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