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26 Mar 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 25, 2004
MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD MARCH 18, 2004 THROUGH MARCH 25, 2004:
Moody's has assigned a Prime-1 rating to the extendable ABCP ("ENs") issued by Freedom Park Capital LLC ("Freedom Park"). Freedom Park is a newly established, fully supported, multiseller ABCP conduit sponsored by Promontory Asset Finance Company, LLC ("Promontory"). Promontory is an unrated independent financial services firm that specializes in asset-backed securitization. This is its first ABCP program. Promontory performs the role of administrator for Freedom Park, while JPMorgan Chase Bank (Aa3/Prime-1/B) will act as subadministrator, issuing and paying agent and collateral agent.
Freedom Park will use the proceeds from the sale of its ENs to purchase assets. Each asset to be purchased by Freedom Park will be reviewed in advance by Moody's. Each asset acquired by Freedom Park must be rated Aaa by Moody's and will be insured to its legal final maturity date pursuant to a policy issued by a monoline financial guaranty insurer. Freedom Park has not yet purchased any assets and thus is currently not yet authorized to issue any ENs.
Each asset will be structured so that it generates sufficient income to cover Freedom Park's cost of funds. Freedom Park's asset acquisitions may not exceed 98% of the amount of the commitments under the put agreements, which is now $2 billion. Should there be any payment shortfall on an asset or an interruption in the asset-backed commercial paper market, the ENs will be extended to a final maturity date that is 390 days from the date of issuance. In the event of any shortfall during the extension period, the relevant financial guarantor will cover these costs under the policy supporting that asset.
During the extension period, the underlying assets may be called by Bank of America, N.A. (Aa1/Prime-1/A-) at its election. Three days prior to the final maturity of the extended ENs, or on the 387th day after the issuance of the ENs, if necessary, Freedom Park or JPMorgan Chase will cause the put options to be exercised. The first put option ("Asset Put Option") is granted by Blue Moon Funding Trust, a trust established pursuant to Delaware state law. The Asset Put Option obligates Blue Moon to purchase the assets by issuing medium-term notes ("MTNs") to retire the maturing ENs. If Blue Moon cannot issue sufficient MTNs to retire the maturing ENs, Bank of America is obligated pursuant to another put option ("MTN Put Option") to purchase the Blue Moon MTNs at a price sufficient to cover the principal of the ENs plus interest accrued to their final maturity date. However, Bank of America will not be obligated to purchase the MTNs if the guarantor is in bankruptcy, if the guarantor fails to pay under the policy or other financial guarantee insurance policies it has issued, or if the rating of the guarantor falls below Ca by Moody's and CCC by Standard & Poor's.
The Prime-1 rating of Freedom Park's ENs is based on, among other factors, the following: (1) guarantees from Aaa-rated monoline guarantors to support timely payment of interest to EN noteholders throughout the extended period of the ENs; (2) a put option commitment from Prime-1-rated Bank of America in the amount of $2 billion to purchase Blue Moon's MTNs if necessary; and (3) the abilities of Promontory as administrator and JPMorgan Chase's services as subadministrator, issuing and paying agent, and collateral trustee. For so long as Bank of America is the put provider, the rating of the ENs is strongly correlated to the short-term deposit rating of Bank of America. Any replacement support provider must carry a Prime-1 rating.
For further details, please see Moody's press release dated March 25, 2004.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 18, 2004 THROUGH MARCH 25, 2004:
WESTLB'S PARADIGM FUNDING ACQUIRES $675 MILLION INTEREST IN VARIABLE FUNDING CERTIFICATE
Paradigm Funding LLC ("Paradigm"), a partially supported, multiseller conduit sponsored by WestLB AG (Aa2/Prime-1/E), acquired a $675 million interest in a Class A variable funding certificate ("VFC") backed by MasterCard and Visa credit card receivables. The VFC benefits from 7.25% subordination and 10% incremental program-level credit enhancement.
Paradigm has about $7.23 billion in ABCP outstanding, with $648.2 million in program-level credit enhancement. Paradigm is now authorized to issue about $ 8.9 billion of ABCP.
For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com.
No Related Data.
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