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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 7, 2006

08 Aug 2006
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 7, 2006

New York, August 08, 2006 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD AUGUST 1, 2006 THROUGH AUGUST 7, 2006:

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S BREEDS HILL CAPITAL LIMITED ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the ABCP issued by Breeds Hill Capital Limited ("Breeds Hill"), a newly established, fully supported, multiseller asset-backed commercial paper program sponsored by The Liberty Hampshire Company, LLC. Breeds Hill is authorized to issue US and Euro asset-backed commercial paper, callable notes and extendible notes (collectively, the "Notes").

Breeds Hill manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The Notes issued by Breeds Hill to fund these transactions are supported by the full liquidity support provided by Prime-1-rated institutions. Therefore, note holders are insulated from the risks associated with the underlying transactions financed through Breeds Hill.

The Prime-1 rating assigned to Breeds Hill is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections which ensure the bankruptcy-remoteness of Breeds Hill.

For further details, please see Moody's press release dated August 7, 2006

MOODY'S ASSIGNS PRIME-1 RATING TO LUMINENT STAR FUNDING STATUTORY TRUST I SECURED LIQUIDITY NOTE PROGRAM

Moody's has assigned a Prime-1 rating to the ABCP issued by Luminent Star Funding Statutory Trust I ("Luminent Star I"), a newly established, partially supported, multiseller asset-backed commercial paper program sponsored by Luminent Mortgage Capital, Inc. ("Luminent", unrated). Luminent Star I is authorized to issue up to $1 billion of extendible ABCP.

Luminent Star I will issue secured liquidity notes ("SLNs") and use the proceeds to invest in repurchase agreement transactions collateralized by Agency-backed and Aaa-rated private label mortgage-backed securities ("MBS"). Luminent will act as program administrator, and LaSalle Bank, N.A. ("LaSalle", Aa3/Prime-1/B-) will act as program sub-administrator. Liquidity is provided by the ability to extend the maturity of the notes for an additional 110 days. This period gives Luminent Star I sufficient time to sell the securities in the market for cash proceeds in the amount needed to repay SLN investors.

The Prime-1 rating is based on, among other things, liquidity provided by the extension feature of the SLNs, program-level credit enhancement in the form of a reserve fund that is sized to cover the credit risk of liquidating the collateral over a maximum 50-day period, and the credit quality of the Agency-backed and Aaa-rated private label MBS provided as collateral under the repurchase agreement transactions.

For further details, please see Moody's press release dated August 7, 2006

MOODY'S ASSIGNS PRIME-1 RATING TO CNAI'S PANTERRA FUNDING LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper to be issued by Panterra Funding, LLC ("Panterra"), a newly established, partially supported, multiseller ABCP program administered by Citicorp North America, Inc. ("CNAI", unrated), an affiliate of Citigroup Inc. (Aa1/Prime-1).

Panterra will finance asset-backed transactions, future flow transactions and portfolio finance transactions originated by Citigroup's Global Securitization staff. These transactions will largely fund non-US assets. Program-level credit enhancement and liquidity will be provided by Prime-1-rated Citibank, N.A., or other Prime-1-rated financial institutions.

CNAI has over 20 years of experience administering multiseller ABCP programs funding assets similar to those expected to be funded by Panterra. The program is authorized to issue up to $4 billion of ABCP.

For further details, please see Moody's press release dated August 7, 2006

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD AUGUST 1, 2006 THROUGH AUGUST 7, 2006:

FORTIS BANK'S SCALDIS ADDS TWO RECEIVABLES TRANSACTIONS

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, hybrid ABCP conduit sponsored by Fortis Bank NV (Aa3/Prime-1/B), has added two receivables transactions to its portfolio.

The first transaction is a USD 100 million co-purchased facility that includes HSBC's Bryant Park (USD 100 million) and Liberty Street (increase of USD 55 million to USD 155 million), with Scaldis replacing West LB's Paradigm Funding. Beethoven is also an existing co-purchaser with USD 100 million. The assets are trade receivables originated by an investment-grade-rated US broadcasting company.

The transaction is partially supported by a liquidity agreement sized at 102% of the principal facility and benefits from transaction-specific credit enhancement in the form of overcollateralization. The overcollateralization averages 26% of the net investment, and includes the yield and servicing reserves.

The second transaction is a Euro 150 million factoring receivables transaction originated by a Portuguese factoring company. This transaction is fully supported by liquidity, which is provided in the form of a multi-currency liquidity facility for 102% of the principal amount of the commitment.

Program-level credit enhancement in the form of a letter of credit equal to 5% has been added for each of these transactions. Scaldis is authorized to issue up to USD 28

billion of ABCP.

LLOYDS TSB'S CANCARA ADDS USD 50 MILLION DEALER FLOORPLAN TRANSACTION

Cancara Asset Securitisation Limited ("Cancara"), a partially supported, hybrid conduit sponsored by Lloyds TSB Bank Plc (Aaa/Prime-1/A), has added a USD 50 million dealer floorplan receivables facility to its portfolio.

In this transaction, Cancara is purchasing a pool of dealer floorplan receivables originated by a US company operating in the automobile industry. Transaction-specific credit enhancement is provided by a dynamic loss reserve, sized at a minimum of 11%, and by a minimum excess spread. The transaction also benefits from a cease issuance trigger in case the seller becomes insolvent. The transaction is partially supported by a liquidity facility provided by Prime-1-rated Lloyds TSB Bank Plc.

With this transaction, Cancara's program-level credit enhancement was increased by 5% of its commitment. Cancara is authorized to issue up to USD 21.3 billion of ABCP.

DEUTSCHE BANK'S RHEINGOLD ADDS THREE TRANSACTIONS TOTALING USD 1.4 BILLION

Rheingold Securitisation Limited ("Rheingold"), a partially supported, multiseller ABCP conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has added three transactions totaling USD 1.373 billion to its portfolio.

The first transaction is a note purchase of a promissory note in the amount of USD 525 million. This transaction is fully supported by liquidity.

The second transaction relates to a USD 281 million CDO note purchase. The CDO note is rated Aaa. This transaction is partially supported with a liquidity facility provided by Prime-1-rated Deutsche Bank and sized at 102% of the maximum amount of USD 287 million.

The third transaction is a USD 600 million loan facility to a Real Estate Investment Trust. The transaction is fully supported by a liquidity facility sized at 102% of the commitment size.

With the addition of these three transactions, Rheingold is authorized to issue up to USD 4.5 billion of 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
Jesse DeSalvo
Senior Associate
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.”

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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 JPY125,000 to approximately JPY550,000,000.

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

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