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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED MAY 9, 2002:

10 May 2002
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED MAY 9, 2002: New York, May 10, 2002 -- MOODY'S PUBLISHES TWO ARTICLES ON DEVELOPMENTS AFFECTING ABCP MARKET
In the past week, Moody's asset-backed commercial paper (ABCP) group has published two articles on important new developments affecting the ABCP market. Diane Maurice, a Vice-President/Senior Analyst in the group, authored an article entitled "ABCP Program Credit Enhancement: Ratings May Reduce Capital Requirements." In this connection, Moody's ABCP chief, Sam Pilcer, pointed out that "Recent regulatory initiatives by Federal regulators will place a growing reliance on ratings for setting bank capital requirements."

The group also published "Revised Article 9: The Benefits Are Many, but Diligence is Warranted" written by Alexander Dill, a Vice President/Senior Credit Officer in the ABCP group at Moody's. The article covers recent revisions to the provisions of Article 9, which governs secured transactions in the Uniform Commercial Code. The article is highly relevant to securitizations in the term market as well as ABCP.

Both of these Moody's reports are available now on Moody's ABCP subscription service and Moody's web site - http://www.moodys.com.

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE SEVEN DAY PERIOD ENDED MAY 9, 2002:

NATEXIS' ELIXIR FUNDING LIMITED RATED PRIME-1 AND ADDS FIRST TRANSACTION
In Paris, Moody's assigned a Prime-1 rating to Elixir Funding Limited ("Elixir"). Elixir is a newly established, partially supported, multiseller asset-backed commercial paper (ABCP) program sponsored by French bank Natexis Banques Populaires (Aa3/Prime-1) and administered by Deutsche Bank A.G. (Aa3/Prime-1), operating out of its London branch. The proceeds of the Billets de Trésorerie (French ABCP) will be used to refinance mostly trade receivables transactions. This is the first ABCP program sponsored by Natexis Banques Populaires

Natexis Banques Populaires will be liquidity agent, provider of program credit enhancement, placement agent, issuing and paying agent. Natexis Banques Populaires will also be responsible for originating and structuring the transactions.

The Prime-1 rating assigned to Elixir is primarily based upon the following: (i) Moody's prior review of each transaction entered into by Elixir, (ii) liquidity support from Prime-1 rated banks with a funding basis of non-defaulted assets, (iii) program-level credit enhancement, (iv) structural protections, including issuance tests, wind-down events and the bankruptcy remoteness of the issuer; and (v) the capabilities of Natexis Banques Populaires as sponsor, of Deutsche Bank A.G. London as administrator and Eurotitrisation as management company of underlying assets.

Elixir's ABCP investors are protected against credit risk by both pool-specific and program-level credit support. Pool-specific credit enhancement, which is the first-loss protection, is sized dynamically. In addition, program-level credit enhancement, in the form of a first demand guarantee provided by Aa3-rated Natexis Banques Populaires, offers protection against (i) losses on any transaction that exceed the pool-specific credit enhancement and (ii) any extraordinary expenses incurred by Elixir. It is currently equal to 5% of the maximum purchase amount for each deal and has a floor of EURO 1 million.

Liquidity is provided on a transaction-by-transaction basis through liquidity facility commitments entered into with Prime-1 rated banks. It is expected that at least 50% of facilities will be syndicated.

The underlying assets backing the ABCP will not be held directly by Elixir. Instead, Elixir will use the proceeds of ABCP to purchase asset-backed securities, typically units issued by the French securitization vehicle Fonds Communs de Créances ("FCC"). FCC units then issued will be backed by the underlying receivables transferred by the seller to the FCC. Elixir will subscribe only to senior FCC units. The first pool addition consists of EURO 35 million of FCC senior units backed by trade receivables originated by European subsidiaries of a transport company.

Please see Moody's press release dated April 3, 2002 for further details.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE SEVEN DAY PERIOD ENDED MAY 9, 2002:

STATE STREET'S GALLEON CAPITAL AMENDS PROGRAM TO ISSUE EURO ABCP
State Street's Galleon Capital Corp. (Galleon) has amended its program to enable Galleon to issue Euro ABCP. Currency exchange risk is mitigated through a hedging agreement with State Street. Galleon is now authorized to issue up to $2.34 billion of ABCP.

WESTLB'S MONTAUK ACQUIRES $44.95 MILLION "C" PIECE OF A CREDIT CARD TRANSACTION
Westdeutsche Landesbank Girozentrale's Montauk Funding Corp. (Montauk), a limited post-review, partially supported, multiseller ABCP conduit, purchased a $44.95 million "C" Class piece of floating-rate asset-backed notes backed by credit card receivables. The purchase is supported by subordination of the security's "D" class, which amounts to 1.5% of the transaction. This transaction is also supported by program-level credit enhancement, in the form of a surety bond provided by Aaa-rated FGIC. The bond is currently at its floor of $400 million. Currently, Montauk is authorized to issue up to approximately $10 billion of ABCP.

RABOBANK'S NIEUW AMSTERDAM RECEIVABLES CORP. ADDS $100 MILLION TRADE RECEIVABLES TRANSACTION
Nieuw Amsterdam Receivables Corp. (NARCO), a partially supported, multiseller program sponsored by Rabobank, purchased a $100 million interest in trade receivables originated by an agricultural products manufacturing company. This transaction benefits from dynamic credit enhancement in the form of overcollateralization with a floor of 30% of the deal. NARCO is authorized to issue up to $3.73 billion in 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.

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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 $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.

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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.

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