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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 14, 2003:

19 Aug 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 14, 2003:

New York, August 19, 2003 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD AUGUST 8, 2003 THROUGH AUGUST 14, 2003:

CLUB DEAL FRANCHISE LOAN FACILITY INCREASED, WITH EIFFEL AND HANNOVER JOINING

A co-purchase transaction franchise loan facility was increased from $607.8 million to $720.6 million, with two new conduits joining. The six ABCP conduits now sharing in the transaction include Fleet's Eagle Funding Capital Corp. ($181.4 million), CDC Financial Products' Eiffel Funding LLC ($98.04 million), BNP Paribas's Starbird Funding Corp. ($137.3 million), WestLB AG's Paradigm Funding LLC ($127.5 million), Fortis Bank's Scaldis Capital Limited ($112.7 million) and NordLB's Hannover Funding Co. LLC ($63.7 million). This month, Eiffel and Hannover joined the facility. The facility funds loans to franchisees of an A2/Prime-1-rated quick-service-restaurant company with branches in the United States and Puerto Rico. All conduits provide structured liquidity for this transaction.

STATE STREET'S CLIPPER ADDS $100 MILLION AUTO LEASE POOL

Clipper Receivables Corp., State Street Bank & Trust Co.'s (Aa2/Prime-1/B+) partially supported, multiseller ABCP conduit, has added a partially supported, $100 million revolving auto lease transaction. The seller is a large, privately held corporate fleet leasing company located in the United States.

Liquidity is provided by Prime-1-rated State Street Bank & Trust and Comerica Bank for 102% (each bank funds 50% of the commitment) and funds based on the outstanding balance of the non-defaulted portion of the lease portfolio. For liquidity funding purposes, defaulted leases are defined as 61 or more days past due, those that are written off by the servicer, or if the obligor becomes bankrupt and the obligor has rejected the lease in bankruptcy. Liquidity also advances against expected recoveries on defaulted leases.

Transaction-specific credit enhancement, in the form of overcollateralization, is set at a minimum of 6%. The enhancement increases dynamically based upon pool performance. Program-level credit enhancement for Clipper was increased by 8% of its commitment.

EIFFEL FUNDING ADDS $250 MILLION GIC

Eiffel Funding, CDC's (Aaa/Prime-1) partially supported, multiseller ABCP program added a $250 million facility that will fund the purchase of an Aa2-rated guaranteed investment certificate (GIC) issued out of a trust. The proceeds from the ABCP are being used to purchase securities or other investments on behalf of an unrated insurance company. Payment on the certificate is being guaranteed by Aa2-rated XL Insurance (Bermuda) through a financial guaranty. Liquidity will fund for the face amount of ABCP as long as there are no payment defaults and as long as XL is rated above Caa2 by Moody's. Due to the high credit quality of this asset, program-wide credit enhancement will only be increased by 5% of outstandings for this transaction.

CREDIT LYONNAIS' LAFAYETTE ADDS $200 MILLION MORTGAGE WAREHOUSE PROGRAM

Lafayette Asset Securitization LLC., Credit Lyonnais' (Aa3/Prime-1/B-) partially supported, multiseller conduit, added a $200 million mortgage warehouse transaction. The mortgage receivables, originated by an unrated seller/servicer, are backed by agency-eligible loans. Investors are protected by a liquidity facility which funds mortgages up to sixty days past due. The facility terminates if mortgages more than thirty days past due exceed 1% of the facility. Program-level enhancement has been increased by 8% of the amount of this facility. Giving effect to this purchase, Lafayette currently authorized to issue up to $1.58 billion in ABCP and has $952 million in outstanding.

HSBC BANK PLC'S REGENCY MARKETS ADDS GBP 970.87 MILLION TRANSACTION FINANCING PARTICIPATIONS IN UK RESIDENTIAL MORTGAGE LOANS

Regency Markets No.1 LLC (Regency Markets), a Prime-1-rated multiseller conduit sponsored by HSBC Bank plc (Aa2/Prime-1/B+), has funded a GBP 970.87 million loan facility to the purchasing vehicle Regency Assets Limited (Regency Assets). The vehicle enters into participations in a pool of UK residential mortgage loans originated by the mortgage lending subsidiary of a UK bank. While Regency's facilities are usually partially supported, this deal is fully supported by a liquidity facility provided by the originator's parent bank, which is rated Prime-1. The risk of a downgrade of the parent as liquidity provider is addressed by requiring that liquidity be fully drawn down within one day if the parent is downgraded below Prime-1 and not replaced within that time. Regency Markets is now authorized to issue up to $2.8 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 RSVP@moodys.com.

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
Managing Director
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.
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