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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 26, 2005

29 Sep 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 26, 2005

New York, September 29, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD SEPTEMBER 20, 2005 THROUGH SEPTEMBER 26, 2005:

MOODY'S ASSIGNS RATINGS TO EATON VANCE VARIABLE LEVERAGE FUND LTD.

Moody's has assigned the following ratings to the debt to be issued by Eaton Vance Variable Leverage Fund Ltd. ("The Fund"). The senior debt is pari passu and consists of the following:

(i) $4.0 billion commercial paper program rated Prime-1, and (ii) $4.0 billion Medium-Term Note ("MTN") program rated Aaa (Aaa and Prime-1 for MTNs with maturities less than one year).

The combined amount of senior debt can total no more than $4.0 billion. That is, the total amount of senior debt outstanding at any one time can be no more than $4.0 billion in any combination of ABCP and MTNs. The Fund intends to issue both ABCP and MTNs on a continuing basis both to fund new asset purchases and to repay maturing senior notes.

The Fund will also be issuing Capital Notes which are rated Baa2 by Moody's and provides additional funds for investment and credit enhancement to the senior notes. The total amount of Capital Notes outstanding at any one time can be no more than $1.0 billion. The Fund intends to issue Capital Notes from time to time to fund new asset purchases, to maintain the required portfolio leverage and to repay maturing Capital Notes.

For further details, please see Moody's press release dated September 20, 2005.

MOODY'S ASSIGNS PRIME-1 RATING TO DEUTSCHE BANK'S RIVERSIDE FUNDING, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Riverside Funding, LLC ("Riverside"). Riverside is a newly established, partially supported, multiseller ABCP program administered by Deutsche Bank AG ("DB", rated Aa3/Prime-1/B-). Riverside's program structure is very similar to four other Prime-1-rated programs administered by DB: Nantucket Funding Corp., LLC, Saratoga Funding Corp., LLC, Tahoe Funding Corp., LLC and Sedona Capital Funding Corp., LLC. Riverside has a program limit of $5 billion.

Riverside is a limited purpose corporation established according to Delaware law. All transactions contemplated for Riverside are subject to Moody's prior review. Riverside will not issue ABCP to the public. Instead, all ABCP issued by Riverside will be purchased by Gemini Securitization Corp., LLC ("Gemini"), another DB-administered program that is rated Prime-1 by Moody's. Gemini in turn will issue ABCP to investors on a match-funded basis. At closing, Riverside has not funded any asset interests and has no ABCP outstanding.

Moody's Prime-1 rating assigned to Riverside's ABCP is based on, among other factors, the following: (i) prior review requirement for all asset purchases to ensure the asset quality is consistent with the Prime-1 rating, (ii) the liquidity and credit support provided by Prime-1-rated banks, (iii) structural protections to preserve the bankruptcy-remoteness of Riverside, and (iv) the experience and capability of DB in its role as administrator.

For further details, please see Moody's press release dated September 20, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD SEPTEMBER 20, 2005 THROUGH SEPTEMBER 26, 2005:

SOCGEN'S BARTON ADDS $250 MILLION CONSUMER 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 $250 million consumer loan transaction.

The transaction funds unsecured, revolving consumer loans that are originated by a financial service subsidiary of an investment-grade-rated technology company. Transaction-specific credit enhancement is in the form of overcollateralization and a reserve account, which totals 20.75%, as well as excess spread. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SocGen.

With this transaction, Barton is now authorized to issue up to $15.6 billion of ABCP.

DEUTSCHE BANK'S GEMINI PURCHASES $50 MILLION FILM FACILITY, $675 MILLION OF SARATOGA ABCP, AND INCREASES INTEREST IN EXISTING TRADE RECEIVABLE FACILITY

Gemini Securitization Corp., LLC, ("Gemini"), a partially supported, multiseller conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has directly purchased a $50 million film finance facility and increased its interest in an existing facility by $33.33 million. In addition, Gemini has purchased $675 million of ABCP from a sister conduit, Saratoga Funding Corp., LLC ("Saratoga").

The details of the transactions that Gemini has funded directly are as follows:

(a) a $50 million financing facility for a film production company. The transaction is fully supported by a liquidity facility provided by Deutsche Bank. Therefore, there is no requirement to increase Gemini's program-level credit enhancement.

(b) an increase of $33.33 million to a co-purchased trade receivable facility originated by a non-investment-grade-rated electricity and energy provider. Transaction-specific credit enhancement is in the form of overcollateralization and various reserve accounts, sized at a minimum of 19%. The transaction is partially supported through a liquidity facility provided by Deutsche Bank that funds for outstanding eligible receivables net of charged-off receivables in excess of the transaction-specific credit enhancement. The transaction requires daily reporting on the pool's performance. Since the transaction is partially supported by liquidity, Gemini's program-level credit enhancement was increased by 8% of its revised purchase limit.

Gemini also has purchased up to $675 million of Saratoga ABCP, which are backed by two transactions. The first transaction is a $300 million unrated senior note issued by a newly established master trust. The note is backed by various collateralized loan obligations. The second transaction is a $375 million co-purchased share of two unrated notes backed by middle market CDOs. Both transactions are fully supported by a liquidity facility provided by Deutsche Bank. As such, there is no requirement to increase Gemini's program-level credit enhancement.

Gemini has total asset commitments of $16.2 billion, with $7.7 billion of outstanding ABCP. Gemini's total program-level credit enhancement is $591.46 million (with a floor of $250 million).

BAYERISCHE LANDESBANK'S GIRO BALANCED ENTERS INTO $1 BILLION TOTAL RETURN SWAP TRANSACTION TO PURCHASE FLOATING RATE NOTE

Giro Balanced Funding Corp. ("GBFC"), a partially supported, multiseller conduit sponsored by Bayerische Landesbank ("BLB", rated Aa2/Prime-1/D+), has entered into a $1 billion total return swap transaction for the purchase of an unrated floating rate note. The total return swap provided by the Prime-1-rated BLB fully supports this transaction by absorbing the liquidity, credit and market value risk.

With this transaction, GBFC is now authorized to issue up to $7.5 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD SEPTEMBER 20, 2005 THROUGH SEPTEMBER 26, 2005:

SAPPHIRE BLUE'S ABCP PROGRAM RATING WITHDRAWN

In Tokyo, Moody's has withdrawn the Prime-1 rating of Sapphire Blue ("Sapphire") for business reasons. Sapphire is a partially supported, Japanese Yen ABCP program sponsored by Aozora Bank, Ltd. ("Aozora", Baa1/Prime-2/D). As of September 22, 2005, there is no ABCP outstanding and there will be no further issuance under the program.

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.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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 $5,000,000. 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 JPY100,000 to approximately JPY550,000,000.

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

​
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