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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 31, 2003:

01 Aug 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 31, 2003:

New York, August 01, 2003 -- MOODY'S RATED THE FOLLOWING ABCP CONDUIT PRIME-1 DURING THE PERIOD JULY 24, 2003 THROUGH JULY 31, 2003:

MOODY'S ASSIGNS PRIME-1 RATING TO ARTEMIS FUNDING CORP.

In Tokyo, Moody's assigned a Prime-1 rating to Artemis Funding Corp. ("Artemis"), a fully supported Japanese Yen ABCP program. Mizuho Bank (A3/Prime-1/E) is administrative agent for Artemis. Artemis' Prime-1 rating is based largely upon the liquidity agreement and credit facility agreement entered into between the issuer and Mizuho Bank, Ltd., which will assure timely repayment of ABCP. The conduit is authorized to issue up to 100 billion yen of ABCP.

Artemis, a bankruptcy-remote special purpose company established in the Cayman Islands, will issue yen-denominated commercial paper in the

Japanese market. The proceeds from the sales of its asset-backed commercial paper notes will be used to purchase yen-denominated trade receivables from Mizuho Factors, Limited.

Please see Moody's press release dated July 28 for further details.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 24, 2003 THROUGH JULY 31, 2003:

SOCGEN'S BARTON PURCHASES $600 MILLION AUTO LOAN TRANSACTION AND $475 MILLION BUSINESS CREDIT CARD DEAL

Barton Capital Corp., a partially supported, multiseller ABCP conduit sponsored by Societe Generale (Aa3/Prime-1/B) has purchased a $600 million warehouse facility for auto loans originated by a entity which has a parent rated below investment-grade. Enhancement is a minimum of 15%, but will increase dynamically based on portfolio composition and pool performance.

Barton also bought $475 million of Class A notes backed by business credit card receivables originated by an investment- grade-rated credit card issuer active in the term market. The notes are supported by 5% of subordination and a seller piece of 7% which will cover dilutive items.

Barton's program credit enhancement has been increased by 8% of the amount of these new assets. Barton is now authorized to issue up to $11.3 billion of ABCP.

WESTLB'S COMPASS ADDS AUSTRALIAN SECURITIZATION FACILITY

Compass, a Prime-1 rated, multiseller, partially supported ABCP conduit sponsored by WestLB AG, has added an A$ 1 billion facility to purchase highly rated securities in Australia. This is Compass's first Australian securitization.

Compass Securitisation Limited, the European issuer, and Compass Securitization LLC, the U.S. issuer, will both make advances under funding agency agreements to a purchasing company, Compass Sec Rec Australia Pty Limited, which purchases the securities.

The new facility benefits from program-wide credit enhancement. However, there will be no increase in the program-wide credit enhancement in relation to securities financed through the new facility due to the high credit quality of securities which Compass Sec Rec Australia is permitted to purchase. The first two securities to be purchased are rated Aaa. Each purchase of securities by Compass is subject to prior review by Moody's; also, Compass must monitor the ratings of each security it finances through this new facility. Compass's ability to issue ABCP to fund assets held by Compass Sec Rec Australia will be restricted if an asset is downgraded below Aa2. Liquidity is provided by WestLB AG (Prime-1/Aa1).

With this addition, Compass Securitisation Limited and Compass Securitization LLC are now authorized to issue ABCP up to a total amount of approximately Euro 14 billion.

LIBERTY STREET PURCHASES $225 MILLION INTEREST IN REVOLVING TRADE TRANSACTION

Liberty Street Funding Corp., The Bank of Nova Scotia's (Aa3/Prime-1/B) partially supported, multiseller ABCP program, has added a $225 million trade facility. Bank One's Jupiter is also purchasing a $225 million piece of the transaction. The originator is an investment-grade-rated finance company prominent in the energy and chemical sector. Investors are protected by 19% of deal-specific credit enhancement, as well as various structural features that will cause the conduit to cease funding assets if various performance trigger events occur. Other structural protections include performance-based triggers tailored to the two types of receivables securitized. Receivables generated by the energy and chemical divisions have separate default levels to maintain, based on a 30 and 90 day default standard, respectively. In addition, obligor concentrations are restricted. Liberty Street has increased its program-level letter of credit by 10% of this transaction. The conduit is authorized to issue up to $8 billion of ABCP, and currently has approximately $5.8 billion of ABCP outstanding.

COUNTRYWIDE'S PARK GRANADA LLC INCREASES AUTHORIZED AMOUNT TO $18 BILLION.

Park Granada LLC, a single-seller mortgage loan warehouse facility sponsored by Countrywide Home Loans Inc. (A3/Prime-2), a wholly owned subsidiary of Countrywide Financial Corp. (A3), has increased its authorized amount from $15.25 billion to $18 billion. With this $2.75 billion increase, Park Granada is now authorized to issue $17.208 billion of Prime-1-rated short-term notes. The short-term notes benefit from a total of 5% credit enhancement, provided in the form of a 0.60% cash collateral account, and 4.4% in unrated subordinated variable funding notes.

BANCA INTESA'S ROMULUS PURCHASES TWO HIGHLY RATED ABS FOR EURO 316 MILLION

Moody's has confirmed the Prime-1 rating assigned to Romulus Funding Corp. (Romulus), a partially supported, multiseller asset-backed commercial paper program sponsored and administered by Banca Intesa S.p.A. (A1/Prime-1/B-). following its purchase of two Aaa-rated notes backed by leases and loans originated by an Italian company. This purchase was made outside the post-review securities arbitrage facility within Romulus. The lease-backed and loan-backed ABS amount to Euro 149.7 million and Euro 166 million, respectively. In both cases, the liquidity facility is sized at 102% of the notes' amount and is provided by Banca Intesa S.p.A.

The liquidity facility will fund against the face amount of the ABCP issued against these assets, unless a note is downgraded to the Caa range. In the latter case, the liquidity facility will fund against the non-defaulted underlying asset balance, plus recoveries. Since the program does not have any requirements for the removal of downgraded securities, and has limited program credit enhancement, the program is subject to ratings volatility in the event of a deterioration of these pools. No incremental credit enhancement was posted following these purchases, as they are highly rated assets. Current program enhancement is Euro 20 million. However, if any of these ratings is reduced below Aa2, program enhancement will be increased by 8% of the related deal. Romulus is now authorized to issue up to USD 2 billion of ABCP.

SUN TRUST'S THREE PILLARS ADDS $62.5 MILLION Aaa-RATED VARIABLE FUNDING NOTE

Three Pillars Funding Corp. ("TPFC"), Sun Trust Bank's (Aa2/Prime-1/B+) multiseller ABCP conduit, added a $62.5 million transaction which is wrapped by an insurance policy provided by Aaa-rated MBIA Insurance Corp. The portfolio consists of a revolving pool of intellectual property and related contractual rights in drug patents from universities, investors and the biotech companies that are responsible for manufacturing and marketing these biopharmaceutical products.

Liquidity is provided by Prime-1-rated SunTrust Bank (Aa2/Prime-1/B+) for 102% ($63.75 million) and advances against outstanding ABCP unless MBIA is bankrupt or it fails to make a required payment under the insurance policy. Program-level credit enhancement for TPFC was not increased for this transaction. Three Pillars is now authorized to issue up to $4.57 billion of ABCP.

SAVE THE DATE FOR MOODY'S & IPMA EUROPEAN ABCP CONVENTION: OCTOBER 29, 2003

Moody's Investors Service and the IPMA will hold a conference on European Asset-Backed Commercial Paper on October 29, 2003 at the Dorchester Hotel in London. For further information, please contact Moody's by e-mail on [email protected]

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly. This information is also available at http://www.moodys.com.

New York
Claire Robinson
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Letitia Accarrino
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2023 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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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.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY100,000 to approximately JPY550,000,000.

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

​

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