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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 4, 2003:

05 Sep 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED SEPTEMBER 4, 2003:

New York, September 05, 2003 -- DID YOU KNOW? ABCP QUERY WILL PROVIDE INFORMATION ABOUT EUROPEAN CONDUITS

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 currently provides data specific to about 90 ABCP programs, including liquidity providers, credit enhancement, seller industries and seller ratings. Summary or detail data by conduit, administrator, or liquidity provider is also provided.

In the near future, Query will be upgraded to include European programs. To date, three European programs have been added: Tulip Funding Corp., Grampian Funding Limited, and Silver Tower Funding Limited.

Monthly performance overviews for European conduits are also currently available on Moody's website.

MOODY'S RATED THE FOLLOWING ABCP CONDUITS PRIME-1 DURING THE PERIOD AUGUST 28, 2003 THROUGH SEPTEMBER 4, 2003:

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S CROWN POINT

Moody's has assigned a Prime-1 rating to Crown Point Capital Company LLC ("Crown Point"), an asset-backed commercial paper program sponsored by Liberty Hampshire Company. Liberty Hampshire provides structuring and certain administrative services to Crown Point. Liberty Hampshire owns and operates nine asset-backed commercial paper and medium-term note issuing finance subsidiaries. Deutsche Bank Trust Company Americas (A1/Prime-1/C) is the depositary and issuing and paying agent for Crown Point. Crown Point is authorized to issue up to $10 billion of asset-backed commercial paper ("ABCP").

Crown Point manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The ABCP issued by Crown Point to fund these transactions is fully supported by liquidity facilities provided by Prime-1- rated institutions. Thus, ABCP investors are fully insulated from risks associated with the underlying transactions financed through Crown Point.

The Prime-1 rating assigned to Crown Point is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections that ensure the bankruptcy-remoteness of Crown Point.

MOODY'S ASSIGNS PROVISIONAL RATING OF (P) PRIME-1.ZA TO FIRST SERIES OF ASSET-BACKED COMMERCIAL PAPER OF GRAYSTON CONDUIT 1 (PROPRIETARY) LIMITED SPONSORED BY INVESTEC BANK LIMITED

Moody's has assigned a provisional rating of (P) Prime-1.za to the first series of asset-backed commercial paper ('ABCP') issued by Grayston Conduit 1 (Proprietary) Limited ("Grayston"). Grayston is a newly established partially supported, serialized, multiseller ABCP program sponsored by A1.za/Prime-1.za rated Investec Bank Limited ("Investec"). Investec will also serve as Manager. Grayston is the first ABCP conduit to be sponsored by Investec. Investec made its first appearance in the asset securitisation market last year with the closing of the Private Mortgages I (Proprietary) Limited RMBS transaction. Grayston's program size is ZAR 10 billion.

Grayston will issue series of liabilities backed by specific pools of assets, thereby affording a high degree of transparency to investors. Grayston will be able to purchase or finance various asset types: highly rated ABS, trade receivable pools, warehousing lines, and pools of highly rated corporate indebtedness. Investec, in its role as Manager, is expected to underwrite and structure all of Grayston's purchases. Moody's will review each seller addition prior to its inclusion into Grayston.

Grayston is the first South African ABCP conduit to be rated by Moody's. The Prime-1.za rating is a "national scale" rating that is a measure of relative risk within the South African market. The Prime-1.za rating means that Moody's considers Grayston to be among those issuers in South Africa with the strongest ability to repay their short-term debt obligations. National scale ratings in one country should not be compared to national scale ratings in another, or with Moody's global rating. Loss expectations for a given national scale rating will generally be higher than for the global scale equivalent.

Moody's believes Grayston is indicative of a trend toward greater issuance of ABCP in the South African market. ABCP is an integral part of the rapidly maturing South African securitization market, providing originators with a complement to long-term funding, an avenue for liquidity and a diversified source of funding.

The Prime-1.za rating was assigned to Grayston in part based upon the following:

1.Grayston's obligations and the underlying assets are segregated on a series by series basis;

2.All new series, if not rated by Moody's, will be subject to a prior review of the series supplement;

3.Each series will have a specific partially supporting liquidity facility;

4.Credit enhancement will be sized on a series-specific basis for defaults and other items;

5.A series-specific reserve account will be sized to cover expenses and other items;

6.Potential interest rate risks will be addressed by series-specific hedging agreements with a Prime-1.za rated bank;

7.Structural protections, including limited recourse language, agreements not to petition the issuer into bankruptcy and the bankruptcy-remote nature of the issuer will be provided for in the terms and conditions of all series;

8.The expertise of Investec in managing the conduit; and

9.ABCP issuance tests will provide for a sufficient amount of enhancement, liquidity and support facilities.

A more detailed description of the Grayston program will be published in a forthcoming new issue report that will be available on Moody's website, www.moodys.com. Also, Grayston's performance will be noted in Moody's ABCP International Market Summary, published monthly. Monthly performance overviews for Grayston will be available on Moody's website, www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD AUGUST 28, 2003 THROUGH SEPTEMBER 4, 2003:

DEUTSCHE BANK'S ASPEN FUNDING ADDS TOTAL RATE OF RETURN SWAP; MAY NOW PURCHASE UP TO $1 BILLION OF Aaa-RATED ABS

Aspen Funding Corp., a fully supported securities arbitrage program sponsored by Deutsche Bank (Aa3/Prime-1/B) has amended its program to include a total rate of return swap that permits the purchase of highly rated securities up to $1 billion. The swap facility provides both liquidity and credit support by ensuring timely and full payment of maturing ABCP and purchasing securities that are downgraded to Aa3 or below. The swap counterparty is Deutsche Bank. With the addition of the swap facility, Aspen's liquidity is now provided through either a liquidity agreement or a total rate of return swap.

Aspen has simultaneously amended its program to allow the purchase of up to $1 billion of Aaa-rated securities without the required support from the program's surety bond. Should any securities be downgraded to Aa3 or below, the liquidity or swap provider will purchase the assets in the full amount of outstanding ABCP issued to fund the asset.

Aspen is currently authorized to issue up to $6 billion of ABCP.

DRESDNER BANK'S BEETHOVEN FUNDING ADDS $100 MILLION FULLY SUPPORTED WAREHOUSE FACILITY

Moody's has affirmed the Prime-1 rating of Beethoven Funding, Dresdner Bank AG's (A1/Prime-1/C-) partially supported multiseller ABCP conduit, after the addition of a $100 million railcar lease warehouse facility that is part of a co-purchase arrangement with CSFB and its ABCP conduit. Liquidity provided by Prime-1-rated Dresdner fully supports the facility. Program-wide credit enhancement is being increased by 10% of outstanding ABCP issued against this asset.

CDC'S EIFFEL FUNDING ADDS $100 MILLION WAREHOUSE FACILITY

Eiffel Funding, a partially supported multiseller ABCP conduit sponsored by CDC-Financial Products, Inc. (Aaa/Prime-1), added a $100 million revolving warehouse facility to its portfolio. The facility is structured as a collateralized loan obligation that will issue notes backed by fully funded and revolving loan facilities to certain obligors. The warehouse facility is supported by a surety bond provided by Aaa-rated MBIA. Liquidity will repay the face amount of ABCP as long as there are no payment defaults on the notes and as long as MBIA does not default on any of its obligations under the policy. Program-wide credit enhancement was increased by 10% of outstandings.

ABN AMRO'S TULIP ADDS $165 MILLION PORTFOLIO OF RESIDENTIAL MORTGAGES AND EUR 150 MILLION PORTFOLIO OF AUTO LEASES

Tulip Funding Corp., the fully supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has financed a $165 million portfolio of United Kingdom residential mortgages. In addition, Tulip Euro Funding Corp., has financed a EUR 150 million portfolio of Dutch auto leases.

The Tulip conduit is fully supported through liquidity commitments for 90% and a standby letter of credit for 10% of the facility amount, provided by Prime-1-rated ABN AMRO. The letter of credit serves as both liquidity and credit enhancement. The authorized issuance amount for Tulip is now approximately $15.3 billion.

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.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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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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.

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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 $2,700,000. 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 JPY125,000 to approximately JPY250,000,000.

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

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