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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JANUARY 9, 2006

11 Jan 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JANUARY 9, 2006

New York, January 11, 2006 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 3, 2006 THROUGH JANUARY 9, 2006:

HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY $30 MILLION COMMERCIAL LOAN AND $100 MILLION AGRICULTURAL LOAN TRANSACTION

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported program sponsored by Bayerische Hypo -und Vereinsbank AG (A2/Prime-1/D+) ("HVB"), has purchased ABCP from its sister conduit, Black Forest Funding Corp. ("Black Forest"). The Black Forest ABCP is backed by a $30 million amortizing pool of commercial loans made to insurance agencies and a $100 million loan facility that finances agricultural loans. Both transactions are fully supported through program-level credit enhancement in the form of a letters of credit provided by HVB.

With this transaction, BUFCO has $2.4 billion in total asset purchase commitments, with $636.4 million in program-level credit enhancement.

PARAMAX'S CATAPULT-PMX ADDS $400 MILLION TOTAL RETURN SWAP FACILITY

Catapult-PmX Funding LLC ("Catapult"), a fully-supported, multiseller ABCP conduit sponsored by Paramax Capital Markets, LLC (unrated) and administered by LaSalle Bank National Association (Aa3/Prime-1/B-), has added a total return swap facility which permits Catapult to purchase up to $400 million of securities. The facility is fully supported by a total return swap provided by a Prime-1-rated financial institution. Catapult has no program-level credit enhancement; however, all transactions must be fully supported by liquidity facilities or total rate of return swaps.

ABN AMRO'S GRAND FUNDING II ADDS EURO 120 MILLION SUBORDINATE NOTE

Grand Funding Corporation II ("Grand II"), a Prime-2- rated, multiseller ABCP conduit sponsored by ABN Amro N.V., has added a transaction to fund a Euro 120 million A2-rated Class C Note. The Class C Note is a subordinate note issued out of a Euro 22 billion credit-linked note transaction backed by a pool of Dutch residential mortgage loans.

Grand II has issued U.S. dollar-denominated loan notes to a bankruptcy-remote special purpose vehicle ("SPV"), the proceeds of which are used by the SPV to purchase the Class C Note. The principal amount of the loan notes equals the U.S. dollar equivalent of the Euro 120 million Class C Notes purchased by the SPV.

A liquidity facility provided by Prime-1-rated ABN Amro partially supports the loan notes issued by Grand II to the SPV. Additionally, a total return swap, between the SPV and ABN Amro as swap counterparty, covers the foreign currency exposure and the interest rate risk relative to the SPV obligations on the loan notes as well as its operating expenses. Transaction-specific credit enhancement for the Class C Note is in the form of subordinated notes sized at 1.68% of the CLO transaction.

Prior to this transaction, Grand II's portfolio was comprised of two investments. One is a Euro 350 million A2-rated subordinate note issued out of a CLO transaction and the second is a Euro 200 million A2-rated subordinate note issued out of a CLO transaction. With the addition of this transaction, Grand II is authorized to issue up to $670 million of ABCP.

WESTLB'S PARADIGM ACQUIRED INTERESTS IN SEVEN TRANSACTIONS TOTALING $1.227 BILLION, AND AMENDED ITS INTEREST IN EXISTING TRANSACTION

Paradigm Funding LLC ("Paradigm"), a partially supported, multiseller conduit sponsored by WestLB AG (A1/Prime-1/D-), has acquired seven transactions totaling $1.227 billion and amendment its interest in an existing transaction.

The first transaction is a $450 million interest in warehouse financing facility for newly originated residential mortgage loans. Paradigm's interest is fully supported by a liquidity facility provided by a special purpose entity that is administered by WestLB ("Liquidity SPE").

The second transaction is a $389.5 million interest in a note backed by RMBS and other asset backed securities. This transaction is fully supported through a Liquidity SPE so long as the transaction is at least equivalent to a Caa2.

The third transaction a $100 million interest in a $1.1 billion loan facility backed by tax refund anticipation loans originated by an unrated state-chartered bank. Tax refund anticipation loans are short-term loans based on the taxpayer's anticipated tax refund from the U.S. Treasury's Internal Revenue Service. Paradigm's interest is fully supported by a liquidity facility provided by a Liquidity SPE.

The fourth transaction is a $100 million interest in a revolving facility backed by long-term state lottery receivables. The transaction benefits from 3% transaction-specific credit enhancement comprised of 2% overcollateralization and a 1% cash reserve. It also benefits from 8% incremental program-level credit enhancement. This transaction is partially supported by a liquidity facility provided by a Liquidity SPE.

The fifth transaction is a $98.04 million interest in an existing $1.36 billion revolving loan facility backed by professional sports franchise rights and television revenues. Paradigm's interest is fully supported by a Liquidity SPE.

The sixth transaction is a $50 million loan facility for an unrated mortgage servicer. The loan facility finances advances made by the servicer on behalf of mortgage obligors in support of RMBS term securitizations. The facility benefits from overcollateralization as well as a reserve account sized at 1% of the total facility. Paradigm's interest is partially supported by a Liquidity SPE.

The seventh transaction is a $40 million revolving credit facility to finance agricultural dealer floorplan receivables originated in the US and Canada. The transaction benefits from 20% transaction-specific credit enhancement in the form of overcollateralization and has 8% incremental program-level credit enhancement. This transaction is partially supported by a Liquidity SPE.

In addition to the asset purchases, Paradigm has amended its interest in senior certificates backed by a pool of amortizing retail automobile and light truck loans. The amendment includes removing the full liquidity support and increasing Paradigm's commitment from $93 million to $279 million. This transaction benefits from 7% subordination and 8% incremental program-level credit enhancement. The transaction is now partially supported by a liquidity facility provided by a special purpose entity that is administered by WestLB ("Liquidity SPE").

In all the transactions, the Liquidity SPE's obligations under the liquidity facility are funded through a master credit facility provided by WestLB. With these transactions, Paradigm has about $9.8 billion in total purchase commitments and $592.3 million in program-level credit enhancement.

BNP PARIBAS' STARBIRD ACQUIRES $75.96 MILLION INTEREST IN Aaa-RATED NOTES

Starbird Funding Corp. ("Starbird"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $75.96 million in Aaa-rated notes ("Notes). The Notes are backed by vehicles and vehicle lease payments, and are rated Aaa based upon a financial guarantee insurance policy provided by Aaa-rated MBIA Insurance Corp. or Aaa-rated Ambac Assurance Corp.

This transaction is supported by a liquidity facility provided by BNP Paribas. The liquidity facility funds for the face amount of maturing ABCP with respect to each Note, so long as the monoline insurer of such Note is rated at least Caa2 and there is no payment default or the monoline insurer is not insolvent.

Starbird has about $8.3 billion in total purchase commitments and $544.8 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS ADDS FOUR TRANSACTIONS TOTALING $435 MILLION AND INCREASES INTEREST IN THREE EXISTING TRANSACTIONS

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has added four transactions totaling $435 million to its portfolio.

The first transaction is a $225 million loan facility that finances an amortizing pool of vehicle fleet lease receivables. This transaction benefits from 10% incremental program-level credit enhancement and is fully supported by a liquidity facility provided by SunTrust.

The second transaction is a $150 million revolving mortgage warehouse facility that finances commercial mortgage loans provided primarily to multi-family property investors. This transaction benefits from 10% incremental program-level credit enhancement and is fully supported by a liquidity facility provided by SunTrust.

The third transaction is a $35 million Aaa-rated variable funding note backed by senior secured leveraged loans. The transaction benefits from 10% incremental program-level credit enhancement and is partially supported by a liquidity facility provided by SunTrust.

The fourth transaction is a $25 million loan facility that finances the purchase of tobacco quota transition program payments. The facility benefits from 10% incremental program-level credit enhancement and is fully supported by a liquidity facility provided by SunTrust.

In addition to the asset purchases, Three Pillars has increased its interest in three existing transactions. In the first transaction, Three Pillars increased its interest from $250 million to $350 million in a $1.75 billion revolving credit facility backed by investor capital commitments. This transaction is fully supported by a liquidity facility provided by SunTrust.

In the second transaction, Three Pillars increased its interest in an existing trade receivable facility established for a global carpet manufacturer and distributor. Three Pillars interest increased from $175 million to $350 million. This transaction benefits from a minimum of 12% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. It also benefits from 10% incremental program-level credit enhancement. This transaction is partially supported by a liquidity facility provided by SunTrust.

In the third transaction, Three Pillars has increased its interest from $85 million to $110 million in a revolving warehouse facility that finances structured settlement payment transactions. The facility benefits from a minimum of 10% transaction-specific credit enhancement in the form of overcollateralization. The enhancement increases dynamically based upon the performance of the pool of receivables. The transaction also benefits from 10% incremental program-level credit enhancement. A liquidity facility provided by SunTrust partially supports this transaction.

With these transactions, Three Pillars has about $7.64 billion in total purchase commitments and $707.1 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD JANUARY 3, 2006 THROUGH JANUARY 9, 2006:

TYPHOON FUNDING CORPORATION RATING WITHDRAWN

In Tokyo, Moody's has withdrawn the Prime-1 rating of Typhoon Funding Corporation ("Typhoon"), a partially supported, Japanese Yen asset backed commercial paper (ABCP) program sponsored by Commerzbank AG (A2/Prime-1/C+) Tokyo Branch. The rating action is driven by business reasons.

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.
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