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16 Feb 2001
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED FEBRUARY 15, 2001
New York, February 16, 2001 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED FEBRUARY 15, 2001:
IN CLUB DEAL, CHASE'S PARCO AND GECC'S REDWOOD ADD $115 MILLION TRADE RECEIVABLES TRANSACTION
Park Avenue Receivables Corporation (PARCO), a partially supported, multiseller conduit sponsored and administered by The Chase Manhattan Bank, and Redwood Receivables Corp., a partially supported, multiseller conduit sponsored and administered by General Electric Capital Corp., co-purchased a $115 million revolving facility which provides funds for the purchase of trade receivables generated by an unrated pharmaceutical services company. The receivables originated by this company are generated through mail service prescription programs and retail store programs.
PARCO's share of the transaction is $25 million, while Redwood's is $90 million. This transaction is partially supported by pool-specific credit enhancement set at a minimum of 15% in the form of overcollateralization. Liquidity is provided by Prime-1- rated entities.
PARCO also has program-level credit enhancement with a $300 million floor, which is being increased by 10% for this transaction. PARCO is currently authorized to issue up to approximately $15.9 billion of ABCP. Redwood 's program level credit enhancement, in the form of a letter of credit, will be increased by 5% for this transaction. Redwood is now authorized to issue up to $2.29 billion in ABCP.
WEST LB'S COMPASS, MONTAUK AND PARADIGM CO-PURCHASE INTEREST IN $1 BILLION VEHICLE FINANCE FACILITY
Compass Securitization Limited (Compass), Montauk Funding Corp. (Montauk) and Paradigm Funding LLC (Paradigm); partially supported, multiseller conduits all sponsored by Westdeutsche Landesbank Girozentrale (WestLB), co-purchased an amortizing pool of new and used vehicle retail installment contracts originated by the captive financing arm of an investment grade automobile manufacturer. Compass acquired a $600 million interest in the pool, while Montauk and Paradigm each purchased a $200 million interest in the receivables. This transaction is fully supported by liquidity provided by WestLB. Currently, Compass, Montauk and Paradigm are each authorized to issue up to $10 billion in ABCP.
WEST LB'S COMPASS PROGRAM PURCHASES FIRST RENTAL CAR FLEET SECURITIZATION TRANSACTION IN EUROPEAN MARKET
In London, Moody's confirmed the Prime-1 rating of Compass Securitisation Limited ("Compass"), administered by Westdeutsche Landesbank Girozentrale ("WestLB"), following its purchase of a Euro 125 million rental car fleet securitization transaction. The Compass program has two separate issuers, one for the Euromarkets (Compass Securitisation Limited) and one for the US market (Compass Securitization LLC).
This deal, the first transaction of its kind to be completed in the European market, will finance the fleet of a German rental car operator. Moody's expects other transactions to follow this deal, based upon the large potential market for financing rental car fleets in Europe.
Moody's confirmation of Compass' Prime-1 rating is based on 1) the amount of the transaction's pool and program credit enhancement and typical discount from manufacturer's suggested retail price (MSRP) received by the originator; 2) liquidity support provided by Prime-1-rated WestLB; 3) the maximum ABCP maturity of 58 days; 4) the interest rate cap of 10.0% per annum; 5) the servicing ability of the originator; 6) the obligation of the originator to make lease payments; 7) legal and structural features of the transaction, including the marking to market of the collateral; 8) the high probability of liquidating a fleet of this size in the resale market; 9) the ability of WestLB as collateral agent; and 9) the relatively small amount of non-program cars in the transaction.
In the deal, "program" cars are purchased by a special purpose vehicle (SPV) subject to a repurchase program offered generally by a dealer. The repurchase program allows the SPV to return the vehicles to the dealer for a predetermined price equal to the original purchase price less depreciation and deductions for damage and excess mileage. At the end of the repurchase period or an earlier set time period, the originator is obligated to repurchase all vehicles for the face amount of the repurchase receivables.
"Non-program," or "at risk" cars are also purchased by the SPV but are not entitled to the benefits of a dealer repurchase program. Non-program cars are limited to a set percentage of the total pool. At the end of a specified time period, non-program cars are sold in the open market. Upon liquidation, if the "at risk" cars yield less than their net book value, making good on the loss is an obligation of the originator.
During the tenor of the repurchase programs, the originator is obligated to make monthly lease payments which are sized to reflect the depreciation and other costs which are likely to be experienced on the vehicles and are derived from the rental of the fleet, which is running at a comparatively high utilization rate.
In evaluating the required credit enhancement, in addition to considering the potential likelihood of a default by the dealers or the originator, Moody's analyzed the possible magnitude of losses, taking into account the monthly vehicle depreciation rates, losses relating to lost or stolen vehicles, potential losses on the sale of vehicles in the open market, vehicle refurbishment costs, and the maximum interest expense and other expenses, which might be experienced during the maximum maturity of the ABCP.
In the United States, ABCP issued by similar rental car fleet programs, which include single-seller rental car programs as well as individual transactions in multiseller conduits, totals approximately $ 3.8 billion in 2000. Although repayment of the underlying repurchase receivables is generally expected to come from dealers in this transaction, as opposed to the manufacturers in U.S. transactions; enhancement levels and other structural features of the Compass transaction compare positively to other existing transactions.
Compass will add 8% in program credit enhancement for this transaction. Compass, one of the largest ABCP programs operating in the European ABCP market, had outstanding ABCP totalling USD 8.3 billion as of December 31, 2000.
For further details, please see Moody's press release dated February 8, 2001.
MOODY'S CONFIRMS RATING OF INSURED ASSET FUNDING
The Prime-1 rating of Insured Asset Trust LLC (IAF), a single-seller, fully supported ABCP program sponsored by Lucent Technologies, Inc. (Lucent) to finance loans and receivables associated with the sale of its products, was confirmed. This rating confirmation was made after Moody's downgrade on February 12, 2001 of Lucent's long term, senior unsecured debt rating to Baa3 from Baa1 and its commercial paper rating to Prime-3 from Prime-2.
The Prime-1 rating, originally assigned on September 27, 2000, was based upon (1) an insurance policy provided by National Union Fire Insurance, which has a Moody's insurance financial strength rating of Aaa, that provided 100% coverage of the receivables and (2) liquidity provided by a syndicate of Prime-1 banks equal to the face amount of outstanding ABCP. The ratings downgrade of Lucent does not affect either the insurance coverage or the availability of the bank liquidity.
As a result of the downgrade of Lucent, IAF will not purchase additional Lucent receivables. It will continue to fund the portfolio of receivables that it has purchased with ABCP. IAF is currently authorized to issue $750 million of ABCP.
For further details, see Moody's press release dated February 14, 2001.
STATE STREET'S GALLEON CAPITAL CORP. ADDS $43 MILLION IN CLASS B AUTO-BACKED SECURITIES
Galleon Capital Corp., the partially supported, multiseller ABCP program sponsored by State Street Capital Markets, LLC has purchased $43 million of Class B certificates backed by consumer auto loans. The certificates are being purchased under a program securities arbitrage facility called a Global Liquidity Asset Purchase Agreement (GLAPA). The certificates are A2-rated and will have additional support in the form of an incremental 10% increase to the program letter of credit. Galleon is currently authorized to issue up to $1.433 billion of ABCP. Galleon presently funds about $612 million in 3 currencies under the GLAPA program.
BAYERISCHE LANDESBANK'S GIRO BALANCED FUNDING PURCHASES $1 BILLION INTEREST IN A POOL OF AMORTIZING AUTO LOANS
Giro Balanced Funding Corp., Bayerische Landesbank's partially supported, multiseller ABCP conduit, purchased a $1 billion interest in a pool of amortizing auto loans from an investment grade rated automobile manufacturer. Transaction-specific credit enhancement of 8% is in the form of overcollateralization. At the same time, program-level credit enhancement was increased by 10%. Giro Balanced Funding is now authorized to issue up to $1.3 billion of ABCP and has $304 million in program credit enhancement.
WEST LB'S MONTAUK FUNDING ADDS CREDIT CARD TRANSACTION
Montauk Funding Corp., a limited post-review, partially supported multiseller ABCP conduit administered by Westdeutsche Landesbank Girozentrale (WestLB), purchased floating rate asset-backed notes backed by credit card receivables. Montauk purchased an unrated "C piece" backed by a $50 million interest in credit card receivables. The purchase is supported by about 17% of credit enhancement. Montauk is authorized to issue up to approximately $10 billion in ABCP.
WESTLB'S PARADIGM FUNDING PURCHASES $490.2 MILLION INTEREST IN LOAN AND LEASE RECEIVABLES FACILITY
Westdeutsche Landesbank Girozentrale's (WestLB) Paradigm Funding LLC, partially supported, multiseller conduit, purchased a $490.2 million interest in a loan and lease receivables facility. The receivables are generated by the financing and leasing of printing press equipment originated by the captive financing company of a major international printing press manufacturer. This transaction is fully supported by a liquidity provided by WestLB. Currently, $200 million of program-level credit enhancement, which is the program's floor, is provided to Paradigm. Paradigm is authorized to issue up to $10 billion of ABCP.
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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