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03 Nov 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 1, 2004
New York, November 03, 2004 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD
OCTOBER 26, 2004 THROUGH NOVEMBER 1, 2004:
MOODY'S ASSIGNS PRIME-1 RATING TO HBOS TREASURY SERVICES' LANDALE
FUNDING LIMITED ABCP PROGRAMME
In London, Moody's has assigned a Prime-1 rating to the asset-backed
commercial paper ("ABCP") issued by Landale Funding Limited ("Landale").
Landale is a newly established, partially supported ABCP programme
sponsored and administered by HBOS Treasury Services plc. Landale
has an authorised programme limit of $15 billion and may issue
ABCP in the U.S. or Euro ABCP markets.
Landale will use the ABCP proceeds to purchase asset-backed notes.
To qualify for purchase under the programme, the proposed investments
must have a Moody's rating of at least Aa3 or be structured in such a
way that is consistent with the Prime-1 rating assigned to Landale's
Landale also has the ability to issue extendable notes and callable notes.
Landale's extendable notes have expected maturity dates of up to 364 days
and final maturity dates of up to 390 days, while its callable notes
have initial call dates of up to 270 days and final maturities of 364
days. Landale's extendable notes and callable notes will be repaid
on their expected maturity or initial call date unless they are extended
by Landale. In addition to ABCP, extendable notes,
and callable notes, Landale may also issue floating rate ABCP.
The Prime-1 rating assigned to Landale's ABCP, extendable
notes, callable notes, and floating rate ABCP is based on,
among other factors, the following: (i) the high credit quality
of the underlying assets, (ii) the occurrence of a programme wind
down upon a programme deficiency, (iii) a cease issuance provision
in relation to any asset that is rated below Aa3 (other than those that
are fully supported by a Prime-1-rated entity), (iv)
the ability of HBOS Treasury Services to adequately manage the programme,
and (v) structural protections to ensure the bankruptcy-remoteness
For further details, please see Moody's press release dated October
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD OCTOBER 26, 2004 THROUGH NOVEMBER
HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY $125 MILLION
CREDIT CARD TRANSACTION
Bavaria Universal Funding Corp. ("BUFCO"), a partially supported
ABCP program sponsored by Bayerische Hypo -und Vereinsbank AG ("HVB",
rated A3/Prime-1/C-), has purchased ABCP from its
sister conduit, Black Forest Funding Corp. ("Black Forest").
The Black Forest ABCP is backed by a $125 million interest in an
existing $250 million certificate issued by a credit card trust.
Royal Bank of Canada's (Aa2/Prime-1/B+) Thunder Bay Funding
is the other co-purchaser of the certificate.
This transaction is fully supported through Black Forest's program-level
credit enhancement in the form of a letter of credit provided by HVB.
With this transaction, BUFCO has $2.63 billion in
total asset purchase commitments, with $704.3 million
in program-level credit enhancement.
PNC BANK'S MARKET STREET ADDS TWO NOTES TOTALING $300 MILLION
Market Street Funding Corp. ("Market Street"), a partially
supported, multiseller ABCP conduit sponsored by PNC Bank (A1/Prime-1/B-),
has acquired an interest in two $150 million Class A variable funding
notes ("VFN") issued out of a credit card master trust. Each note
benefits from 16.75% transaction-specific credit
enhancement, which is provided in the form of subordination.
A liquidity facility provided by PNC will fully support one VFN and partially
support the other.
With this transaction, Market Street's program-level credit
enhancement was increased by 10% of its commitment. Market
Street has about $3.0 billion in total purchase commitments
and $311.8 million in program-level credit enhancement.
MIZUHO CORPORATE BANK'S ADVANTAGE ASSET SECURITIZATION CORP. ACQUIRES
$38.73 MILLION INTEREST IN EXISTING LOAN FACILITY
Advantage Asset Securitization Corp. ("Advantage"), a partially
supported multiseller conduit, sponsored by Mizuho Corporate Bank,
Limited (A3/Prime-1/E), has acquired a $38.72
million interest in an existing $120 million loan facility that
finances a synthetic lease. This transaction is currently financed
with Bank of America's (Aa1/Prime-1/A-) Hatteras Funding
Corporation and The Bank of Nova Scotia's (Aa3/Prime-1/B) Liberty
Street Funding Corporation. The facility provides for the acquisition
and installation of a polypropylene plant for an unrated company.
This transaction is fully supported by liquidity provided by a Prime-1-rated
As of October 31, 2004, Advantage had about $128.4
million in outstanding ABCP.
ROYAL BANK OF CANADA'S OLD LINE REMOVES FULL SUPPORT FROM $500
MILLION INVESTMENT IN CREDIT CARD ABS
Old Line Funding LLC ("Old Line"), a partially supported,
multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC",
rated Aa2/Prime-1/B+), has removed full support from
its interest in a $500 million Class A Note issued out of a credit
card master trust. This transaction was added to Old Line's portfolio
in September 2004 and was previously fully supported through program-level
The Class A Note was issued by a credit card master trust consisting of
primarily private label cards. Transaction-specific credit
enhancement is in the form of subordinate notes sized at 16.75%.
The transaction is now partially supported through liquidity. A
liquidity facility provided by RBC funds for the outstanding principal
balance of the Class A Note plus interest on Old Line's ABCP that has
been issued to finance its investment in the note. Old Line's program-level
credit enhancement for this transaction is now sized at 10% of
Old Line is now authorized to issue up to $6.5 billion of
ABCP. Currently, Old Line has about $9 billion in
total purchase commitments, with $1.3 billion in program-level
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.
© 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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