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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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Announcement:

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

28 Dec 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 26, 2005

New York, December 28, 2005 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD DECEMBER 20, 2005 THROUGH DECEMBER 26, 2005:

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

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Ebbets Funding PLC and Ebbets Funding LLC (together, "Ebbets"). Ebbets is a newly established, fully supported ABCP programme managed by New York-based Hudson Castle Group Inc. Ebbets has a maximum programme amount of USD 20 billion and will issue ABCP in both European and U.S. markets.

Ebbets Funding PLC and Ebbets Funding LLC are co-issuers under the Ebbets programme. Ebbets Funding PLC is an Irish bankruptcy remote corporation, which will issue discounted ABCP into the European market. Ebbets Funding LLC, a Delaware bankruptcy remote corporation, will issue discounted ABCP into the U.S. market. The Euro ABCP and U.S. ABCP have legal final maturity dates of up to 390 days and 270 days, respectively. The proceeds of Ebbets' ABCP issuance will be used to purchase a variety of assets.

The Prime-1 rating assigned to Ebbets' ABCP is based on, among other factors, the following: (i) the credit quality of the assets as confirmed by Moody's review of all transactions prior to acquisition, (ii) the capabilities of Deutsche Bank Trust Company Americas as administrator, and Hudson Castle as sub-administrator and investment manager, (iii) the full liquidity support for every transaction to be arranged with Prime-1 rated institutions, (iv) structural protections that ensures the bankruptcy remoteness of Ebbets and the purchasing vehicles, and (v) adequate expense coverage.

Ebbets is Hudson Castle's fourth actively issuing conduit rated Prime-1 by Moody's. The other three issue in the U.S. market only.

For further details, please see Moody's press release dated December 16, 2005.

MOODY'S ASSIGNS DEFINITIVE PRIME-1 RATING TO HALKIN FINANCE PLC AND HALKIN FINANCE LLC ABCP PRROGRAMME

In London, Moody's has assigned a Prime-1 rating to asset-backed commercial paper ("ABCP") to be issued by Halkin Finance PLC and Halkin Finance LLC (together, "Halkin"). Halkin is a newly established, ABCP programme arranged by BSN Holdings Limited ("BSN") and administered by QSR Management Limited ("QSR"), a wholly owned subsidiary of The Bank of

New York (Aa2/Prime-1/B+). Halkin Finance PLC and Halkin Finance LLC are co-issuers under the Halkin programme. Halkin has a maximum programme amount of USD 20 billion.

The Prime-1 rating assigned to Halkin's ABCP is based on the credit and liquidity support provided by reverse repurchase agreements or other types of agreement entered into 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.

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

Halkin is the third ABCP conduit for which BSN acts as investment advisor. The other two programmes are Chesham Finance Limited, established in 2004, and Ebury Finance Limited, established in February 2005. Halkin is structured similarly to Chesham and Ebury, with the exception that Halkin Finance plc is established in Ireland while the other two programmes are established under the Cayman Islands. As with Chesham and Ebury, BSN's principal responsibilities as the investment advisor are to originate and structure transactions, identify securities to be financed and enter into finance agreements, provide day-to-day advice related to conduit administration, and arrange and structure appropriate hedging or liquidity agreements.

The Bank of New York acts as Security Trustee, custodian and issuing and paying agent. The Halkin programme will be administered by QSR. QSR has experience in administering structured investment vehicles, which require close monitoring and attention to more rigorous and complex risk management and reporting requirements than traditional ABCP conduits. Moody's believes that QSR is an experienced and capable administrator for Halkin. QSR administers other ABCP conduits and structured investment vehicles.

For further details, please see Moody's press release dated December 21, 2005.

MOODY'S ASSIGNS PRIME-1 RATING TO ROYAL BANK OF CANADA'S WHITE POINT FUNDING, INC. ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by White Point Funding Inc. ("White Point"). White Point is a newly established, partially supported ABCP program sponsored by Royal Bank of Canada (Aa2/Prime-1/B+), New York Branch. The program has been established to purchase various types of assets, including trade, credit card, lease, and auto receivables, among others, and ABS, CDO and CLO securities. White Point is structured to fund assets directly or through a purchasing special purpose vehicle. In addition to the issuance of ABCP, White Point may issue non-rated variable funding notes in the future. White Point's program size is $10.0 billion.

The Prime-1 rating assigned to White Point's ABCP is based primarily on the following: (i) the credit quality of the underlying asset interests, subject to Moody's prior review; (ii) the availability of program-level credit enhancement in the form of an irrevocable asset purchase agreement provided by Royal Bank of Canada ("RBC"); (iii) the liquidity purchase commitments provided by RBC and other Prime-1 rated banks sized to cover the face amount of ABCP outstanding; and (iv) the capability of RBC to act as program administrator and collateral agent and Deutsche Bank Trust Americas acting as Depositary.

White Point is the third ABCP program sponsored by RBC and rated Prime-1 by Moody's.

For further details, please see Moody's press release dated December 21, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD DECEMBER 20, 2005 THROUGH DECEMBER 26, 2005:

CALYON'S ATLANTIC AND LAFAYETTE AMEND INTEREST IN EXISTING MORTGAGE FACILITY. Atlantic Asset Securitization LLC ("Atlantic") and La Fayette Asset Securitization LLC ("La Fayette'), two partially supported, multiseller ABCP programs sponsored by Calyon (Aa2/Prime-1/C), have amended their interest in an existing mortgage facility. The facility is part of a $600 million co-purchase mortgage facility with Bank One's Jupiter Asset Securitization Corp.

The amendments increase Calyon's share in the facility from $300 million to $350 million, the expansion of the eligibility criteria, and provide more flexibility in investor take-out commitments. The facility, which was added to Atlantic's portfolio in 2000 and to La Fayette's portfolio in August 2005, finances loans for an US homebuilder. 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).

CALYON'S ATLANTIC PURCHASES THREE Aaa-RATED VFNs AND INCREASES COMMITMENT IN EXISTING LOAN FACILITY Atlantic has also added three Aaa-rated Class A VFNs to its portfolio and amended its interest in an existing loan facility. The three Aaa-rated Class A VFNs, totaling $37.98 million, are part of a $1.5 billion co-purchased auto lease facility established for a U.S. auto lease company. Two of the VFNs benefit from a financial guarantee insurance policy provided by Ambac Assurance Corporation (rated Aaa), while the third benefits from a policy provided by MBIA Insurance Corp. (rated Aaa). This transaction is fully supported by a liquidity facility that funds for the face amount of ABCP as long as the monoline insurers are not bankrupt or do not default on its payment obligation.

Along with the VFN purchases, Atlantic has increased its interest in an existing loan facility from $200 million to $300 million. The loan facility is part of a $1.75 billion co-purchased facility established for two limited partnership funds ("Funds"). The loan facility provides interim financing for the Funds' investments and is secured by the uncalled capital commitments of the Funds' investors. Along with the increase, the advance rate for the facility was increased from 65% to 75%, thus slightly lowering the transaction-specific credit enhancement. However, 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 Calyon, that funds for non-defaulted assets.

Calyon's Atlantic currently has about $7.3 billion in purchase commitments and $707 million in program-level credit enhancement. La Fayette has about $4 billion in purchase commitments and $284 million in program-level credit enhancement.

SOCGEN'S BARTON ADDS $250 MILLION MORTGAGE LOAN REPURCHASE FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+), has added a $250 million mortgage loan repurchase facility to its portfolio. The facility is established for an unrated mortgage originator of first and second lien single-family conforming and non-conforming mortgage loans.

The transaction benefits from a minimum of 2% 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 $16.70 billion of ABCP, and has $1.32 billion in program-level credit enhancement.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Everett Rutan
Senior Vice President
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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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

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.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR 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 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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