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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 AUGUST 28, 2003:

29 Aug 2003

New York, August 29, 2003 -- DID YOU KNOW? ABCP QUERY PROVIDES DETAILED INFORMATION ABOUT CONDUIT ADMINSTRATORS

ABCP Query is an Excel-based tool that provides clients with data on Moody's-rated Asset Backed Commercial Paper conduits. Current coverage includes the largest multiseller and securities arbitrage conduits. Query provides data specific to every program, including liquidity providers, credit enhancement, seller industries and seller ratings. You may also view summary or detail data by conduit, administrator, or liquidity provider.

You can obtain information about a particular administrator and the conduits it sponsors by clicking on the "Administrator" tab. For example, you can learn the authorized amount, outstanding ABCP, program credit enhancement by dollar amount and as a percentage of outstanding ABCP for the past 12 months for each of an administrator's conduits. Also, a convenient link to Moodys.com provides ready access to ratings information about the administrator itself.

In the coming weeks, we will provide additional examples of ABCP conduit information that may be accessed through Query.

MOODY'S RATED THE FOLLOWING ABCP CONDUITS PRIME-1 DURING THE PERIOD AUGUST 22, 2003 THROUGH AUGUST 28, 2003:

MOODY'S ASSIGNS PRIME-1 RATING TO GEORGETOWN FUNDING COMPANY LLC EXTENDIBLE COMMERCIAL NOTE PROGRAM

Moody's has assigned a Prime-1 rating to Georgetown Funding Company, LLC, ("Georgetown"), a new asset-backed commercial paper program sponsored by Friedman Billings Ramsey Group, Inc. (FBR). Georgetown will issue extendible commercial notes (ECNs) and use the proceeds to invest in repurchase agreements collateralized by Agency-backed adjustable rate mortgage securities (ARMS). FBR Investment Management, Inc. (FBRIM), an FBR subsidiary, will act as program administrator. Deutsche Bank Trust Company Americas (A1/Prime-1/C) will act as collateral agent and issuing and paying agent. Georgetown is authorized to issue up to $5 billion of extendible ABCP.

The Prime-1 rating is based primarily on:

(1) The credit quality of the Agency-backed ARMS provided as collateral under the repurchase agreements;

(2) Liquidity provided by issuing ABCP match-funded to the scheduled maturity of the repurchase agreement, with the ability to extend the ABCP maturity for an additional 10 days to sell the collateral if payment to repurchase the collateral is not received;

(3) Credit enhancement, provided by overcollateralization, sized to cover the market value risk of liquidating the collateral over a 10-day period;

(4) The capabilities of FBR Investment Management Inc. as administrator;

(5) The capabilities of Deutsche Bank Trust Company Americas as issuing and paying agent and collateral agent;

(6) The capabilities of LordSPV Securities Corporation as back-up administrator in the event of a program default.

For further details, please see Moody's press release dated August 29, 2003.

MOODY'S ASSIGNS PRIME-1 RATINGS TO TICONDEROGA MASTER FUNDING LTD./TICONDEROGA FUNDING LLC, FORRESTAL CERTIFICATE FUNDING TRUST AND INDOMITABLE FUNDING LTD.

Moody's has assigned Prime-1 ratings to the fully supported asset-backed commercial paper notes ("Notes") and certificates ("Certificates") issued by Ticonderoga Master Funding Ltd., Forrestal Certificate Funding Trust and Indomitable Funding Ltd. (together, the "Conduits"). All three programs are administered by Bank of America, N.A. ("Bank of America") (Aa1/Prime-1/A-) or an affiliate. Ticonderoga may issue up to $20 billion non-U.S. and U.S. Notes and Certificates. Ticonderoga may also issue Notes and Certificates in the US with its co-issuer, Ticonderoga Funding LLC. Also, Forrestal may issue up to $10 billion U.S. Notes and Indomitable may issue up to $10 billion non-U.S. Notes.

Each of the Conduits is only permitted to purchase certificates or notes ("purchased securities") that are issued by conduits administered by Bank of America or an affiliate of Bank of America. These purchased securities are fully supported by total rate of return swaps provided by Bank of America (or one of its affiliates whose obligations under the swap are guaranteed by Bank of America). Indomitable may also purchase Certificates issued by Ticonderoga.

The purchased securities are match-funded with the Certificates and the Notes issued by the Conduits ("Conduit Securities"). The Conduit Securities may be denominated in U.S. dollars or another currency approved by Moody's but they must be denominated in the same currency as the purchased securities acquired with the proceeds of issuance of related Conduit Securities.

The Prime-1 ratings assigned to the Conduits are primarily based on the credit support provided by the fully supported, match-funded purchased securities which back the Conduit Securities. Also, structural protections for each of the Conduits ensure the bankruptcy-remoteness of Ticonderoga, Forrestal and Indomitable.

For further details, please see Moody's press release dated August 29, 2003.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD AUGUST 22, 2003 THROUGH AUGUST 28, 2003:

WACHOVIA'S BLUE RIDGE JOINS EXISTING TRADE RECEIVABLES DEAL

Blue Ridge Asset Funding, Wachovia Bank's (Aa2/Prime-1/B+) partially supported, multiseller ABCP conduit, has purchased $80 million of an existing $500 million copurchase trade receivables securitization. The transaction is backed by short-term receivables originated by a multinational marketing service organization rated Baa2. Investor protections include tight triggers as well as limits on lower-rated obligors. Liquidity, provided by each of the three participating banks, funds for non-defaulted assets. Non-defaulted assets are defined as less than 120 days past due. ABCP investors benefit from a minimum loss reserve of 12%. The program letter of credit has increased by 10% of the amount of this transaction. Blue Ridge now has $3.1 billion of ABCP outstanding and $6.8 billion in commitments.

CDC'S EIFFEL FUNDING ADDS $150 MILLION COPURCHASE OF EXISTING MORTGAGE FACILITY

Eiffel Funding, a partially supported multiseller ABCP conduit sponsored by CDC-Financial Products, Inc. (Aaa/Prime-1) added a $150 million facility backed by qualified non-performing residential mortgages that are either insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans' Affairs (VA). The facility is part of a $1.050 billion facility that is now funded through several conduits, including Bank of America's Quincy Capital Corp., Credit Lyonnais' Atlantic Asset Securitization Corp. and La Fayette Asset Securitization LLC, and Bank One's Falcon Asset Securitization Corp. The mortgages are serviced and originated by an unrated subsidiary of a Aa3-rated insurance company. Pool- specific credit enhancement is in the form of asset overcollateralization, which varies depending on the mix of FHA-insured and VA-guaranteed loans. The advance rates for FHA and VA loans are 95% and 92%, respectively. There is also a reserve account which is currently not funded. Once annualized losses exceed 2%, there is a requirement that 2% of the facility limit be deposited into the reserve account. The highest annual loss since November 2000 has been less than 1%. Program-wide credit enhancement is in the form of an asset purchase agreement and will be increased by 10% of outstandings, giving investors additional protection.

BMO NESBITT BURNS CORP.'S FAIRWAY AMENDS $150 MILLION AUTO FLEET LEASE FACILITY

Fairway Finance Co., LLC, which is sponsored and administered by BMO Nesbitt Burns Corp., the securities underwriting affiliate of Bank of Montreal (BMO) (Aa3/Prime-1/B), amended an existing $150 million revolving auto fleet lease transaction. The seller, headquartered in the Midwest, is one of the nation's oldest vehicle leasing and fleet management companies.

The amendment reduces Fairway's program-wide credit enhancement allocation for this transaction, a letter of credit provided by BMO, from 15% to 10% of the facility limit based on the strong performance of the lease pool. Deal-specific credit enhancement, in the form of overcollateralization, is fixed at 10%, with a floor of $2.25 million.

Liquidity, provided by Prime-1 rated BMO, partially supports this transaction in Fairway. If certain trigger events occur, the amount funded by liquidity may be reduced if the outstanding principal balance of defaulted leases exceeds the required reserves. However, credit enhancement at both the deal and program level has been sized to mitigate this risk.

Fairway is currently authorized to issue up to $12 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
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

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 28, 2003:
No Related Data.
© 2022 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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.

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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