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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 OCTOBER 3, 2005

05 Oct 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 3, 2005

New York, October 05, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD SEPTEMBER 27, 2005 THROUGH OCTOBER 3, 2005:

MOODY'S ASSIGNS PRIME-1 RATING TO AEGON'S VISIONARY FUNDING, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Visionary Funding, LLC ("Visionary"). Visionary is a newly established, fully supported, single-seller ABCP program administered by Transamerica Occidental Life Insurance Company ("TOLIC," insurance financial strength rating of Aa3/Prime-1), an indirect wholly owned subsidiary of AEGON N.V. (A2/Prime-1). Visionary has a program limit of US$1.5 billion and is the third ABCP program established by AEGON.

Visionary will use the proceeds from the sale of ABCP to invest in multiple deposit account agreements under a master funding agreement issued by TOLIC. The funding agreement is the sole asset backing Visionary's ABCP and is essentially an investment contract guaranteed by TOLIC. TOLIC has a financial strength rating of Aa3 and a short-term debt rating of Prime-1, and is an indirect wholly owned subsidiary of AEGON, a Netherlands-based international provider of life insurance, pension and investment products.

TOLIC will use the proceeds deposited under the funding agreement to invest in a variety of securities as part of the general fund of the company. The payment obligation of TOLIC under the funding agreement is generally considered to be on par with claims under insurance policies, and senior to the company's non-insurance (including debt) obligations.

For further details, please see Moody's press release dated September 29, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD SEPTEMBER 27, 2005 THROUGH OCTOBER 3, 2005:

CALYON'S ATLANTIC ADDS US$165 MILLION Aa1-RATED NOTE BACKED BY ELECTRONIC PAYMENTS

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has added a US$165 million Aa1-rated note to its portfolio. The Aa1-rated note is issued from a trust established for a non-investment-grade-rated Turkish bank. The note is backed by electronic payment orders received by the bank and benefits from a surety bond provided by Aa1-rated Assured Guaranty Corp. This transaction is supported by a liquidity facility that funds for maturing ABCP so long as Assured Guaranty is not bankrupt.

With this transaction, Atlantic currently has about US$6.9 billion in purchase commitments and US$657 million in program-level credit enhancement.

LLOYDS TSB'S CANCARA ADDS TWO TRANSACTIONS TOTALLING US$1.5 BILLION

Cancara Asset Securitisation Limited ("Cancara"), a partially supported, hybrid conduit sponsored by Lloyds TSB Bank Plc (Aaa/Prime-1/A), has added two facilities to its portfolio.

In the first transaction, Cancara has entered into a conditional purchase agreement relating to US$1 billion Aaa-rated RMBS notes. Cancara will act as liquidity provider to the issuer of the Aaa-rated notes such that the issuer may sell the notes to Cancara at its option, subject to certain specific conditions on the exercise date. The transaction is partially supported by a liquidity facility provided by LTSB, which is available to Cancara so long as the Aaa-rated notes are rated above Caa1.

As a condition to issuing ABCP, Cancara must be in compliance with Moody's Credit Enhancement Matrix. The failure to post the required enhancement under the matrix constitutes a programme-level stop issuance event. Initially, no enhancement is required in respect of the Aaa-rated notes due to the high credit quality of the notes.

In the second transaction, Cancara, along with two other ABCP conduits, has funded a US$1.5 billion auto loan note facility. The loans are originated by two business units of a U.S. auto finance company. Equal funding (US$500 million each) is provided by Cancara, Bayerische Landesbank' Giro Balanced Funding Corp. and Societe Generale's Barton Capital Corp. Cancara's participation is partially supported by a liquidity facility provided by Lloyds TSB, which will fund for Cancara's portion of outstanding receivables.

With these two transactions, Cancara is now authorized to issue approximately US$10.5 billion of ABCP.

CTX MORTGAGE'S HARWOOD STREET FUNDING I INCREASES AUTHORIZED SLN ISSUANCE BY US$250 MILLION

Harwood Street Funding I, LLC ("Harwood I"), a partially supported, single-seller mortgage warehouse conduit sponsored by CTX Mortgage Corp. Inc. ("CTX Mortgage"), has increased its SLN issuance amount by US$250 million to US$2.94 billion. CTX Mortgage is an indirect, wholly owned subsidiary of Centex Corp. (Baa2/Prime-2). This amendment follows the payment in full of US$250 million Prime-1-rated medium-term notes (MTNs). Harwood I's SLNs benefit from credit support provided by US$60 million subordinated Baa2-rated certificates and a reserve fund that fluctuates based on outstanding SLNs and the collateral mix.

With this amendment, Harwood I has an authorized program size of US$3 billion.

CAMBRIDGE PLACE INVESTMENT'S OLD COURT FUNDING ESTABLISHES THIRD 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 third purchasing entity. 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+).

This transaction concerns the establishment of the programme's third purchasing vehicle. It is fully supported by way of a 364 day committed repurchase agreement provided by Deutsche Bank (Aa3/Prime-1/B-).

With this transaction, Old Court is authorized to issue up to approximately US$650 million of ABCP.

BARCLAYS' SHEFFIELD ADDS US$750 MILLION AUTO LEASE RECEIVABLES TRANSACTION, INCREASES INTEREST IN EXISTING CREDIT CARD TRANSACTION, AND ADDS US$24 MILLION DEALER FLOORPLAN TRANSACTION

Sheffield Receivables Corp. ("Sheffield"), a partially supported, multiseller conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has added a US$750 million interest in a pool of auto leases originated by a non-investment-grade-rated company, increased its interest in an existing credit card transaction and added a US$24 million Class B variable funding note of a dealer floorplan transaction.

After Sheffield added the US$750 million interest in auto leases, the facility limit was later increased to US$1 billion. Transaction-specific credit enhancement, sized at a minimum of 13.70%, is in the form of a reserve account and overcollateralization. The credit enhancement is non-declining and is sized on the historical loss performance of each individual pool. Excess spread is also expected to provide credit enhancement. In addition, 10% incremental program credit enhancement was added for this facility, as is required for most of Sheffield's partially supported transactions.

Sheffield has an existing US$1 billion auto loan facility with the same originator. The auto lease facility, together with the existing auto loan deal, may never exceed US$1 billion in aggregate.

Sheffield has also increased its interest in a A1-rated variable funding note from US$129 million to US$419.6 million. The A1-rated note is backed by credit card receivables and is issued out of an existing master trust. The underlying assets primarily consist of private label credit cards originated by various retailers. The transaction benefits from 16.75% transaction-specific credit enhancement provided in the form of subordination. With this transaction, Sheffield's program-level credit enhancement was raised by 10% of the increased asset commitment.

Sheffield also added a US$24 million Class B variable funding notes backed by dealer floorplan receivables. The originator is rated Baa2. Sheffield's program-level credit enhancement was increased by 10% of the asset commitment.

With these additions, Sheffield is currently authorized to issue up to approximately US$23 billion of ABCP and has US$1.6 billion in program-level credit enhancement.

BARCLAYS' STRATFORD ADDS US$1.074 BILLION DEALER FLOORPLAN TRANSACTION AND INCREASES INTEREST IN EXISTING CREDIT CARD TRANSACTION FROM $870.9 MILLION TO US$2.83 BILLION

Stratford Receivables Company LLC ("Stratford"), a partially supported, extendible note, multiseller ABCP program sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has added a dealer floorplan transaction and increased its interest in an existing credit card transaction.

The dealer floorplan transaction provides US$1.074 billion in financing to a Baa2-rated originator. Stratford purchased the Aaa-rated Class A notes. The transaction has bank-provided liquidity in the amount of 5% of the commitment. The liquidity facility is provided by Barclays.

The credit card transaction, added in June 2005, began as an US$870.9 million Aaa-rated variable funding note issued out of a master trust and has since been increased twice. Initially, the commitment increased by US$1,088.6 million to US$1,959.5 million, and then by US$870.9 million to a total of US$2,830.4 million. The underlying assets consist primarily of private label credit cards receivables originated by various retailers. The transaction is supported by a liquidity facility, sized at 31% of the commitment, which is provided by Barclays.

Stratford is the first reduced liquidity, multiseller, extendible note program in the ABCP market worldwide. Stratford is now authorized to issue up to US$6.8 billion of extendible notes and has US$42 million in program-level credit enhancement.

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

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

No Related Data.
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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.

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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 $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.”

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

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