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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 inform​ation 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.

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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JANUARY 29, 2004

29 Jan 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JANUARY 29, 2004

New York, January 29, 2004 -- MOODY'S ABCP QUERY UPDATE

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.

ABCP Query has now been updated with September 2003 data.

MOODY'S PUBLISHES 2003 REVIEW AND 2004 OUTLOOK FOR EUROPEAN/MIDDLE EAST/AFRICA ABCP MARKET AND FOR AUSTRALIAN ABCP MARKET

Moody's Investors Service has published two 2003 review & 2004 outlook articles, one on the European/Middle East/Africa ("EMEA") market, and the other on the Australian market.

The EMEA article is titled "ABECP Gives Up Supporting Role and Assumes a Main Part." In the article, Moody's predicts that the asset-backed commercial paper (ABCP) market in EMEA should continue its strong growth into 2004, although the pace will be dependent on the outcome of regulatory and accounting reform proposals.

As the article explains, the EMEA ABCP market continued to flourish in 2003, with outstandings growing 24% over the previous year to approximately US$215 billion. In keeping with historical trends, most of the growth in 2003 was driven by credit arbitrage conduits. The volume of Asset-Backed Securities (ABS) financed by EMEA conduits rose 41% to approximately $115 billion during 2003.

Moody's has also published an article on the Australian market which is titled "Australian Asset-Backed Commercial Paper Market: Steady as Program Sponsors Prepare to Meet Challenges and Opportunities." In the article, Moody's comments that the Australian ABCP market should remain steady in 2004 as program sponsors continue to reposition themselves in response to various challenges and opportunities, including continued implementation of regulatory changes, pricing pressures on staple arbitrage assets and liquidity shortages.

For further details, please see Moody's press release dated January 27, 2004 for the EMEA ABCP market and January 23, 3004 for the Australian ABCP market. The Special Reports are available on Moody's website, http://www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 23, 2004 THROUGH JANUARY 29, 2004:

DRESDNER'S BEETHOVEN ADDS $125 MILLION MORTGAGE WAREHOUSE "CLUB" FACILITY

Beethoven Funding Corp. ("Beethoven"), a Dresdner Bank AG (A1/Prime-1/C-)-sponsored and administered multiseller ABCP program, agreed to finance $125 million of receivables in a $4.5 billion mortgage warehouse facility. The seller is an A3-rated mortgage originator and servicer that utilized the facility to temporarily warehouse conforming mortgage loans.

A liquidity facility provided by Dresdner Bank, funds for the face amount of maturing ABCP, as long the ratings of certain government agency issued Aaa-rated mortgage-backed securities is not rated below Caa2.

Beethoven's program level credit enhancement will be increased by 10%, or $12.5 million, of its commitment for this transaction. Beethoven is currently authorized to issue up to approximately $4 billion of ABCP.

MOODY'S AFFIRMS RATINGS OF CNAI'S CRC, CAFCO and CXC ABCP

Moody's affirmed the Prime-1 ratings of the asset-backed commercial paper issued by CXC, LLC ("CXC"), CAFCO, LLC ("CAFCO"), and CRC Funding, LLC ("CRC"), as well as CXC´s Aaa ratings for medium-term notes ("MTNs"). All three conduits are sponsored and administered by Citicorp North America, Inc. ("CNAI"). The ratings were affirmed in response to an amended complaint filed by Enron on December 1, 2003, updating an earlier complaint filed on September 24, 2003. The named defendants include CXC, CAFCO, and CRC, along with CNAI, Citibank, N.A., other financial institutions and certain special purpose entities, some of which are Enron-related.

Moody's affirmation of the ratings of each of the three conduits is based on indemnifications and structural protections that insulate investors from all potential monetary damages associated with the complaint. If any claims associated with the amended complaint were to result in monetary damages against CXC, CAFCO or CRC, those amounts would be covered under third-party indemnification provisions of each conduit's administration agreement. Moody's will continue to monitor the progress of Enron's bankruptcy proceedings and the potential impact that pending litigation may have on the credit quality of CXC, CAFCO, and CRC.

CXC is authorized to issue $17.5 billion of debt in the form of ABCP and MTNs. CAFCO and CRC are each authorized to issue $15 billion. At the end of 2003, CXC had $4.8 billion in ABCP outstanding and CAFCO and CRC had $8.9 billion and $8.2 billion in outstanding ABCP, respectively.

For further details, please see Moody's press release dated January 28, 2004.

BAYERISCHE LANDESBANK'S GIRO BALANCED FUNDING ENTERS INTO $340 MILLION TOTAL RETURN SWAP TRANSACTION TO PURCHASE HIGHLY RATED SECURITIES

Giro Balanced Funding Corp. ("Giro Balanced"), a partially supported, multiseller conduit sponsored by Bayerische Landesbank (Aaa/Prime-1/D+), has entered into a $340 million total return swap transaction for the purchase of highly rated securities. A total return swap, provided by a Prime-1-rated European bank, is structured to fully support this transaction by absorbing liquidity, credit and market value risk. The transaction structure is similar to another transaction Giro Balanced closed in December 2003. Giro Balanced is now authorized to issue approximately $7.7 billion of ABCP.

COMMERZBANK'S KAISERPLATZ FUNDING LIMITED ADDS EURO 43 MILLION TRADE RECEIVABLES TRANSACTION

Kaiserplatz Funding Limited, a partially supported, multiseller ABCP conduit sponsored by Commerzbank AG (A2/Prime-1/C), has added a Euro 43 million trade receivables facility to its portfolio. Kaiserplatz Funding Limited makes advances under a funding agreement to a special purpose purchasing company, which finances trade receivables on a revolving basis. The receivables are originated by a German manufacturing company.

Pool-specific credit enhancement is provided in the form of a combination of cash reserves and overcollateralization. Further credit enhancement in relation to this transaction is provided to Kaiserplatz Funding Limited by Commerzbank. The transaction benefits from tight default and delinquency triggers. If the trigger events occur, receivables purchases will terminate and ABCP may no longer be issued. A liquidity facility is provided by Commerzbank AG.

With this addition, Kaiserplatz Funding Limited is now authorized to issue approximately Euro 2.4 billion of ABCP.

WESTLB'S PARADIGM FUNDING PURCHASES $100 MILLION INTEREST IN VARIABLE FUNDING NOTE

Paradigm Funding LLC ("Paradigm"), a partially supported, multiseller conduit sponsored by WestLB AG (Aa1/Prime-1/E), purchased a $100 million interest in a variable funding note ("VFN") backed by wholesale receivables owed by dealers of agricultural and construction equipment. The VFN is rated Aa2. The rating takes into account internal credit enhancement of 13.99%. The originators are Ba3-rated finance subsidiaries of a Ba3-rated manufacturer. Liquidity provided by WestLB partially supports this transaction.

Currently, Paradigm has about $6.67 billion in outstanding ABCP with $673.42 million of program-level credit enhancement. Paradigm is now authorized to issue approximately $8.83 billion of ABCP.

JPMORGAN'S PARCO PURCHASES $38.5 MILLION CLASS C VARIABLE FUNDING CERTIFICATE FROM CREDIT CARD MASTER TRUST

Park Avenue Receivables Corp. ("PARCO"), a JPMorgan Chase Bank (Aa3/Prime-1/B)-sponsored multiseller ABCP conduit, purchased a $38.5 million unrated Class C variable funding certificate ("VFC") issued by a credit card master trust. The Class C VFC is backed by sub-prime credit card receivables originated and serviced by a Baa3-rated financial institution.

A liquidity facility provided by JPMorgan Chase, partially supports this transaction. Deal-specific credit enhancement for the Class C VFC is in the form of 28.25% subordination and a 3% funded cash collateral account. Program-level credit enhancement was increased by 10% of the purchase commitment for this transaction. PARCO is now authorized to issue up to $8.7 billion of ABCP.

ROYAL BANK OF SCOTLAND PLC'S TAGS ADDS $250 MILLION TRANSACTION FINANCING U.S. AUTO WAREHOUSE FACILITY

Thames Asset Global Securitization No. 1, Inc. ("TAGS"), a partially supported multiseller conduit sponsored by The Royal Bank of Scotland PLC (Aa1/Prime-1/A-) ("RBS"), has funded up to $250 million of variable funding notes ("VFN") of an auto warehouse facility. The transaction consisted of three classes of VFNs: a Aaa-rated Class A Note, a Aa2-rated Class B Note, and a A2-rated Class C Note.

This transaction finances a United States automobile warehouse facility for retail auto loans originated by an investment-grade-rated finance company. TAGS has joined as a co-purchaser of the warehouse facility with several other ABCP conduits.

The transaction is partially supported by a liquidity facility provided by RBS with the possibility of syndication to other Prime-1-rated banks. The transaction benefits from various amortization triggers and an ABCP tenor limitation of 35 days with regard to the Class C Notes. If a trigger event occurs, no further VFNs may be funded. This will result in a cease issuance of ABCP. TAGS' program-wide credit enhancement has increased by 5% of the outstanding amount of this transaction.

TAGS is currently authorized to issue approximately $6.23 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
Wanda Lee
Senior Associate
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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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.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 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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