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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

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

17 May 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 15, 2006

New York, May 17, 2006 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 09, 2006 THROUGH MAY 15, 2006:

JPMORGAN'S CHARIOT AND JUPITER, AND ROYAL BANK OF SCOTLAND'S TAGS FINANCE GBP 1.1 BILLION AUTO LOAN TRANSACTION

Chariot Funding LLC ("Chariot"), Jupiter Securitization Corp. ("Jupiter") and Thames Asset Global Securitisation No.1, Inc. ("TAGS") have co-purchased a GBP 1.1 billion portfolio of auto loans originated in the United Kingdom, including Northern Ireland. Chariot and Jupiter are partially supported, multiseller ABCP programs sponsored by JPMorgan Chase Bank, N.A. ("JPM", rated Aa2/Prime-1/B+). Chariot has a GBP 240 million interest in the transaction, while Jupiter has a GBP 309 million interest. With this transaction, both programmes have increased their programme-level credit enhancement by 5% and 10%, respectively, of outstanding ABCP issued with respect to the transaction.

TAGS, a partially supported, multiseller programme sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has financed a GBP550 million interest in the transaction. With this transaction, TAGS increased its programme-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction.

The 1.1 billion auto loan facility benefits from transaction-specific credit enhancement in the form of a reserve fund which represents 10.5% of the discounted receivables balance on the initial issue date. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. For Chariot and Jupiter, the transaction is partially supported by a liquidity facility provided by JPM. For TAGS, the liquidity facility is provided by RBS.

With this transaction Chariot is authorized to issue up to USD 7 billion of ABCP, while Jupiter is authorized to issue up to USD 15 billion of ABCP. TAGS is authorized to issue up to USD 17 billion of ABCP.

RABOBANK'S ERASMUS ADDS EURO 300 MILLION CONSUMER LOAN TRANSACTION

Erasmus Capital Corp. ("Erasmus"), a partially supported, multiseller conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added a Euro 300 million consumer loan transaction to its portfolio. The underlying loans are originated in the Netherlands. This transaction is supported by a liquidity facility provided by Prime-1-rated Rabobank.

With this transaction, Erasmus' programme-level credit enhancement was increased by 7% of its commitment. Erasmus is authorized to issue approximately Euro 1.4 billion of ABCP.

LBBW'S LAKE CONSTANCE AMENDS INVESTMENT POLICY

Lake Constance Funding Limited and Lake Constance LLC (together, "Lake Constance"), a partially supported, hybrid conduit sponsored by Landesbank Baden-Württemberg, London Branch ("LBBW", rated Aaa/Prime-1/B-), has amended its investment policy to allow two of its purchasing companies to purchase securities rated A3. The previous lowest limit was Aa3. The first purchasing company, Mainau Funding, is partially supported by a liquidity facility provided by a syndicate of Prime-1-rated banks. The second purchase company is Gruenerbaum Funding, which is fully supported through back-to-back swap arrangements.

Lake Constance is currently authorized to issue up to USD 9 billion of ABCP.

ING'S MONT BLANC ADDS TWO TRANSACTIONS TOTALING USD 450 MILLION

Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multiseller ABCP conduit sponsored by ING Bank N.V. (Aa2/Prime-1/B+), has added two transactions totaling USD 450 million to its portfolio.

The transactions include two purchases of a USD 225 million floating rate note backed by current and future diversified payment rights originated by investment-grade-rated Turkish banks. In both cases, the notes are rated Aaa, which reflects the support provided by unconditional financial guarantees that ensure the timely payment of interest and principal on the notes. Both transactions are partially supported by a liquidity facility provided by ING Bank. The liquidity facilities fund for the notes as long as the rating of the notes do not fall below Caa3. In addition, there is a ABCP cease issuance if the notes are downgraded to below Aa3.

Due to the high credit quality of the notes, Mont Blanc is not required to increase its programme-level credit enhancement with the addition of the two transactions. With these transactions, Mont Blanc has about USD 7.3 billion in purchase commitments.

HSBC'S REGENCY ADDS TWO TRADE RECEIVABLE TRANSACTIONS TOTALING EURO 450 MILLION

Regency Markets No.1 LLC ("Regency"), a partially supported, multiseller ABCP conduit administered by HSBC Bank plc (Aa2/Prime-1/B+), has added two trade receivable transactions to its portfolio.

The first transaction is the purchase of Euro 150 million of FCC units backed by a pool of trade receivables. The underlying pool consists of receivables originated by a French company operating in the paintings and coatings industry. Transaction-specific credit enhancement is in the form of subordination for an amount of 17.5%. In addition, Regency has added 5% programme-level credit enhancement in respect of this transaction, which Moody's has relied upon for the purposes of its analysis and affirmation of Prime-1. The transaction is partially supported by a liquidity facility provided by Prime-1-rated HSBC France that is sized at 102% of the purchase commitment.

The second transaction is the purchase of Euro 300 million of FCC units backed by a pool of trade receivables. The underlying pool consists of receivables originated by a French telecom company. This transaction was originally financed through HSBC's other ABCP conduit, Bryant Park. The transaction was recently restructured and is now financed by Regency.

Transaction-specific credit enhancement is provided in the form of over-collateralisation that is calculated dynamically, with a floor of 19%. In addition, Regency has added 5% programme-level credit enhancement for this transaction. The transaction is partially supported by a liquidity facility provided by Prime-1-rated HSBC France that is sized at 102% of the purchase commitment.

With this transaction, Regency may issue up to USD 8.05 billion of ABCP.

DEUTSCHE BANK'S RHEIN-MAIN ADDS EURO 80 MILLION CORPORATE LOAN TRANSACTION

Rhein-Main Securitisation Limited ("Rhein-Main"), a partially supported, multiseller ABCP conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has financed a Euro 80 million transaction backed by a portfolio of loans to Small to Medium Enterprises based in Bulgaria.

The transaction is fully supported by a liquidity facility provided by Deutsche Bank and benefits from a guarantee provided by European Investment Fund (Aaa) and Kreditanstalt für Wiederaufbau (Aaa/Prime-1).

With this transaction, Rhein-Main is authorized to issue up to Euro 6.9 billion of ABCP.

BNP PARIBAS' STARBIRD FUNDING ACQUIRES $175 MILLION INTEREST IN Aaa-RATED NOTE

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP program sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $175 million interest in a Aaa-rated note. The note is backed by secured loans made to middle market companies. A liquidity facility provided by BNP Paribas will fund the face amount of maturing ABCP so long as the note is not rated Caa1 or lower by Moody's.

With this transaction, Starbird has about $ 9.2 billion in total purchase commitments and $609 million in program-level credit enhancement.

ABN AMRO'S TULIP ADDS TWO TRANSACTION TOTALING EURO 274.6 MILLION

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip"), a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has added two transactions totaling Euro 210 million to its portfolio.

The first transaction is a Euro 130 million residential mortgage transaction. The mortgages in the facility are originated in Kazakhstan. The transaction is funded by Tulip Euro Funding Corp., with a put to the liquidity facility in the event that the level of defaulted receivables exceeds a specified threshold.

The second transaction is a Euro 144.6 million mortgage warehouse transaction. The mortgages in the transaction are originated by an unrated Italian bank. This transaction is also funded by Tulip Euro Funding Corp., with a put to the liquidity facility in the event that the level of defaulted receivables exceeds a specified threshold.

With these transactions, Tulip's programme-level credit enhancement was increased by 8% of its purchase commitment for each transaction. Tulip is authorised to issue up to USD 15 billion of ABCP through Tulip Funding Corp. and up to Euro 10 billion of ABCP through Tulip Euro Funding Corp.

ROYAL BANK OF CANADA'S WHITE POINT ADDS $50 MILLION Aaa-RATED NOTE

White Point Funding Inc. ("White Point"), a partially supported, multiseller conduit sponsored by Royal Bank of Canada ("RBC", rated Aa2/Prime-1/B+), has added a $50 million Aaa-rated Class A note issued from a CDO to its portfolio. The CDO is comprised of domestic leveraged loans and high yield bonds.

The Class A note benefits from transaction-specific credit enhancement in the form of subordinated notes totaling 23%. This is the first transaction funded through White Point Capital ("WPC"), a bankruptcy-remote feeder special purpose vehicle. The liquidity facility is sized at 102% of the transaction and is provided at the WPC level.

With this transaction, White Point's program-level credit enhancement will remain at its floor of $100 million.

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.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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 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 $5,000,000. 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.”

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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 JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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