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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 8, 2006

09 May 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 8, 2006

New York, May 09, 2006 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 02, 2006 THROUGH MAY 08, 2006:

ABN AMRO'S AMSTEL ADDS EURO 2 BILLION TRANSACTION

Amstel Funding Corp. and Amstel Euro Funding Corp. (together, "Amstel"), a partially supported, credit arbitrage ABCP conduit sponsored by ABN Amro Bank N.V. (Aa3/Prime-1/B), has purchased up to Euro 2 billion of notes.

In this transaction, Amstel has purchased a Aaa-rated Class A2 tranche of a synthetic CLO of Dutch SMEs. Amstel had previously purchased the Class A1 tranche. Transaction-specific liquidity is provided by Prime-1-rated ABN Amro. The transaction also benefits from structural protections in that the liquidity facility will purchase the note if the rating of the note falls below Aa3.

With this transaction, Amstel is authorized to issue up to Euro 30 billion of ABCP.

DRESDNER'S BEETHOVEN ACQUIRES $257.5 MILLION LOAN FACILITY

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG (A1/Prime-1/C-), has added a $257.5 million loan facility to its portfolio.

The loan facility was acquired by Symphony No. 3, LLC, a special purpose vehicle created by Dresdner to purchase certain assets. The assets purchased by Symphony No. 3 are funded by a loan provided by Beethoven, who issues ABCP to finance its loan commitment. The loan facility is backed by TV and film receivables generated by an unrated film company. This transaction is fully supported by liquidity.

With this transaction, Beethoven's program-level credit enhancement was increased by 10% of outstanding ABCP. Beethoven is now authorized to issue up to $11.5 billion of ABCP.

NORDLB'S HANNOVER INCREASES INTEREST IN SYNTHETIC LEASE TRANSACTION

Hannover Funding Company LLC ("Hannover"), a hybrid ABCP conduit sponsored by Norddeutsche Landesbank GZ ("NordLB", rated Aa3/Prime-1/C-), has increased its interest from $200 million to $237.3 million in an existing $823.65 million synthetic lease transaction. The transaction finances office buildings occupied by a non-investment-grade-rated company. The liquidity facility provided by NordLB fully supports this transaction.

Hannover has about $2.61 billion in total purchase commitments and $125 million in program-level credit enhancement.

KKR FINANCIAL CORP.'S KKR PACIFIC FUNDING AMENDS PROGRAM ELIGIBILITY CRITERIA

KKR Pacific Funding Trust ("KKR PF"), a partially supported, single-seller extendible ABCP program sponsored by KKR Financial Corp. ("KKR", unrated), has amended its program documents to include new eligibility criteria and definitions for the inclusion of additional assets.

KKR PF issues extendible ABCP and uses the proceeds to invest in repurchase agreements collateralized by Agency-backed and Aaa-rated private-label adjustable rate mortgage securities ("ARMS"). As a result of this amendment, KKR PF has the ability to add one-month LIBOR floating-rate securities.

KKR PF is authorized to issue up to $5 billion and has $3.03 billion of SLNs outstanding as of April 17, 2006.

FORTIS BANK'S SCALDIS ADDS USD 100 MILLION BOND PURCHASE

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, multiseller ABCP conduit sponsored by Fortis Bank NV (Aa3/Prime-1/B), has added a USD 100 million bond purchase transaction to its portfolio.

This transaction relates to the purchase, by Scaldis, of an Aaa-rated note that is secured by container leases. If the notes are downgraded below A1, Scaldis will not be able to purchase or issue ABCP for the purpose of financing the note. The transaction is supported by a liquidity facility that is available to repay maturing CP provided that the note is rated Caa1 or above. The total commitment by the Prime-1 rated liquidity banks is sized at 102% of the face amount of ABCP.

With this transaction, Scaldis' programme-level credit enhancement was increased by 5% of its commitment. Scaldis is authorized to issue up to Euro 21.4 billion of ABCP.

ROYAL BANK OF SCOTLAND'S TAGS PURCHASES THREE VFNS TOTALING $75.96 MILLION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has purchased three Class A VFNs totaling $75.96 million. This transaction is part of a $1.5 billion co-purchased auto facility established for a U.S. auto company.

Two of the VFNs benefit from a financial guarantee insurance policy provided by Ambac Assurance Corp. (Aaa), while the third benefits from a policy provided by MBIA Insurance Corp. (Aaa). This transaction is supported through liquidity facilities that funds for the principal and interest of the VFN as long as a monoline default does not occur. A monoline default occurs if the respective monoline insurer is bankrupt or defaults on its payment obligation under the VFN. In addition, this transaction benefits from an ABCP tenor limitation and an ABCP cease issuance upon the occurrence of various trigger events.

TAGS' program-level credit enhancement was increased by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $16.47 billion of ABCP.

SUNTRUST'S THREE PILLARS ADDS TWO TRANSACTIONS TOTALING $300 MILLION AND REMOVES FULL SUPPORT FROM EXISTING TRANSACTION

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has added two transactions totaling $300 million.

The first transaction is a $200 million interest in a $1.2 billion facility that finances loans backed by real estate or by financial assets of obligors that are collateralized by real estate liens. The transaction benefits from 10% incremental program-level credit enhancement and is fully supported by liquidity provided by SunTrust.

The second transaction is a $100 million facility that finances equipment lease receivables either originated or acquired by an unrated finance company. This transaction benefits from a minimum of 13% 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.

Additionally, Three Pillars has removed full support from a $120 million interest in an existing $145 million revolving loan facility backed by the proceeds of structured settlements. This transaction benefits from a minimum of 10% 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. $120 million of the facility is now partially supported by a liquidity facility provided by SunTrust. The remaining $25 million of the facility continues to be fully supported by a liquidity facility provided by Landesbank Hessen-Thüringen (Aa2/Prime-1/C).

Three Pillars has about $8.16 billion in total purchase commitments and $710.9 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S THUNDER BAY REMOVES FULL SUPPORT FROM $62.5 MILLION INTEREST IN COLLATERAL NOTE

Thunder Bay Funding, LLC ("Thunder Bay"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada (Aa2/Prime-1/B+), has removed full support from its investment in a $62.5 million collateral interest note issued out of a credit card master trust. This transaction is part of a $450 million transaction comprised of four classes of notes issued to replace a similar series of maturing notes.

The collateral interest note benefits from a 3.5% cash collateral account. As an additional protection to ABCP investors, the liquidity facility will purchase the transaction in the event that a three month average excess spread trigger is breached.

With this transaction, Thunder Bay's program-level credit enhancement will be increased by 10% of the commitment. Thunder Bay has $7.3 billion in purchase commitments, with $5 billion of outstanding ABCP and $780 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD MAY 02, 2006 THROUGH MAY 08, 2006:

GIRO MULTI-FUNDING CORP. RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of Giro Multi-Funding Corp., a partially supported, multiseller ABCP program administered by Bayerische Landesbank (Aa2/Prime-1/D+). As of March 20, 2006, all ABCP outstanding had been repaid in full. There will be no further issuance of ABCP under this program.

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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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.

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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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