AMSTEL FUNDING CORPORATION
Moody's has assigned a Prime-1 rating to the ABCP issued by Amstel Funding Corporation ("Amstel"), a new, partially supported, multiseller ABCP program sponsored by ABN AMRO N.V. Amstel plans to issue ABCP in the US markets. The Prime-1 rating is based on the Moody's review of all assets prior to acquisition; pool-specific liquidity facilities provided by Prime-1-rated institutions; pool-specific credit enhancement, where required, as well as program-level credit enhancement; the ability of ABN AMRO to underwrite assets and administer the program; and the bankruptcy-remote nature of Amstel. This is ABN AMRO's seventh ABCP conduit and its first partially supported program established to purchase assets sold by European originators. For details, see Moody's press release dated December 13, 1999.

MOODY'S ASSIGNS A PRIME-1 RATING TO ARMORIS FINANCE SA, A NEW FRENCH PROGRAM
Moody's assigned a Prime-1 rating to ARMORIS Finance SA, a new program sponsored by Credit Commercial de France (CCF) and Bayerische Landesbank Girozentrale (Paris Branch) (BLB). ARMORIS, a single-seller program, is fully supported by a liquidity facility provided by Prime-1-rated CCF and Prime-1-rated BLB. The Prime-1 rating of the program is based on the creditworthiness of the liquidity banks, CCF and BLB; the soundness of the program structure; and the bankruptcy-remote nature of ARMORIS, the issuer.

ARMORIS will use the proceeds of issuance of Billets de Tresorerie (the French ABCP instrument) to refinance the acquisition of the Fonds Commun de Creances (FCC) Units issued by a newly established FCC. The FCC was established to acquire a Euro 750 million bank loan granted by CCF and BLB to Pinault Printemps Redoute. ARMORIS is authorized to issue approximately Euro 750 million of Billets de Tresorerie. For details, see Moody's press release dated December 17, 1999.

MOODY'S ASSIGNS A PRIME-1 RATING TO RABOBANK'S NIEUW AMSTERDAM RECEIVABLES CORP.
Moody's assigned a Prime-1 rating to the ABCP issued by Nieuw Amsterdam Receivables Corp. (NARCO), a new, partially supported multiseller program administered by Rabobank Nederland. NARCO's Prime-1 rating is based on Moody's prior review of all assets to be purchased by NARCO, liquidity support provided by Prime-1 rated banks, program-wide credit enhancement in the form of a letter of credit issued by Prime-1-rated Rabobank, the ability of Rabobank to administer the program, and the bankruptcy-remoteness of NARCO. Global Securitization Services, LLC will act as both the manager and sub-administrator for the program. NARCO is currently authorized to issue $0 of ABCP. For details, see Moody's press release dated December 16, 1999.

MOODY'S ASSIGNS A PRIME-1 RATING TO CREDITLINK'S TRINITY SECURITIES ABCP PROGRAM
Moody's assigned a Prime-1 rating to Trinity Securities Pty Ltd, a new ABCP program sponsored by Creditlink Management Pty Ltd. Trinity, a multiseller program, is fully supported by Prime-1-rated Canadian Imperial Bank of Commerce. Trinity will use the proceeds of issuing ABCP to invest in pools of mortgage loans originated and serviced by approved sellers from Creditlink's existing credit-union business. Trinity's Prime-1 rating is based on CIBC's irrevocable commitment to repay maturing ABCP in full; the availability of additional funds from CIBC to meet cashflow shortfalls of the program; and the structural protections built into the program, including the bankruptcy-remote nature of Trinity and limited recourse provisions set forth in the program's legal documents. Trinity is authorized to issue up to A$500 million of ABCP. For details, see Moody's press release dated December 9, 1999.

THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED DECEMBER 15, 1999:

SOCIETE GENERALE'S ANTALIS ADDS TWO TRADE RECEIVABLES POOLS
Antalis SA, a partially supported, multiseller ABCP program sponsored by Societe Generale, added two pools of trade receivables to its portfolio. This first consists of a Euro 120 million pool of receivables originated by a French corporation. Structural protections for this pool include debtor-specific credit protection and a seller-specific liquidity facility equal to 102.5% of the pool size. The second pool consists of Euro 21 million of receivables originated by an Italian food processor. Structural protections for this portfolio consist of overcollateralization and a seller-specific liquidity facility also equal to 102.5% of the pool size. In addition, Antalis' program-wide credit enhancement has been increased to Euro 319 million. Antalis is now authorized to issue up to Euro 3.14 billion of ABCP.

DRESDNER'S BEETHOVEN FUNDING ADDS TWO VFCS BACKED BY CREDIT CARD RECEIVABLES
In a club deal with Deutsche Bank's Twin Towers program, Beethoven Funding Corporation, Dresdner's partially supported, multiseller program, purchased interests in two Class A variable funding certificates (VFCs) totaling $183.6 million. Both VFCs are backed by credit card receivables originated by the same unrated entity. One certificate, backed by private-label receivables, is supported by a 25% subordinated interest. The other certificate, backed by traditional bank credit card receivables, is supported by a 13% subordinated interest. Beethoven now funds four transactions and is authorized to issue up to $540.6 million of ABCP.

COMPASS ENTERS A COMMITMENT TO PURCHASE FORFAITING CONTRACTS
Compass Securitisation Limited, an affiliate of Compass Securitization LLC, a West LB-sponsored, partially supported, multiseller program, entered into a commitment of the US dollar equivalent of $105 million to purchase forfait contracts. Forfaiting is a technique used to finance trade, mainly in underdeveloped countries. The contracts purchased by Compass benefit from 25% credit support in the form of an insurance policy provided by a Aaa-rated insurance company and a reserve account provided by a Prime-1-rated bank. With this commitment, Compass is authorized to issue up to $10.258 billion of ABCP.

BAYERISCHE LANDESBANK'S GIRO MULTIFUNDING ADDS CERTIFICATE BACKED BY AUTO LEASES
Giro MultiFunding Corporation, a partially supported, multiseller ABCP program sponsored by Bayerische Landesbank, purchased a $108.758 million certificate backed by auto leases. The transaction is fully supported by a pool-specific liquidity facility provided by Prime-1-rated Bayeriche Landesbank. Giro MultiFunding is now authorized to issue up to $1.53 billion of ABCP.

HATTERAS FUNDING ADDS TWO SYNTHETIC LEASE DEALS
Hatteras Funding Corporation, Bank of America's fully supported, multiseller program, purchased two certificates this week, each backed by a synthetic lease. The first, at $169.75 million, was originated by an A1-rated electric utility. The second, at $388 million, was originated by an A1-rated chemical manufacturing company. Hatteras is now authorized to issue up to $1.562 billion of ABCP.

LIBERTY STREET ADDS A SYNTHETIC LEASE TRANSACTION TO ITS PORTFOLIO
Bank of Nova Scotia's Liberty Street Funding, a partially supported, multiseller program, added a $50 million synthetic lease transaction to its portfolio. The proceeds from ABCP issuance will be used by the seller to finance the purchase of two office buildings. Although the transaction is fully supported, Bank of Nova Scotia will add additional support by providing a 10% letter of credit. Liberty Street is now authorized to issue up to $4.044 billion of ABCP.

SPARC ENTERS A COMMITMENT TO PURCHASE CDO NOTES
Special Purpose Accounts Receivable Cooperative Corporation (SPARC), a partially supported, multiseller conduit sponsored by the Canadian Imperial Bank of Commerce, entered into a combined $115 million commitment to purchase Aaa-rated, senior Class A notes and A3-rated subordinated Class B notes issued by a collateralized debt obligation (CDO) trust borrower. With this commitment, SPARC is authorized to issue up to $10.295 billion of ABCP.

DEUTSCHE BANK'S TWIN TOWERS ADDS TWO VFCS BACKED BY CREDIT CARD RECEIVABLES
In a club deal with Dresdner's Beethoven Funding, Twin Towers Inc., Deutsche Bank's partially supported, multiseller program, purchased interests in two Class A variable funding certificates (VFCs) totaling $183.6 million. Both VFCs are backed by credit card receivables originated by the same unrated entity. One certificate, backed by private-label receivables, is supported by a 25% subordinated interest. The other certificate, backed by traditional bank credit card receivables, is supported by a 13% subordinated interest. Twin Towers is authorized to issue up to $3 billion of ABCP.

THE FOLLOWING PROGRAM'S PRIME-2 RATING WAS WITHDRAWN BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED DECEMBER 15, 1999:

MOODY'S WITHDRAWS PRIME-2 RATING OF APEX FINANCE LIMITED
At the request of Fuji International Finance PLC, the administrator of the fully supported Apex Finance Ltd. ABCP program, Moody's has withdrawn its Prime-2 rating. As of November 30, 1999, Apex had $55.35 million of ABCP outstanding.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly.
No Related Data.
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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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