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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 NOVEMBER 21, 2005

23 Nov 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 21, 2005

New York, November 23, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD NOVEMBER 15, 2005 THROUGH NOVEMBER 21, 2005:

MOODY'S ASSIGNS PRIME-1 RATING TO KKR FINANCIAL CORP.'S KKR PACIFIC FUNDING TRUST SECURED LIQUIDITY NOTE PROGRAM

Moody's has assigned a Prime-1 rating to the secured liquidity notes ("SLNs") issued by KKR Pacific Funding Trust ("KKR PF"). KKR PF is a newly established, partially supported, multiseller ABCP program sponsored by KKR Financial Corp. (KKR, unrated). KKR PF will issue SLNs and use the proceeds to invest in repurchase agreements collateralized by Agency-backed and Aaa-rated private-label adjustable rate mortgage securities ("ARMS"). KKR Financial Advisors III will act as program administrator. Deutsche Bank Trust Company Americas ("DBTCA", rated A1/Prime-1/C) will act as sub-administrator, collateral agent and issuing and paying agent. KKR PF is authorized to issue up to $5 billion of extendible ABCP.

Under the structure of the program, KKR Financial Corp. will either sell the collateral to KKR Pacific Funding Depositor Corporation ("KKR Depositor") and this entity will enter into repurchase agreements with the conduit, or, alternatively, KKR Financial Corp. will enter into repurchase agreements with the conduit directly. Under the terms of the repurchase agreements, the collateral posted under the repurchase agreement must equal the amount of funds provided by KKR PF plus an additional amount to provide credit enhancement at levels reviewed by Moody's that are deemed consistent with the Prime-1 rating. The collateral will consist of adjustable rate mortgage securities (with an initial fixed rate period of up to 72 months) either guaranteed by FNMA, GNMA or FHLMC, or rated Aaa or the equivalent by one or more rating agency. The repurchase price will be calculated to cover the face value of the maturing extendible commercial notes issued to fund the collateral plus program fees and expenses. The repurchase date will match the expected maturity of the SLNs.

Moody's Prime-1 rating assigned to KKR PF's SLNs is based on, among other factors, the following: (i) the credit quality of the Agency-backed and Aaa-rated private label ARMS backed by prime adjustable rate mortgages provided as collateral under the repurchase agreements; (ii) liquidity provided by issuing SLNs match-funded to the scheduled maturity of the repurchase agreement. The SLNs may be extended for an additional 30 days to sell the collateral if payment from the repurchase of the collateral is not received. The securities must be sold within 10 days;(iii) the credit enhancement, in the form of overcollateralization, sized to cover the market value risk of liquidating the collateral over a 10-day period; (iv) the capabilities of KKR Financial Advisors III and DB as administrator and sub-administrator; and (v) the capabilities of DBTCA as issuing and paying agent and collateral agent.

For further details, please see Moody's press release dated November 15, 2005.

MOODY'S ASSIGNS DEFINITIVE PRIME-1 RATING TO ANGLESEA FUNDING PLC AND ANGLESEA FUNDING LLC ABCP PROGRAMME

In Paris, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") to be issued by Anglesea Funding PLC and Anglesea Funding LLC (together "Anglesea"). Anglesea is a newly established, post review ABCP programme arranged by Northcross Capital Management Limited and advised by Northcross Capital LLP ("Northcross"). Anglesea is administered by JP Morgan Bank (Ireland) Plc, a fully-owned subsidiary of JP Morgan Chase Bank, NA (Aa2/Prime-1/B+).

Anglesea Funding PLC and Anglesea Funding LLC are co-issuers under the Anglesea programme. Anglesea Funding PLC (the "Issuer") is a public company with limited liability organized under the laws of the Republic of Ireland. Anglesea Funding LLC (the "Co-Issuer") is a limited liability company organized under the laws of the State of Delaware, and is wholly owned by the Issuer. The Anglesea programme has an authorized amount of USD 20 million.

The Issuer will invest in a variety of securities, which will form the collateral under securities finance contracts such as repurchase agreements, total return swaps and securities lending agreements, and more marginally into highly rated debt securities. The maturity of any securities finance contract will be no later than the corresponding ABCP note. The counterparty under the securities finance contract will be obligated to make a payment on or before that date in an amount at least equal to the face amount of maturing ABCP. Highly-rated debt securities purchased on a stand alone basis will also be matched-funded with the corresponding ABCP. The Issuer will not require any liquidity facilities due to the matched maturity profile of its assets and liabilities. The testing of net cash outflows and sensitivity tests daily and prior to each issuance of ABCP or asset purchase will also ensure that the issuer will be able to repay ABCP on its maturity date.

Anglesea will deal only with Prime-1-rated counterparties (or those supported by Prime-1-rated entities) in relation to its securities finance contracts and hedging agreements, and may purchase certain highly rated securities with a minimum rating of Aa3 or Prime-1. Debt securities which are not issued by a corporate entity, a financial institution, governmental or supranational body may be purchased after prior review by Moody's.

For further details, please see Moody's press release dated November 15, 2005. The New Issue Report for Anglesea Funding PLC/Anglesea Funding LLC is available on Moody's website, http://www.moodys.com.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD NOVEMBER 15, 2005 THROUGH NOVEMBER 21, 2005:

HUDSON CASTLE'S BELMONT ADDS $500 MILLION Aaa-RATED NOTES

Belmont Funding LLC ("Belmont"), a partially supported, multiseller conduit sponsored by Hudson Castle Group Inc. and administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has added a $500 million Aaa-rated Note to its portfolio. Belmont is structured to fund transactions on either a fully supported or a partially supported basis. This facility is the first partially supported transaction funded through Belmont.

The $500 million Notes are rated Aaa by Moody's as a result of surety policies provided by Aaa-rated insurers. A liquidity facility provided by a Prime-1-rated financial institution funds for the CP Face Amount as long as the Notes are not rated below Caa1 by Moody's. ABCP investors are further protected by a cease issuance trigger that prohibits Belmont to fund the Notes if the Notes are rated below Aa3 by Moody's.

Belmont has no program-level credit enhancement. With this transaction, Belmont is authorized to issue up to $7.5 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.
© 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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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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 $2,700,000. 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 JPY250,000,000.

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

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