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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 19, 2005

21 Dec 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 19, 2005

New York, December 21, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD DECEMBER 13, 2005 THROUGH DECEMBER 19, 2005:

MOODY'S ASSIGNS PRIME-1 RATING TO EAST-FLEET FINANCE LIMITED AND EAST-FLEET FINANCE LLC ABCP PROGRAMME

In London, Moody's has assigned a Prime-1 rating to asset-backed commercial paper ("ABCP") issued by East-Fleet Finance Limited and East-Fleet Finance LLC (together, "East-Fleet"). East-Fleet is a newly established, ABCP programme arranged and administered by MBIA Asset Management UK Limited ("MBIA AM"), a wholly owned subsidiary of MBIA, Inc. (rated Aa2). East-Fleet Finance Limited and East-Fleet Finance LLC are co-issuers under the East-Fleet programme. East-Fleet has an authorized programme amount of USD 20 billion.

The Prime-1 rating assigned to East-Fleet's ABCP is based on the credit and liquidity support provided by reverse repurchase agreements entered with Prime-1-rated counterparties or counterparties whose obligations are supported by a Prime-1 rated entity, and on the strict limits and robust procedures under which the programme will operate.

East-Fleet will deal only with Prime-1-rated counterparties (or those supported by Prime-1 entities) in relation to its repurchase agreements, hedging and liquidity agreements. East-Fleet is also permitted to invest in highly-rated assets consistent with the Prime-1 rating of its ABCP. Moody's has reviewed the standard form of repurchase agreements that East-Fleet will use, and the adequacy of its capital and has determined that no additional credit support is necessary to maintain a Prime-1 rating.

East-Fleet is the second ABCP programme that is administered by MBIA AM. MBIA AM's principal responsibilities as the programme administrator include originating and structuring transactions, identifying securities for financing and entering into repurchase agreement. In addition, MBIA AM will provide day-to-day advisory services in relation to conduit administration, and arrange and structure any necessary hedging or liquidity agreements.

For further details, please see Moody's press release dated December 2, 2005. The New Issue Report for East-Fleet Finance Limited / East-Fleet Finance LLC is available on Moody's website, http://www.moodys.com.

MOODY'S ASSIGNS PRIME-1 RATING TO MERRILL LYNCH BANK USA'S DEER VALLEY FUNDING LIMITED AND DEER VALLEY FUNDING LLC'S ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset backed commercial paper ("ABCP") and extendable notes ("ENs") issued by Deer Valley Funding Limited and Deer Valley Funding LLC (together, "Deer Valley"). Deer Valley is a newly established, partially supported securities arbitrage program sponsored by Merrill Lynch Bank USA ("MLB USA", rated Aa3/Prime-1/B-). Deer Valley is currently authorized to issue up to $3 billion face amount of ABCP and ENs (together, "program notes"). Deer Valley's ABCP will have a final maturity of up to 270 days from the date of issuance. The ENs will have an expected maturity date of 90 days or less, but can be extended for an additional 180 days, therefore the final maturity of the ENs can be up to 270 days from the issuance date.

Deer Valley will use the proceeds of the sale of its program notes to invest in a portfolio of highly-rated treasuries, agencies, mortgage-backed, asset-backed and corporate securities, subject to a set of predetermined investment guidelines which specify credit quality and concentration restrictions. Deer Valley has tightly focused investment strategies, which only permit the purchase of assets rated Aa2 or above without prior notification to Moody's. Furthermore, a single asset exposure is limited to 2% of the program size.

The Prime-1 rating assigned to Deer Valley's program notes is based on, among other factors, the following: (i) the high credit quality of the securities purchased as required by the investment guidelines, and a requirement to cease issuing program notes if the portfolio does not comply with the investment guidelines for more than 10 days; (ii) credit enhancement based on the credit quality of the portfolio, which will be 2% initially; and a requirement to cease issuing program notes if the program credit enhancement is not at the required level for 10 days; (iii) liquidity support provided by Prime-1-rated MLB USA available in an amount equal to the face amount of program notes, subject to certain credit quality tests; (iv) structural protections to preserve the bankruptcy remoteness of Deer Valley; and (v) the capabilities of MLB USA as sponsor, program administrator, LOC issuing bank, liquidity agent, and liquidity bank.

This is MLB USA's first ABCP conduit. Moody's has reviewed the operational capability of MLB USA, and believes that it has the expertise and systems required to manage the credit arbitrage program effectively.

For further details, please see Moody's press release dated December 14, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD DECEMBER 13, 2005 THROUGH DECEMBER 19, 2005:

CALYON'S ATLANTIC PURCHASES $120 MILLION Aaa-RATED NOTE BACKED BY ELECTRONIC PAYMENTS

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller conduit sponsored by Calyon (Aa2/Prime-1/C), has purchased a $120 million interest in a $230 million Aaa-rated floating rate note. The Aaa-rated note is issued from a trust established for a Peruvian bank. The note benefits from a financial guarantee insurance policy provided by Ambac Assurance Corporation (rated Aaa) and is backed by electronic payments received by the bank. This transaction is fully supported by a liquidity facility, sized at 102% of the commitments, that funds for the face amount as long as Ambac is not bankrupt or does not default on its payment obligation.

With this transaction, Atlantic currently has about $7 billion in purchase commitments and $662 million in program-level credit enhancement.

SOCGEN'S BARTON ADDS $200 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 $200 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.

With this transaction, Barton's program-level credit enhancement was increased by 8% of the commitment. Barton is now authorized to issue up to $16.45 billion of ABCP, and has $1.3 billion in program-level credit enhancement.

HUDSON CASTLE'S BELMONT ADDS $900 MILLION HIGHLY 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 $900 million of highly rated notes to its portfolio. The purchase includes a Aaa-rated Class A Note and Aa2-rated Class B Note issued out the same master trust.

A liquidity facility provided by a Prime-1-rated financial institution funds for Face CP as long as the Notes are not rated below Caa1 or an issuer default has not occurred. ABCP investors are further protected by a CP cease issuance trigger that prohibits Belmont to fund the Notes if the Notes are rated below Aa3.

Belmont has no program-level credit enhancement. With this transaction, Belmont is authorized to issue up to $8.4 billion of ABCP.

CALYON'S LAFAYETTE AMENDS INTEREST IN EXISTING $500 MILLION MORTGAGE FACILITY

La Fayette Asset Securitization LLC ("La Fayette"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has amended its interest in an existing $500 million mortgage facility. The $500 million facility is part of a $3 billion mortgage facility established for an originator and servicer of sub-prime mortgage loans.

This transaction was added to La Fayette's portfolio in June 2005 and has performed as expected. This transaction is partially supported through a liquidity facility that funds for non-defaulted loans. The liquidity facility is provided by Calyon and Lloyds TSB Bank plc (Aaa/Prime1/A), each with a 50% share of the commitment.

La Fayette has about $2.4 billion in purchase commitments and $158 million in program-level credit enhancement.

BANK OF NOVA SCOTIA'S LIBERTY STREET ADDS TWO VFNS FROM SAME MASTER TRUST

Liberty Street Funding Corp. ("Liberty Street"), a partially supported, multiseller ABCP program sponsored by The Bank of Nova Scotia ("Scotiabank", Aa3/Prime-1/B), has added two variable funding notes ("VFNs") to its portfolio: an unrated $327.33 million Class A VFN and a Baa2-rated $23.12 million Class B VFN. The VFNs are part of a $322.7 million facility backed by small business credit card receivables originated by an A3-rated finance company.

The unrated Class A VFN was reviewed by Moody's and determined to be consistent with a Prime-1 rating with the addition of program-level credit enhancement. The Class B VFN is explicitly rated by Moody's at Baa2. Since the program-level credit enhancement does not increase the credit quality of the Class B VFN to a level consistent with a Prime-1, structural protections provided through liquidity were put in place. These include an ABCP cease issuance once a trigger event occurs and limiting ABCP tenor to 30 days. This transaction is partially supported by a liquidity facility provided by Scotiabank.

With this transaction, Liberty Street's program-level credit enhancement was increased by 10% of its commitment. Liberty Street is authorized to issue approximately $7.6 billion of ABCP.

ING'S MONT BLANC ADDS TWO TRANSACTIONS TOTALING $142.6 MILLION

Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multiseller ABCP conduit sponsored by ING Bank N.V. (Aa2/Prime-1/B+), has added two transactions totaling $142.6 million to its portfolio.

The first transaction is a $67.6 million synthetic lease facility for a film production company. This transaction is fully supported by a liquidity facility provided by ING Bank. This transaction is currently financed by ING's other conduit, Holland Securitization (not rated).

The second transaction is a $75 million interest in a Aaa-rated variable funding note (VFN) issued by a newly-established CLO facility. A liquidity facility provided by ING Bank fully supports the VFN as long as the rating of the VFN does not fall below Caa2. Due to the high credit quality of the VFN, Mont Blanc is not required to increase its program-level credit enhancement with the addition of this transaction.

With these transactions, Mont Blanc has about $6.2 billion in purchase commitments and $362 million in program-level credit enhancement.

IKB'S RHINELAND ADDS TRADE RECEIVABLES TRANSACTIONS TOTALLING EURO 82 MILLION

Rhineland Funding Capital Corp. ("Rhineland"), a hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG ("IKB", rated Aa3/Prime-1/B-), has added three trade receivables facilities totalling Euro 82 million to its portfolio.

In the first transaction, the receivables are originated by an unrated German manufacturer of diverse products including metal, fashion and high-tech components for microelectronics. The Euro 20 million facility consists of receivables generated by four business operations of the manufacturer. 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. The transaction is supported by a liquidity facility provided by IKB that funds for all non-defaulted assets.

The second transaction is a fully supported Euro 30 million trade receivables facility. The receivables are originated by a German company specializing in the trading of chemical products. Although there is one seller, there are two purchasing entities as some receivables are denominated in US Dollars and some in Euro. The maximum purchase amount for each purchasing entity is USD 30 million and Euro 5 million, respectively. Credit insurance is provided to both purchasing entities by Allgemeine Kreditversicherungs Coface AG (Aa3).

The liquidity facility for this transaction is sized at 102% of the purchase commitment and is provided to each purchasing entity by Prime-1 rated IKB. The liquidity facility covers all risks except for defaults which are covered by the credit insurance.

The third transaction is a Euro 32 million facility originated by a German company in the gift item industry. The facility is well diversified with no large individual obligors. The transaction is fully supported and benefits from credit insurance, with all other risks covered by liquidity. Credit insurance for this transaction is provided by Euler Hermes Kreditversicherungs (A1/Prime-1). The liquidity facility, sized at 102% of the transaction volume, is provided by IKB.

With the addition of these three transactions, Rhineland is authorized to issue up to approximately Euro 9.25 billion of ABCP.

FORTIS BANK'S SCALDIS ADDS USD 45 MILLION BOND PURCHASE

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, multiseller ABCP conduit sponsored by Fortis Bank S.A./N.V.(Aa3/Prime-1/B) has added a USD 45 million bond purchase transaction to its portfolio.

Scaldis has purchased a USD 45 million Aaa-rated senior revolving facility from a CLO. Scaldis is able to purchase Aaa-rated Class A1 Notes. However, if the Notes are downgraded below A1, Scaldis will not be able make additional purchases or issue CP for the purpose of financing such purchase. A liquidity facility is available to repay maturing CP provided that the Class A1 notes are rated Caa1 or above. The liquidity facility is provided by Prime-1-rated banks and is sized at 102% of Face CP.

With this transaction, Scaldis' program-level credit enhancement was increased by 5% of the maximum purchase limit. Scaldis is authorized to issue up to an amount of USD 28 billion ABCP.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD DECEMBER 13, 2005 THROUGH DECEMBER 19, 2005:

BEACON FUNDING LIMITED RATING WITHDRAWN

At the request of the issuer, Moody's has withdrawn the Prime-1 rating of Beacon Funding Limited, an ABCP programme sponsored by HSH Nordbank (A1/Prime-1/C). As of November 28, 2005, all ABCP has been repaid in full and no further ABCP will be issued under the programme.

ALTITUDE FUNDING RATING WITHDRAWN

At the request of the issuer, Moody's has withdrawn the Prime-1 rating of Altitude Funding Limited/Altitude Funding LLC ("Altitude Funding"), an ABCP programme sponsored by Ixis Corporate and Investment Bank (Aa2/Prime-1/C). As of December 1, 2005, all ABCP has been repaid in full and no further ABCP will be issued under the programme.

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.
© 2023 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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