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01 Jul 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JUNE 29, 2004
New York, July 01, 2004 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD JUNE 23, 2004 THROUGH JUNE 29,
STATE STREET'S CLIPPER PURCHASES TWO NOTES BACKED BY STUDENT LOANS
Clipper Receivables Company, LLC. ("Clipper"), a partially
supported, multiseller ABCP program administered by State Street
Global Markets, LLC, has purchased two notes totaling $134
million, which are backed by student loans. (State Street
Global Markets, LLC is an unrated subsidiary of State Street Bank
and Trust Company, rated Aa2/Prime-1/B+.) The
first note is a $66 million interest in an A1-rated variable
funding note with a maximum purchase limit of $94 million.
The second note is a $40 million interest in an A1-rated
fixed rate note. Both notes are issued by a trust formed to purchase
non-guaranteed private student loans. The notes are supported
by a financial guaranty insurance policy from Aaa-rated MBIA.
This transaction is supported by a liquidity facility sized at 102%
of the maximum note balances. The liquidity facility will be drawn
if MBIA is downgraded below A2. Upon such rating downgrade,
the liquidity facility will fund for outstanding ABCP plus any accrued
interest on the notes.
Clipper is now authorized to issue up to $7.9 billion of
DEUTSCHE BANK'S GEMINI PURCHASES TWO NOTES TOTALING $600 MILLION
Gemini Securitization Corp. LLC, ("Gemini"), a partially
supported, multiseller conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-),
has purchased two asset-backed notes totaling $600 million.
The first transaction is a $100 million interest in an asset-backed
note backed by cellular towers and ground easement lease agreements originated
by a privately held California-based company. This transaction
is fully support through a liquidity facility provided by Deutsche Bank.
The second transaction is a $500 million interest in a variable
funding note issued by a master trust. The underlying assets are
auto leases originated by an investment-grade-rated company
engaged in auto rentals. This transaction is also fully supported
through a liquidity facility provided by Deutsche Bank.
Gemini's total asset commitments are $11.0 billion,
with $5.2 billion of outstanding ABCP. Gemini's total
program-level credit enhancement is $365.5 million
(with a floor of $250 million).
STANFIELD'S MICA AMENDS PROGRAM STRUCTURE
Mica Funding, LLC ("Mica"), a partially supported, hybrid
ABCP conduit sponsored by Stanfield Global Strategies (unrated),
has amended its program structure to allow for the issuance of U.S.
dollar-denominated callable notes ("CN"), extendable notes
("EN"), and floating-rate notes. Mica's CNs have initial
call dates within 180 days from initial issuance with final maturity dates
up to 397 days. Similar to the CNs, the ENs have expected
maturities within 180 days from issuance with final maturity dates up
to 397 days. Mica's CNs and ENs will be fully supported either
by a liquidity facility or a total rate of return swap. The liquidity
facilities and swap agreements ensure the timely and full repayment of
maturing CNs and ENs on their final maturity dates.
In addition, Mica is now permitted to issue ABCP, CNs,
and ENs on a floating interest-bearing basis ("FRN"). Mica's
FRNs are also fully supported by liquidity facilities or total rate of
return swap agreements. Both forms of support must be provided
by a Prime-1-rated entity. The liquidity facilities
and swap agreements supporting FRNs will be properly structured to ensure
timely interim payments and the ability to cover face amount of maturing
Mica is currently authorized to issue up to $5 billion of ABCP.
WESTLB'S PARADIGM FUNDING INCREASES INTEREST IN EXISTING MORTGAGE WAREHOUSING
Paradigm Funding LLC ("Paradigm"), a partially supported,
multiseller conduit sponsored by WestLB AG (Aa2/Prime-1/E),
has increased its interest in an existing mortgage warehouse facility.
Paradigm's interest in the facility has increased from $412.5
million to $612.5 million. The transaction is part
of a $8.116 billion co-purchase facility with fourteen
The originator of the mortgages is an unrated residential mortgage finance
company whose parent is rated A3. The A3-rated parent company
does not provide any support to this transaction. The facility
is used to finance two lines of the company's business.
With this increase, Paradigm's program-level credit enhancement
has been increased by 10% of its new commitment limit. Paradigm
now has $8.75 billion in total purchase commitments and
$672 million in program-level credit enhancement.
ROYAL BANK OF SCOTLAND'S TAGS PURCHASES YEN-DENOMINATED 8 BILLION
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
purchased a discount note up to Yen-denominated 8 billion.
The discount note is backed by a Aa3-rated senior interest in a
pool of Japanese financial assets.
This transaction is supported by a Yen-denominated 2.59
billion subordinated interest. In addition, the transaction
benefits from a minimum 18% yield from the underlying assets,
a cash reserve account, and various transaction-specific
trigger events. Furthermore, this transaction will enter
into early amortization once certain asset-related trigger events
occur. Upon an early amortization event, the liquidity facility
can be drawn and the proceeds used to repay maturing discount notes.
In connection with this transaction, RBS provides a liquidity facility
that will fund for non-defaulted assets.
TAGS' program-level credit enhancement was increased by 5%
of the purchase commitment. TAGS is currently authorized to issue
up to $9.2 billion of ABCP.
For a more detailed description of these ABCP programs, see Moody's
website at http://www.moodys.com.
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
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