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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 22, 2004

24 Nov 2004

New York, November 24, 2004 -- MOODY'S PUBLISHES EMEA ABCP MARKET UPDATE

Moody's Investors Service has published its Europe/Middle East/Africa ("EMEA") ABCP market update report titled, "EMEA ABCP Market Update: Recent Seller Additions and New Conduits." In the report, Moody's comments that the EMEA ABCP suffered a slight decline in the third quarter of 2004, indicating that the maturing market is showing signs of stabilising after several years of rapid growth. Issuance volume in the region underwent a 0.8% decrease, compared to an increase of 5% in the same period in 2003.

For further details, please see Moody's press release dated November 15, 2004. The "EMEA ABCP Market Update: Recent Seller Additions and New Conduits," Special Report is available on Moody's website, http://www.moodys.com.

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD NOVEMBER 16, 2004 THROUGH NOVEMBER 22, 2004:

MOODY'S ASSIGNS PRIME-1 RATING TO ARLINGTON FUNDING COMPANY, LLC, ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP"), in the form of extendable notes ("ECNs"), issued by Arlington Funding Company, LLC ("Arlington"). Arlington is a partially supported, multiseller non-prime residential mortgage loan warehouse facility sponsored by FBR Investment Management, Inc., a subsidiary of Friedman Billings Ramsey Group, Inc. ("FBRIM", unrated). Arlington has a program limit of $5 billion, but is currently authorized to issue up to $500 million of ECNs.

Arlington will fund the purchase of non-prime mortgage loans originated by non-conforming mortgage lenders, from the proceeds of the ECNs on a revolving basis. Each originator will transfer its mortgage assets to a special purpose bankruptcy-remote entity (each, a Seller) established for that originator. Arlington will then acquire or finance these assets through one or more repurchase agreements with each Seller. Moody's will review each new repurchase agreement into which Arlington proposes to enter. From time to time, the mortgages will be removed through term securitization or whole loan sales and replaced with new originations.

The ECNs issued by Arlington are short-term debt with an expected maturity of up to 120 days, but which may be extended up to an additional 60 days under certain conditions.

For further details, please see Moody's press release dated November 17, 2004.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD NOVEMBER 16, 2004 THROUGH NOVEMBER 22, 2004:

IN "CLUB" DEAL, ELEVEN PRIME-1-RATED ABCP CONDUITS ADD COMMITMENT IN $1.5 BILLION SYNDICATED LOAN FACILITY

JPMorgan Chase Bank is the structuring agent and the administrative agent for a $1.5 billion syndicated loan facility for a limited partnership fund established to invest in a portfolio of investments in commercial real estate, distressed assets and other assets recommended by the fund managers. The loan facility provides interim financing for new investments added to the fund's portfolio and is secured by the uncalled capital commitments of fund's limited partners.

The following Prime-1-rated ABCP conduits participated in this transaction:

• ABN Amro Bank's Windmill Funding Corp. acquired a $60 million commitment.

• Barclays Bank plc's Sheffield Receivables Corp. added a $150 million commitment and increased its program-level credit enhancement by 10%.

• BNP Paribas' Starbird Funding Corp. added a $150 million commitment and increased its program-level credit enhancement by 8%.

• Calyon's Atlantic Asset Securitization Corp. added a $110 million commitment with a 10% increase to its program-level credit enhancement.

• CDC Financial Products' Eiffel Funding LLC acquired a $110 million commitment and increased its program-level credit enhancement by 5%.

• Harris Nesbitt Corp.'s Fairway Finance Company LLC added a $225 million commitment with a 5% increase to its program-level credit enhancement.

• HSBC Bank's Bryant Park Funding LLC added a $225 million commitment with an 8% increase to its program-level credit enhancement.

• JPMorgan Chase Bank's Delaware Funding Company LLC acquired a $225 million commitment with a 10% increase to its program-level credit enhancement.

• NordLB's Hannover Funding Company LLC added a $40 million commitment and increased its program-level credit enhancement by 10%.

• Rabobank International's Nieuw Amsterdam Receivables Company acquired a $80 million commitment with a 10% increase to its program-level credit enhancement.

• Societe Generale's Barton Capital LLC added a $125 million commitment and increased its program-level credit enhancement by 8%.

The liquidity facility for each conduit was sized at 102% of its respective commitment.

CSFB'S ALPINE AMENDS PROGRAM STRUCTURE

Alpine Securitization Corp. ("Alpine"), a partially supported, multiseller ABCP program sponsored and administered by Credit Suisse First Boston (Aa3/Prime-1/C), has amended its program structure to include a change in the form of its program-level credit enhancement and the ability to issue callable notes, extendible notes, and Euro-denominated commercial paper.

Prior to the amendment, Alpine's program-level credit enhancement was in the form of a CSFB irrevocable letter of credit sized at minimum of $250 million. The amendment replaced the letter of credit provided by CSFB with a fully funded cash collateral account ("CCA"). The CCA has a floor of $1 billion and is subject to the same support percentage as the letter of credit: a required coverage of 10% of outstanding asset pools for all partially supported transactions that are not rated at least Aa2. The funds in the CCA are invested in permitted investments according to Alpine's program structure and may be drawn at any time. The increased floor amount provides greater protection to Alpine investors since the CCA is used to absorb any residual credit risk not covered by transaction-level protections.

Additionally, Alpine has amended its structure to allow for the issuance of callable notes ("CNs") and extendable notes ("SLNs"), as well as utilizing the Euro-denominated commercial paper ("Euro CP") structure that was previously established. Alpine's CNs have expected call dates up to 180 days from issuance with final maturity dates up to 364 days. Similar to the CNs, Alpine's SLNs have expected maturity dates up to 180 days from issuance with final maturity dates up to 364 days. All of Alpine's CNs, SLNs, and Euro CP benefit from liquidity facilities provided by CSFB or other Prime-1-rated banks.

As of August 31, 2004, Alpine had $3.8 billion of outstanding ABCP.

SOCGEN'S ANTALIS SUBSCRIBES SUBORDINATED LOAN FACILITY

Antalis S.A. ("Antalis"), a partially supported, multiseller ABCP conduit sponsored by Societe Generale (Aa3/Prime-1/B, under review for possible upgrade), has subscribed a subordinated loan facility in an initial amount of Euro 7 million with a maximum amount of Euro 15 million. The Euro-denominated loan facility may be used to cover losses incurred by Antalis' credit support providers. The loan facility is fully subordinated to Antalis' senior creditors, including ABCP holders, and the loan's interest and principal may only be paid if there are funds in excess of amounts needed to repay senior creditors

Antalis is authorized to issue up to Euro 4.98 billion of ABCP.

GENENTECH'S DNA FINANCE REDUCES PROGRAM SIZE TO $420.49 MILLION

DNA Finance Corp. ("DNA Finance"), a fully supported, single-seller lease-backed commercial paper program established by Genentech Inc. and administered by JPMorgan Chase Bank (Aa2/Prime-1/B), has decreased its program size to $420.49 million from $497.85 million. The amount of liquidity support provided by a syndicate of Prime-1-rated banks has also decreased to accommodate the smaller program size.

As of October 31, 2004, DNA had $412.5 million of outstanding ABCP.

IXIS' EIFFEL FUNDING ADDS $300 MILLION VARIABLE FUNDING NOTE

Eiffel Funding LLC ("Eiffel Funding"), a partially supported, multiseller conduit sponsored and administered by IXIS Financial Products (formerly known as CDC Financial Products) ("IXIS", rated Aaa/Prime-1), has added a $300 million highly rated variable funding note ("VFN") backed by rental car leases. The VFN benefits from a surety bond provided by Aaa-rated Ambac Assurance Corporation ("Ambac").

A liquidity facility provided by IXIS fully supports this transaction and will fund for outstanding ABCP so long as Ambac does not default on its obligations under this transaction. With this transaction, Eiffel's program-level credit enhancement was increased by 5% of its facility limit. Eiffel has about $6.5 billion in total purchase commitments.

NORDLB'S HANNOVER ACQUIRES $75 MILLION INTEREST IN Aaa-RATED MARKET VALUE CDO FACILITY

Hannover Funding Corp. ("Hannover"), a hybrid ABCP conduit sponsored by Norddeutsche Landesbank Girozentrale ("NordLB", rated Aa1/Prime-1/C-), has acquired a $75 million interest in a $200 million Aaa-rated market value CDO facility. The facility is the senior tranche of a market value CDO structure and is insured by a surety bond provided by Aaa-rated Ambac Assurance Corporation ("Ambac"). The collateral backing the CDO facility consists of high yield debt, mezzanine investments, distressed debt, and equity securities. IXIS Financial Products' (Aaa/Prime-1) Eiffel Funding LLC also has an interest in the facility.

The liquidity facility provided by NordLB will fund for maturing ABCP as long as the rating of Ambac does not fall to Caa3 or below.

Hannover has about $2.8 billion in total purchase commitments and $186 million in program-level credit enhancement.

PNC BANK'S MARKET STREET ACQUIRES $60 MILLION INTEREST IN VARIABLE FUNDING CERTIFICATE

Market Street Funding Corp. ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (A1/Prime-1/B-), has acquired a $60 million interest in a $160 million Class A variable funding certificate ("VFC") issued out of a credit card master trust. JP Morgan Chase's (Aa2/Prime-1/B+) Falcon Asset Securitization Corp. is the other co-purchaser of the certificate, with a $100 million interest. The VFC is backed by credit card receivables originated by an unrated regional department store. The VFC benefits from 13% transaction-specific credit enhancement, which is provided in the form of subordination. This transaction is partially supported by a liquidity facility provided by PNC Bank.

With this transaction, Market Street's program-level credit enhancement was increased by 10% of its commitment. Market Street has about $3.19 billion in total purchase commitments and $322.8 million in program-level credit enhancement.

STANFIELD'S MICA ADDS FOURTH GLOBAL SWAP FACILITY.

Mica Funding LLC ("Mica"), a partially supported, multiseller ABCP conduit sponsored by Stanfield Global Strategies (unrated) and administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has added its fourth global swap facility. The facility permits the purchase of up to $1 billion of securities. This facility is fully supported by a total return swap provided by a Prime-1-rated financial institution.

Mica has no program-level credit enhancement; however, all but two transactions are fully supported by liquidity facilities or total rate of return swaps. Mica has an authorized program limit of $10 billion.

BNP PARIBAS' STARBIRD ADDS $200 MILLION LOAN FACILITY

Starbird Funding Corp. ("Starbird"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+), has added a $200 million loan facility to its portfolio. The transaction is part of a $1.2 billion co-purchase facility with four other conduits: BOTM's Gotham Funding Corp., Wachovia's Blue Ridge Asset Funding Corp., JPMorgan Chase's Preferred Receivables Funding Corp., and Citicorp's Charta, LLC. The facility finances trade receivables originated by an investment-grade-rated production and manufacturing company. A liquidity facility provided by BNP Paribas fully supports this transaction.

With this transaction, Starbird has about $5.93 billion in total purchase commitments and $401.2 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS ADDS $50 MILLION LOAN FACILITY

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has added a $50 million loan facility to its portfolio. The loan facility finances trade receivables originated by an unrated apparel company and its subsidiaries.

Transaction-specific credit enhancement is in the form of overcollateralization, sized at a minimum of 10%. The overcollateralization level adjusts dynamically depending on the performance of the transaction. This transaction is partially supported by a liquidity facility provided by SunTrust Bank.

With this transaction, Three Pillars' program-level credit enhancement was increased by 10% of its commitment. Three Pillars has about $5.3 billion in total purchase commitments and $454.5 million in program-level credit enhancement.

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

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED NOVEMBER 22, 2004
No Related Data.
© 2021 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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