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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 28, 2005

29 Nov 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 28, 2005

New York, November 29, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD NOVEMBER 22, 2005 THROUGH NOVEMBER 28, 2005:

CO-PURCHASE MORTGAGE LOAN WAREHOUSE FACILITY AMENDED, AGGREGATE COMMITMENT INCREASED TO $9.5 BILLION

The commitment for a revolving mortgage loan warehouse "club" facility for an investment-grade originator and servicer of mortgage loans was increased from $8.35 billion to $9.5 billion. Also, three conduits were added as lenders to this facility: Lloyds TSB Bank's Cancara Asset Securitisation Limited, Bank of Nova Scotia's Liberty Street Funding and ING Bank's Mont Blanc. Through this facility, the seller receives interim financing for pools of mortgage loans prior to a term securitization or whole loan sale of the loans. The types of mortgage loans eligible for financing include: sub-prime, HELOCs, conventional-conforming, nonconforming (prime) and government (FHA/VA). The transaction includes a number of loan eligibility criteria and portfolio concentration limits. No loan may remain in the facility for more than 180 days (and not more than 50% of the loans may remain in the facility for more than 90 days).

The following Prime-1-rated ABCP conduits have now been added as conduit lenders under this facility:

• Lloyds TSB Bank's Cancara Asset Securitisation Limited added a $500 million commitment and increased its program wide credit enhancement by 5%.

• The Bank of Nova Scotia's Liberty Street Funding Corp. added a $400 million commitment and increased its program wide credit enhancement by 10%.

• ING Bank's Mont Blanc added a $400 million commitment and increased its program wide credit enhancement by 10%.

The following Prime-1-rated ABCP conduits continue to participate in this facility:

• ABN Amro Bank's Windmill Funding Corporation and Amsterdam Funding Corporation have a $1 billion aggregate commitment and each conduit increased its program-level credit enhancement by 8%.

• Bank of America's Yorktown Capital, LLC has a $500 million commitment and increased its program-level credit enhancement by 10%.

• BNP Paribas' Starbird Funding Corporation has a $750 million commitment and increased its program-level credit enhancement by 5%.

• Calyon's Atlantic Asset Securitization Corp. and La Fayette Asset Securitization LLC have an aggregate $250 million commitment and increased their program-level credit enhancement by 10% and 8%, respectively.

• Citibank's CAFCO LLC and CRC Funding LLC have an aggregate $1.5 billion commitment and increased their program-level credit enhancement by 8% and 10%, respectively.

• Dresdner's Symphony No. 1, LLC (Beethoven) has a $500 million commitment and increased its program wide credit enhancement by 10%.

• HSBC Bank's Bryant Park Funding LLC and Regency Assets Limited have a combined $600 million commitment and increased their program wide credit enhancement by 8% and 5%, respectively.

• JPMorgan Chase Bank's Delaware Funding Company LLC and Falcon Asset Securitization Corp. have a $1 billion commitment and each conduit increased its program-level credit enhancement by 10%.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have a $750 million commitment and each conduit increased its program-level credit enhancement by 10%.

• Societe Generale's Barton Capital LLC has a $1 billion commitment and increased its program-level credit enhancement by 8%.

• WestLB's Compass US Acquisition, LLC has a $500 million commitment and increased its program-level credit enhancement by 8%.

Liquidity for each conduit is sized at 102% of its respective commitment.

CALYON'S LA FAYETTE RESTRUCTURES EXISTING MORTGAGE FACILITY; THREE NEW PRIME-1-RATED ABCP CONDUITS JOIN

La Fayette Asset Securitization LLC ("La Fayette"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has restructured and increased its interest in an existing mortgage facility. Three conduits now join La Fayette in financing this facility. The amendments include (i) increasing the size of the facility from $250 million to $1.15 billion, (ii) modifying the 0.50% reserve account to a dynamic calculation, (iii) expanding the eligibility criteria for mortgage loans, (iv) allowing up to 5% of loans to remain in the facility up to 180 days, (v) the addition of various financial covenants, and (vi) substitution of the facility's servicer. This transaction, which was added to La Fayette's portfolio in 2003, finances loans for an unrated company that originates and services mortgage loans.

With the restructuring, the transaction continues to benefit from a minimum of 2% transaction-specific credit enhancement in the form of advance rates which vary depending on the type of mortgage loan. The transaction has various loan eligibility criteria and portfolio concentration limits. No loan may remain in the facility for more than 90 days (with a 5% limit for loans up to 180 days). In addition, the transaction has structural protections such as an ABCP tenor limitation, and a cease issuance of ABCP upon the occurrence of various trigger events. This transaction remains partially supported in La Fayette.

With the restructuring, the following Prime-1-rated ABCP conduits now participate in this transaction:

• ABN Amro's Amsterdam Funding Corp. acquired a $250 million interest and increased its program-level credit enhancement by 8% of the commitment.

• Calyon's La Fayette Asset Securitization LLC increased its commitment from $250 million to $400 million; its program-level credit enhancement remains at 8%.

• JPM's Park Avenue Receivables Company added a $250 million commitment and increased its program-level credit enhancement by 10% of the new asset interest.

.• SocGen's Barton Capital LLC acquired a $250 million interest and increased its program-level credit enhancement by 8% of the commitment.

The liquidity facility for each conduit is sized at 102% of its respective commitment, and funds for non-defaulted loans.

DZ BANK'S AUTOBAHN ADDS $75 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") (A2/Prime-1/C-), has added a $75 million revolving loan facility. The seller leases utility vehicles and construction equipment to small and mid-sized enterprises throughout the United States. Autobahn will provide a five-year senior secured revolving credit facility. The proceeds will be used to fund a revolving portfolio of equipment leases (or installment loan contracts) originated by the seller.

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.

DRESDNER'S BRAHMS AMENDS PROGRAM STRUCTURE

Brahms Funding Corp. ("Brahms"), a partially supported, multiseller SLN program sponsored by Dresdner Bank AG (A1/Prime-1/C-), has amended its program structure. The amendments include: (i) the ability to use repurchase agreements to finance asset purchases, (ii) the exclusion of certain assets from Brahms collateral under the Security Agreement, subject to a limitations, and (iii) the inclusion of certain notification conditions.

Brahms has no program-level credit enhancement. Currently, all transactions are fully supported by total rate of return swaps. Brahms is authorized to issue up to $11.75 billion of SLNs and has an authorized program limit of $15 billion.

WESTLB'S COMPASS ADDS EUR950 MILLION LOAN RECEIVABLE FACILITY

Compass Securitisation Limited and Compass Securitisation LLC (together, "Compass"), a partially supported, multiseller ABCP conduit sponsored by WestLB AG (Aa2/Prime-1/D-), has added another pool of auto loan receivables in the amount of EUR950 million. The receivables are originated by a leading European consumer finance bank located in Germany. The underlying borrowers are individual residents of Germany and the portfolio shows a broad diversification.

The transaction benefits from 9.4% of transaction-specific credit enhancement and also from 8% programme-level credit enhancement. Transaction-specific credit enhancement is provided in the form of excess spread, which is protected through an interest rate swap fixed at 3.325% between the purchasing company and Banco Santander Central Hispano ("BSCH") (Aa3/Prime-1/B). Furthermore, there is a second loss reserve in place, namely a reserve funded by a subordinated loan provided from a third party and a default guarantee provided by the seller.

Additionally, the transaction is partially supported by a liquidity facility provided by WestLB. With this increase in commitments, Compass is currently authorized to issue up to approximately USD11.5 billion in ABCP.

BAYERISCHE LANDESBANK'S GIRO LION ADDS TWO TRANSACTIONS TOTALING GBP400 MILLION

Giro Lion Funding Limited ("Giro Lion"), a partially supported hybrid ABCP conduit sponsored by Bayerische Landesbank (Aa2/Prime-1/D+), has added two transactions totaling GBP400 million to its portfolio.

The first transaction is a GBP200 million funding note backed by residential mortgage loans. Under a standing offer purchase agreement, an intermediate SPV purchases a mortgage pool from a large non-bank financial institution. The Giro Lion purchasing vehicle will provide the senior note loan to purchase this pool. Credit enhancement will initially be in the form of a subordinated loan provided by the originator and secondly by a junior note loan provided by a third-party mezzanine investor. The lending period is up to 45 days and is matched with the issuance of ABCP by Giro Lion. No ABCP will be issued in the event that there is insufficient credit enhancement. Liquidity is provided by Prime-1-rated Bayerische Landesbank and will fund for ABCP less any realized losses exceeding the available credit enhancement which have occurred in the last 45 days.

The second transaction is a co-purchase with Thames Asset Global Securitization No. 1 Inc. ("TAGS"), the conduit sponsored by Royal Bank of Scotland Plc (Aa1/Prime-1/A-). In this transaction, Giro Lion can purchase up to GBP200 million of a GBP600 million pool of assets. The underlying assets are non-conforming UK residential mortgages. ABCP tenor is limited to 35 days.

Giro Lion's commitment under this transaction is partially supported through a liquidity facility provided by Bayerische Landesbank. As of 31 October 2005, Giro Lion was authorized to issue up to USD2.8 billion of ABCP.

ABN AMRO'S ORCHID PURCHASES $100 MILLION NOTE BACKED BY TRADE RECEIVABLES

Orchid Funding Corporation ("Orchid"), a partially supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has purchased a U.S. dollar-denominated note backed by a trade receivables facility with a maximum total size of US $100 million. The receivables are originated by a seller in the semiconductor manufacturing industry. The receivables in the facility are denominated in U.S. dollars and New Taiwanese dollars.

The trade receivables will be purchased at a discount. Transaction-specific credit enhancement is in the form of overcollateralization and a credit facility provided by Prime-1-rated ABN AMRO. The credit enhancement is based mainly on obligor concentration limits. Overall losses tend to be low. This transaction also benefits from a swap agreement provided by ABN AMRO. The swap agreement mitigates currency exchange risk.

With this transaction and as of this addition, Orchid may issue up to approximately US $772 million of ABCP.

COUNTRYWIDE'S PARK GRANADA LLC INCREASES PROGRAM LIMIT TO $21.5 BILLION

Park Granada LLC, a single-seller mortgage warehouse program sponsored by Countrywide Home Loans Inc. (A3/Prime-2), has increased its authorized amount to $21.5 billion from $21 billion. Countrywide Home Loans Inc. is the main operating subsidiary of Countrywide Financial Corporation (A3).

The extendible ABCP benefits from 5% credit enhancement, which is provided in the form of a 0.6% cash collateral account and 4.4% in unrated subordinated variable funding notes. Liquidity support is provided through the combination of a commitment from Prime-1-rated JP Morgan Chase to purchase unsold, non-delinquent mortgage loans and swaps provided by a syndicated group of Prime-1-rated banks which absorb market value losses arising from the sale of mortgage loans and interest shortfall on the extendible ABCP.

With this $.5 billion increase, Park Granada is now authorized to issue $20.554 billion of Prime-1-rated extendible ABCP (including secured liquidity notes and callable notes).

IKB'S RHINELAND ADDS EUR10 MILLION TRADE RECEIVABLES TRANSACTION

Rhineland Funding Capital Corp ("Rhineland"), a hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG ("IKB") (Aa3/Prime-1/B-), has added a EUR10 million trade receivables transaction to its portfolio. The assets are originated by a German company specializing in aluminum-die casting.

The transaction is fully supported through a combination of credit insurance and liquidity. Credit insurance is provided by Allgemeine Kreditversicherungs Coface AG (Aa3) and covers all defaulted receivables. Liquidity support is provided by IKB and funds for all non-defaulted assets.

With this transaction. Rhineland is authorized to issue up to approximately EUR8.34 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
Letitia J. Accarrino
Vice President - Senior 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.

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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.

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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.”

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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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