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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.
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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.

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

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