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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 24, 2005

26 Oct 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 24, 2005

New York, October 26, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD OCTOBER 18, 2005 THROUGH OCTOBER 24, 2005:

MOODY'S ASSIGNS PRIME-1 RATING TO BANK OF AMERICA'S AQUIFER FUNDING ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Aquifer Funding, LLC and Aquifer Funding Limited (together, "Aquifer"). Aquifer is a newly established, partially-supported, prior review ABCP program sponsored by Bank of America N.A. ("BANA", Aa1/Prime-1/A-). Aquifer will issue ABCP and use the proceeds to invest in Aaa-rated CDOs. Aquifer is authorized to issue up to $5 billion of ABCP.

Aquifer has been established to fund senior tranches of CDOs. The purchased assets will be senior to the Aaa-rated tranche of a CDO or have credit enhancement levels similar to such assets. Moody's will review all assets prior to their funding by Aquifer.

The Prime-1 rating assigned to Aquifer's ABCP is based on, among other factors, the following: (i) the credit quality of the purchased assets, which are either senior to a Aaa security or Aaa with credit enhancement levels similar to an asset that is senior to the Aaa-rated security, (ii) a program level swap and liquidity facility that is provided by Prime-1-rated BANA and funds for the face amount of ABCP, (iii) the capabilities of BANA as administrator, swap provider, liquidity agent and collateral agent, and (iv) the bankruptcy-remote structure of Aquifer Funding, LLC.

At closing, Aquifer funded two Aaa-rated tranches issued out of two CDOs structures totaling $1.4 billion.

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 OCTOBER 18, 2005 THROUGH OCTOBER 24, 2005:

SOCGEN'S BARTON ADDS $150 MILLION LOAN FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+), has added a $150 million loan facility to its portfolio. The loan facility is established for a real estate fund (the "Fund") that invests in various real estate assets, portfolios and companies. The loan facility provides interim financing for the Fund's investments and is secured by the uncalled capital commitments of the Fund's investors.

The transaction benefits from a minimum of 10% transaction-specific credit enhancement in the form of overcollateralization. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SocGen. The liquidity facility funds for non-defaulted assets.

Barton is now authorized to issue up to $16.25 billion of ABCP, and has $1.2 billion in program-level credit enhancement.

LLOYDS TSB'S CANCARA ADDS US$75 MILLION TRANSACTION

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

Cancara has funded a $75 million interest of an existing $300 warehouse loan facility that is currently funded in three other conduits. The warehouse loan facility is backed by a pool of railcars and associated leases originated by a U.S. freight railcar company. The transaction is currently financed in Cancara and three other conduits: CSFB's Alpine Securitization Corp., Dresdner Bank's Beethoven Funding Corp., and Rabobank's Nieuw Amsterdam Receivables Corp.

This transaction is partially supported by a liquidity facility, provided by Lloyds TSB. The liquidity facility will fund for Cancara's portion of the outstanding loan.

With this transaction, Cancara's program-level credit enhancement was increased by 5% of its commitment. Cancara is now authorized to issue approximately US$9.9 billion of ABCP.

WESTLB'S COMPASS ADDS EURO 20 MILLION TRADE RECEIVABLE FACILITY

Compass Securitisation Limited and Compass Securitzation LLC (together "Compass"), a partially supported, multiseller ABCP conduit administered by WestLB AG (Aa2/Prime-1/D-), has added a Euro 20 million trade receivable facility. The receivables in the facility are originated by a company in the chemicals industry in Germany. The underlying debtors comprise of large European manufacturers as well as small and medium sized companies.

The transaction benefits from 15% transaction-specific credit enhancement in the form of a first loss reserve. There is additional support provided by a transaction cost reserve and a dilution reserve. This transaction is partially supported by a liquidity facility provided by WestLB.

With this transaction, Compass' program-level credit enhancement was increased by 8% of its purchase commitment. Compass is currently authorized to issue up to approximately Euro 11 billion in ABCP.

CALYON'S EUROPEAN SOVEREIGN FUNDING ADDS FCC UNITS TOTALLING US$ 321 MILLION BACKED BY 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 a US$321 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 three export finance agencies on behalf of the Governments of France, Germany and the United Kingdom (all 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 French, German and U.K. Governments are 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 issue up to US$831 million of Euro ABCP.

DEUTSCHE BANK'S RHEINGOLD ADDS EURO 400 MILLION NOTE FACILITY

Rheingold Securitisation Limited ("Rheingold"), a partially supported, multiseller ABCP conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has added a Euro 200 million funding note facility to its portfolio. The transaction allows Rheingold to provide a bridge facility to German SMEs.

The transaction is fully supported by liquidity sized at 102% of the purchase commitment and covers for Face CP. The liquidity facility is provided by Deutsche Bank.

With this transaction, Rheingold is authorized to issue up to Euro 1.3 billion of ABCP.

IKB'S RHINELAND ADDS EURO 10 MILLION TRADE RECEIVABLE FACILITY

Rhineland Funding Capital Corp ("Rhineland"), a partially supported, hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG (Aa3/Prime-1/B-), has added a Euro 10 million trade receivable facility to its portfolio. The trade receivables are originated by a factoring company with its obligors domiciled in Spain, France, the United Kingdom and Germany.

The transaction is fully supported through the combination of a liquidity facility and a commercial credit insurance policy provided by Euler Hermes Kreditversicherungs-AG (A1/Prime-1). All receivables included in the transaction are insured in full under the terms of the insurance policy and the aggregate outstanding nominal amount of all purchased receivables will not exceed the insurance limit. The liquidity facility is provided by IKB and a syndicate of Prime-1-rated banks.

With this transaction Rhineland is authorized to issue up to Euro 7.98 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD OCTOBER 18, 2005 THROUGH OCTOBER 24, 2005:

SEVEN HILLS FUNDING CORPORATION RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating of Seven Hills Funding Corp., a partially supported, single-seller ABCP program sponsored by Federated Department Stores, Inc. (Baa1). As of October 2, 2005, all ABCP outstanding was repaid in full 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.
© 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.”

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 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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