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15 Dec 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 13, 2004
New York, December 15, 2004 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD DECEMBER 7, 2004 THROUGH DECEMBER
IN CLUB DEAL, CALYON'S ATLANTIC AND LA FAYETTE ACQUIRE $500
MILLION INTEREST IN CREDIT CARD TRANSACTION
Atlantic Asset Securitization Corp. ("Atlantic") and La Fayette
Asset Securitization LLC ("La Fayette"), two partially supported,
multiseller ABCP programs sponsored by Calyon (Aa2/Prime-1/C),
have acquired a combined $500 million interest in a Class A Note
issued out of a credit card master trust. The underlying assets
consist of primarily private label credit cards originated by various
The Class A Note benefits from 16.75% transaction-specific
credit enhancement, which is provided in the form of subordination.
Calyon will provide two liquidity facilities for this transaction.
The liquidity facilities will fund for the outstanding principal balance
of the Class A note plus interest on the ABCP issued to finance the note.
With this transaction, Atlantic's program-level credit enhancement
increased by 10% of its commitment, while La Fayette's program-level
credit enhancement increased by 8%.
Atlantic currently has about $4.8 billion in purchase commitments
and $470 million in program-level credit enhancement.
La Fayette has about $1.2 billion in purchase commitments
and $92 million in program-level credit enhancement.
DZ BANK'S CORAL FINANCES EURO 300 MILLION LEASE TRANSACTION
CORAL Capital Limited and CORAL Capital LLC (together, "CORAL"),
a partially supported, hybrid ABCP programme sponsored by DZ Bank
Deutsche Zentral-Genossenschaftsbank AG ("DZ Bank", rated
A2/Prime-1/C-), has financed a Euro-denominated
300 million lease facility in its portfolio. The initial pool volume
is Euro 75 million and may be increased over time up to the transaction
limit of Euro 300 million. This transaction will finance vehicles
and equipment lease installments. The residual values are not financed
through this facility.
In this transaction, CORAL makes advances under a funding agreement
to a purchasing company, which finances the leases on a revolving
basis. The leases are originated by six subsidiaries of a German
Transaction-specific credit enhancement is provided through a combination
of excess spread, fixed through an interest rate swap, and
a reserve account. Additionally, the transaction benefits
from credit enhancement, sized at a minimum of 1.4%
of outstanding leases, and various default and delinquency trigger
events that would result in a termination of the facility and a cease
issuance of commercial paper.
With this transaction, CORAL will increase its programme-level
credit enhancement, which is in the form of a letter of credit or
another form of credit agreement provided by DZ Bank. A liquidity
facility provided by DZ Bank partially supports this transaction.
CORAL is now authorised to issue up to approximately Euro 1.5 billion
IXIS' EIFFEL FUNDING ACQUIRES $114.5 MILLION INTEREST IN
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 $114.5 million transaction that is wrapped by
an insurance policy provided by Aaa-rated Ambac Assurance Corporation
("Ambac"). The collateral backing the note consists of an amortizing
pool of intellectual property and related contractual rights in patents
from universities, corporations and other entities.
A liquidity facility provided by IXIS, sized for 102% of
its purchase commitment (or $116.7 million), advances
against outstanding ABCP unless Ambac is bankrupt or fails to make a required
payment under its insurance policy. With this transaction,
Eiffel Funding's program-level credit enhancement was increased
by 5% of ABCP outstandings.
Eiffel Funding has approximately $6.5 billion in total purchase
commitments and $190 million in program-level credit enhancement.
NBP'S ELIXIR ADDS EURO 82.5 MILLION OF FCC UNITS BACKED BY TRADE
Elixir Funding Limited ("Elixir") has added Euro 82.5 million of
FCC units (French ABS) to its portfolio. Elixir is a partially
supported, multiseller ABCP program sponsored by Natexis Banques
Populaires ("NBP", rated Aa3/Prime-1/C) and administered
by Deutsche Bank AG (Aa3/Prime-1/B-). Elixir uses
the proceeds of its Billets de Tresorerie (French ABCP) to the
fund the purchase of Euro 82.5 million of FCC units backed by a
portfolio of trade receivables originated by a French company in the automobile
A liquidity facility provided by Calyon (Aa2/Prime-1/C) fully supports
this transaction. With this transaction, Elixir now owns
four asset pools backed by trade receivables. Elixir is authorized
to issue up to Euro 411 million of Billets de Tresorerie and has
Euro 10 million in program-level credit enhancement.
CALYON'S LMA ADDS TWO FCC UNITS TOTALING EURO 232.5 MILLION BACKED
BY TRADE RECEIVABLES
LMA S.A. ("LMA," also known as Liquidites de
Marche) has added two pools of FCC units (French ABS) backed by
two different trade receivable transactions: one for Euro 82.5
million and the other for Euro 150 million. LMA is a fully supported,
multiseller ABCP program sponsored and administered by Calyon (Aa2/Prime-1/C).
LMA uses the proceeds of its Billets de Tresorerie and Euro commercial
paper ("Euro ABCP") to fund the purchase of FCC units, asset-backed
securities and bonds issued by French and US corporate entities.
The Prime-1 rating assigned to LMA's Billets de Tresorerie
and Euro ABCP is based primarily on: (i) the full liquidity support
provided by Prime-1-rated banks through transaction-specific
purchase and sale agreements, which allows for timely repayment
of maturing Billets de Tresorerie and Euro ABCP, (ii) the
integrity of the conduit's structure, and (iii) the operational
ability of Calyon as the program administrator. Currently,
LMA's liquidity facility is provided by a syndicate of seven Prime-1-rated
LMA is authorized to issue up to Euro 5.55 billion, $169
million and GBP 70 million of ABCP.
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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