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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.               

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 13, 2006

15 Mar 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 13, 2006

New York, March 15, 2006 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD MARCH 7, 2006 THROUGH MARCH 13, 2006:

MOODY'S ASSIGNS PRIME-1 RATING TO EUROHYPO'S TIMES SQUARE FUNDING, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") and extendible notes ("ENs") issued by Times Square Funding, LLC ("TSF"). TSF is a newly established, fully supported, ABCP program sponsored by Eurohypo AG, New York Branch ("Eurohypo", A2/Prime-1/C+). TSF will issue discount and floating ABCP and ENs, and use the proceeds to invest in repurchase agreements ("repos") with Prime-1-rated Eurohypo. TSF has an authorized issuance limit of $5 billion.

TSF will use the proceeds from the issuance of ABCP and ENs to acquire ABS, CDOs, CMBS whole loans, RMBS and municipal bonds through the repo with Eurohypo. TSF has entered into a tri-party repo agreement with Prime-1- rated-Eurohypo as repo counterparty and Bank of New York acting as the collateral agent. The advance rates for the assets under the repo vary from 100% for highly rated securities to a minimum of 95% on commercial mortgage loans. The securities are marked to market daily by Bank of New York and any margin deficits must be met by the repo counterparty on a same day basis.

The repos will have a termination date of up to 364 days. However, under the terms of the repo agreement, TSF has the ability to transfer any asset back to Eurohypo on a same day basis at its repurchase price. The repo's repurchase price covers the related notes principal and costs of funds, including any breakage or supplemental costs.

Moody's Prime-1 rating assigned to TSF's ABCP and ENs is based on, among other factors, the following: (i) the credit strength of the repurchase counterparty, who is Prime-1-rated Eurohypo, (ii) the repos are structured to provide for timely and full payment of ABCP, (iii) the capabilities of Bank of New York (Aa2/Prime-1/B+) as depositary agent and collateral agent, (iv) the bankruptcy-remote structure of TSF, and (v) the capabilities of Eurohypo as administrator and GSS as sub-administrator.

For further details, please see Moody's press release dated March 10, 2006

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S VALCOUR BAY CAPITAL COMPANY, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper, callable notes and extendible notes (collectively, the "Notes") issued by Valcour Bay Capital Company, LLC ("Valcour Bay"). Valcour Bay is a newly established, fully supported, multiseller note program sponsored by The Liberty Hampshire Company, LLC.

Valcour Bay manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The Notes issued by Valcour Bay to fund these transactions are fully supported by liquidity facilities provided by Prime-1-rated institutions. Therefore, investors in Valcour Bay's Notes are insulated from risks associated with the underlying transactions financed through Valcour Bay.

The Prime-1 rating assigned to Valcour Bay is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections which ensure the bankruptcy-remoteness of Valcour Bay.

For further details, please see Moody's press release dated March 13, 2006

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 7, 2006 THROUGH MARCH 13, 2006:

MIZUHO'S ALLSTAR FUNDING AMENDS PROGRAM STRUCTURE

Moody's has affirmed the Prime-1 rating of Allstar Funding Co., Ltd.'s (Allstar) ABCP, following amendments to the program structure that allows. These amendments allow Allstar to raise funds through asset-backed limited recourse loans ("ABL") under a bank overdraft agreement entered into between Allstar and Mizuho Corporate Bank, Ltd. (MHCB, A1/Prime-1/D+). Allstar is a fully supported multiseller program with Mizuho Corporate Bank, Ltd. (A1/Prime-1/D+) as the advisor and Mizuho Trust and Banking Co., Ltd. (A1/Prime-1/D+) as the operating agent.

The amendments to the program structure include: (i) entering into a bank overdraft agreement, and (ii) modifying the existing Allstar administration agreement with regard to the program's funding procedures under the bank overdraft agreement. Under the bank overdraft agreement, Allstar plans to draw ABL to purchase primarily yen-denominated trade receivables, promissory notes, loan receivables and beneficial interests backed by assets from various sellers.

For further details, please see Moody's press release dated March 7, 2006

WESTLB'S COMPASS ADDS EURO 25 MILLION TRADE RECEIVABLE FACILITY

Compass Securisation Limited and Compass Securitsation LLC (together "Compass"), a partially supported, multiseller ABCP conduit administered by WestLB AG (Aa2/Prime-1/D-), has added a Euro 25 million trade receivable facility to its portfolio. The receivables are originated by a leading European supplier of convenience food products located in Germany. The underlying borrowers are German and European corporations.

The transaction is fully supported by the combination of a liquidity facility and a credit insurance policy. The liquidity facility is provided by Prime-1-rated WestLB and is sized at 102% of the asset purchase limit. The liquidity facility covers all non-defaulted receivables, while the credit insurance covers for defaulted receivables. The credit insurance is provided by Atradius Credit Insurance NV (A2/Prime-1).

The first loss protection in this transaction is a cash reserve that is funded by overcollateralisation of the portfolio. The transaction also benefits from programme-level credit enhancement in the form of a surety bond.

With this transaction, Compass is authorized to issue approximately up to Euro 10 billion in ABCP.

RABOBANK'S ERASMUS ADDS EURO 145 MILLION WAREHOUSE LOAN FACILITY

Erasmus Capital Corp. ("Erasmus"), a partially supported, multiseller conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added a Euro 145 million warehouse loan facility to its portfolio. The underlying assets are mortgage loans originated in Spain.

A liquidity facility provided by Prime-1-rated Rabobank fully supports this transaction.

With this transaction, Erasmus is authorized to issue approximately Euro 1.42 billion of ABCP.

BNP PARIBAS' STARBIRD FUNDING INCREASES INTEREST IN EXISTING VFN AND ACQUIRES $200 MILLION INTEREST IN EXISTING MORTGAGE FACILITY

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP program sponsored by BNP Paribas (Aa2/Prime-1/B+), has increased its interest in a variable funding note and acquired an interest in an existing mortgage facility.

In the first transaction, Starbird increased its interest from $500 million to $750 million in a Class A variable funding note ("VFN") issued out of a credit card master trust. The VFN benefits from 16.75% transaction-specific credit enhancement, which is provided in the form of subordination. This transaction is partially supported by a liquidity facility provided by BNP Paribas.

The second transaction involved Starbird acquiring a $200 million interest in an existing $1.355 billion mortgage facility. The facility finances loans for an unrated company that originates and services mortgage loans. The transaction benefits from a minimum of 2% transaction-specific credit enhancement in the form of advance rates which vary depending on the type of mortgage loan. This transaction is currently financed in the following conduits: ABN Amro's Amsterdam Funding Corp., Calyon's La Fayette Asset Securitization LLC, JPMorgan Chase's Park Avenue Receivables Company, and SocGen's Barton Capital LLC.

The mortgage facility 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). Additionally, Starbird's interest in this transaction benefits from structural protections such as an ABCP tenor limitation, and a cease issuance of ABCP upon the occurrence of various trigger events. This transaction is partially supported through a liquidity facility provided by BNP Paribas.

In each transaction, Starbird's program-level credit enhancement was increased by 8% of its commitment. With these two transactions, Starbird has about $9.42 billion in total purchase commitments and $638 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS INCREASES PROGRAM LIMIT FROM $8 BILLION TO $12 BILLION

Three Pillars Funding LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has increased the authorized amount of ABCP that it may issue from $8 billion to $12 billion. Currently, Three Pillars has about $7.63 billion in total purchase commitments and $684.1 million 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
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.
© 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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