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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED FEBRUARY 26, 2004

01 Mar 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED FEBRUARY 26, 2004 New York, March 01, 2004 -- MOODY'S RATES SENIOR CLASS OF BLUE HERON IX CDO PRIME-1
Moody's has assigned ratings to two classes of notes and one class of certificates issued on February 25, 2004 by Blue Heron Funding IX Ltd. and co-issuer Blue Heron Funding IX Inc. (the "Issuers"). The ratings assigned to the respective tranches are as follows: (i) Prime-1 short-term rating to $910,000,000 Class A Notes, due February 23, 2005 (the "Class A Notes"); (ii) A3 to the $85,000,000 Class B Notes, due February 25, 2041 (the "Class B Notes"); and (iii) Aaa to the $5,000,000 Certificates having a scheduled final distribution date of February 25, 2041 (the "Certificates").

Moody's explained that the short-term rating of the Class A Notes is applicable only to those Class A Notes issued on the Closing Date and maturing on February 23, 2005. The rating on the Class A Notes is primarily based on the Issuers' ability to rely on a put option entered into with the put option agent (currently WestLB AG ("WestLB"), acting through its London branch) and a cash flow swap with the cash flow swap counterparty (currently WestLB, acting through its New York branch). The put option is designed to fund the principal repayment of any Class A Notes that are not successfully remarketed at their maturity, and the cash flow swap is structured to fund any shortfall between the Issuers' collections from their assets and the amount of interest due on the Class A Notes. In addition, the amount WestLB is required to pay under its support obligations cannot be reduced for defaults on the Issuers' underlying assets. The combination of the put option and cash flow swap is designed to provide the investor the full amount of principal and interest due on the Class A Notes.

Moody's further noted that for so long as WestLB is the support provider, the rating of the Class A Notes is strongly correlated to the short-term deposit rating of WestLB. WestLB currently has a short-term deposit rating of Prime-1, a long-term bank deposit rating of Aa1 on review for possible downgrade and a bank financial strength rating of E. Any replacement support provider is required under the documentation to carry a Prime-1 rating.

WestLB, through its New York branch, is also contracted as the manager of the Issuers' assets, which primarily consist of highly rated investment-grade structured finance securities.

For further details, please see Moody's press release dated February 26, 2004.

MOODY'S ASSIGNS RATING TO FOUR CLASSES OF NOTES ISSUED BY MILLSTONE FUNDING, LTD.
Moody's has assigned ratings to the four tranches of notes issued by Millstone Funding, Ltd. ("Millstone"): (i) Prime-1 to the $880,000,000 CP Notes; (ii) Aaa to the $40,000,000 Class A-1 Notes; (iii) Aaa to the $10,000,000 Class A-2 Notes; and (iv) A3 to the $65,000,000 Class B Notes.

The ratings reflect Moody's evaluation of the underlying collateral as of the closing date, the transaction's structure, the draft legal documentation, and the expertise of the Collateral Manager, Church Tavern Advisors, LLC.

The ratings of the notes address the ultimate cash receipt of all interest and principal payments required by the governing documents and are based on the expected losses posed to holders of the notes relative to the promise of receiving the present value of such payments.

The Prime-1 rating assigned to the CP notes addresses the timely payment of the face amount of the notes at maturity either from the proceeds of newly issued CP notes, cash payments received from the underlying assets, or cash paid by Citibank N.A. under the terms of a swap agreement.

For further details, please see Moody's press release dated February 5, 2004.

MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD FEBRUARY 20, 2004 THROUGH FEBRUARY 26, 2004:

MOODY'S ASSIGNS PRIME-1 RATING TO BANK OF TOKYO-MITSUBISHI'S CADENZA FUNDING CORP.
In Tokyo, Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") of Cadenza Funding Corp. ("Cadenza"). Cadenza is a fully supported ABCP program sponsored by The Bank of Tokyo-Mitsubishi Ltd. (A2/Prime-1/D-) ("BTM"). Cadenza finances yen-denominated trade receivables, commercial and consumer loans and securities through the issuance of yen-denominated ABCP in the Japanese market.

The Prime-1 rating of Cadenza is based on several factors: (1) a liquidity facility that ensures the timely payment of ABCP and a credit facility that ensures the full payment of ABCP; (2) the timing mechanics associated to the drawing of funds from the liquidity facility and credit facility; and (3) the bankruptcy remoteness of Cadenza. The liquidity and credit facilities, which are provided by BTM, ensure the full and timely repayment of Cadenza's ABCP.

Cadenza is authorized to issued to issue up to JPY500 billion of Yen ABCP.

For further details, please see Moody's press release dated February 26, 2004.

MOODY'S ASSIGNS PRIME-1 RATING TO NATIONWIDE BUILDING SOCIETY'S
COBBLER FUNDING LIMITED
Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") of Cobbler Funding Limited ("Cobbler"). Cobbler is a newly established, partially supported, securities arbitrage ABCP program sponsored by Nationwide Building Society (Aa3/Prime-1/B) ("Nationwide"). Nationwide is the largest building society in the United Kingdom. Cobbler, Nationwide's first ABCP program, has a maximum program size of $2 billion. Cobbler may issue U.S. dollar-denominated ABCP in the U.S. market and Euro CP denominated in Euros, U.S. dollars or GBP outside the U.S. market.

Cobbler will use the proceeds from the sale of its ABCP to invest in a portfolio of highly rated securities such as ABS and MBS, subject to a set of explicit investment guidelines that specify the credit quality of the assets held. Cobbler can purchase assets either directly or finance the purchase through one of three purchasing facilities, which have been established as bankruptcy-remote special purpose vehicles.

Due to the high credit quality of the assets, the initial amount of program credit enhancement will be zero. This is similar to many other credit arbitrage ABCP programs. Also, Prime-1-rated Nationwide provides liquidity support through a Liquidity Facility Agreement and/or Liquidity Purchase Agreement. This liquidity facility equals 105% of outstanding ABCP. The liquidity facility will fund for the principal balance of non-defaulted assets. Defaulted assets are defined as assets rated below Caa2 and CCC by Moody's and S&P, respectively.

The currency of each of Cobbler's investments will be matched to the currency of the ABCP issued by Cobbler to support its investments. Furthermore, liquidity facilities and credit support, if required, will be denominated in the same currencies as the ABCP issued by Cobbler, thereby eliminating the need for hedging.

The Prime-1 rating of Cobbler's ABCP is based on, among other factors, the following: (1) the high credit quality of the portfolio of securities purchased, as required by the investment guidelines; (2) structural protections, including a requirement to cease issuing ABCP if the portfolio is not in compliance with the investment guidelines for more than 10 days, if the program credit enhancement is not at the required level for more than 10 days, or if a minimum excess spread test is not in compliance; (3) liquidity facility provided by Prime-1-rated banks, which funds for non-defaulted assets; (4) the capabilities of Nationwide as sponsor, and in its roles as program administrator, liquidity agent, swing line agent, and investment advisor.

For further details, please see Moody's press release dated February 26, 2004.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD FEBRUARY 20, 2004 THROUGH FEBRUARY 26, 2004:

NORDLB'S HANNOVER FUNDING PURCHASES $100 MILLION CERTIFICATE
Hannover Funding Corp. ("Hannover") is a hybrid ABCP conduit sponsored by Norddeutsche Landesbank Girozentrale (Aa1/Prime-1/C-) ("NordLB"). 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 $100 million certificate backed by a pool of consumer equipment receivables. The transaction benefits from credit enhancement in the form of overcollateralization sized at 10%, a cash reserve account of 12%, and excess spread. In addition, this transaction has an interest rate swap with a notional amount equal to the outstanding principal amount of the certificate. NordLB provides a liquidity facility which funds for non-defaulted receivables.

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

RHINELAND FUNDING CAPITAL CORP. REPLACES PROGRAM ADMINISTRATOR.
In London, Moody's has affirmed the Prime-1 rating of Rhineland Funding Capital Corp. ("Rhineland"), a partially supported, hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG (Aa3/Prime-1/B-) ("IKB"). The rating action follows the February 20, 2004 announcement made by IKB, Canadian Imperial Bank of Commerce (Aa3/Prime-1/B-) ("CIBC") and Société Générale (Aa3/Prime-1/B) ("Société Générale") of CIBC's resignation as Administrator for Rhineland. CIBC's resignation leads to a six-month period where all program administration functions will be transferred from CIBC to Société Générale. Moody's will closely monitor Rhineland during the transition period and will conduct an operations review on Société Générale shortly after it begins its new role as administrator.

Société Générale is an experienced ABCP conduit administrator in Europe and in the United States. Rhineland is authorized to issue up to $7 billion of ABCP.

For further details, please see Moody's press release dated February 23, 2004.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com.
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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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 the Moody’s 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.

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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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