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PLEASE READ AND SCROLL DOWN!

 

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.

 

Terms of One-Time Website Use

 

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.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 20, 2006

22 Mar 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 20, 2006

New York, March 22, 2006 -- MOODY'S ASSIGNS RATINGS TO CENTAURI CORP'S INCOME NOTE PROGRAMME & CAPITAL NOTE ISSUANCE AGREEMENT

In London, Moody's has assigned a long-term credit rating of Baa1 to both the Income Note programme and Capital Note Issuance Agreement (together the "Capital Programmes") of Centauri Corp. ("Centauri").

The rating of Centauri's Capital Programmes, previously assigned as a private rating, addresses the ability of Centauri to make ultimate payment of the base interest at LIBOR/EURIBOR, and ultimate payment of principal on the final maturity date, set at 10 years on a rolling basis.

Additionally, Moody's has affirmed the existing ratings assigned to the various debt programmes of Centauri Corp. and CC (USA) Inc. as follows:

• Prime-1 to the US$ 5,000,000,000 Euro commercial paper programme of Centauri;

• Aaa and Prime-1 to the US$ 5,000,000,000 Euro Medium Term Note programme of Centauri;

• Prime-1 to the US$ 10,000,000,000 U.S. commercial paper program of CC (USA); and

• Aaa and Prime-1 to the US$ 12,000,000,000 U.S. Medium Term Note program of CC (USA).

For further details, please see Moody's press release dated March 17, 2006.

MOODY'S ASSIGNS RATING TO DORADA CORP'S CAPITAL NOTE PROGRAMME

In London, Moody's has assigned a long-term credit rating of Baa1 to the Capital Note programme of Dorada Corp. ("Dorada"). The rating of Dorada's Capital Note Programme, previously assigned as a private rating, addresses the ability of Dorada to make ultimate payment of the base interest at USD LIBOR, and ultimate payment of principal on the final maturity date, set at 10 years on a rolling basis.

Additionally, Moody's has affirmed the existing ratings assigned to the various debt programmes of Dorada Corp. and Dorada Finance Inc. as follows:

• Prime-1 to the US$ 5,000,000,000 Euro commercial paper programme of Dorada;

• Aaa and Prime-1 to the US$ 5,000,000,000 Euro Medium Term Note programme of Dorada;

• Prime-1 to the US$ 5,000,000,000 U.S. commercial paper program of Dorada and Dorada Finance; and

• Aaa and Prime-1 to the US$ 10,000,000,000 U.S. Medium Term Note program of Dorada and Dorada Finance.

For further details, please see Moody's press release dated March 17, 2006.

MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD MARCH 14, 2006 THROUGH MARCH 20, 2006:

MOODY'S ASSIGNS PRIME-1 RATING TO RAMS HOME LOANS PTY LIMITED'S RAMS FUNDING TWO LLC/RAMS MORTGAGE SECURITIES PTY LIMITED ABCP PROGRAM

In Sydney, Moody's has assigned a Prime-1 rating to the secured liquidity notes ("SLNs") issued by Rams Funding Two LLC ("RFTL") and Rams Mortgage Securities Pty Limited ("RMS"). RFTL and RMS (together, "RFTL/RMS") are joint and several issuers of a newly established, partially supported, single-seller ABCP program sponsored by Rams Home Loans Pty Limited. RMS issues SLNs in its capacity as trustee of the RAMS Mortgage Securities Trust in respect of Series 2. RFTL/RMS has an authorized issuance amount of initially US$5 billion. This is the second series of SLNs backed by mortgages originated by RAMS Home Loans rated by Moody's. Each series of SLNs is segregated from each other series, and relates to a specific pool of mortgages.

RFTL/RMS will use the proceeds of its SLNs to fund the purchase of a revolving pool of mortgages. Eligibility criteria and portfolio parameters ensure the quality of the mortgage pool is maintained. A summary of relevant eligibility criteria and portfolio parameters are set out in Moody's New Issue Report, available on www.moodys.com and www.moodys.com.au.

The underlying mortgages are originated by RAMS Home Loans, a large Australian non-bank loan originator. RAMS Home Loans has been an active issuer of term residential mortgage backed securities. Since 1995, it has securitised approximately A$16 billion of loans, via 15 transactions, all rated by Moody's.

For further details, please see Moody's press release dated March 16, 2006. The New Issue Report for Rams Funding Two LLC/Rams Mortgage Securities Pty Limited is available on Moody's website, http://www.moodys.com.

MOODY'S ASSIGNS PRIME-1 RATING TO DEUTSCHE BANK'S TUCSON FUNDING LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the secured liquidity notes and callable notes, collectively ("Short Term Notes") issued by Tucson Funding LLC ("Tucson"). Tucson is a newly established, partially supported, multiseller extendible ABCP program sponsored by Deutsche Bank AG ("DB", rated Aa3/Prime-1/B-), NY Branch. DB will be the administrator, cash collateral provider, liquidity agent, and collateral agent. Deutsche Bank Trust Company Americas (A1/Prime-1/C) will serve as issuing and paying agent. Tucson has an authorized program limit of $3.75 billion and may issue U.S. dollar-denominated Short Term Notes in the US market.

Tucson is one of the first reduced liquidity, multiseller extendible note programs in the ABCP market worldwide. Tucson will use the proceeds from the sale of ABCP to invest in various eligible assets including consumer receivables, leases, loans, mortgages, other financial assets and highly rated securities. All assets are subject to rating agency prior review.

Moody's Prime-1 rating assigned to Tucson's Short Term Notes is based on, among other factors, the ratings of the assets purchased and the structural protections of the program, including the bankruptcy remote status of Tucson. In addition, the rating is based on the liquidity support provided by liquidation of the assets during the extension period as well as liquidity facilities to be provided by Prime-1-rated banks as necessary. Moody's rating also takes into account the capabilities of DB as sponsor, and in its roles as program administrator, liquidity agent, cash collateral provider, and collateral agent.

For further details, please see Moody's press release dated March 15, 2006.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 14, 2006 THROUGH MARCH 20, 2006:

CALYONS' ATLANTIC ADDS $75 MILLION TRADE RECEIVABLE FACILITY

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has added a $75 million interest in an existing trade receivable facility. The transaction was part of a $275 million co-purchased facility with ABN Amro's Amsterdam Funding Corp. ($125 million share) and Wachovia's Variable Funding Capital Corp. ($75 million share). The receivables are originated by a non-investment-grade rated manufacturer of plastics and chemicals. The products are sold to a well-diversified customer base from a variety of industries, including retail stores, and companies in the automotive and agricultural industry.

Transaction-specific credit enhancement is based on a dynamic formula that responds to changes in both defaults and dilution, and has averaged 26% with a floor of 12%. This transaction is partially supported by a liquidity facility provided by Calyon. With this transaction, Atlantic's program-level credit enhancement increased by 10% of its purchase commitment.

Atlantic currently has about $7.8 billion in purchase commitments and has $692.5 million in program-level credit enhancement.

SOCGEN'S BARTON ADDS $500 MILLION INTEREST IN REVOLVING HOME EQUITY LOAN WAREHOUSE FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller conduit sponsored by Societe Generale (Aa2/Prime-1/B+), has taken a $500 million interest in a $2.3 billion revolving home equity loan warehouse facility. The facility is backed by closed-end, fixed rate, fully amortizing home equity loans originated by an investment-grade-rated financial institution. The loans may remain in the facility for a maximum of 364 days. Investors in this transaction benefit from 22% transaction-specific credit enhancement in the form of overcollateralization, as well as excess spread. This transaction is partially supported by a liquidity facility that funds for non-defaulted assets.

With this transaction, Barton currently has about $18.1 billion in purchase commitments and $1.40 billion in program-level credit enhancement.

DEUTSCHE BANK'S GEMINI PURCHASES SARATOGA ABCP BACKED BY $500 MILLION UNRATED NOTE

Gemini Securitization Corp., LLC, ("Gemini"), a partially supported, multiseller conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has purchased ABCP from its sister conduit, Saratoga Funding Corp., LLC ("Saratoga"). The Saratoga ABCP is backed by a $500 million interest in Class A Note issued out of a credit card master trust. The underlying assets consist of credit card receivables originated by an unrated subsidiary of an investment-grade-rated company.

The Class A Note benefits from 26% transaction-specific credit enhancement, which is provided in the form of subordination. The transaction is partially supported through a liquidity facility provided by Deutsche Bank.

With this transaction, Gemini's program-level credit enhancement was increased by 8% of its purchase limit. Gemini has total asset commitments of $11.4 billion, with $9.4 billion of outstanding ABCP. Gemini's total program-level credit enhancement is $678.4 million (with a floor of $250 million).

RABOBANK'S NIEUW AMSTERDAM ADDS $45 MILLION Aaa-RATED CLO FACILITY AND AMENDS PROGRAM STRUCTURE

Nieuw Amsterdam Receivables Corp. ("Nieuw Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added $45 million Aaa-rated CLO notes. This transaction is partially supported by liquidity. The liquidity facility funds for maturing ABCP as long as the CLO notes are not rated below Caa2.

In addition, Nieuw Amsterdam has amended the structure of its program-level credit enhancement. Prior to the amendment, the entire portfolio of assets in Nieuw Amsterdam was supported by a letter of credit ("LOC") sized at $300 million. Now, Nieuw Amsterdam's portfolio will be divided into two asset pools. Each pool will be supported by a $200 million LOC, and the LOC will be available to cover credit losses in the respective pool only. Once the aggregate losses to the pool exceed the amount available under the liquidity facility and pool-related LOC, losses will be shared among all remaining ABCP outstanding. Assets in one pool cannot be transferred to another pool unless the transfer is in connection with the creation of a new LOC.

Nieuw Amsterdam's required level of program-level credit enhancement for each asset pool remains unchanged at the greater of 10% of the purchase limit (excluding highly rated assets) and 5% of total purchase limit. The aggregate LOC amount has been increased to $400 million.

As of February 2006, Nieuw Amsterdam had $3.3 billion ABCP outstanding and was authorized to issue up to $5.2 billion 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
Wanda Lee
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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, ASSESSMENT, 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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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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