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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED OCTOBER 12, 2000

12 Oct 2000
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED OCTOBER 12, 2000 New York, October 12, 2000 -- Moody's is holding a day-long instructional seminar for investors, issuers and intermediaries on "The ABCs of ABCP" on Thursday, November 9th at the Marriott Marquis Hotel in New York. Members of Moody's Asset-Backed Commercial Paper Group will discuss how Moody's analyzes ABCP programs. There will be a total of nine speakers conducting talks on many aspects of analyzing ABCP programs, including such areas as Liquidity, Credit Enhancement, Trade Receivables Analysis, ABCP Administration, Alternative Liquidity, and Securities Arbitrage conduits.

"The ABCP market continues to grow. At the same time the level of complexity of ABCP programs is increasing. This is in response to the regulatory and economic factors that affect the sponsors of these programs. We schedule these briefings at least annually to bring the ABCP community up to date on how we view this very dynamic market," said Sam Pilcer, Moody's Managing Director for ABCP ratings.


THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED OCTOBER 12, 2000:

BANK OF AMERICA'S HATTERAS ADDS $312 MILLION SYNTHETIC LEASE TRANSACTION
Hatteras Funding Corp., a fully supported, multiseller conduit sponsored and administered by Bank of America, N.A., entered into a revolving credit facility with a A2-rated seller. The facility finances the construction and installation of power generating facilities. The transaction is fully supported by a liquidity facility provided by Prime-1-rated Bank of America and a syndicate of banks. Hatteras now funds 17 transactions and is authorized to issue up to approximately $3.7 billion of ABCP.

LIBERTY STREET PROVIDES FULL SUPPORT TO EXISTING TRADE RECEIVABLES DEAL
Liberty Street Funding Corp., the Bank of Nova Scotia's partially supported multiseller conduit, has restructured an existing $150 million trade receivables transaction so that it is now fully supported through liquidity. The deal finances receivables originated by a B1-rated seller in the retail apparel industry.

ABCP investors benefit from full liquidity support as well as 14% of incremental program credit enhancement. Liberty is now authorized to issue up to $4.9 billion of ABCP.

PNC BANK'S MARKET STREET INCREASES FACILITY LIMIT FOR AN EXISTING PROGRAM TO $300 MILLION
Market Street Funding Corp., PNC Bank's partially supported multiseller conduit, increased the facility limit for one of its existing transactions from $200 million to $300 million. In this deal, Market Street purchases senior classes of variable funding certificates backed by co-branded VISA credit card account receivables.

The commercial paper notes are supported by structured liquidity provided by Prime-1-rated PNC Bank. Also, Market Street provides 10% incremental program-level credit enhancement for the $300 million transaction. Market Street is now authorized to issue up to $5.08 billion of ABCP.

PERRY GLOBAL INCREASES AUTHORIZED AMOUNT TO $2 BILLION
Perry Global Funding Limited, Bank of America, N.A.'s securities arbitrage program, increased its liquidity facility from $1.5 billion to $2 billion to facilitate the program's further growth. The facility is provided entirely by Bank of America, N.A., (Aa1/Prime-1/B+), which also serves as liquidity agent and administrator. Perry Global is now authorized to issue up to $2 billion of ABCP, and has a program limit of $5 billion.

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.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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 RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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