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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 8, 2005

09 Aug 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 8, 2005

New York, August 09, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD AUGUST 2, 2005 THROUGH AUGUST 8, 2005:

ABN AMRO'S AMSTEL PURCHASES ASSET-BACKED SECURITIES TOTALLING EURO 2.614 BILLION

Amstel Funding Corp. and Amstel Euro Funding Corp. (together, "Amstel"), a partially supported, multiseller ABCP conduit sponsored by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has financed the purchase of three classes of asset-backed securities ("Notes") totalling Euro 2.614 billion, which are rated Aaa, Aaa and Aa2, respectively. The Notes are backed by corporate loans originated by a Dutch bank.

This transaction is partially supported by a liquidity facility provided by ABN AMRO. Additionally, there is an immediate put to liquidity if the rating of the Notes are downgraded below Aa3.

Amstel was not required to increase its program-level credit enhancement with the addition of this transaction. Amstel is now authorized to issue approximately Euro 20 billion of ABCP.

CALYON'S EUROPEAN SOVEREIGN FUNDING ADDS FCC UNITS TOTALLING $122 MILLION BACKED BY A SECURED LOAN

European Sovereign Funding S.A. ("ESF"), a partially supported, multiseller ABCP programme sponsored and administered by Calyon (Aa2/Prime-1/C), has added $122 million of FCC units (French ABS) backed by a secured loan to its portfolio. The secured loan benefits from a first demand guarantee issued by an export finance agency on behalf of the U.S. Government (rated Aaa).

The liquidity facility, provided by Calyon, is structured as an asset purchase agreement. The liquidity facility funds for the repayment of ABCP as long as the U.S. Government is rated above C.

ESF uses the proceeds of its Euro commercial paper ("Euro ABCP") to fund the purchase of Senior FCC units backed by secured loans with the benefit of first demand guarantees issued (either directly or through an agency) by Aaa-rated OECD governments.

The Prime-1 rating assigned to ESF's Euro ABCP is based primarily on: (i) Moody's prior review of each new asset, (ii) the credit quality of ESF assets, (iii) the liquidity support provided by Calyon, and (iv) the operational ability of Calyon as the program administrator.

With this transaction, ESF is authorized to finance up to $510 million of senior FCC units.

OLD COURT FUNDING ESTABLISHES SECOND PURCHASING ENTITY

Old Court Funding plc and Old Court Funding LLC (together, "Old Court"), a partially supported, credit arbitrage ABCP programme sponsored by Cambridge Place Investment Management LLP (not rated) has added its second purchasing vehicle. Old Court is independently administered by QSR Management Ltd (not rated), a wholly owned subsidiary of The Bank of New York (Aa2/Prime-1/B+).

Old Court uses the proceeds of its ABCP to make loans ("PE Loans") to various purchasing entities, which in turn purchase financial assets from credit funds and other vehicles managed by Cambridge. The second purchasing vehicle has a limit of approximately $150 million and all purchases made under the vehicle are fully supported by a 364-day committed repurchase agreement provided by Deutsche Bank AG (Aa3/Prime-1/B-).

With this transaction, Old Court is authorized to issue up to approximately $400 million of ABCP.

FORTIS BANK'S SCALDIS ADDS TWO TRANSACTIONS TOTALLING EURO 350 MILLION

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, multiseller ABCP conduit sponsored by Fortis Bank NV (Aa3/Prime-1/B) has added two transactions totalling Euro 350 million to its portfolio.

The first transaction is a Euro 100 million Aaa-rated senior revolving facility. The facility is part of a $600 million CDO transaction and is ranked pari passu to the Class A2 Notes, which are also rated Aaa. Scaldis is able to maintain its interest in the Aaa-rated facility so long as the rating of the facility is not downgraded below A1. Upon a downgrade of the facility's rating to below A1, Scaldis will cease issuing ABCP. This transaction is partially supported by a liquidity facility provided by Fortis. The liquidity facility is available to repay maturing ABCP provided as long as the facility is rated Caa1 or above.

The second transaction is a Euro 250 million loan transaction. The assets in this transaction include both secured and unsecured business loans and auto loans. Only fully amortised loans are included in the securitisation, with a 40% limit for unsecured loans. The residual values are not financed in the securitisation. The underlying obligors reside in the Republic of Ireland. The transaction benefits from a minimum of 6.25% transaction-specific credit enhancement, comprised of a fully-funded subordinated loan and 4.0% excess spread per annum. The 4.0% minimum excess spread is guaranteed by an interest rate swap. This transaction is partially supported by a liquidity facility provided by Fortis Bank. The liquidity facility funds for all non-defaulted receivables.

With the addition of these transactions, Scaldis' program-level credit enhancement was increased by 5% of the maximum purchase limit. With the addition of both transactions, Scaldis is authorized to issue up to approximately Euro 19 billion of ABCP.

ROYAL BANK OF SCOTLAND'S TAGS ADDS GBP 167 MILLION COMMERCIAL PROPERTY TRANSACTION.

Thames Asset Global Securitzation No 1, Inc ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has added a GBP 167 million commercial property transaction to its portfolio.

This transaction is partially supported by a liquidity facility sized at 102.5% of the principal amount of the transaction. The liquidity facility is provided by Prime-1-rated RBS.

With this transaction, TAGS is now authorized to issue up to approximately $15 billion of ABCP.

ABN AMRO'S TULIP INCREASES COMMITMENT AND REMOVES FULL SUPPORT TO EXISTING AUTO-LOAN WAREHOUSE TRANSACTION

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip programme"), a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has increased its funding commitment of an existing warehousing facility to Euro 1.5 billion from Euro 1.02 billion. Tulip Funding Corp. and Tulip Euro Funding Corp. are co-issuers of the Tulip programme. The Tulip program finances all transactions through a single purchasing company, Tulip Asset Purchase Company B.V. ("TAPCO").

With the increase, TAPCO has financed the purchase of Aaa-rated Euro-denominated Class A auto loan asset-backed floating rate notes due 2015 issued by a Spanish SPV. This transaction was previously fully supported by liquidity. Along with the increase in commitment, the transaction has been amended to be partially supported by a liquidity facility provided by ABN AMRO. There is an immediate put to liquidity if the rating on the Class A notes are downgraded below Aa3.

Tulip was not required to increase its program-level credit enhancement with the amendment of this transaction due to the high credit quality of the Class A notes. Tulip is now authorised to issue approximately $15 billion of ABCP though Tulip Funding Corp. and Euro 10 billion of ABCP through Tulip Euro Funding Corp.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Jonathan Polansky
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Wanda Lee
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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.”

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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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