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17 Sep 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 14, 2004
New York, September 17, 2004 -- MOODY'S ABCP QUERY UPDATE
ABCP Query is an Excel-based tool that provides data on Moody's-rated
asset-backed commercial paper conduits. ABCP Query provides
data specific to individual programs, including liquidity providers,
credit enhancement, seller industries, seller ratings,
and other information.
All programs in ABCP Query have been updated through May 2004.
Partial information is available for June 2004 and July 2004.
MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD
SEPTEMBER 1, 2004 THROUGH SEPTEMBER 14, 2004:
MOODY'S ASSIGNS PRIME-1 RATING TO GEORGE STREET FINANCE ABCP PROGRAM
In Sydney, Moody's has assigned a Prime-1 rating to the asset-backed
commercial paper issued by George Street Finance. George Street
Finance is a newly created, partially supported, multiseller
ABCP program sponsored and administered by the Royal Bank of Scotland
("RBS", rated Aa1/Prime-1/A-). George Street
Finance has the capacity to issue both A$- and US$-denominated
ABCP and will use the proceeds of its ABCP to fund a broad range of assets,
including mortgage loans, term loans, trade receivables and
debt securities. The program has a maximum size of A$5 billion
and a current authorized amount of A$1.75 billion.
The Prime-1 rating assigned to George Street Finance's ABCP is
based on, among other factors, the following: (i) the
credit quality of the assets, which will be highly rated or subject
to prior review by Moody's; (ii) dynamic program-wide credit
enhancement sized at 5% of ABCP outstanding; (iii) a liquidity
facility that supports for the face amount of ABCP outstanding; (iii)
the ability of RBS to adequately manage the program; (iv) structural
protections to ensure the bankruptcy-remoteness of George Street
For further details, please see Moody's press release dated September
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD SEPTEMBER 1, 2004 THROUGH SEPTEMBER
CALYON'S ATLANTIC ADDS $100 MILLION TRADE RECEIVABLE FACILITY
Atlantic Asset Securitization Corporation ("Atlantic"), a partially
supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C),
has added a $100 million trade receivable facility to its portfolio.
The transaction was part of a $600 million co-purchased
facility with five other conduits. The seller is a Baa3-rated
public utility company. The facility consists primarily of rapidly
turning receivables generated by various electric utility companies.
Overall losses tend to be low and the portfolio is well diversified with
no large individual obligors.
Transaction-specific credit enhancement is based on a dynamic formula
that responds to changes in both defaults and dilution, and has
averaged 15.6% with a minimum of 14.5%.
This transaction is partially supported by a liquidity facility provided
by Calyon. With this transaction, Atlantic's program-level
credit enhancement increased by 10% of its commitment.
Atlantic currently has about $4 billion in purchase commitments.
ING'S MONT BLANC ACQUIRES $75 MILLION INTEREST IN EXISTING CLO
Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported,
multiseller ABCP conduit sponsored by ING Bank N.V. (Aa2/Prime-1/B+),
has acquired a $75 million interest in an existing $473
million Aaa-rated CLO facility.
The facility is the senior tranche of a CLO structure and is insured by
a surety bond provided by Aaa-rated Ambac Assurance Corporation
("Ambac"). The underlying collateral consists primarily of non-investment-grade-rated
debt and equity instruments consisting of high-yield bonds and
loans, mezzanine debt, public and private equities,
options and may include distressed and non-performing instruments.
A liquidity facility provided by ING will fund for maturing ABCP as long
as Ambac is rated above Caa3. Mont Blanc will not increase its
program-level credit enhancement with the addition of this transaction.
Mont Blanc now has about $6.1 billion in total purchase
commitments and $300 million in program-level credit enhancement.
BANK OF AMERICAS' RECEIVABLES CAPITAL COMPANY LLC IS RENAMED RANGER FUNDING
Receivables Capital Company LLC, a post-review, multiseller
conduit sponsored and administered by Bank of America, N.A.
(Aa1/Prime-1/A-), has changed its name to Ranger Funding
Company LLC ("Ranger"). Ranger has a program size of $18
BARCLAYS' SHEFFIELD AMENDS PROGRAM CREDIT ENHANCEMENT
Sheffield Receivables Corp. ("Sheffield"), a partially supported,
multiseller conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-),
has amended its program-level credit enhancement to remove the
surety bond provided by Aaa-rated Ambac Assurance Corp.
Sheffield's required amount of program-level credit enhancement
is the greater of 10% of all purchase commitments (excluding highly
rated assets and guaranteed assets), or $325 million.
Formerly, the required program enhancement was a combination of
a program letter of credit provided by Barclays and a surety bond from
Aaa-rated Ambac. Barclays' letter of credit was sized at
60% of the required amount, while Ambac's surety bond was
sized for 40%. Now, 100% of the required amount
of program-level credit enhancement will be provided by Barclays
in the form of a letter of credit.
Sheffield is currently authorized to issue up to $24.8 billion
of ABCP and has $1.7 billion in program-level credit
SUNTRUST'S THREE PILLARS ACQUIRES $125 MILLION INTEREST IN EXISTING
TRADE RECEIVABLE FACILITY
Three Pillars Funding Company LLC ("Three Pillars"), a partially
supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+),
has acquired a $125 million interest in an existing $450
million trade receivable purchase facility. The receivables are
originated by a Ba2-rated transportation service company and its
subsidiaries. A liquidity facility, provided by SunTrust
Bank, fully supports this transaction.
The other co-purchasers in this transaction include Bank One's
(Aa2/Prime-1/B+) Falcon Asset Securitization Corp.
and Wachovia Bank's (Aa2/Prime-1/B+) Blue Ridge Asset Funding
With this transaction, Three Pillars has about $5.9
billion in total purchase commitments and $392.9 million
in program-level credit enhancement.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD
SEPTEMBER 1, 2004 THROUGH SEPTEMBER 14, 2004:
ASTRO CAPITAL CORP. AND SUNRISE CAPITAL CORP. RATING WITHDRAWN
In Tokyo, Moody's has withdrawn the Prime-1 ratings on Astro
Capital Corp. ("Astro") and Sunrise Capital Corp. ("Sunrise")
at Mizuho Corporate Bank's request. Astro and Sunrise are fully
supported Japanese Yen asset-backed commercial paper programs sponsored
by Mizuho Corporate Bank.
For a more detailed description of these ABCP programs, see Moody's
website at http://www.moodys.com
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
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