info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

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..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You 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.

 

4.             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 Information.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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.​​​

​
I AGREE
Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JANUARY 15, 2004:

15 Jan 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAY PERIOD ENDED JANUARY 15, 2004:

New York, January 15, 2004 -- MOODY'S ASSIGNED A RATING OF PRIME-1 TO THE FOLLOWING ABCP CONDUIT DURING THE SEVEN-DAY PERIOD ENDING JANUARY 15, 2004:

MOODY'S ASSIGNS PRIME-1 RATING TO DEUTSCHE BANK'S SARATOGA FUNDING CORPORATION ABCP PROGRAM

Moody's Investors Service has assigned a Prime-1 rating to the asset-backed commercial paper (ABCP) to be issued by Saratoga Funding Corporation ("Saratoga"). Saratoga is a partially supported, multiseller ABCP program administered by Deutsche Bank AG (Aa3/Prime-1/B-, "DB"). Saratoga's program structure is very similar to those of Tahoe Funding Corporation ("Tahoe") and Sedona Capital Funding Corporation ("Sedona"), two other Prime-1-rated programs administered by DB.

Saratoga is a limited purpose corporation established according to Delaware law. All transactions contemplated for Saratoga will be subject to Moody's prior review. Saratoga will not issue ABCP to the public. Instead, all ABCP issued by Saratoga will be purchased by Gemini Securitization Corporation ("Gemini"), another DB-administered program that is rated Prime-1 by Moody's. Gemini in turn will issue ABCP to investors on a match-funded basis. At closing, Saratoga has not funded any asset interests and has no ABCP outstanding.

Saratoga's Prime-1 rating is based on, among other factors, the prior review requirement for all asset purchases to ensure the asset quality is consistent with the Prime-1 rating, liquidity and credit support provided by Prime-1 rated banks, structural protections to preserve the bankruptcy-remoteness of the conduit and the experience and capability of Deutsche Bank in its role as administrator of the program.

For further details, please see Moody's press release dated January 12, 2004.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 9, 2004 THROUGH JANUARY 15, 2004:

CSFB'S ALPINE SECURITIZATION CORP. COMPLETES RESTRUCTURING

Credit Suisse First Boston's (Aa3/Prime-1/C) Alpine Securitization Corp. completed a series of amendments that restructure the program to add more flexibility going forward. The program credit enhancement formula was changed to exclude "highly rated assets" from the calculation of required credit enhancement. (Highly rated assets are typically those rated Aa2 and higher.) This exclusion is a common feature of many multiseller programs. Program credit enhancement will continue to increase by 10% for assets that are not highly rated, and the floor amount of program credit enhancement was increased to $250 million from $150 million. Alpine has also obtained a first-loss credit facility. This is primarily intended to provide first-loss protection to Alpine or CSFB in its role as liquidity bank and credit enhancement provider to Alpine. The first-loss facility is in addition to the credit enhancement requirements noted above.

Other changes provide for the possible issuance of Euro CP at some future date. A special purpose facility now exists to purchase and fund non-US assets through Alpine. CSFB, as program administrator, takes on the responsibility to provide currency and interest rate hedging, if necessary. Finally, the program has added a global liquidity asset purchase facility in addition to the existing global asset purchase agreement. Either of these agreements may provide liquidity support or may provide liquidity and credit support to assets funded by Alpine.

CDC'S EIFFEL ADDS TWO FACILITIES TOTALING $325 MILLION

Eiffel Funding, LLC, CDC Financial Products, Inc.'s (Aaa/Prime-1) partially supported, multiseller ABCP conduit, has added two new asset interests totaling $325 million. The first facility, amounting to $250 million, consists of three notes. The amount of each class of notes varies depending on the portfolio mix, but can never be more than $250 million in aggregate.

The notes are a Aaa-rated Class A Note, a Aa2-rated Class B Note, and an A2-rated Class C Note. The notes are backed by retail auto loans originated by an investment-grade-rated finance company. In addition to the subordination supporting each note, there is a funded reserve account with a minimum of 1.25%. Eiffel has also added program-wide credit enhancement of 10% of the outstanding Class C Note.

Eiffel also purchased a $75 million Aaa-rated collateralized debt obligation (CDO). The CDO is part of a securitization structure totaling approximately $237 million. Eiffel will be financing one of two of the most senior classes in that structure. The collateral consists of investment-grade-rated CDOs as well as credit-linked notes where the reference obligation is a CDO. Program-wide credit enhancement will not be increased for the CDO due to its high credit quality.

Eiffel is currently authorized to issue over $6 billion of ABCP.

DEUTSCHE BANK'S GEMINI PURCHASES TAHOE ABCP BACKED BY $350 MILLION TRADE RECEIVABLES FACILITY

Deutsche Bank's Gemini Securitzation Corp., sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), purchased ABCP from a sister conduit, Tahoe Funding Corp., that is backed by a $350 million co-purchase share in a $1 billion trade receivable facility with an investment-grade-rated commercial finance company. The purchase is fully supported.

Gemini's program limit is set at $15 billion. As of January 13, 2004, the total commitment for Gemini was at $9.0 billion with $5.0 billion outstanding. Of those amounts, Sedona has $3.1 billion in total commitments with $1.6 billion in outstandings, while Tahoe has $2.1 billion in commitments and $1.5 billion in outstandings. Gemini program enhancement is $575 million (with a floor of $250 million).

NORDLB'S HANNOVER FUNDING ADDS TWO TRANSACTIONS

Hannover Funding Corp. is a hybrid ABCP conduit sponsored by Norddeutsche Landesbank Girozentrale (Aa1/Prime-1/C-). Hannover combines the features of several types of ABCP programs: partially supported term and trade receivable financing, a maturity-matched loan-backed program and a securities credit arbitrage program. Hannover has purchased a $50 million variable funding note backed by a pool of royalty interests and contingent pay rights in various biopharmaceutical products. The Aaa rating assigned to the notes is based primarily on an MBIA guarantee. The transaction is fully supported by a liquidity facility unless the insurer is bankrupt, is rated below Caa2 or suffers a payment default. Hannover has also purchased a $31 million participation in a synthetic lease facility that is fully supported by liquidity.

Hannover is authorized to issue approximately $2.8 billion of ABCP, and it has program-level credit enhancement of $186 million.

BNP PARIBAS' STARBIRD BUYS $165 MILLION SHARE OF CO-PURCHASE EQUIPMENT LEASE FACILITY

Starbird Funding Corp., sponsored by BNP Paribas, Aa2/Prime-1/B+, has purchased $165 million of equipment lease and loan receivables originated by a non-investment-grade-rated manufacturer and distributor of agricultural and construction equipment. The transaction features 5% credit enhancement provided in the form of overcollateralization, and 7% enhancement through a spread account. Also, a conduit pool-specific liquidity event occurs upon any early amortization event in the transaction, forcing the conduit to cease issuing ABCP.

The conduit provides program enhancement of 5% of the amount of this asset, and Starbird may now issue approximately $4.25 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. 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.
© 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.

​
Moodys.com