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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 3, 2006

06 Jul 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 3, 2006

New York, July 06, 2006 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JUNE 27, 2006 THROUGH JULY 3, 2006:

MOODY'S ASSIGNS PRIME-1 RATING TO MERRILL LYNCH'S ZANE FUNDING LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the notes issued by Zane Funding, LLC ("Zane"). Zane is a newly established, partially supported, multiseller ABCP program sponsored by Merrill Lynch & Co., Inc. (Aa3/Prime-1) and administered by Merrill Lynch Bank USA ("MLBUSA", rated Aa3/Prime-1/B-), a subsidiary of Merrill Lynch & Co., Inc. Zane is a bankruptcy-remote limited liability company organized under the laws of Delaware whose sole member is GSS Holding.

Zane has the ability to issue several types of notes, including traditional ABCP, extendible notes and callable notes. Additionally, the notes can be issued at a discount or be interest-bearing. If interest bearing notes are issued, then any interest not covered through liquidity will be covered through hedge agreements with Prime-1-rated counterparties. Zane's ABCP will have a tenor limitation of 270 days. Its extendible and callable notes will have an expected maturity date of up to 90 days from issuance with a legal final maturity date of up to 270 days from issuance.

The portfolio mix is expected to consist primarily of residential real estate, as well as consumer and commercial finance assets. Zane can purchase non-dollar denominated assets as well as fixed and floating rate assets. Any currency or interest rate risk will be covered through hedge agreements with Prime-1-rated counterparties. Zane is a prior review conduit. Therefore, Moody's will be reviewing each asset pool prior to it being added to the portfolio.

Moody's Prime-1 rating assigned to Zane's notes is based on, among other factors, the following: (i) the liquidity support provided by Prime-1-rated MLBUSA; (ii) the program-level credit enhancement in the form of a letter of credit provided by Prime-1-rated MLBUSA; (iii) MLBUSA's role as the program administrator and hedging agent, including its strong indemnifications, and Deutsche Bank Trust Company of America's role as the sub-administrator; and (iv) the structural protections to ensure the bankruptcy-remoteness of Zane Funding, LLC.

For further details, please see Moody's press release dated June 30, 2006.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JUNE 27, 2006 THROUGH JULY 3, 2006:

ABN AMRO'S AMSTERDAM PURCHASES $300 MILLION SHARE OF CO-PURCHASE EQUIPMENT LEASE FACILITY; EXISTING CO-PURCHASE FACILITY AMENDED

Amsterdam Funding Corp. ("Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by ABN AMRO Bank (Aa3/Prime-1/B), has purchased a $300 million interest in a co-purchase equipment lease facility. The equipment lease and loan receivables in the facility are originated by a non-investment-grade-rated manufacturer and distributor of agricultural and construction equipment. This transaction is part of a $1.2 billion co-purchased facility along with Credit Suisse's Alpine, BNP's Starbird and Rabobank's Nieuw Amsterdam.

This transaction benefits from 5% credit enhancement in the form of overcollateralization, a spread account and a discount applied to receivables purchases. The facility was also amended to allow for the addition of consumer loans in the facility. In addition, Amsterdam is replacing JPMorgan as the agent of the transaction and taking over its commitment.

With this transaction, Amsterdam's program-level credit enhancement was increased by 10% of the commitment. Amsterdam has $11.3 billion in total purchase commitments with $8.5 billion in outstanding and $1.1 billion in program-wide credit enhancement.

DZ BANK'S AUTOBAHN ADDS $200 MILLION REVOLVING LOAN FACILITY

Autobahn Funding Company LLC ("Autobahn"), a partially supported, multiseller conduit administered by DZ Bank Deutsche Zentral-Genossenschaftsbank Frankfurt AM MAIN ("DZ Bank", rated A2/Prime-1/C-), has added a $200 million revolving loan facility to a real estate investment trust ("REIT"). The facility, which is governed by a master repurchase agreement, provides interim financing to the REIT for the first-lien residential mortgages in its portfolio that meet certain eligibility requirements.

This transaction is fully supported through a liquidity facility provided by DZ Bank. Autobahn is currently authorized to issue up to $2.04 billion of ABCP.

NBP'S ELIXIR ADDS EURO 70 MILLION OF FCC UNITS BACKED BY TRADE RECEIVABLES

Elixir Funding Limited ("Elixir") has added Euro 70 million of FCC notes (French ABS) to its portfolio. Elixir is a partially supported, multiseller ABCP programme sponsored by Natexis Banques Populaires ("NBP", rated Aa3/Prime-1/C) and administered by Deutsche Bank AG (Aa3/Prime-1/B). Elixir uses the proceeds of its Billets de Tresorerie (French ABCP) to fund the purchase of Euro 70 million of FCC notes backed by a portfolio of trade receivables originated by a French company operating in the building industry.

A liquidity facility provided by Natexis Banques Populaires fully supports this transaction.

With this transaction, Elixir owns six asset pools backed by trade receivables. Elixir is authorized to issue up to Euro 1.14 billion of Billets de Tresorerie and has Euro 20 million in programme-level credit enhancement.

COMMERZBANK'S KAISERPLATZ FUNDING ADDS EURO 4.1 BILLION Aaa-RATED SECURITY

Kaiserplatz Funding Funding Limited ("Kaiserplatz Funding"), a partially supported, multiseller ABCP conduit sponsored by Commerzbank AG (A2/Prime-1/C+), has added a Euro 4.1 billion Aaa-rated security to its portfolio.

The Aaa-rated security references the Class A+ notes issued by CoCo Finance 2006-1 PLC ("CoCo"). The Class A+ notes are the super senior tranche of CoCo. This transaction is structured to provide credit protection for Commerzbank in respect of the Class A+ tranche. CoCo is a fully-funded synthetic transaction, arranged by Commerzbank AG London, in which investors are exposed to the credit risk related to a portfolio of reference claims granted to corporate entities, including financial institutions. The ABCP structure does not benefit from the usual migration trigger in the liquidity facility that protects investors from a negative rating's slide. If the rating of the Class A+ note falls below a rating level that is no longer consistent with the Prime-1 rating of the conduit, without any immediate action taken on behalf of the conduit administrator, the rating of Kaiserplatz Funding's ABCP would be downgraded. This transaction is supported by a liquidity facility provided by Commerzbank, which is available to be drawn if a market disruption occurs and Kaiserplatz Funding is unable to issue commercial paper in the ABCP market.

With this transaction, Kaiserplatz Funding is authorized to issue approximately Euro 6 billion of ABCP.

ROYAL BANK OF CANADA'S WHITE POINT AND THUNDER BAY PURCHASE INTEREST IN Aaa-RATED CLASS A-2 NOTE; WHITE POINT ACQUIRES INTEREST IN TWO Aaa-RATED SENIOR NOTES

White Point Funding Inc. ("White Point") and Thunder Bay Funding LLC ("Thunder Bay"), both partially supported, multiseller conduits sponsored by Royal Bank of Canada ("RBC," Aa2/Prime-1/B+), have purchased interests in a Aaa-rated Class A-2 CLO note. The underlying assets are primarily U.S. dollar-denominated senior loans, non-senior secured loans, high yield bonds, and second lien loans. White Point has a $60 million interest in the note, while Thunder Bay has acquired a $40 million interest.

White Point has also purchased a $37.5 million interest in a Aaa-rated Class A-1 CLO note. The underlying assets consist primarily of U.S. senior secured leveraged loans along with a small allocation to high yield bonds. This transaction benefits from 22.5% transaction-specific credit enhancement in the form of subordination and excess spread.

In addition, White Point has acquired a $60 million interest in a Aaa-rated Class A CLO note. The underlying assets consist of senior secured broadly syndicated and middle market loans along with second lien loans and high yield bonds/mezzanine.

With these transactions, the program-level credit enhancement was increased by 10% of each commitment. The program-level credit enhancement for White Point will remain at the floor of $100 million.

Thunder Bay has $7.7 billion in total purchase commitments, with $5.6 billion in outstandings and $826 million in program-level credit enhancement. White Point has $500 million in total purchase commitments with $500 million in outstandings.

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.
© 2021 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.”

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.

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

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