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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 24, 2004

26 Aug 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUGUST 24, 2004

New York, August 26, 2004 -- MOODY'S PUBLISHES AUSTRALIAN ABCP MARKET REVIEW

Moody's Investor Service has published its Australian ABCP market review report, "Australian ABCP Market Review - 30 June 2004." The special report comments on the state of the Australian ABCP market during the first half of 2004.

According to the report, there was a slight increase in ABCP outstandings from November 2003 to June 2004. The increase was mainly attributed to the rise in ABCP outstandings from mortgage warehouse facilities. Other than the increase due to mortgage transactions, all other asset classes remain largely unchanged since November 2003.

For further details, please see Moody's press release dated August 16, 2004. The "Australian ABCP Market Review - 30 June 2004," Special Report is available on Moody's website, http://www.moodys.com.

MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD AUGUST 11, 2004 THROUGH AUGUST 24, 2004:

MOODY'S ASSIGNS PRIME-1 RATING TO CHESHAM FINANCE ABCP PROGRAMME

In London, Moody's has assigned a Prime-1 rating to asset-backed commercial paper ("ABCP") issued by Chesham Finance Limited and Chesham Finance LLC (together, "Chesham Finance"). Chesham Finance is a fully supported ABCP programme arranged by BSN Holdings Limited ("BSN") and administered by QSR Management Limited ("QSR"). QSR is a wholly owned subsidiary of the Bank of New York (Aa2/Prime-1/B+). Chesham Finance has an authorized amount of $20 billion.

For further details, please see Moody's press release dated August 20, 2004. The New Issue Report for Chesham Finance is available on Moody's website, http://www.moodys.com

MOODY'S ASSIGNS DEFINITIVE PRIME-1 RATING TO AIG FINANCIAL PRODUCTS' CURZON FUNDING ABCP PROGRAMME

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Curzon Funding Limited and Curzon Funding LLC (together, "Curzon Funding"). Curzon Funding is a newly established, fully supported ABCP programme sponsored by AIG Financial Products Corp. ("AIG-FP", rated Aaa/Prime-1). Curzon Funding has the ability to issue U.S. dollar- and Euro- denominated ABCP, U.S. dollar denominated SLNs and callable notes, U.S. dollar- and Euro- denominated MTNs, and credit-linked notes. Curzon Funding has an authorised amount of $10 billion and is AIG-FP's second ABCP conduit after Nyala Funding LLC.

For further details, please see Moody's press release dated August 12, 2004. The New issue Report for Curzon Funding is 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 AUGUST 18, 2004 THROUGH AUGUST 24, 2004:

HVB'S BUFCO REMOVES FULL SUPPORT FROM BLACK FOREST ABCP BACKED BY $75 MILLION CLO TRANSACTION

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported program sponsored by Bayerische Hypo -und Vereinsbank AG ("HVB", rated A3/Prime-1/C-), has removed full support from the ABCP purchased from its sister conduit, Black Forest Funding Corp. ("Black Forest"). Black Forest ABCP is backed by a $75 million interest in an existing CLO transaction.

This transaction was previously fully supported through BUFCO's program-level credit enhancement in the form of a letter of credit provided by HVB. The CLO transaction, $700 million in aggregate, is backed by a pool of senior and subordinated commercial loans made primarily to privately owned middle market businesses. Transaction-specific credit enhancement is in the form of overcollateralization, sized at a minimum of 25%. The overcollateralization level adjusts dynamically depending on the composition of the portfolio. The transaction is now partially supported through liquidity.

BUFCO's program-level credit enhancement was increased by 10% of the purchase limit. With this transaction, BUFCO has $2.98 billion in total asset purchase commitments and $569.79 million in program-level credit enhancement.

HUDSON CASTLE'S FENWAY PURCHASES $250 MILLION CDO

Fenway Funding, LLC ("Fenway"), a fully supported, multiseller conduit sponsored by Hudson Castle Group Inc. and administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has purchased a $250 million collateralized debt obligation ("CDO"). Fenway finances the purchase through the issuance of secured liquidity notes ("SLN"). The CDO is structured as a warehouse facility to accumulate loans in anticipation of term securitization. Fenway's SLNs have an expected maturity date of up to 90 days, and a legal final maturity date of 390 days. The maturity of the SLNs can be extended on the expected maturity date if funds available are insufficient to repay the notes. A total return swap provided by a Prime-1-rated financial institution headquartered in Europe fully supports the facility at the SLN's legal final maturity. Unlike conventional ABCP transactions, the total return swap provider will know 300 days in advance, or on the expected maturity date, that it will be required to fund up to its commitment on the legal final maturity of the extended SLNs. Fenway has no program credit enhancement. With this transaction, Fenway is authorized to issue up to $3.7 billion in SLNs.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING REMOVES FULL SUPPORT FROM $100 MILLION INTEREST IN TRADE RECEIVABLE CO-PURCHASE FACILITY

Manhattan Asset Funding Company LLC ("Manhattan Asset Funding"), a partially supported, multiseller conduit sponsored by Sumitomo Mitsui Banking Corp. ("SMBC", rated A3/Prime-1/E), has removed full liquidity support from its interest in a trade receivable co-purchase facility. The receivables are originated by subsidiaries of an unrated manufacturer and distributor of industrial, medical and consumer electronic products and components.

Manhattan Asset Funding's share is $100 million of the $500 million facility. The other co-purchasers in this transaction include ABN AMRO Bank's (Aa3/Prime-1/B) Amsterdam Funding Corp. and Bayerische Landesbank's (Aaa/Prime-1/D+) Giro Multi-Funding Corp.

The facility has a minimum of 13% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. The transaction also benefits from 10% incremental program-level credit enhancement. This transaction is now partially supported through liquidity.

Manhattan Asset Funding has about $2.62 billion in total purchase commitments and $250 million in program-level credit enhancement. Manhattan Asset Funding currently has about $2.13 billion in outstanding ABCP.

NORDLB'S HANNOVER FUNDING AMENDS PROGRAM STRUCTURE

Hannover Funding Corp. ("Hannover"), a hybrid ABCP conduit sponsored by Norddeutsche Landesbank Girozentrale ("NordLB", Aa1/Prime-1/C-), has amended its structure to allow for the issuance of Euro-denominated ABCP in the European market and to increase its authorized amount from $3 billion to $4 billion.

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.

With this amendment, Hannover now has the ability to issue ABCP in the US and European markets. In addition, Hannover's authorized amount was increased to $4 billion. Hannover currently has about $2.8 billion in total purchase commitments and $186 million in program-level credit enhancement.

WESTLB'S PARADIGM ACQUIRES $15 MILLION INTEREST IN A2-RATED SUBORDINATED NOTE

Paradigm Funding LLC ("Paradigm"), a partially supported, multiseller conduit sponsored by WestLB AG (Aa2/Prime-1/D-) has acquired a $15 million interest in an A2-rated subordinated note. The subordinated note is backed by auto loan, auto lease and floorplan-backed securities. The underlying receivables are originated by an investment-grade-rated subsidiary of an automobile manufacturer.

The liquidity facility provided by WestLB will fund for maturing ABCP as long as the subordinated notes are rated at least Caa2. In addition, Paradigm's program-level credit enhancement was increased by 10% of its purchased interest. With this transaction, Paradigm has about $9.43 billion in total purchase commitments and $740.77 million in program-level credit enhancement.

ROYAL BANK OF SCOTLAND'S TAGS ADDS STERLING 207 MILLION CREDIT 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-), has added a Sterling 207 million credit facility (the "Facility") to its portfolio. The Facility is provided by a special purpose company which is in turn funded by TAGS. The Facility will be drawn down gradually over the first 13 years and repaid during years 14-28. Each new borrowing is subject to a borrowing base test.

The Facility funds amounts payable by an issuer of term bonds which are in turn backed by mortgages originated by a U.K.-based provider of equity release mortgages. Equity release mortgages (or "reverse mortgages") are loans secured by a first legal mortgage on the borrower's property. No interest or principal payments are required during the lifetime of the mortgage loan. Instead, interest accrues on the loan until it is fully repaid in a single bullet payment, on the earlier of the death of borrower or the borrower entering into long-term care (although prepayment is permitted). The Facility effectively provides liquidity to the term transaction during the early years when cash flows from the mortgages are limited.

The Facility provider is a secured creditor of the term transaction, ranking ahead of the Aaa noteholders.

This transaction is partially supported through a liquidity facility provided by Royal Bank of Scotland.

TAGS' programme-level credit enhancement was increased by 5% of the purchase commitment. With this transaction, TAGS is now authorized to issue up to $7.8 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's website 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
Associate Analyst
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.

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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.

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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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