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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 16, 2003:

17 Oct 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 16, 2003:

New York, October 17, 2003 -- QUERY ADDS EURO CP FEATURE

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.

Query has just been further enhanced to display ABCP issued in the Euro market. Within the Programs, Administrators, and Comparison tabs, where applicable, there are two extra lines of detail. These extra lines display the amount of ABCP issued in both the United States market and the Euro market.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 9, 2003 THROUGH OCTOBER 16, 2003:

BANK OF AMERICAS' RECEIVABLES CAPITAL COMPANY LLC ISSUES SUBORDINATED DEBT TRANCHE

Receivables Capital Company LLC (RCC), a post-review, multiseller conduit sponsored and administered by Bank of America, N.A. (Aa1/Prime-1/A-), has issued a subordinated debt tranche. The debt is fully subordinated to any ABCP issued by RCC. Its principal may only be paid out of the proceeds of this subordinated debt issuance, and its interest may be paid only if RCC has funds in excess of the amounts needed to repay outstanding ABCP.

RCC is currently authorized to issue up to $7.4 billion of ABCP.

HSBC BANK PLC'S REGENCY MARKETS ABCP PROGRAM ADDS GBP 300 MILLION TRANSACTION FINANCING WAREHOUSE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES

Regency Markets No.1 LLC (Regency Markets), a Prime-1-rated, partially supported multiseller conduit sponsored by HSBC Bank plc (Aa2/Prime-1/B+), has funded Regency Assets Limited in the amount of GBP 300 million, enabling it to subscribe for notes issued by a mortgage warehouse special purpose vehicle funding the latter's purchase of residential mortgage loans from a United Kingdom originator. The deal is partially supported by a liquidity facility provided by HSBC Bank Plc with the possibility of syndication to other Prime-1-rated banks. The transaction benefits from enhancement in the form of overcollateralization. It further benefits from a number of cease issuance triggers, in particular a failure by the originator to buy back mortgage loans more than 60 days past due. The maturity of ABCP outstanding against this pool is limited to the interest periods under the notes, which are limited to approximately 90 days. The total authorized amount for the Regency Markets conduit is currently approximately USD 3.4 billion.

DRESDNER BANK'S SILVER TOWER FUNDING LIMITED ADDS 130 MILLION TRADE RECEIVABLE TRANSACTION

Silver Tower Funding Limited, a Prime-1-rated, multiseller, partially supported ABCP conduit sponsored by Dresdner Bank AG (A1/Prime-1/C-), has added a EUR 130 million facility to its portfolio.

Silver Tower Funding makes advances under a commissioning agreement to a purchasing company, Cool Orange Inc., which finances trade receivables originated within the vehicle manufacturing sector on a revolving basis.

The debtors of the underlying portfolio are resident in a number of European countries. Debtor concentrations are mitigated through a Hermes commercial credit insurance agreement.

Pool-specific credit enhancement is provided in the form of:

a)0.75% purchase discount;

b)a cash reserve, amounting to the greater of (a) EUR 1 million or (b) 1.25% of the actual purchase amount, and

c)Hermes commercial credit insurance agreement with a maximum liability of Euro 70 million.

The transaction benefits from default and delinquency triggers. The occurrence of a trigger event results in the termination of receivable purchases and the cessation of ABCP issuance followed by an immediate put to the liquidity facility. Dresdner Bank AG (Prime-1/Aa3/C-) provides the liquidity commitment for this transaction, which funds for non-defaulted receivables.

With this addition, Silver Tower Funding is now authorized to issue ABCP up to approximately EUR 15 billion.

ROYAL BANK OF SCOTLAND PLC'S TAGS ABCP PROGRAM ADDS GBP 300 MILLION TRANSACTION FINANCING RESIDENTIAL MORTGAGE-BACKED SECURITIES WAREHOUSE AND USD 75 MILLION TRANSACTION BACKED BY UNITED STATES VACATION INDUSTRY RECEIVABLES

Thames Asset Global Securitisation No.1, Inc., a Prime-1-rated, partially supported multiseller conduit sponsored by the Royal Bank of Scotland plc (Aa1/Prime-1/A-), which issues ABCP in the U.S. and Euro markets, has funded a GBP 300 million loan facility to a purchasing vehicle. The funding enabled the vehicle, Form Limited, to subscribe for funding notes issued by a mortgage warehouse special purpose vehicle to fund the vehicle's purchase of residential mortgage loans from a United Kingdom originator. The deal is partially supported by a liquidity facility provided by the Royal Bank of Scotland plc, with the possibility of syndication to other Prime-1-rated banks. The transaction benefits from enhancement in the form of 16% overcollateralization of the mortgage loans backing the funding notes. It further benefits from a number of cease issuance triggers, in particular including a failure by the originator to buy back mortgage loans that are more than 60 days past due. In addition, a cease issuance will take place if the originator is no longer 100% owned by its A3-rated parent.

TAGS has also funded a USD 75 million loan facility to finance United States vacation industry receivables. The funding, which is made through an intermediate purchasing company, enables the purchase of notes forming part of a series of variable funding notes (the Notes) ultimately backed by a portfolio of loans originated by vacation industry subsidiaries of a U.S. corporation. The Notes were acquired pursuant to a co-purchase arrangement. The deal is partially supported by a liquidity facility provided by The Royal Bank of Scotland with the possibility of syndication to other Prime-1-rated banks. The transaction benefits from pool-specific credit enhancement set at a minimum of 17% of the loans backing the Notes funded by TAGS. Furthermore, TAGS will cease issuance of ABCP against this pool if adequate credit enhancement is not maintained, or if an amortization event occurs under the Notes.

TAGS is currently authorized to issue approximately USD 4.76 billion of ABCP.

ABN AMRO'S TULIP FINANCES EUR 1.02 BILLION PORTFOLIO OF AUTO LOANS AND EUR 335 MILLION PORTFOLIO OF RESIDENTIAL MORTGAGES

Tulip Funding Corp. (Tulip), the fully supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has financed a EUR 1.02 billion pool of Italian auto loans and a EUR 335 million pool of UK residential mortgages. Both transactions were funded by Tulip's Euro funding vehicle, Tulip Euro Funding Corporation (TEFCO).

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 $17 billion.

MOODY'S PHDS OF ABCP ON OCTOBER 30, 2003

On Thursday, October 30, 2003, from 1 to 5 P.M., Moody's is offering a seminar in New York City called "Moody's PhDs of ABCP, Advanced Topics in Asset-Backed Commercial Paper." Members of Moody's ABCP Group will discuss topics including an overview of the ABCP market, FIN 46 and its effects upon ABCP, Moody's ABCP research, and alternative forms of liquidity and related regulatory issues, exotic assets in conduit facilities, and mortgage warehousing conduits.

The seminar will be held at the Union League Club, 38 East 37th Street in New York. To enroll online, go to Moodys.com. Otherwise, please call (212) 553-1658.

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 at http://w

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.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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