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21 Sep 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 19, 2005
New York, September 21, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD
SEPTEMBER 13, 2005 THROUGH SEPTEMBER 19, 2005:
MOODY'S ASSIGNS PRIME-1 RATING TO STANFIELD GLOBAL STRATEGIES'
BERKELEY SQUARE ABCP PROGRAM
Moody's has assigned a rating to the asset-backed commercial paper
("CP"), extendible notes ("ENs"), and callable notes ("CNs")
issued by Berkeley Square Finance Ltd. and Berkeley Square Finance
LLC (together, "Berkeley Square"). Berkeley Square is a newly
established, partial post review, fully supported, multiseller
ABCP program sponsored by Stanfield Global Strategies LLC ("Stanfield
Global", unrated) and administered by Deutsche Bank Trust Company
Americas (A1/Prime-1/C). Berkeley Square Finance Ltd.
and Berkeley Square Finance LLC are co-issuers in the program.
Berkeley Square can issue up to $20 billion of CP, ENs,
and CNs (together, "program notes") in both the U.S.
and Euro market. Berkeley Square Finance Ltd. will issue
program notes in the European market, while Berkeley Square Finance
Ltd. and Berkeley Square Finance LLC are co-issuers of program
notes in the U.S. market.
The U.S. CP issued by Berkeley Square has maturity dates
up to 390 days, while the U.S. ENs and CNs have expected
maturity dates up to 185 days and final maturity dates up to 390 days
from initial issuance. The Euro program notes have slightly shorter
tenors with maturity dates up to 180 days for Euro CP and expected maturity
dates up to 150 days with final maturity dates up to 180 days for Euro
ENs and CNs. Berkeley Square will use the proceeds from the sale
of program notes to purchase various securities, loans and receivables
under repurchase agreements provided by Prime-1-rated counterparties.
Moody's Prime-1 rating assigned to Berkeley Square's CP,
ENs, and CNs is based on, among other factors, the following:
(i) repurchase agreements structured to provide for timely and full payment
of ABCP; (ii) the credit strength required of the repurchase counterparties
which must be Prime-1-rated or must be guaranteed by a Prime-1-rated
entity; (iii) the proven ability of Stanfield Global as the investment
advisor to provide advisory services to Berkeley Square and the administrator;
(iv) the capabilities of Deutsche Bank Trust Company Americas as administrator,
collateral agent, depositary, and ECP issuing agent;
and (v) structural protections to ensure the bankruptcy-remoteness
of Berkeley Square.
For further details, please see Moody's press release dated September
MOODY'S ASSIGNS DEFINITIVE PRIME-1 RATING TO POSEIDON FUNDING LIMITED
In London, Moody's has assigned a definitive Prime-1 rating
to asset-backed commercial paper ("ABCP") issued by
Poseidon Funding Limited ("Poseidon"). Poseidon is
a newly established, partially supported, hybrid ABCP programme
sponsored by HSH Nordbank AG ("HSH", A1/Prime-1/C).
Poseidon has a maximum programme limit of Euro 5 billion and will issue
only Euro ABCP in the European market.
Poseidon is HSH Nordbank's first hybrid ABCP conduit. Poseidon
will use the proceeds from the issuance of ABCP to fund or acquire various
types of assets which may include trade and term receivables, ABS,
other debt instruments as well as synthetic obligations.
Fairbairn Private Bank (A3/Prime-2/C) has been appointed as hedging
& funding agent while JP Morgan Chase Bank (Ireland) Plc has been
appointed as the administrative agent. For HSH, the rationale
for appointing separate administrators is to gain regulatory and cost
advantages and to enable HSH to focus more on the origination process.
For further details, please see Moody's press release dated September
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD SEPTEMBER 13, 2005 THROUGH SEPTEMBER
CALYON'S ATLANTIC INCREASES INTEREST IN EXISTING TRADE RECEIVABLE FACILITY
Atlantic Asset Securitization LLC ("Atlantic"), a partially supported,
multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C),
has amended its interest in an existing trade receivable facility for
a global electrical parts distributor. The amendments included
an increase of facility limit to $220 million from $175
million, adjustment within the reserves, and the inclusion
of additional financial covenants and trigger events. The facility
was added to Atlantic's portfolio in 2003 and has performed as expected
since then with defaults averaging 5% monthly and total reserves
Atlantic currently has $7.2 billion in purchase commitments
and $661 million in program-level credit enhancement.
SOCGEN'S BARTON ADDS $500 MILLION AUTO LOAN FACILITY
Barton Capital LLC ("Barton"), a partially supported, multiseller
ABCP program sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+),
has financed a $500 million auto loan transaction.
The transaction finances non/sub-prime auto loans originated by
a wholly-owned indirect subsidiary of a non-investment-grade-rated
automotive manufacturer. Transaction-specific credit enhancement
is in the form of subordination and a reserve account, which totals
21.5%, as well as excess spread. The transaction
is partially supported by a liquidity facility provided by Prime-1-rated
With this transaction, Barton is now authorized to issue up to $15.3
billion of ABCP.
HUDSON CASTLE'S FENWAY AND FOXBORO EACH ADD $3 BILLION FACILITY
Fenway Funding LLC ("Fenway") and Foxboro Funding LLC (with co-issuer
Foxboro Funding Limited, together "Foxboro") have each added a $3
billion facility. Fenway and Foxboro are both fully supported,
multiseller conduits sponsored by Hudson Castle Group Inc. (unrated)
and administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C).
The conduits will finance the facilities through the issuance of secured
liquidity notes ("SLNs"). Fenway's SLNs have an expected maturity
date of up to 270 days, and a legal final maturity date of 390 days.
Foxboro's SLNs have an expected maturity date of up to 90 days,
and a legal final maturity date of 390 days. The maturity of the
SLNs can be extended if insufficient funds are available to repay the
SLNs on their expected maturity date.
The structures of the two facilities are very similar. The facilities
can be used to fund various assets including mortgage loans and asset-backed
securities. Each facility is fully supported by a Aa3/Prime-1
rated U.S. financial institution. The financial institution
guarantees the timely payment of principal and interest at the SLN's legal
Neither Fenway nor Foxboro has program-level credit enhancement.
With this transaction, Fenway is authorized to issue up to $8.3
billion in SLNs, and Foxboro is authorized to issue up to $5
billion in SLNs.
CALYON'S LA FAYETTE ADDS $100 MILLION MORTGAGE WAREHOUSE FACILITY
La Fayette Asset Securitization LLC ("La Fayette"),
a partially supported, multiseller ABCP program sponsored by Calyon
(Aa2/Prime-1/C), has added a $100 million warehouse
facility to its portfolio. The facility provides interim financing
for newly originated mortgages prior to term securitization. The
types of mortgage loans eligible for financing include conventional-conforming
and non-conforming mortgages. The mortgage loans are originated
by a non-investment-grade rated U.S. homebuilder.
This transaction benefits from a minimum of 2% transaction-specific
credit enhancement in the form of overcollateralization, which varies
depending on the type of mortgage loan.
The transaction includes various loan eligibility criteria and portfolio
concentration limits. Additionally, no loan can remain in
the facility for more than 120 days (with a 10% limit for loans
more than 90 days). In addition, the transaction has structural
protections such as an ABCP tenor limitation, and a cease issuance
of ABCP upon the occurrence of various trigger events. This transaction
is partially supported through a liquidity facility that funds for non-defaulted
loans. The liquidity facility is provided by Prime-1-rated
With this transaction, La Fayette's program-level credit
enhancement was increased by 8% of its purchase commitment.
La Fayette has about $2.4 billion in purchase commitments
and $158 million in program-level credit enhancement.
For a more detailed description of these ABCP programs, see Moody's
website at http://www.moodys.com
MOODY'S ABCP QUERY UPDATE
ABCP Query is an Excel-based tool that provides data on Moody's-rated
asset-backed commercial paper conduits. ABCP Query provides
data specific to individual programs, including liquidity providers,
credit enhancement, seller industries, seller ratings,
and other information. A frequently asked questions ("FAQ") guide
is also included with ABCP Query
to help answer some questions related to the product. The FAQ may
be downloaded from Moody's website, http://www.moodys.com.
ABCP Query's current coverage, which includes the largest multiseller
and securities arbitrage conduits, has been enhanced to include
hybrid conduits. A hybrid conduit combines the features of two
or more program types, such as multiseller and securities arbitrage,
into one program.
All programs in ABCP Query have now been updated through March 2005.
For some programs, information is available through June 2005.
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
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.
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