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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 31, 2006

01 Aug 2006

New York, August 01, 2006 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JULY 25, 2006 THROUGH JULY 31, 2006:

MOODY'S ASSIGNS PRIME-1 RATING TO ICP'S TANDEM FUNDING ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("CP"), secured liquidity notes ("SLNs"), and Euro-denominated notes ("Euro CP") issued by Tandem Funding Limited and Tandem Funding LLC (together, "Tandem "). Tandem is a newly established, prior review, fully supported ABCP program sponsored by Institutional Credit Partners LLC ("ICP", unrated) and administered by QSR Management Limited ("QSR", unrated). QSR is a wholly-owned subsidiary of The Bank of New York (Aa2/Prime-1/B+).

Tandem Funding Limited and Tandem Funding LLC are co-issuers in the program and together can issue up to $20 billion of CP, SLNs, and Euro CP (together, "program notes") in both the U.S. and European market. Tandem Funding Limited will issue program notes in the European market, while Tandem Funding Limited and Tandem Funding LLC are co-issuers of program notes in the U.S. market.

The Prime-1 rating assigned to Tandem's program notes is based primarily on swap agreements or reverse repurchase agreements structured to provide for timely and full payment of ABCP and structural protections to ensure the bankruptcy-remoteness of Tandem.

For further details, please see Moody's press release dated July 19, 2006.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 25, 2006 THROUGH JULY 31, 2006:

ROYAL BANK OF CANADA'S OLD LINE AND THUNDER BAY AMEND EXISTING STUDENT LOAN FACILITY; THUNDER BAY REMOVES FULL SUPPORT FROM TWO EXISTING TRANSACTIONS

Old Line Funding LLC ("Old Line") and Thunder Bay Funding LLC ("Thunder Bay"), both partially supported, multiseller ABCP conduits sponsored by Royal Bank of Canada ("RBC", Aa2/Prime-1/B+), have amended their interest in an existing $500 million student loan facility. This transaction is structured with a senior and a subordinate piece, with RBC's conduits funding only the more senior piece.

The facility has been amended to allow for up to $25 million of rehabilitation loans to be funded in the facility. Since this transaction is part of the Federal Family Education Loan Program, the outstanding principal balance is 97% guaranteed by a government facility.

Thunder Bay has also removed full support from its investment in two transactions. The details of the transactions are as follows:

Thunder Bay has removed full support from its GBP450 million investment in Series 2006-C Class A and Class B notes funded through a European purchasing SPV. Deal-specific credit enhancement for the Class A piece is in the form of a subordinate Class B sized at 9%. This transaction will be put to the liquidity banks in the event that an excess spread trigger is breached. A currency swap between RBC and the purchasing SPV protects against currency exchange risk. Program-level credit enhancement is sized at 10% for the Class A and deal-specific credit enhancement is sized at 25% for the Class B piece.

Thunder Bay has also removed full support from its investment in a $250 million Class 2006-C3 note issued out of a credit card master trust. This transaction will be put to the liquidity banks in the event that a three month average excess spread trigger is breached. 30% deal-specific credit enhancement has been added in excess of 10% program-level credit enhancement.

Thunder Bay has $7.4 billion in total purchase commitments, with $4.9 billion in outstandings and $1 billion in program-level credit enhancement. Old Line has $14.1 billion in total purchase commitments, with $9.3 billion in outstandings and $1.4 billion in program-level credit enhancement. Both programs have a floor of $300 million.

ROYAL BANK OF CANADA'S OLD LINE AND THUNDER BAY AMEND POST- REVIEW CRITERIA; THUNDER BAY AND WHITE POINT ADD CLASS A CLO NOTE

Old Line Funding LLC ("Old Line") and Thunder Bay Funding LLC ("Thunder Bay"), both partially supported, multiseller ABCP conduits sponsored by Royal Bank of Canada ("RBC", Aa2/Prime-1/B+), have amended their limited post-review criteria. The amendments include, among others, the addition of student loan warehouse facilities funding FFELP loans and the addition of transactions that are fully supported by a Aa2 or higher rated credit insurer as post-review assets.

Some of White Point Capital's documents have also been amended to allow Thunder Bay to fund assets through White Point Capital on a prior-review basis. This amendment replicates the structure already present in White Point Funding, Thunder Bay's sister conduit.

Thunder Bay and White Point Funding ("White Point"), both partially supported conduits sponsored by RBC, have invested in a Aaa-rated Class A CLO note funded through White Point Capital. The underlying assets consist primarily of residential mortgage-backed securities, commercial mortgage-backed securities, CDO securities, and synthetic securities. Thunder Bay's interest is $112.4 million while White Point's investment is $57.7 million.

Thunder Bay has $7.4 billion in total purchase commitments, with $4.9 billion in outstandings and $1 billion in program-level credit enhancement. Old Line has $14.1 billion in total purchase commitments, with $9.3 billion in outstandings and $1.4 billion in program-level credit enhancement. White Point has $605 million in total purchase commitments, with $605 million in outstandings and $100 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S THUNDER BAY AMENDS $53 MILLION INTEREST IN Aaa-RATED CLO NOTE; WHITE POINT ADDS $50 MILLION INVESTMENT IN Aaa-RATED CLO NOTE

Thunder Bay Funding, LLC ("Thunder Bay"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC," Aa2/Prime-1/B+), has amended its $53 million investment in a Aaa-rated Class A CLO note. White Point Funding Inc. ("White Point"), a partially supported, multiseller conduit sponsored by RBC, has purchased a $50 million interest in a Aaa-rated Class A-1 CLO note. The details of the transactions are as follows:

Thunder Bay has amended the liquidity facility of its $53 million investment in a Class A CLO note to make it consistent with the liquidity funding formula and out to liquidity used in all newly funded CLOs in White Point and Thunder Bay.

White Point has acquired a $50 million interest in a Class A-1 CLO note. The underlying assets consist primarily of senior secured loans and a small percentage is allocated to second lien senior secured loans and high yield bonds.

Thunder Bay has $7.4 billion in total purchase commitments, with $4.9 billion in outstandings and $1 billion in program-level credit enhancement. White Point has $605 million in total purchase commitments, with $605 million in outstandings and $100 million in program-level credit enhancement.

SOCIETE GENERALE'S ANTALIS ADDS THREE NEW TRANSACTIONS TOTALING APPROXIMATELY EURO 956 MILLION

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), a partially supported, multiseller programme sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+), has financed three transactions totaling Euro 956.4 million. The details of the transactions are as follows:

In the first deal, Antalis makes a deposit to fund FCC Units (Class A and Class B) backed by a pool of trade receivables originated by an Italian company operating in the telecommunication sector. This deal is a co-purchase between Antalis and LMA, Calyon's multiseller conduit. The Class A Units purchased by Antalis represent an amount of Euro 350 million and the Class B an amount of Euro 100 million.

In Antalis, the transaction is partially supported by a liquidity facility provided by SocGen. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation of 95 days, cease issuance triggers based on the pool performance and dynamic credit enhancement.

With this transaction, Antalis' programme-level credit enhancement was increased by 8% of the Class B Units and 1% of the Class A Units' purchased commitment.

In the second transaction, Antalis purchases bonds issued by a Belgian SPV and is backed by dealer floorplan receivables. The underlying seller is the German branch of a financial captive of a European car manufacturer. The maximum authorized amount of this programme is Euro 250.5 million.

This transaction is partially supported by a liquidity facility provided by SocGen. The transaction benefits from various structural protections such as an ABCP tenor limitation of 95 days and cease issuance triggers in the event of an early amortization of the underlying deal. In addition, the bonds benefit from a substantial level of fixed credit enhancement in the form of equity of the SPV.

With this transaction, Antalis' programme-level credit enhancement was increased by 0.25% of the purchased commitment.

The third transaction is the refinancing by Antalis of highly rated Class A and B Units issued by a French FCC and backed by a pool of commercial mortgage loans. The notes have an initial size of approximately Euro 255.9 million.

This transaction benefits from various structural protections including a CP tenor limitation of 95 days and a cease issuance of ABCP upon a downgrade of the units' rating to below Aa2. The liquidity facility, provided by SocGen, will fund for outstanding ABCP as long as the notes are rated Caa3 or above.

With this transaction, Antalis' programme-level credit enhancement was increased by 0.25% of the outstanding Units.

With the addition of these three new transactions, Antalis has Euro 282 million in programme-level credit enhancement and is authorized to issue Euro 5.59 billion of ABCP.

DRESDNER'S BEETHOVEN ACQUIRES $200 MILLION NOTE AND $465 MILLION INTEREST IN EXISTING LOAN FACILITIES

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG (A1/Prime-1/C-), has added two fully supported transactions to its portfolio totaling $665 million.

The first transaction is a $200 million note backed by diversified payment rights. This note is funded through Symphony No. 4, LLC ("Symphony 4"). The second transaction is a $465 million participation interest in two existing loan facilities that are backed by unfunded capital commitments. This transaction is funded through Symphony No. 2 LLC ("Symphony 2").

Symphony 2 and Symphony 4 are both special purpose vehicles ("SPVs") created by Dresdner to purchase certain assets. The assets purchased by Symphony 2 and Symphony 4 are funded by a loan provided by Beethoven, who issues ABCP to finance its loan commitment.

Beethoven's program-level credit enhancement was increased by 10% of outstanding ABCP for each transaction. Beethoven is now authorized to issue $12.5 billion of ABCP.

BANK OF NOVA SCOTIA'S LIBERTY STREET ADDS $500 MILLION CREDIT CARD TRANSACTION

Liberty Street Funding Corp. ("Liberty Street"), a partially supported, multiseller ABCP program sponsored by The Bank of Nova Scotia ("Scotiabank", Aa3/Prime-1/B), has added a $500 million variable funding note ("VFN") backed by private-label credit card receivables issued out of the master trust of a Aa1-rated financial institution.

The underlying assets consist primarily of private label credit cards originated by various retailers. This transaction benefits from 16.75% transaction-specific credit enhancement in the form of subordination. The transaction is partially supported by a liquidity facility provided by the Bank of Nova Scotia.

With this transaction, Liberty Street's program-level credit enhancement was increased by 10% of its commitment ($50 million). Liberty Street is authorized to issue approximately $10.7 billion of ABCP.

CALYON'S LMA REFINANCES POOL OF LOANS FOR EUR 260 MILLION AND GBP 180 MILLION

LMA S.A. ("LMA," also known as Liquidites de Marche) has added a new transaction totaling EUR 260 million and GBP 180 million. This transaction is backed by a pool of loans granted by a company operating in the banking industry. There are two sub-portfolios in this deal: one in Euro for an asset purchase limit of EUR 260 million, and one in GBP for an asset purchase limit of GBP 180 million.

LMA is a fully supported, multiseller ABCP program sponsored and administered by Calyon (Aa2/Prime-1/C). LMA uses the proceeds of its Billets de Tresorerie and Euro commercial paper ("Euro ABCP") to fund the purchase of FCC units, asset-backed securities and bonds issued by corporate entities.

The Prime-1 rating assigned to LMA's Billets de Tresorerie and Euro ABCP is based primarily on: (i) the full liquidity support provided by Prime-1-rated banks through transaction-specific purchase and sale agreements, which allows for timely repayment of maturing Billets de Tresorerie and Euro ABCP, (ii) the integrity of the conduit's structure, and (iii) the operational ability of Calyon as the program administrator. Currently, LMA's liquidity facilities are provided by a syndicate of seven Prime-1-rated banks.

LMA is authorized to issue up to Euro 8.36 billion, $409.22 million and GBP 414.5 million of ABCP.

IXIS' VERSAILLES ASSETS ADDS TWO VFNs TOTALING $500 MILLION

Versailles Assets, LLC ("Versailles Assets"), a newly established, partially supported, multiseller ABCP conduit sponsored and administered by IXIS Financial Products ("IXIS", rated Aaa/Prime-1), has added two variable funding notes ("VFNs") totaling $500 million to its portfolio. Both VFNs are issued from the same trust.

The underlying assets consist primarily of private label credit cards originated by various retailers. This transaction benefits from 16.75% transaction-specific credit enhancement provided in the form of subordination. The transaction is partially supported by a liquidity facility between Versailles Assets and IXIS.

Versailles Asset will issue notes to Versailles CDS, LLC ("Versailles CDS"), a newly created, partially supported, multiseller ABCP conduit sponsored and administered by IXIS. The notes issues by Versailles Assets will be backed by the two VFNs. In order to finance the purchase of the Versailles Assets notes, Versailles CDS will issue ABCP in the capital market. Concurrent with the acquisition, Versailles CDS has entered into a credit default swap with Versailles Assets. The swap is available to cover any insufficient amount needed to repay the notes issued by Versailles Assets. When the swap is drawn, Versailles CDS will use the proceeds to purchase the VFNs.

Program-level credit enhancement in the form of a credit asset purchase agreement (CAPA) between Versailles CDS and IXIS is available to absorb any losses prior to any draws under the swaps. The available commitment under the CAPA is equal to 10% of the face amount of notes issued by Versailles CDS (excluding obligations under the swap relating to highly rated assets, which are assets rated Aa2 or higher).

New York
Jonathan Polansky
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 31, 2006
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.

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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.”

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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 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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