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