Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED FEBRUARY 7, 2002:

08 Feb 2002
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED FEBRUARY 7, 2002: MOODY'S PUBLISHES TWO SPECIAL REPORTS ON SIVS AND CREDIT ARBITRAGE ABCP PROGRAMS
Moody's has just published two new special reports on ABCP programs funding securities arbitrage and structured investment vehicles (SIVs). These programs, often purchased by ABCP investors, are alternative arbitrage approaches for funding the purchase of highly rated securities by their investment managers. Despite their similar focus, the two have distinctly different strategic purposes, and very different approaches to asset management, credit enhancement, liquidity, and hedging.

Volumes in credit arbitrage ABCP programs and SIVs are rising significantly, driven to some extent by rising regulatory capital requirements. The programs are an important part of the growing ABCP and structured MTN markets in the US and Europe. To date, credit arbitrage and SIVs account for approximately 25% of the total $715 billion in Moody's-rated ABCP. Credit arbitrage programs comprise an estimated $82 billion of ABCP outstanding, while SIVs presently issue approximately $29 billion of commercial paper and $55 billion of MTNs.

The Moody's Special Report on SIVs, "An Introduction to Structured Investment Vehicles," is an introductory piece detailing the factors that Moody's considers when rating these complex programs. Also available is "Comparing and Contrasting Credit Arbitrage in ABCP Programs and SIVs," which contrasts the difference between these two alternative investment structures. Both reports can be found on Moody's web site at www.moodys.com.

MOODY'S RATED THE FOLLOWING ASSET-BACKED COMMERCIAL PAPER PROGRAMS PRIME-1 DURING THE SEVEN DAY PERIOD ENDED FEBRUARY 7, 2002:

MOODYS ASSIGNS PRIME-1 RATING TO GMAC MORTGAGE GROUP'S MINT $6 BILLION ABCP AND EXTENDIBLE ABCP PROGRAM
MINT (Mortgage Interest Networking Trust) is a mortgage loan warehouse securitization facility sponsored by GMAC Mortgage Group, Inc. (GMAC Mortgage) and its affiliate companies. MINT will fund the purchase of Participation Certificates with the proceeds of ABCP and Mortgage Interest Trust Term Extendible Notes (MITTENs). Each Participation Certificate will represent an undivided interest in notes secured by mortgages and warehousing lines of credit (Notes). Investors are ultimately secured by nine types of residential mortgage loans and several types of commercial mortgages as well as by warehousing lines of credit made to third-party mortgage lenders. Mortgage collateral will be originated by three GMAC Mortgage subsidiaries: Residential Funding Corp. (RFC), GMAC Mortgage Corp. (GMACM), and GMAC Commercial Mortgage Corp. (GMACCM). General Motors Acceptance Corp. (A2/Prime-1) is the parent of GMAC Mortgage. MINT has an initial authorized issuance amount of $6 billion.

The Prime-1 rating assigned to MINT's ABCP and MITTENs is based on, among other factors, the following:

(1) Credit quality of the Participation Certificates and Notes, which is ultimately based on the credit quality of the underlying mortgage collateral, on the underwriting standards of the GMAC Mortgage Group subsidiaries, and on the credit enhancement requirements and parameters for the underlying mortgage collateral. Moody's has analyzed these factors and believes they are consistent with a Aa2 expected loss standard for the term permitted for collateral to be held in the facility.

(2) Credit enhancement in the form of dynamic reserve, initially funded at $11.5 million, and stringent, dynamic overcollateralization levels based on the type collateral purchased and the performance of that collateral over time.

(3) Partial liquidity support from a $2 billion facility provided by JP Morgan Chase Bank (Aa2/Prime-1/B+) and Credit Suisse First Boston (New York Branch) (Aa3/Prime-1/C). This facility funds for maturing ABCP so long as any credit enhancement remains. Liquidity is also available to fund MITTENs during the revolving period, as long as certain coverage tests are met.

(4) Effective liquidity support from the MITTENs, which can be extended up to 300 days from the original maturity date. This provides additional time to realize cash from asset sales.

(5) Market value risk protection on the sale of non-defaulted collateral through a market value swap (MVS) sized at $2.5 billion of asset coverage provide by Credit Suisse First Boston International (Aa3/Prime-1) and JPMorgan Chase Bank. The market value swap also provides implicit liquidity protection as well as market value protection by guaranteeing the funding for certain collateral after a fixed sale period, whether the assets have been sold or not.

(6) Structural protections, including aging requirements for the underlying mortgage collateral (depending on type) as well as requirements to maintain the size and quality of the borrowing base of eligible mortgages and the required credit enhancement at all times.

(7) The capabilities of GMAC Mortgage Group as administrator, and of its various subsidiaries as originator and servicer of the residential and commercial mortgage collateral and the mortgage lending warehouse lines of credit.

Since none of the GMAC Mortgage Group entities are acting as funding counterparties to MINT and cash is not commingled with any of these entities, a ratings downgrade to the parent company, General Motors Acceptance Corp., would not necessarily result in a downgrade to the ratings assigned to MINT.

For further details, see Moody's press release dated February 5, 2002

MOODY'S RATES FORD'S FLOORPLAN BACKED MOTOWN NOTES EXTENDIBLE ABCP PROGRAM
Moody's has assigned a rating of Prime-1 to Ford's Motown Notes Program, to be issued as Series 2002-1 from the Ford Credit Floorplan Master Owner Trust A (the Trust). The initial program size is $3 billion. The rating is based on the required subordination amount of 7.82% of the Series 2002-1 invested amount, the 5% liquidity facility, the program amortization triggers, the expertise of Ford Motor Credit Company (Ford Credit) as servicer of the underlying dealer floorplan loans, and other structural features of the program. The dealer floorplan loans in the Trust are originated and serviced by Ford Credit. Ford's long term unsecured bonds are rated Baa1 while Ford Credit's long term unsecured bonds are rated A3. Ford Credit's short term rating is Prime-2.

The Motown Notes Program is a program that can issue different tranches with expected maturities ranging from 1 to 99 days. Each tranche will have a final (legal) maturity 390 days from the tranche's date of issuance. Moody's rating of the Motown Notes addresses the likelihood that all required payments of interest and principal on the Motown Notes will be made by their final maturity dates, not their expected maturities.

Each tranche will be a zero-coupon security that will accrete to its face amount by its expected maturity date. On the expected maturity date, the Trust will issue one or more new tranches and use the proceeds to retire the maturing tranche, but only if certain reissuance conditions are met. If a reissuance condition is not satisfied, the maturing tranche will become an interest-bearing floating rate note at a rate of one-month LIBOR plus 0.20%. Collections on the Trust allocable to Series 2002-1 will thereafter be used to amortize these extended Motown notes until they are paid in full. If the extended notes are not retired by their final maturity dates, liquidity providers will purchase the remaining notes, up to their respective commitment amounts. The liquidity providers are a syndicate of banks rated Prime-1.

For further details, please see Moody's press release dated February 1, 2002.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED FEBRUARY 7, 2002:

DRESDNER'S BEETHOVEN ADDS $75 MILLION RENTAL CAR TRANSACTION
Beethoven Funding Corp., a partially supported, multiseller ABCP program sponsored by Dresdner Kleinwort Wasserstein, has added the purchase of a $75 million interest in a rental car securitization. Liquidity is provided by Prime-1 rated Dresdner, and this transaction is supported by credit enhancement in the forms of subordination and a letter of credit. The minimum amount of credit enhancement is calculated according to a dynamic formula with a 13% floor. Various performance triggers that cause the conduit to cease issuing ABCP, along with a short ABCP tenor, combine to limit investors' exposure to the performance of the underlying transaction. Beethoven has increased its program letter of credit by 10% of this transaction, per program requirements. Beethoven is now authorized to issue up to approximately $1.4 billion of ABCP.

COMMERZBANK'S FOUR WINDS FUNDING CORP. INCREASES AUTHORIZED AMOUNT OF 390- DAY MEDIUM TERM NOTE PROGRAM AND ADDS $200 MM TRADE RECEIVABLES TRANSACTION
Four Winds Funding Corp., Commerzbank's partially supported, multiseller and loan-backed ABCP program, increased the size of its medium-term note (MTN) program from $2 billion to $3.5 billion. The MTNS, issued by FWF LLC, the entity which has been established to issue MTNs, are rated Prime-1, with a maximum maturity of 390 days. The proceeds from the MTNs will be used to purchase Four Winds Funding ABCP.

Four Winds also purchased a $200 million interest in trade receivables originated by a Baa3-rated company. This deal is fully supported through liquidity. Four Winds is now authorized to issue up to $10 billion of ABCP.

BAYERISCHE LANDESBANK'S GIRO MULTI-FUNDING ADDS A $51.72 MILLION Aa3-RATED TRUST CERTIFICATE
Giro Multi-Funding Corp., Bayerische Landesbank's partially supported, multiseller conduit, purchased a $51.72 million Aa3-rated equipment trust certificate. The transaction was fully supported by liquidity provided by BLB. Giro Multi-Funding's outstanding ABCP is now $3.0 billion, with program-wide credit enhancement at $390.5 million.

SCOTIA'S LIBERTY STREET ADDS A $150 MILLION TRADE RECEIVABLES TRANSACTION AND CO-PURCHASES $50 MILLION ASSET INTEREST IN A $475 MILLION TRADE RECEIVABLE TRANSACTION
Liberty Street Funding Corp., a partially supported, multiseller ABCP program sponsored by The Bank of Nova Scotia, purchased an interest in trade receivables originated by a Baa3-rated company. The transaction benefits from dynamic credit enhancement with a floor of 16%.

Liberty Street also entered a co-purchase arrangement amounting to $50 million of a $475 million trade receivable facility. The receivables are from an investment-grade industrial distributor of electronic and computer equipment. Pool credit enhancement is calculated according to a dynamic formula with a 15% floor, while Liberty's program-wide credit enhancement increased by $5 million, or 10% of the amount of this transaction. Liberty Street is authorized to issue up to $6.315 billion of ABCP, with an outstanding amount of ABCP is $4.3 billion.

SUN TRUST'S THREE PILLARS ADDS $50 MILLION STRUCTURED SETTLEMENT FACILITY
Three Pillars Funding Corp., Sun Trust Bank's partially supported, multiseller ABCP conduit, has added a partially supported, $50 million revolving warehouse facility. The seller is a specialty finance company that provides financing to owners and beneficiaries of structured settlements. Liquidity is provided by Prime-1 rated SunTrust Bank. Transaction-specific credit enhancement, in the form of overcollateralization, is set at a minimum of 7%. The enhancement increases dynamically based upon the performance of the receivables pool. Program-level credit enhancement for Three Pillars was increased by $5 million for this transaction. Three Pillars is authorized to issue up to $3.17 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. This information is also available at http://www.moodys.com.
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 JPY250,000,000.

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

​​​​​​​​
Moodys.com