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PLEASE READ AND SCROLL DOWN!

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.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 11, 2004

13 Oct 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 11, 2004

New York, October 13, 2004 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD OCTOBER 5, 2004 THROUGH OCTOBER 11, 2004:

MOODY'S ASSIGNS PRIME-1 RATING TO DEUTSCHE BANK'S CABLE BEACH LIMITED PARTNERSHIP ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Cable Beach Limited Partnership ("Cable Beach"). Cable Beach is a newly established, fully supported, securities arbitrage ABCP program sponsored and administered by Deutsche Bank AG (Aa3/ Prime-1/B-). Cable Beach has an authorized program limit of $350 million.

Cable Beach will use the proceeds from the sale of ABCP to invest in a portfolio of highly rated securities such as asset-backed securities, mortgage-backed securities, and collateral debt obligation-backed securities. The asset purchases are subject to investment guidelines that specify minimum credit quality and portfolio concentration limits. Moody's has reviewed the investment guidelines and determined that they are consistent with a Prime-1 rating.

Deutsche Bank Trust Company Americas (A1/Prime-1/C), is the depositary and issuing and paying agent for Cable Beach.

For further details, please see Moody's press release dated October 8, 2004.

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S CONCORD MINUTEMEN

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP"), callable notes, and extendible notes of Concord Minutemen Capital Company LLC ("Concord Minutemen"). Concord Minutemen is a fully supported, multiseller program sponsored by The Liberty Hampshire Company, LLC. Concord Minutemen is authorized to issue up to $10 billion of ABCP, callable notes and extendible notes (collectively, the "Notes").

Concord Minutemen manages a portfolio of financial assets and, from time to time, enters into additional transactions with originators of assets. The Notes issued by Concord Minutemen to fund these transactions are fully supported by liquidity facilities provided by Prime-1-rated institutions. Therefore, Note holders are insulated from risks associated with the underlying transactions financed through Concord Minutemen.

The Prime-1 rating assigned to Concord Minutemen's Notes is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections that ensure the bankruptcy-remoteness of Concord Minutemen.

Deutsche Bank Trust Company Americas (A1/Prime-1/C) is the administrative agent and issuing and paying agent for Concord Minutemen.

For further details, please see Moody's press release dated October 6, 2004.

MOODY'S ASSIGNS PRIME-1 RATING TO DEUTSCHE BANK'S NANTUCKET FUNDING CORP., LLC ABCP PROGRAM

Moody's assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Nantucket Funding Corp., LLC ("Nantucket"). Nantucket is a partially supported, multiseller ABCP program administered by Deutsche Bank AG (Aa3/Prime-1/B-). Nantucket's program structure is very similar to those of Saratoga Funding Corp., LLC, Tahoe Funding Corp., LLC, and Sedona Capital Funding Corp., LLC, three other Prime-1-rated programs administered by Deutsche Bank. Nantucket has an authorized program limit of $3.75 billion.

Nantucket is a bankruptcy-remote, limited purpose corporation established under Delaware law. All transactions planned for Nantucket will be subject to Moody's prior review. Nantucket will not issue ABCP to the public. Instead, all ABCP issued by Nantucket will be purchased by Gemini Securitization Corp., LLC ("Gemini"), another Prime-1-rated Deutsche Bank-administered program. Gemini in turn will issue ABCP to investors on a match-funded basis. At closing, Nantucket has not funded any asset interests and has no ABCP outstanding.

Nantucket's Prime-1 rating assigned to Nantucket's ABCP is based on, among other factors, the following: (i) the prior review requirement for all asset purchases to ensure the credit quality of the asset is consistent with a Prime-1 rating, (ii) liquidity and credit support provided by Prime-1-rated banks, (iii) structural protections to preserve the bankruptcy-remoteness of Nantucket, and (iv) the experience and capability of Deutsche Bank in its role as administrator.

For further details, please see Moody's press release dated October 8, 2004.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 5, 2004 THROUGH OCTOBER 11, 2004:

DEUTSCHE BANK'S ASPEN AND NEWPORT ENTER INTO CREDIT DEFAULT SWAPS WITH NEWPEN FUNDING LLC

Aspen Funding Corp. ("Aspen") and Newport Funding Corp. ("Newport"), two fully supported, securities arbitrage programs administered by Deutsche Bank AG (Aa3/Prime-1/B), have each entered into a credit default swap with Newpen Funding LLC ("Newpen"). Newpen is a newly established, limited liability company organized under Delaware law. Newpen will be administered by Deutsche Bank and managed by Global Securitization Services, LLC.

Aspen and Newport's payment obligations under the swap are fully subordinated to the conduit's ABCP. Furthermore, Aspen and Newport are not required to make payments under the swap unless there are sufficient funds available to repay maturing ABCP. Newpen has agreed to the normal limitations of recourse and bankruptcy claim rights that are found in ABCP conduit documentation.

Aspen is currently authorized to issue up to $6 billion of ABCP, while Newport is authorized to issue up to $5 billion of ABCP.

CDC'S EIFFEL FUNDING ADDS $100 MILLION CONSTRUCTION LOAN FACILITY

Eiffel Funding LLC ("Eiffel Funding"), a partially supported, multiseller conduit sponsored and administered by CDC Financial Products (Aaa/Prime-1), has added a $100 million facility backed by construction loans. The transaction is part of a $600 million co-purchase facility with two other conduits, WestLB's Compass Securitisation and Calyon's Atlantic Asset Securitization Corp. The underlying collateral consists of real estate construction loans originated by an unrated finance company whose parent is rated A3.

Transaction-specific credit enhancement is in the form of overcollateralization, with a minimum of 22%. In addition, the transaction benefits from cease issuance trigger events and CP tenor limitations. With an ABCP cease issuance upon the occurrence of a termination event and a CP tenor limitation of 60 days (with a 25% limit of maturities within 90 days of issuance), ABCP investors' exposure to loss is reduced. ABCP investors are only exposed to approximately 90 days of risk (60 days ABCP tenor limitation with 30 days lag between reporting periods). A liquidity facility provided by CDC funds for non-defaulted assets and covers for 50% of expected recoveries on defaulted assets. With this transaction, Eiffel Funding's program-level credit enhancement was increased by 10% of outstandings.

Eiffel is now authorized to issue approximately $6.2 billion of ABCP.

RABOBANK'S ERASMUS ADDS $250 MILLION TRADE RECEIVABLE TRANSACTION

Erasmus Capital Corp. ("Erasmus"), a partially supported, multiseller conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added a $250 million trade receivable facility to its portfolio. The receivables are originated by 15 international subsidiaries of a leading manufacturer of agrochemicals.

In this transaction, Erasmus makes advances under a funding agreement to an asset purchasing company, Donegal Receivables Purchasing Limited, which finances the receivables on a revolving basis. Transaction-specific credit enhancement is in the form of overcollateralisation, with a minimum of 15%. In addition, this transaction benefits from various cease issuance trigger events. A liquidity facility provided by Rabobank partially supports this transaction.

Erasmus is now authorised to issue approximately $1.5 billion of ABCP.

BANK OF NOVA SCOTIA'S LIBERTY STREET ADDS $250 MILLION AUTO LEASE FACILITY AND INCREASES INTEREST IN EXISTING TRADE RECEIVABLE FACILITY

Liberty Street Funding Corp. ("Liberty Street"), a partially supported, multiseller ABCP program sponsored by The Bank of Nova Scotia (Aa3/Prime-1/B), has added a $250 million auto lease facility and increased its interest in an existing trade receivable transaction.

The $250 million facility is backed by amortizing corporate fleet leases originated by an unrated auto lease company. Transaction-specific credit enhancement is in the form of overcollateralization, which is sized at 5.75% of outstanding leases with a minimum of 1.5% of the initial facility limit. The facility has performed consistently, with very few defaults. Historically, monthly defaults have averaged less than 1% and charge-offs have been virtually non-existent. In addition, the transaction benefits from structural protections such as cease issuance trigger events. The CP cease issuance trigger events reduce ABCP investors' loss exposure and shift some of the risks to the liquidity facility. A liquidity facility provided by Bank of Nova Scotia partially supports this transaction. Liberty Street's program-level credit enhancement was increased by 10% of outstandings.

Liberty Street has also increased its interest in an existing trade receivables facility, which was added at the beginning of 2004. The receivables in the facility are originated by a Baa3-rated pharmaceutical and healthcare product distributor. The facility, currently sized at $800 million, is co-purchased with Bank One's Preferred Receivables Funding Corp. ("PREFCO"). Liberty Street's interest has increased from $175 million to $300 million. The increase in the facility is to accommodate the addition of a new originator, which currently comprises up to 25% of the receivables. The new originator is a subsidiary of the distributor and has the same customers, business and portfolio performance as the other originators in this transaction. In addition to the increase in size, other amendments have been made to the facility that strengthen the transaction structure. This includes the addition of financial covenants, more frequent settling of cash, more frequent reporting requirements, and an increase to the dilution reserve.

With the addition of the new transaction and the increase in an existing facility, Liberty Street is now authorized to issue approximately $6.6 billion of ABCP.

DRESDNER BANK'S SILVER TOWER ADDS EURO 144 MILLION LEASE TRANSACTION

Silver Tower Funding Limited and Silver Tower US Funding, LLC (together, "Silver Tower"), a partially supported, multiseller ABCP conduit programme sponsored by Dresdner Bank AG (A1/Prime-1/C-), has added a Euro 144 million lease transaction to its portfolio.

In the transaction, Silver Tower makes advances to a purchasing company, incorporated in the Grand Cayman, which finances lease receivables originated by a company that specializes in information technology infrastructures. The obligors reside in Germany.

Transaction-specific credit enhancement is provided in the form of an insurance policy provided by Euler Hermes Krediversicherungs-AG (A1/Prime-1) and a 7% cash reserve. In addition, the transaction benefits from default and delinquency trigger events. The occurrence of such trigger events results in the termination of receivable purchases and the cease issuance of ABCP followed by a put to the liquidity facility. This transaction is partially supported through a liquidity facility provided by Dresdner Bank. The liquidity facility funds for non-defaulted receivables and covers for payments due under the insurance policy.

With this addition, Silver Tower is authorized to issue up to Euro 27 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.

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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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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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