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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 8, 2004

09 Nov 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 8, 2004

New York, November 09, 2004 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD NOVEMBER 2, 2004 THROUGH NOVEMBER 8, 2004:

MOODY'S ASSIGNS DEFINITIVE PRIME-1 RATING TO JPMORGAN CHASE'S CHARIOT FUNDING LLC ABCP PROGRAMME

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Chariot Funding LLC and Chariot Funding Limited (together, "Chariot"). Chariot is a newly established, partially supported, post review multiseller ABCP programme sponsored by JPMorgan Chase Bank ("JPM", rated Aa2/Prime-1/B+). Chariot has an authorised programme amount of $15 billion and may issue ABCP in the U.S. or Euro ABCP markets.

Chariot will use the ABCP proceeds to purchase assets either directly or indirectly by making loans to bankruptcy remote purchasing companies. Chariot may fund both fully supported and partially supported transactions.

With respect to fully supported transactions, the Prime-1 rating assigned to Chariot's ABCP is based on the commitment from JPM, as administrator of Chariot, to maintain available liquidity for each transaction sized at 102% of the relevant purchase limit. The available liquidity will not be diminished by any asset defaults.

With respect to partially supported transactions, the Prime-1 rating assigned to Chariot's ABCP is based on: (i) the partial programme-level credit support sized at 5% of outstanding ABCP (with a floor of $200 million) related to partially supported transactions (excluding ABCP associated with asset-backed securities rated Aa2 or higher, fully supported transactions, and transactions that are fully support by a surety provider), (ii) ratings based seller concentration limits, (iii) the amount and structure of Chariot's first loss protection that will be included into the purchase of each new asset pool, (iv) liquidity facilities provided by Prime-1-rated banks, and (v) other structural features of the programme.

For further details, please see Moody's press release dated November 4, 2004.

MOODY'S ASSIGNS (P)PRIME-1 RATING TO BNP PARIBAS' MATCHPOINT FINANCE PLC, SERIES A

In London, Moody's has assigned a short-term provisional rating of (P)Prime-1 to the Series A asset-backed commercial paper notes ("Series A") to be issued by Matchpoint Finance Plc and Matchpoint Master Trust (together, "Matchpoint"). Matchpoint is a newly established, serialized ABCP programme sponsored and administered by BNP Paribas (Aa2/Prime-1/B+).

Matchpoint Finance Plc ("Irish Issuer") and Matchpoint Master Trust ("Delaware Issuer") are co-issuers under the Matchpoint ABCP programme. Matchpoint may issue ABCP, extendible notes, and callable notes in the U.S. or Euro ABCP market. The programme has a current authorized amount of Euro 0 billion.

The (P)Prime-1 rating assigned to Matchpoint's Series A ABCP is primarily based on the following:

(1) cease issuance provisions if Matchpoint fails to (i) obtain rating affirmation for all the outstanding series prior to the issuance of a new series or (ii) maintain the necessary credit enhancement support, liquidity support, and expense coverage; (2) the ability of BNP Paribas, acting as the sponsor, administrator and liquidity provider; (3) the bankruptcy-remote nature of the Irish Issuer and the Delaware Issuer; (4) the segregation of assets between each series; (5) cross-collateralisation of liquidity coverage within the same series; and (6) the prior review of the underlying assets for each series rated by Moody's.

For further details, please see Moody's press release dated November 4, 2004.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD NOVEMBER 2, 2004 THROUGH NOVEMBER 8, 2004:

CHARTERMAC INCREASES PROGRAM SIZE TO $405.5 MILLION

Charter MAC Floater Certificate Trust I ("CharterMAC"), a fully supported, variable rate demand certificate program administered by JPMorgan Chase Bank (Aa2/Prime-1/B), has increased its program size to $405.5 million from $358.6 million. The amount of liquidity support provided by a syndicate of Prime-1-rated banks, and the size of the surety bond provided by Aaa-rated MBIA were both increased to accommodate the larger program size.

DAIMLERCHRYSLER REVOLVING AUTO CONDUIT LLC INCREASES PROGRAM SIZE TO $5.165 BILLION

DaimlerChrysler Revolving Auto Conduit LLC ("DRAC"), a partially supported, single-seller ABCP program sponsored and administered by DaimlerChrysler Services North America LLC ("DCS"), has increased its program authorized amount program from $4.5 billion to $5.165 billion. DCS, a Michigan limited liability company, is a wholly owned subsidiary of DaimlerChrysler Corp. and an indirectly owned subsidiary of DaimlerChrysler AG (A3/Prime-2).

The Prime-1 rating assigned to DRAC's ABCP is based primarily on: (i) the support from the liquidity facilities, which have been increased and extended as part of the increase in the program size, (ii) an interest rate hedge agreement to DRAC from Prime-1 rated HSBC Bank USA, (iii) the quality of the assets to be included in the program, and (iv) the program's legal structure.

LBBW'S LAKE CONSTANCE ADDS EURO 100 MILLION TRADE RECEIVABLE TRANSACTION AND NEW PURCHASING VEHICLE

Lake Constance Funding Limited and Lake Constance LLC (together, "Lake Constance"), a partially supported, credit arbitrage conduit sponsored by Landesbank Baden-Wurttemberg, London Branch ("LBBW", rated Aaa/Prime-1/B-), has added a Euro 100 million trade receivable facility and a new purchasing vehicle to its portfolio.

The trade receivables are originated by a leading multi-metal distributor. In this transaction, Lake Constance makes advances under a funding agreement to an asset purchasing company, Weinberg Funding, which finances the receivables on a revolving basis. Transaction-specific credit enhancement is in the form of over-collateralisation, with a floor of 2%, and a 10% second loss indemnity provided by LBBW. In addition, this transaction benefits from various cease issuance trigger events. A liquidity facility is provided by LBBW partially supports this transaction.

Lake Constance has also added a fourth purchasing vehicle, Gruenerbaum Funding Limited, to its portfolio. Gruenerbaum Funding Limited will be used to purchase up to Euro 2 billion of highly rated securities. The ABCP issued to finance Gruenerbaum Funding Limited will be fully supported by a total rate of return swap provided by LBBW.

With these transactions, Lake Constance is now authorised to issue approximately $6 billion of ABCP.

BARCLAYS' SHEFFIELD ENTERS INTO $275 MILLION STUDENT LOAN WAREHOUSE FACILITY

Sheffield Receivables Corp. ("Sheffield"), a partially supported, multiseller conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has entered into a student loan warehouse facility in the amount of $275 million. This transaction is fully supported by a liquidity facility provided by Barclays. Sheffield's program-level credit enhancement was increased by 10% of its commitment. Sheffield is currently authorized to issue up to $24.3 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Everett Rutan
Senior Vice President
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.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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