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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 NOVEMBER 16, 2000

17 Nov 2000
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED NOVEMBER 16, 2000 New York, November 17, 2000 -- Interest in the $550 billion ABCP market continues to grow, Moody's Investors Service said this week. One clear sign was a 20% rise in attendance at Moody's annual tutorial for the industry, "The ABCs of ABCP." The conference took place on November 9 in New York City.

Roughly 150 investors, issuers, and intermediaries gathered to hear Moody's outline its ratings criteria for the range of ABCP program types, with overviews on subjects including liquidity, credit enhancement, trade receivables analysis, ABCP administration, alternative liquidity, and securities arbitrage conduits.

Sam Pilcer, Moody's managing director for ABCP ratings, says that the recent rise in complexity of ABCP programs is a direct response to regulatory and economic factors. "We schedule these briefings at least annually to bring the ABCP community up to date on how we view this fast changing market. The growth in attendance is a very important signal," Pilcer said.

THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED NOVEMBER 16, 2000:

ABN AMRO'S AMSTEL FUNDING ADDS $8.5 BILLION DEPOSIT AGREEMENT
Amstel Funding Corp., a partially supported, multiseller ABCP conduit sponsored by ABN AMRO, has added an $8.5 billion deposit agreement to its portfolio. ABCP proceeds will be deposited with Prime-1-rated ABN AMRO and invested in short term investments with a short term rating of Prime-1. In addition, liquidity support as well as a total rate of return swap with ABN AMRO will pay the face amount of ABCP. Since it is fully supported, the transaction has neither deal-specific nor program-level credit enhancement. The conduit is now authorized to issue up to $11.5 billion of ABCP.

WACHOVIA'S BLUE RIDGE ENTERS INTO $125 MILLION TRADE RECEIVABLES TRANSACTION
Blue Ridge Asset Funding, the partially supported, multiseller conduit sponsored by Wachovia Bank, entered into a $125 million loan facility secured by trade receivables. Under the structure, Blue Ridge will lend to the bankruptcy-remote subsidiary of a paper products company. The subsidiary will use the loan proceeds to purchase trade receivables from its parent company and various affiliates. The collections on the trade receivables will be the source of repayment of the loans from Blue Ridge. The transaction is supported by overcollateralization of 13.5% as well as 10% program-level credit enhancement.

Blue Ridge is now authorized to issue up to approximately $5.7 billion of ABCP.

STATE STREET'S GALLEON CAPITAL CORP. ACQUIRES $65 MILLION IN AUTO-BACKED CERTIFICATES
Galleon Capital Corp., the partially supported, multiseller ABCP program sponsored by State Street Capital Markets, LLC has purchased $65 million of Aaa-rated certificates backed by auto loan receivables. The Aaa rating on the securities is by virtue of a guaranty provided by a monoline insurer. The transaction is fully supported by a letter of credit provided by Prime-1-rated State Street Bank & Trust Co. Galleon is currently authorized to issue up to $828.4 million of ABCP.

ING'S MONT BLANC CAPITAL CORP. PURCHASES £200 MILLION MORTGAGE-BACKED NOTE
Mont Blanc Capital Corp., a partially supported ABCP conduit sponsored by ING Barings Limited ("ING"), has entered into a £200 million agreement to purchase notes backed by a revolving residential mortgage portfolio. The originator is unrated. The transaction is fully supported by liquidity provided by Prime-1 rated ING Bank N.V. Despite the full liquidity support, Mont Blanc is adding 10% incremental program credit enhancement. The conduit is now authorized to issue approximately $2.1 billion of ABCP.

ING's MONTE ROSA ADDS $49 MILLION CREDIT-CARD-BACKED CERTIFICATE
Monte Rosa Capital Corp., ING Bank N.V.'s partially supported, multiseller conduit, will purchase a $49 million Class A variable funding certificate backed by credit card receivables originated by a speculative grade-rated retailer. This is the conduit's first asset addition since ING took over administrative responsibilities from UBS AG in the third quarter of 1999.

In the deal, investors are protected by two layers of credit enhancement, totaling 32% or a minimum of $15.6 million. The credit enhancement is divided equally between the Class B subordinated seller piece and a cash collateral account funded by ING. Liquidity is provided by Prime-1-rated ING. No incremental program credit enhancement was added for this deal. Monte Rosa is now permitted to issue up to $4.9 billion in ABCP.

DEUTSCHE BANK'S RHEINGOLD RESTRUCTURES EXISTING €41 MILLION TRADE RECEIVABLES DEAL
Deutsche Bank has restructured an existing transaction in Rheingold Securitisation Limited, a partially supported, multiseller ABCP program, under which Rheingold finances a revolving pool of trade receivables originated by an unrated German corporation. The deal was previously fully supported. It has now been amended so that it is partially supported by a loss reserve of 6% as well as a €20 million credit insurance policy issued by Aa2/Prime-1 rated Hermes Kreditversicherungs AG.

Rheingold is the first ABCP conduit to using a Hermes policy to provide partial credit support. This is a structure which may be used with increasing frequency in the future since it is a way of mitigating default risk associated with large obligor concentrations. This transaction also has a cease issuance event which specifies that no additional ABCP may be issued if the sum of the loss reserve and the amount available under the Hermes policy is less than 40% of the purchased receivables.

Rheingold is currently authorized to issue approximately $1.1 billion in commercial paper.

ABN AMRO'S SUNFLOWERS ADDS € 509 MILLION SECURITIES PURCHASE AGREEMENT
Sunflowers Funding Corp., a multiseller, partially supported ABCP conduit sponsored by ABN AMRO, has added a € 509 million securities transfer agreement to its portfolio. Sunflowers may invest only in Aaa-rated securities. The transaction has no deal-specific credit enhancement, but if a security is downgraded to below Aa2 it will either be sold (but only if the sale will not result in a loss) or put to liquidity on the same day that the security is downgraded.

MBIA's TRIPLE-A ONE FUNDING COMMITS $127.5 MILLION TO $450 MILLION INSURANCE LOAN TRANSACTION
Triple-A One Funding Corporation, a fully supported, multi-seller program sponsored by MBIA Insurance Corporation, committed $127.5 million to a $450 million club deal under which insurance premium finance loans are purchased. Triple-A One joins four other ABCP conduits which are already participants in this club deal. With this commitment, Triple-A One may issue ABCP in an amount not exceeding $5.752 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.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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