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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.
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