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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 10, 2005

12 Oct 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 10, 2005

New York, October 12, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD OCTOBER 4, 2005 THROUGH OCTOBER 10, 2005:

MOODY'S ASSIGNS PROSPECTIVE RATING OF (P)PRIME-1.ZA TO ABACAS HORIZON SERIES OF ABCP ISSUED BY ABACAS ABCP PROGRAMME

In London, Moody's has assigned a prospective rating of (P)Prime-1.za to the asset-backed commercial paper ("ABCP'") issued by Asset Backed Arbitraged Securities (Proprietary) Limited as ABACAS Horizon Series (Series 4) ("ABACAS Series 4"'). ABACAS Series 4 is a newly established, partially supported credit arbitrage ABCP Series issued from the ABACAS programme and sponsored by Absa Bank Limited ("Absa", with national scale ratings of Aaa.za/Prime-1.za). Abacas Series 4 has a maximum programme limit of ZAR 15 billion and will issue ZAR denominated ABCP listed on the Bond Exchange of South Africa.

ABACAS Series 4 has been established by Absa as a credit arbitrage vehicle for the purpose of acquiring and funding Moody's-rated securities. ABACAS Series 4 is the first ABACAS series rated by Moody's. Absa will act as programme administrator and will undertake day-to-day administration of ABACAS Series 4, including issuance of ABCP, monitoring of the underlying securities and ensuring timely draws of liquidity and credit enhancement if required. ABACAS Series 4 will be able to purchase highly rated asset-backed and other securities, subject to pre-agreed investment criteria. The liquidity support is provided by Prime-1.za-rated Absa. Transaction-level credit enhancement is sized in accordance with Moody's matrix for credit arbitrage transactions.

For further details, please see Moody's press release dated September 30, 2005. The Pre-Sale Report for Asset Backed Arbitraged Securities (Proprietary) Limited ABACAS Horizon Series (Series 4) is available on Moody's website, http://www.moodys.com.

MOODY'S ASSIGNS PRIME-1 RATING TO PARAMAX CAPITAL MARKETS, LLC'S

CATAPULT-PMX FUNDING, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") and extendible notes issued by CATAPULT-PMX Funding, LLC ("Catapult"). Catapult is a newly established, fully supported, asset-backed note program sponsored by Paramax Capital Markets, LLC ("Paramax") and administered by LaSalle Bank National Association ("LaSalle", rated Aa3/Prime-1/B-). Catapult is authorized to issue up to $10 billion of U.S. dollar-denominated ABCP and extendible notes (collectively, the "Notes"). Catapult's ABCP have maturity tenors of up to 270 days and its extendible notes have maturity tenors of up to 390 days.

Catapult will use the proceeds from the sale of Notes to purchase and finance a diversified portfolio of asset interests. Each asset interest added to Catapult must be reviewed by Moody's on a prior review basis. However, fully supported transactions that utilize a form of liquidity agreement that has been previously reviewed by Moody's can be added to Catapult on a post-review basis. While these investments do not require liquidity coverage, any negative carry arising from this investment must be covered by cash deposited in the cash collateral account and available to Catapult to pay its maturing ABCP.

For further details, please see Moody's press release dated September 30, 2005.

MOODY'S ASSIGNS PRIME-1 RATING TO NATIONAL AUSTRALIA BANK'S CENTRESTAR CAPITAL NO.1, LLC ABCP PROGRAM

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by CentreStar Capital No.1, LLC ("CentreStar"). CentreStar is a newly established, partially supported hybrid ABCP programme sponsored by National Australia Bank Limited ("NAB", rated Aa3/Prime-1/B). CentreStar has a maximum programme limit of US$10 billion and will issue US ABCP. This is the first Europe-based ABCP conduit sponsored by NAB.

CentreStar has been sponsored by NAB as part of its strategy for facilitating NAB's client business primarily originated within Europe. In addition, CentreStar will add a credit arbitrage leg in the near future. It can purchase assets which may include trade and term receivables, mortgages, consumer finance receivables, highly rated ABS and other debt instruments.

Deutsche Bank International Limited ("DBIL") has been appointed as programme manager, while NAB will act as advisor and administrator. The liquidity facilities will be arranged with Prime-1 rated institutions.

For further details, please see Moody's press release dated September 30, 2005.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 4, 2005 THROUGH OCTOBER 10, 2005:

DZ BANK'S AUTOBAHN ADDS $55 MILLION REVOLVING LOAN FACILITY

Autobahn Funding Company LLC ("Autobahn"), a partially supported, multiseller conduit administered by DZ Bank Deutsche Zentral-Genossenschaftsbank Frankfurt AM MAIN ("DZ Bank", rate A2/Prime-1/C-), has added a $55 million revolving loan facility. The loan facility provides small ticket and lower middle-market lease-financing programs to major equipment manufacturers and their customers.

This transaction is fully supported through a liquidity facility provided by DZ Bank. Autobahn is currently authorized to issue up to $2.7 billion of ABCP.

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.
© 2021 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.

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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.”

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 JPY125,000 to approximately JPY550,000,000.

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

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