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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JULY 25, 2002:

26 Jul 2002
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JULY 25, 2002:

New York, July 26, 2002 -- MOODY'S RATED THE FOLLOWING STRUCTURED INVESTMENT VEHICLES (SIV) Aaa/PRIME-1 DURING THE WEEK ENDED JULY 25, 2002:

MOODY'S RATES STANFIELD GLOBAL STRATEGIES' SIV- STANFIELD VICTORIA - Aaa/PRIME-1

In London, Moody's has assigned the ratings set forth as follows to the following programs of Stanfield Victoria Finance Ltd. and Stanfield Victoria Funding, LLC: Prime-1 to the $10,000,000,000 U.S. commercial paper program of Stanfield Victoria Finance Ltd. and Stanfield Victoria Funding, LLC; and Aaa and Prime-1 to the $10,000,000,000 U.S. Medium Term Note program of Stanfield Victoria Finance Ltd. and Stanfield Victoria Funding, LLC. The programs are administered by Stanfield Global Strategies, LLC (SGS), based in New York.

Moody's Aaa and Prime-1 ratings on the above programs are primarily based upon: (1) the eligibility criteria and mark-to-market procedures for assets within the portfolio held by Victoria Finance; (2) the overcollateralization requirements, which are calculated on a daily basis according to the composition of the portfolio; (3) interest rate and currency hedging requirements that limit exposure to a narrow range; (4) liquidity facilities from a group of Prime-1 banks, together with certain liquid assets within the investment portfolio; (5) the performance of SGS as investment advisor; (6) the restricted operations and enforcement processes whereby the portfolio is managed in accordance with certain restrictions or wound down if various events occur.

For further details, please see Moody's press release dated July 22, 2002 as well as Moody's new issue report of that date.

MOODY'S RATES SOCGEN'S SIV - PREMIER ASSET COLLATERALIZED ENTITY - Aaa/PRIME-1

In London, Moody's assigned the ratings set forth below to the following programs of Premier Asset Collateralized Entity Limited ("PACE") and Premier Asset Collateralized Entity LLC ("PACE LLC"): a short-term credit rating of Prime-1 to the Euro-Commercial Paper Program; a short-term credit rating of Prime-1, and a long-term credit rating of Aaa to the Euro Medium Term Note program; a short term credit rating of Prime-1 to the U.S. Commercial Paper Program; a short term credit rating of Prime-1, and a long term credit rating of Aaa to the U.S. Medium Term Note program.

PACE is a structured investment vehicle ("SIV") that purchases diversified investment grade assets with the proceeds of the above programs. Capital Notes are issued by PACE to provide additional funds for investment and credit enhancement for investors in the MTN and CP programs. PACE LLC is incorporated in Delaware for the sole purpose of co-issuing with PACE US Medium Term Notes ("USMTN") and US Commercial Paper Notes ("USCP"). The USMTN and USCP together with the Euro Commercial Paper ("ECP") and Euro Medium Term Notes ("EMTN") are secured by, inter alia, a floating charge over the assets held by, or on behalf of, PACE.

Moody's Aaa and Prime-1 ratings on the above programs are primarily based upon: (1) the eligibility criteria and mark-to-market procedures for assets within the portfolio held by PACE; (2) the overcollateralization requirements, which are calculated on a daily basis according to the composition of the portfolio; (3) interest rate and currency hedging requirements that limit exposure to a narrow range; (4) the entry into liquidity facilities with Prime-1 banks, together with the requirement to hold certain liquid assets within the investment portfolio; (5) the performance of Societe Generale, New York Branch as Investment Advisor and (6) the restricted operations and enforcement processes whereby the portfolio is managed in accordance with certain restrictions or wound down if various events occur.

For further details, please see Moody's press release dated July 23, 2002 as well as Moody's new issue report of that date.

MOODY'S ASSIGNED A PRIME-1 RATING TO THE FOLLOWING ABCP PROGRAM DURING THE SEVEN DAY PERIOD ENDED JULY 25, 2002:

MOODY'S RATES ASSET-BACKED COMMERCIAL PAPER OF KBC'S ATOMIUM FUNDING CORP. PRIME-1

In London, Moody's assigned a Prime-1 rating to the asset-backed commercial paper (ABCP) issued by Atomium Funding Corp., a new, partially supported credit arbitrage ABCP program sponsored by KBC Financial Products Limited (KBCFP). Atomium will use the proceeds from the sale of ABCP to invest in a portfolio of highly-rated asset-backed securities subject to a set of predetermined investment guidelines, which specify credit quality and concentration restrictions. KBC Bank NV (Aa3/Prime-1/B) has been appointed as principal administrator and has delegated certain of its functions to KBCFP and JPMorgan Chase Bank.

The main risk of credit arbitrage vehicles is the migration of the rating on an asset backed security to the point when liquidity banks will funds against the asset (which is generally when it is downgraded to Caa1 or below) during the time that ABCP is outstanding. This risk is addressed for Atomium by (i) dynamic credit enhancement, sized according to the credit quality of the portfolio and (ii) a prohibition on the issuance of ABCP if the conduit does not have the required enhancement or is otherwise out of compliance with its investment policy. Based on its proposed asset portfolio, Atomium's required enhancement will be zero.

The Prime-1 rating of Atomium is primarily based upon: the high credit quality of the bonds purchased, and the requirement that the portfolio meets certain predetermined guidelines regarding rating, obligor and country concentrations; the requirement to increase credit enhancement if the rating on the bonds is downgraded below a certain level; a liquidity facility in the amount of 100% of ABCP provided by KBC Bank NV; satisfactory hedging arrangements to address currency and interest rate mismatches; and the appointment of KBC Bank NV as administrator and hedging agent; and the abilities of KBCFP and JPMorgan Chase Bank as delegates to perform certain administrative duties.

Like many credit arbitrage vehicles, Atomium has no initial program credit enhancement because of the high ratings of its assets. KBCFP, in its role as investment manager, will identify and offer only high credit quality assets, which meet clearly defined investment guidelines. To the extent that the credit quality of the portfolio deteriorates such that Atomium holds more than a limited number of Aa3 securities or any securities rated below Aa3, Atomium will be required to add credit enhancement.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S DURING THE PERIOD JULY 18, 2002 THROUGH JULY 25, 2002:

CREDIT LYONNAIS' ATLANTIC ADDS $100 MILLION TRADE RECEIVABLES DEAL

Atlantic Asset Securitization Corp. a partially supported multiseller conduits sponsored by Credit Lyonnais (A1/Prime-1/B-), added a $100 million trade receivables transaction. The deal is partially supported through liquidity.

Atlantic's new deal is backed by receivables generated by three originators of a major global purchaser and distributor of processed grain and other agricultural commodities. Investors are protected by an 8% loss reserve floor and 10% program-level credit enhancement. Obligor concentrations are low, except for those from a U.S. government agency, and these receivables are subject to a 10% concentration limit. In addition, the average turnover of the receivables, at 15 days, is extremely rapid - - a very positive feature in a wind down situation. ABCP tenor is limited to 60 days. Liquidity also assumes the risk of the wide variety of liens that may be applicable to agricultural commodities.

With this purchase, Atlantic is authorized to issue up to $3.7 billion of ABCP.

HVB'S BLACK FOREST FUNDS $250 MILLION EQUIPMENT LEASE TRANSACTION

Black Forest Funding Corp., the partially supported, multiseller ABCP conduit sponsored by Hypo-und Vereinsbank (Aa3/Prime-1/B, senior unsecured and bank financial strength ratings on review for possible downgrade) entered into a $250 million equipment lease transaction with the unrated leasing subsidiary of a Aa1/P-1 rated financial institution. The transaction is supported by a liquidity facility provided by Prime-1-rated HVB that will advance against non-defaulted leases. The risk of lease default is mitigated by the strong performance of the lease assets, a total of 30% credit enhancement and various asset performance triggers that will cause the conduit to cease issuing ABCP to fund this transaction. Moody's believes these factors combine to ensure that investors' exposure to asset performance risk is consistent with the Prime-1 rating assigned to Black Forest's ABCP.

Black Forest is currently authorized to issue approximately $3.5 billion of ABCP and has program level credit enhancement of approximately $1 billion.

DEUTSCHE BANK'S BLUE SPICE, LLC PURCHASES TWO RATED CLO/CDO NOTES

BLUE SPICE, LLC (BLUE SPICE), a fully-supported multi-seller program sponsored by Deutsche Bank AG (Aa3/Prime-1/B) has purchased a Aaa-rated collateralized debt obligation totaling $158.6 million and a Aaa rated collateralized loan obligation in the amount of $180 million. Each note, and indirectly the ABCP, is fully supported through a total return swap provided by Deutsche Bank. Repayment of maturing ABCP issued by BLUE SPICE is also supported by its ability to issue extendible commercial paper notes, which Deutsche Bank is obligated to purchase at the maturity of the BLUE SPICE ABCP. The extendible CP notes, in effect, provide liquidity for the program. Please note that BLUE SPICE does not issue extendible ABCP to third party investors. BLUE SPICE is now authorized to issue up to $338.6 million of ABCP. This is BLUE SPICE's first asset purchase.

BMO'S FAIRWAY FINANCE ADDS FULLY SUPPORTED $100 MILLION SYNDICATED LOAN FACILITY AND RENEWS ITS INVESTMENT IN FULLY SUPPORTED $70 MILLION Aa2-RATED NOTES BACKED BY HEALTHCARE RECEIVABLES

Fairway Finance Corp., a BMO Nesbitt Burns sponsored and administered ABCP program, entered into a syndicated loan facility for a closed-end investment fund managed by an A1-rated global investment bank. Fairway's share is $100 million of a $700 million facility, which lends against the capital commitments of investors in this fund. Liquidity fully supports this transaction; and, Fairway's program level credit enhancement will not be increased for this deal.

Fairway also renewed its investment in $70 million of Aa2 rated notes issued out of a master trust structure. Fairway originally purchased these notes in June 1999 through one of its post-review, fully supported facilities. The notes will now be fully supported by a stand-alone liquidity facility provided by Prime-1 rated Bank of Montreal. The originator is one of the largest operators of nursing home facilities in the US. Deal-specific credit enhancement is in the form of a dynamic overcollateralization reserve, which has a minimum level of 12%. In addition to the full support provided by the stand-alone liquidity facility, Fairway's investors are now protected by an additional 5% of its investment in the Notes.

Liquidity provided by Prime-1 rated Bank of Montreal fully supports both transactions in Fairway. Fairway is currently authorized to issue up to $9.7 billion of ABCP.

CREDIT LYONNAIS' LA FAYETTE ADDS $50 MILLION TRADE RECEIVABLES DEAL

La Fayette Asset Securitization Funding LLC, a partially supported, multiseller conduit sponsored by Credit Lyonnais (A1/Prime-1/B-), added a $50 million partially supported trade receivables transaction. The transaction was transferred from another Credit Lyonnais conduit, Atlantic, to La Fayette. Wachovia Bank's partially supported conduit, Blue Ridge Asset Funding Corp., is a co-purchaser in the deal.

The transaction is backed by health care trade receivables originated by a Baa3-rated company. No substantive changes were made in the deal. A primary risk in the transaction is slow-pay risk, which is characteristic of obligors in the health care industry. Moody's confirmed La Fayette's Prime-1 rating based on the transaction's structural strengths, the substantial amount of reserves to cover defaults, with a minimum set at a robust 35%, and the 10% program-wide credit enhancement allocated to the purchase commitment.

With this purchase, La Fayette is authorized to issue up to $735 million of ABCP.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING UNWRAPS FULL LIQUIDITY SUPPORT IN $70 MILLION TRADE RECEIVABLE TRANSACTION

Manhattan Asset Funding Co. LLC (Manhattan), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. (SMBC) (A3/Prime-1/E) removed the full liquidity support in a $70 million trade receivable transaction to an investment- grade electronics manufacturing company. Dynamic pool-specific credit enhancement in the form of overcollateralization has a floor of 10% of capital. There is also a deal specific liquidity management plan in place that further protects ABCP investors.

Incremental program-level credit enhancement of 10% of the outstanding purchased lease receivables has been added. Manhattan is authorized to issue up to $5 billion of ABCP. Currently, Manhattan has about $1.56 billion in commitments with $1.07 billion in outstanding ABCP, and $170 million in program-level credit enhancement.

RABOBANK'S MERMAID FUNDING INCREASES CREDIT-LINKED NOTE TO $300 MILLION

Mermaid Funding Corp., Rabobank's (Aaa/Prime-1/A) Prime-2 rated ABCP conduit, has increased the amount of a credit-linked note transaction from $150 million to $300 million. The deal was originally executed in June of this year.

In the transaction, Mermaid makes a $300 million deposit with Rabobank (Aaa/Prime-1/A) and executes a swap with Rabo Capital Services, Inc. (unrated). During the period of the deal, Rabobank will pay Mermaid interest on the deposit quarterly. The deposit serves as liquidity for the deal. The reference entity is rated Baa1/Prime-2. ABCP tenor is limited to 95 days and no further ABCP may be issued if the reference entity is downgraded below Baa2 or Prime-2. If no credit event occurs with respect to the reference entity (such as a downgrade of the reference entity below Caa2), Rabobank has to pay the deposit amount back to the conduit at the end of the transaction. If a credit event does occur, the conduit forfeits the deposit amount.

With the increase to this transaction, Mermaid is currently authorized to issue up to approximately $650 million of ABCP.

WESTLB'S MONTAUK ACQUIRED INTERESTS IN "C" PIECES OF FIVE CREDIT CARD TRANSACTIONS TOTALING $110 MILLION

Montauk Funding Corporation (Montauk), a limited post-review, partially supported, multiseller ABCP conduit sponsored by Westdeutsche Landesbank Girozentrale (Aa1/Prime-1/C-, bank financial strength rating on review for possible downgrade) (WestLB), purchased the "C" pieces in five floating rate asset-backed notes backed by credit card receivables originated by two bank credit card issuers. These include a $30 million interest and a $10 million interest, each supported by its respective security's "D" class (amounting to 1.5% of the applicable transaction); as well as a $40 million interest, a $20 million interest, a $10 million interest, each supported by an excess spread account funded at closing in the amount of 1% of each respective transaction. Montauk's "C" piece purchases are backed by structured liquidity facilities that are required to refund the ABCP at the point in time of any payout event in the relevant credit card trust, or else freeze its purchase price of the "C" piece assets as of that date.

The transactions are also supported by $74.04 million in program-level credit enhancement in the form of a surety bond provided by Aaa-rated FGIC. Currently, Montauk has about $4.1 billion in outstanding ABCP and is authorized to issue up to approximately $4.1 billion of ABCP.

WESTLB'S PARADIGM ADDS $75 MILLION INTEREST IN PRIME-1- RATED SENIOR SECURED NOTE AND INCREASES ITS INTEREST IN VARIABLE FUNDING NOTE FROM $100 MILLION TO $130 MILLION

Paradigm Funding LLC (Paradigm), a partially supported, multiseller ABCP conduit sponsored by Westdeutsche Landesbank Girozentrale (Aa1/Prime-1/C-, bank financial strength rating on review for possible downgrade) (WestLB), acquired a $75 million interest in a Prime-1-rated senior secured note (Senior Note). This transaction benefits from a credit default swap entered into between the Senior Note issuer and WestLB (Swap) and is supported by a liquidity facility provided by WestLB. Liquidity supports this deal unless the Aaa/Prime-1-rated reference entity in the Swap or Paradigm is in bankruptcy proceedings.

Paradigm also increased its interest in a variable funding note (VFN) backed by motor vehicle installment contracts originated by an unrated company from $100 million to $130 million. The VFN transaction benefits from a surety bond provided by a Aaa-rated insurance company and is supported by liquidity provided by WestLB. In this transaction, the only outs to liquidity funding are the bankruptcy of Paradigm and the downgrade of the insurer below Caa2.

Currently, Paradigm has about $5.96 billion in ABCP outstanding, with $410.93 million in program-level credit enhancement. Paradigm is now authorized to issue about $7.86 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly.

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

New York
Letitia J. Accarrino
Vice President - Senior 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 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.

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