Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
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 [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
05 Nov 2003
New York, November 05, 2003 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 24, 2003 THROUGH OCTOBER 30, 2003: MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED OCTOBER 30, 2003
DRESDNER BANK'S SILVER TOWER ENTERS INTO EUR 2 BILLION AUTO LEASE RECEIVABLES TRANSACTION CO-PURCHASE AGREEMENT WITH BANK ONE'S FALCON AND JUPITER
Silver Tower Funding Limited, a Prime-1-rated, multiseller, partially supported ABCP conduit sponsored by Dresdner Bank AG (A1/Prime-1/C-), has entered into a co-purchase agreement with Bank One's Falcon Asset Securitization Corp. and Jupiter Securitization Corp., on an existing EUR 2 billion auto lease transaction that had been in the Silver Tower portfolio. This deal was the first auto lease transaction in the European market that enabled the originator to finance 100% of residual values through securitization.
Silver Tower Funding makes advances under a commissioning agreement, while Jupiter and Falcon advance through a loan agreement to a purchasing company, FAF Inc. FAF finances lease receivables on a revolving basis. The lease receivables, which include lease installments and residual value claims in connection with the vehicles, are originated by a wholly owned subsidiary of a Prime-1-rated German car manufacturer.
The lease installments comprising the pool are owed to the seller by a wholly owned member of the originator group under the head lease agreements. They effectively benefit from the Prime-1 rating of one of its unlimited partners. Hence, Moody's analysis did not focus on the underlying sub-leases, which have been assigned to the purchaser as additional collateral.
Residual value claims can account for up to 100% of the total receivable portfolio and comprise claims against the purchaser of the vehicles under the re-purchase agreements related to the sub-lease contracts. Residual value risk is mitigated by a guarantee of up to Euro 750 million provided by a Prime-1-rated financial institution, which effectively protects investors against a deterioration of residual values of up to 25% of the initial purchase price, In addition, the originator's proven ability to accurately predict residual values and efficiently re-sell vehicles to its dealer network, and various portfolio criteria (with respect to pool composition by model, minimum calculated residual values per lease contract and lease maturity profiles) coupled with tight termination triggers, serve to protect the transaction from residual value deterioration.
Pool-specific credit enhancement is provided in the form of a subordinated loan of 9% of the maximum purchase amount and a 2% discount, which together mitigate defaulted receivables and residual value losses. Furthermore, in the case of Silver Tower, the transaction benefits from default and delinquency triggers. If the trigger events occur, they would require the termination of receivable purchases and the cessation of ABCP issuance followed by an immediate put to liquidity. A liquidity facility is provided by Dresdner Bank AG. Bank One (Aa2/Prime-1/B+) provides liquidity for both Falcon and Jupiter.
With this addition, Silver Tower Funding is now authorized to issue ABCP up to an amount of approximately EUR 15 billion.
PARADIGM FUNDING AND LIBERTY STREET FUNDING ACQUIRE AGGREGATE $274.51 MILLION INTEREST IN $460 MILLION REVOLVING HEALTHCARE RECEIVABLE PURCHASE FACILITY
WestLB AG's (Aa1/Prime-1/D-, bank long-term deposit rating and bank financial strength rating on review for possible downgrade) Paradigm Funding LLC (Paradigm), and The Bank of Nova Scotia's (Aa3/Prime-1/B) Liberty Street Funding Corp. (Liberty Street), each a partially supported, multiseller conduit, have purchased interests in a $460 million revolving purchase facility of healthcare receivables, including equipment and medical test and procedure receivables. The receivables are originated by subsidiaries of a non-investment-grade-rated medical equipment manufacturer and distributor. Paradigm acquired a $176.47 million interest and Liberty Street acquired a $98.04 million interest in the receivable purchase facility. Bayerische Landesbank's (Aaa/Prime-1/D+) Giro Multi-Funding Corporation is also a co-purchaser of this facility.
The transaction is partially supported by a minimum of 28% deal-specific credit enhancement in the form of overcollateralization. However, the amount will adjust upward dynamically depending upon asset performance. Paradigm is providing incremental program-level credit enhancement of 10% of the amount of this transaction, while Liberty Street is providing incremental program-level credit enhancement of 16% of the transaction amount. Currently, Paradigm is authorized to issue approximately $8.34 billion of ABCP and has $597.85 of program-level credit enhancement; and Liberty Street is authorized to issue about $6.5 billion of ABCP and has $635 million of program-level credit enhancement.
LLOYDS' CANCARA ASSET SECURITISATION LIMITED ADDS GBP 18 MILLION INSURANCE PREMIUM LOAN TRANSACTION
Cancara Asset Securitisation Limited ("Cancara") a Prime-1-rated, partially supported hybrid ABCP conduit sponsored by Lloyds TSB Bank (Aaa/Prime-1/A), has added a GBP 18 million facility to its portfolio. Cancara makes advances under a commissioning agreement to a purchasing company, Gresham Receivables (No.1) Limited, which finances the insurance premium loans on a revolving basis. The debtors of the underlying portfolio are resident only in the United Kingdom.
Pool-specific credit enhancement is provided in the form of a letter of credit for 13.9 % and overcollateralization of 14%. The maximum tenor of the ABCP is 60 days.
The transaction benefits from default and delinquency trigger events. If these trigger events occur, they result in the termination of receivable purchases. An "out of formula" trigger and certain delinquency triggers will result in the cessation of ABCP issuance. Lloyds TSB Bank PLC (Prime-1/Aaa/A-) provides liquidity, which funds for non-defaulted receivables.
With this addition, Cancara Asset Securitisation Limited may now issue ABCP up to US$6 billion.
MOODY'S AFFIRMS RATINGS ON CXC, LLC's ABCP AND MEDIUM -TERM NOTES
Moody's has affirmed the Prime-1 rating of CXC, LLC ("CXC") for its asset-backed commercial paper ("ABCP") and its Aaa medium-term note ("MTN") rating. CXC is administered by Citicorp North America, Inc. ("CNAI"). The ratings were affirmed in response to a lawsuit filed by Enron on September 24, 2003 that names as defendants CXC, Citibank, N.A, other financial institutions and certain special purpose entities, some of which are Enron-related. The lawsuit pertains to a transaction funded by CXC that consisted of a $727.5 million loan that was secured by assets originated by Enron entities. The transaction was structured to include an asset purchase agreement agented
by Citibank, N.A..
The lawsuit alleges that CXC is liable for returning a prepayment made by Enron with respect to the loan. On August 30, 2001, Enron repaid $49.3 million, thus decreasing CXC's transaction size. The lawsuit alleges that this payment is preferential.
Moody's affirmation of CXC's outstanding ratings is based on structural protections that insulate CXC from potential monetary damages associated with the lawsuit. In particular, CXC is structured to include protection by third parties for certain payments from obligors that are ultimately avoided by a bankruptcy trustee. Therefore, if the $49.3 million prepayment is deemed to be preferential and must be returned, CXC will not ultimately be liable for this amount. Moody's will continue to monitor the progress of Enron's bankruptcy proceedings and their potential impact on CXC.
CXC is a Delaware limited liability company, administered by CNAI. All transactions in CXC are fully supported by APAs and by a Aaa-rated surety. CXC is authorized to issue $17.5 billion of ABCP and as of September 30, 2003 had just over $5 billion in ABCP outstandings.
BLB'S GIRO BALANCED FUNDING INCREASES TRADE RECEIVABLES FACILITY BY GBP 25 MILLION
Giro Balanced Funding Corp., Bayerische Landesbank's (Aaa/Prime-1/D+) partially supported ABCP conduit, has increased an existing trade receivable facility by GBP 25 million to GBP 175 million. The facility is to finance the trade receivables of the home shopping business of a leading retailer in the UK. The existing facility is co-purchased by three conduits. The other two conduits are Superior Funding Capital Corp. and Loch Ness Limited. Each of these two conduits has increased their commitment by GBP 50 million respectively.
The other changes to the facility include adoption of a dynamic advance rate with a floor overcollateralization requirement of 28% of the eligible receivables. There is no deterioration in the minimum overcollateralization level. Program-wide credit enhancement is being increased by 10%, or GBP 25 million with the addition. The liquidity facility for GBFC remains unchanged.
UFJ BANK'S MILLENNIUM ASSET FUNDING CORP. INCREASES AUTHORIZED AMOUNT
In Tokyo, Moody's has confirmed the Prime-1 rating of Millennium Asset Funding Corp. ("Millennium"), a multiseller, fully supported asset-backed commercial paper ("ABCP") program sponsored by UFJ Bank Limited following its execution of amendments to raise UFJ Bank Limited's (A3/ Prime-1/E) maximum yen liquidity commitments. Consequently, the authorized amount for Millennium's ABCP program has now been increased from 300 billion yen to 500 billion yen.
The program will purchase yen-denominated beneficiary interests, backed by various assets, through the issuance of ABCP in the Japanese ABCP market only.
WESTLB'S MONTAUK FUNDING PURCHASES TWO Aaa-RATED COMMERCIAL MORTGAGE-BACKED SECURITIES TOTALING $72 MILLION
Montauk Funding Corp., a partially supported, multiseller ABCP conduit sponsored by WestLB AG (Aa1/Prime-1/D-, bank long-term deposit rating and bank financial strength rating on review for possible downgrade) purchased two Aaa-rated asset-backed securities (ABS) backed by commercial mortgage loans issued out of two separate trusts. These ABS are for $55 million and $17 million. The underlying asset pools are made up of mortgage loans to commercial properties. The liquidity facilities will not fund if the securities are downgraded below Caa1 or if the conduit is bankrupt. As both ABS are rated Aaa, no incremental increase in the program-level credit enhancement was required. Montauk is authorized to issue up to $10 billion in ABCP.
RABOBANK'S NARCO ADDS $100 MILLION FULLY SUPPORTED WAREHOUSE FACILITY
Nieuw Amsterdam Receivables Corp., Rabobank International's (Aaa/Prime-1/A) partially supported, multiseller ABCP conduit, has added a $100 million warehouse facility that is part of a co-purchase arrangement with CSFB and Dresdner's ABCP conduits. The facility is to finance railcar leases that are originated by a Ba2-rated industrial company. It is expected that the assets in the warehouse facility will be removed in the near future and placed in a term securitization. Liquidity provided by Prime-1-rated Rabobank International fully supports the facility. Program-wide credit enhancement is being increased by 10%, or up to $10 million with the addition of this deal.
CIBC'S SPARC ADDS $222.3 MILLION OF Aaa- RATED NOTES
Special Purpose Accounts Receivable Corp. (SPARC), a partially supported, multiseller conduit sponsored by Canadian Imperial Bank of Commerce (CIBC) (Aa3/Prime-1/B), has purchased $222.3 million of Aaa-rated notes in a $500 million collateralized debt obligation. $72.2 million of the notes are funded, while $150 million are unfunded. Liquidity provided by Prime-1-rated CIBC partially supports the transaction. SPARC is now authorized to issue approximately $4.1 billion of ABCP.
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://www.moodys.com.
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.
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 $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.