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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JULY 12, 2001

13 Jul 2001
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JULY 12, 2001 New York, July 13, 2001 -- THE FOLLOWING ABCP PROGRAM WAS ASSIGNED A PRIME-1 RATING BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED JULY 12, 2001:

MOODY'S ASSIGNS RATING OF PRIME-1 TO HVB'S ARABELLA FUNDING LTD
In London, Moody's assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") of Arabella Funding LTD ("Arabella"). Arabella is a newly established, partially supported ABCP program sponsored by Bayerische Hypo-und Vereinsbank AG ("HVB"). Arabella will use the proceeds from the sales of its ABCP to advance funds under commissioning agreements to asset purchasing companies. The assets to be purchased will include trade and term receivables, asset-backed securities and other types of bonds.

Liquidity for Arabella is provided by Prime-1 rated financial institutions. The commitment is sized at 100% of the face amount of ABCP. Liquidity will fund for non-defaulted assets and will not be available if Arabella is bankrupt. HVB's London branch is liquidity agent for Arabella, and will also be responsible for referring assets to be purchased to Arabella.

The Prime-1 rating of Arabella's ABCP is based on among other factors, the following: (1) Moody's prior review of all assets, (2) liquidity support from Prime-1 rated banks with a funding basis of non-defaulted assets, (3) a program-wide letter of credit provided by HVB's London branch (Aa3/Prime-1/B) with a $50 million floor, (4) structural protections which make Arabella bankruptcy-remote, and (5) hedging agreements with Prime-1 rated financial institutions which cover interest rate and currency risk.

Hedging arrangements with Prime-1 rated counterparties will cover interest rate and currency risk.

Arabella has just added its first transaction, a USD 91.7 million asset-backed note transaction. The purchase is fully supported through a liquidity facility provided by HVB. With this addition, Arabella is now authorized to issue up to USD 91.7 million of ABCP.

For further details, please see Moody's press release dated July 2, 2001.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED JULY 2, 2001:

CDC IXIS CAPITAL MARKETS' ALTITUDE FUNDING'S FIRST ISSUANCE OF ABCP IS FORTHCOMING
In Paris, Moody's confirmed the Prime-1 rating of Altitude Funding Limited, a Jersey entity, and its US counterpart, Altitude Funding, LLC. Altitude is a partially supported credit arbitrage program sponsored by CDC Ixis Capital Markets.

Altitude Funding's program limit is Euro 5 billion. The current authorized issuance amount is Euro 161.1 million; it will automatically adjust with the increase of the program's "Total Liquidity Facility Commitment," which is defined as 102% of Altitude Funding Ltd's portfolio book value.

Altitude Funding intends to use the proceeds of the sale of ABCP to invest in a portfolio of highly rated corporate and asset-backed term securities, subject to a set of predetermined investment guidelines that specify credit quality and geographic concentration restrictions. Credit enhancement is provided by a syndicate of P-1 rated banks; it will dynamically adjust to the size and composition of the portfolio. Liquidity, which will fund against non-defaulted assets, is provided in an amount equal to outstanding ABCP. Interest rate and currency exposures are to be covered by hedging arrangements; and program expenses are paid out of asset cash flow.

For further details, please see Moody's press release dated July 12, 2001.

BANK TITRISATION ET FINANCE INTERNATIONALE'S GENERAL FUNDING ADDS $35 MILLION OF ASSET-BACKED NOTES
In Paris, Moody's confirmed the Prime-1 rating assigned to General Funding Limited, the multiseller, fully supported French ABCP program sponsored by Titrisation et Finance Internationales. This rating action follows the addition of asset-backed notes with a maximum amount of USD 35 million. Moody's confirmation of the conduit's Prime-1 rating is based primarily upon the full support for General Funding's Billets de Trésorerie (French ABCP) provided by the Prime-1 rated banks Crédit Industriel et Commercial, Bayerische Landesbank Girozentrale, and Rabobank Nederland through asset-specific purchase and sale agreements. General Funding is now authorized to issue up to Euro 745 million of ABCP.

CREDIT LYONNAIS' LMA ADDS EURO 90 MILLION TRADE RECEIVABLES DEAL AND USD 90 MILLION EQUIPMENT-BACKED TRUST CERTIFICATES
In Paris, Moody's confirmed the Prime-1 rating assigned to LMA SA, the multiseller, fully supported ABCP program sponsored by Crédit Lyonnais after its addition of two pools: one trade receivable transaction in the amount of Euro 90 million and the addition of USD 90 million of subordinate European Enhanced Equipment Trust Certificates. Full liquidity and credit support is provided by Prime-1 rated banks through asset purchase commitments.

The support providers for the LMA program are currently Bayerische Hypo-und Vereinsbank, Caisse Nationale des Caisses d'Epargne et de Prévoyance, Commerzbank, Crédit Commercial de France, Crédit Industriel et Commercial, KBC Bank N.V. and Rabobank Nederland, all rated Prime-1.

As the result of the addition of these two transactions, LMA is now authorized to issue up to Euro 1035 million and USD 230 million of ABCP.

SIEMENS' SIEFUNDS ACQUIRES PORTFOLIO OF TRADE RECEIVABLES
SieFunds Corp., the partially supported, multiseller conduit sponsored by Prime-1- rated Siemens AG, is financing a portfolio of trade receivables originated by 21 European affiliates of Siemens AG in the amount of Euro 1 billion.

The transaction is partially supported by a liquidity facility provided by an affiliate of Siemens AG, with Siemens Financial Services and Siemens AG as guarantors. Dynamically calculated credit enhancement is provided by way of overcollateralization and a transaction-specific letter of credit. Program-wide enhancement is increased by 5% for this transaction, and any currency risk is fully hedged.

SieFunds may now issue up to approximately USD 1.4 billion of ABCP.

CIBC'S SPARC INCREASES FULLY SUPPORTED DEAL
Special Purpose Accounts Receivable Cooperative Corp. ("SPARC"), a partially supported, multiseller conduit sponsored by Canadian Imperial Bank of Commerce ("CIBC"), has increased from $170 to $215 million its provision of financing to an asset-based lender. The deal, which is guaranteed by AMBAC, is backed by the loans made by the lender. SPARC is now authorized to issue up to $6.311 billion of ABCP.

SUN TRUST'S THREE PILLARS ADDS $100 MILLION TRADE RECEIVABLES FACILITY
Three Pillars Funding Corp., Sun Trust Bank's partially supported, multiseller ABCP conduit, added a partially supported, $100 million revolving trade receivables transaction. The seller is a provider of risk management and information technology services primarily to insurance companies. Transaction-specific credit enhancement in the form of overcollateralization is a minimum of 19%, which increases dynamically based upon the performance of the pool. Program-level credit enhancement was increased by $10 million for this transaction. Three Pillars is authorized to issue up to $2.411 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.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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.

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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 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 $5,000,000. 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 JPY550,000,000.

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

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