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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 11, 2003:

12 Dec 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 11, 2003:

New York, December 12, 2003 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE SEVEN-DAY PERIOD ENDED DECEMBER 11, 2003:

MOODY'S ASSIGNS PRIME-1 RATING TO GMAC COMMERCIAL MORTGAGE'S CRE-8 FUNDING LLC

Moody's has assigned a Prime-1 rating to the secured liquidity notes (SLNs) to be issued by GMAC Commercial Mortgage Corp.'s CRE-8 Funding LLC. The new program will fund a variety of assets originated or acquired by GMAC Commercial Mortgage Corp. (GMACCM) or its affiliates including commercial real estate loans, commercial mortgage loan servicer advances, student loans, rated securities and government agency eligible loans and guaranteed debt. The program is intended as a warehouse facility, with the assets held for less than two years, during which time they will be securitized or sold. The program is authorized to issue up to $2 billion of secured liquidity notes.

Credit enhancement is provided in the form of overcollateralization with variable levels based on asset type and portfolio composition. Market value risk protection on sale is provided by a market value swap with Credit Lyonnais (Aa3/Prime-1/B-) or other counterparties rated Aa3/Prime-1 or higher. The swap covers all non-defaulted collateral and partially covers defaulted collateral.

Funding will be accomplished through issuing SLNs, a form of extendible money market notes, with an initial expected maturity of up to 90 days, extendible to a final maturity of 270 days after the related expected maturity, for a maximum term of 360 days.

For further details, see Moody' press release dated December 11, 2003.

MOODY'S AFFIRMED THE RATINGS OF THE FOLLOWING ABCP PROGRAMS DURING THE SEVEN-DAY PERIOD ENDED DECEMBER 11, 2003:

EIGHT CONDUITS PURCHASE INTERESTS IN $2.725 BILLION REVOLVING SENIOR NOTE BACKED BY AUTO LOANS

In a co-purchase transaction, eight conduits together purchased a $2.725 billion revolving senior note backed by vehicle loans. Barton Capital Corporation, a conduit sponsored by Societe Generale, Aa3/Prime-1/B), acquired a $500 million interest, Cancara Asset Securitization (sponsored by Lloyds TSB Bank, Aaa/Prime-1/A) acquired $500 million; Hannover Funding Company LLC (sponsored by Nord LB, Aa1/Prime-1/C-) acquired $250 million; Giro Multi-Funding Corp. and Giro Balanced Funding Corp. (both sponsored by Bayerische Landesbank Girozentrale, Aaa/Prime-1/D+), each acquired $237.5 million; Starbird Funding Corp. (sponsored by BNP Paribas, Aa2/Prime-1/B+) acquired $500 million; and Bryant Park Funding LLC and Regency Markets No. 1 LLC (both sponsored by HSBC, Aa2/Prime-1/B+) acquired $250 million.

The transaction benefits from deal-specific credit enhancement in the form of a 1.5% fully funded reserve account, 5.5% subordination, and excess spread.

Each participating conduit increased its program-level credit enhancement by a certain percentage of its interest in the note. The conduits Hannover and the Giro conduits are increasing their program-level credit enhancement by 10%, Barton and Bryant Park are increasing program-level credit enhancement by 8%, and Starbird, Regency and Cancara are increasing their program-level credit enhancement by 5%. Currently, Barton is authorized to issue up to $13 billion of ABCP; Hannover is authorized to issue up to $2.8 billion, Giro Balanced is authorized to issue up to $7.1 billion, Cancara $ 7.5 billion, Regency $3.85 billion, while Starbird is authorized to issue up to approximately $4.2 billion of ABCP.

JPMORGAN'S PARCO AND DFC PURCHASE $350 MILLION VARIABLE FUNDING NOTES FROM PRIVATE LABEL CREDIT CARD MASTER TRUST

Park Avenue Receivables Corp. ("PARCO") and Delaware Funding Corp. ("DFC"), JPMorgan Chase Bank's (Aa3/Prime-1/B) multiseller ABCP conduits, have each purchased $175 million of Class A variable funding notes issued by a private-label credit card master trust.

The Class A Notes are backed by private label credit card receivables originated and serviced by an A1-rated finance company. First loss protection for the Class A Notes is in the form of a subordinated Class B Note and overcollateralization. The subordinate notes must always equal at least 18.5% of the aggregate outstanding principal balance of the Class A and Class B Notes. The transaction is partially supported by liquidity facilities provided by Prime-1-rated JPMorgan Chase for their respective conduits.

Program-level credit enhancement for each conduit was increased by 10% of its purchase commitment for this asset. PARCO is now authorized to issue up to $9.6 billion of ABCP and DFC could issue up to $8.1 billion of ABCP as of September 30, 2003.

ABN AMRO'S AMSTEL PURCHASES EUR 1.031 BILLION ASSET-BACKED NOTES

The purchasing vehicle of Amstel Funding Corp., a partially supported ABCP conduit sponsored by ABN AMRO (Aa3/Prime-1/B, long term unsecured rating on review for possible downgrade), has entered into two transactions to purchase an aggregate EUR 1.031 billion of asset-backed securities (the Notes). Both transactions were funded by Amstel's Euro funding vehicle, Amstel Euro Funding Corp. (AMEFCO).

The Notes are rated Aaa. If any Notes are downgraded below Aa2, they either will be sold on a "no loss" basis or immediately put to liquidity. The authorized issuance amount for AMEFCO is now approximately EUR 25.5 billion.

SOCIETE GENERALE'S BARTON PURCHASES $625 MILLION VARIABLE FUNDING NOTE

Societe Generale's (Aa3/Prime-1/B) Barton Capital Corp. has purchased a A2-rated $625 million Class A variable funding note issued by a credit card master trust. The transaction is partially supported by 22.5% deal-specific credit enhancement in the form of subordinated Classes C, D, and E. In addition, program-wide credit enhancement has been increased by 8% of the amount of this facility. Liquidity provided by Societe Generale partially supports this transaction. Barton is now authorized to issue up to $12.5 billion of ABCP.

CANCARA ASSET SECURITISATION LIMITED ADDS $ 500 MILLION AUTO LOAN TRANSACTION

Cancara Asset Securitisation Limited ("Cancara") a Prime-1-rated, hybrid, partially supported ABCP conduit sponsored by Lloyds TSB Bank (Aaa/Prime-1/A), has added a $500 million facility to its portfolio.

Cancara makes advances under a commissioning agreement to a purchasing company, Gresham Receivables (No. 3) Limited, which finances auto loan receivables purchased on a revolving basis. The debtors of the underlying portfolio are resident only in the US. Pool-specific credit enhancement is provided in the form of a funded 1.5% reserve account and 5.5% subordination. The maximum tenor of ABCP is 60 days.

The transaction benefits from default and delinquency trigger events. If these trigger events occur, they can result in the termination of receivable purchases and early amortization of the transaction. An "out of formula" trigger results 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 to its portfolio, Cancara is now authorized to issue ABCP up to an amount of approximately US$ 7.5 billion.

DZ BANK'S CORAL CAPITAL ADDS FIRST TRANSACTION EUR 2 BILLION DEBT PURCHASE FACILITY

CORAL Capital Limited ('Coral'), a partially supported, hybrid ABCP program, sponsored by DZ Bank AG Deutsche Zentral-Genossenschaftsbank (DZ Bank, A2/Prime-1/D), issues ECP and also ABCP in the United States market, with Coral Capital, LLC, its wholly owned US subsidiary, acting as co-issuer.

In its first transaction, CORAL has added a program to finance the purchase of up to EUR 2 Billion in highly rated debt securities. The transaction will initially have no credit enhancement due to the high credit quality of the securities purchased; at least 50% of the portfolio must be rated Aaa and no security may be purchased which is rated lower than Aa3. This facility also incorporates a strong ratings migration strategy that requires CORAL to obtain credit enhancement for all securities rated below Aa3 and for securities rated above Aa3 in excess of certain limits.

CORAL may issue ABCP in both the United States and Euro markets. Following this addition, CORAL is authorized to issue the equivalent of approximately EUR 2 billion in asset-backed commercial paper.

LANDESBANK HESSEN-THÜRINGEN'S OPUSALPHA ECP PROGRAM ADDS EUR 270 MILLION TRANSACTION FINANCING MOBILE PHONE RECEIVABLES

Opusalpha Funding Limited, a new Prime-1-rated, partially supported hybrid conduit sponsored by Landesbank Hessen-Thüringen Girozentrale (Helaba, Aaa/Prime-1/C), has added its first asset. The issue will provide Opusalpha's purchasing affiliate, Opusalpha Purchaser Limited, with the financing to subscribe for up to EUR 270 million of funding notes issued by an intermediate special purchase vehicle and backed by receivables originated by a German mobile phone company.

The deal is partially supported by a liquidity facility provided by Helaba (Aaa/Prime-1/C). The transaction benefits from enhancement in the form of a minimum 2.5% overcollateralization, a cash reserve which will be built up to 3%, and a subordinated loan. Further, there is provision for liquidity to be drawn in full following certain termination events. One example is any breach of a minimum enhancement trigger, subject to a grace period. The transaction was co-purchased with another German-sponsored conduit.

KBC BANK'S QUASAR SECURITISATION COMPANY NV ADDS EUR 82 MILLION AUTO LOAN TRANSACTION

Quasar Securitisation Company NV, a Prime-1-rated, multiseller, partially supported ABCP conduit sponsored by KBC Bank (Aa3/Prime-1/B), has added a EUR 82 million facility to its portfolio. The debtors of the underlying portfolio are resident in The Netherlands. Pool-specific credit enhancement is provided in the form of an 8% purchase discount on the auto loan receivables. The transaction benefits from default trigger events. If these trigger events occur, they will result in the cessation of ABCP issuance followed by a put to liquidity. KBC Bank (Prime-1/Aa3) provides liquidity, which funds for non-defaulted receivables. With this addition, the aggregate authorized amount for Quasar is now approximately EUR 1.7 billion.

BARCLAYS' SHEFFIELD PURCHASES $150 MILLION OF CLASS D CREDIT CARD CRTIFICATES

Sheffield Receivables Corp., a partially supported, multiseller conduit sponsored by Barclays Bank (Aa1/Prime-1/A-), has purchased $150 million of Class D variable funding floating rate notes from a credit card master trust. The transaction is supported by a guaranty from a Aa2-rated monoline insurer. Sheffield's program credit enhancement was incrementally increased by 10% of this purchase. Sheffield is currently authorized to issue up to $22.8 billion of ABCP.

DRESDNER BANK'S SILVER TOWER FUNDING LIMITED ADDS 50 MILLION TRADE RECEIVABLES TRANSACTION

Silver Tower Funding Limited, a Prime-1-rated, multiseller, partially supported ABCP conduit sponsored by Dresdner Bank AG, has added a EUR 50 million facility to its portfolio. Silver Tower Funding makes advances under a commissioning agreement to a purchasing company, Carbo Finance Inc., which finances trade receivables, originated within the automotive sector, on a revolving basis. The debtors of the underlying portfolio are resident in a number of European countries. Debtor concentration is mitigated through commercial credit insurance and covers the largest debtors.

Pool-specific credit enhancement is provided in the form of: a 0.75% purchase discount; and up to a 3% cash reserve, which when fully funded will be subject to a floor amount of EUR 1.5 million, and an initial subordinated loan of 3.5% until the cash reserve is fully funded thereafter reduced to 2.5%.

The transaction benefits from default and delinquency trigger events. If these triggers occur, they result in the termination of receivable purchases and the cessation of ABCP issuance followed by a put to liquidity. Dresdner Bank AG (Prime-1/A1/C-) provides a liquidity facility which funds for non-defaulted receivables. With this addition, Silver Tower Funding is now authorized to issue ABCP up to approximately EUR 15 billion.

BNP PARIBAS' STARBIRD BUYS $125 MILLION TRADE RECEIVABLES IN FULLY SUPPORTED TRANSACTION

Starbird Funding Corp. (sponsored by BNP Paribas, Aa2/Prime-1/B+) has purchased $125 million of trade receivables originated by a non-investment-grade-rated toy and entertainment product manufacturer. Citibank's (Aa1/Prime-1/A-) CAFCO joined in the transaction. The Starbird transaction is fully supported. Starbird may now issue $4.2 billion of ABCP.

ROYAL BANK OF SCOTLAND PLC'S TAGS ABCP PROGRAM ADDS GBP 200 MILLION TRANSACTION FINANCING WAREHOUSE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES

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-), has agreed to subscribe for up to GBP 200 million of funding notes issued by a mortgage warehouse special purpose vehicle. The funding notes will finance the origination of residential mortgage loans by a United Kingdom originator on behalf of the mortgage warehouse vehicle. The deal is partially supported by a liquidity facility provided by the Royal Bank of Scotland plc. The transaction benefits from enhancement in the form of a minimum of 2.75% overcollateralization of the mortgage loans backing the funding notes for each funding period of approximately 30 days, and further benefits from a number of cease issuance triggers, in particular a 5-month delinquency trigger set at 1%. The total authorized amount for the TAGS conduit is currently approximately $5.29 billion.

ABN AMRO'S TULIP FINANCES EUR 500 MILLION PORTFOLIO OF AUTO LOANS AND LEASES AND EUR 80 MILLION PORTFOLIO OF INSTALLMENT LOANS

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 500 million pool of Austrian auto loans and lease receivables and a EUR 80 million pool of UK installment loans. 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 $16 billion.

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.
© 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.

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