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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 27, 2004

29 Dec 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED DECEMBER 27, 2004

New York, December 29, 2004 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD DECEMBER 21, 2004 THROUGH DECEMBER 27, 2004:

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

In London, Moody's has assigned a definitive Prime-1 rating to the Series A asset-backed commercial paper notes ("Series A") 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+). This follows the purchase of a Euro 421.1 million highly rated asset-backed floating rate note backed by dealer floor plans. A liquidity facility, provided by BNP Paribas, will fund for outstanding ABCP as long as the note is not downgraded to below Caa1. In the event that the note is downgraded to below Aa2, Matchpoint will no longer be permitted to issue ABCP to fund this transaction.

For further details, please see Moody's press release dated December 21, 2004.

MOODY'S ASSIGNS PRIME-1 RATING TO OLD COURT FUNDING PLC ABCP PROGRAMME

In London, Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Old Court Funding PLC ("Old Court"). Old Court is a newly established, partially supported, credit arbitrage ABCP programme sponsored by Cambridge Place Investment Management LLP. Old Court has an authorised programme limit of $5 billion and may issue ABCP in the U.S. or Euro ABCP markets.

Old Court will use the ABCP proceeds to make loans ("PE Loans") to purchasing entities, which in turn purchase financial assets from funds and other vehicles managed by Cambridge. Each PE Loan will be subject to Moody's prior review of the related structural features, such as the investment criteria, liquidity borrowing base, credit enhancement and ABCP issuance conditions. The assets funded by the proceeds of the PE Loan must comply with certain criteria and must have a Moody's rating, unless otherwise permitted under the eligibility criteria.

As with other credit arbitrage conduits, investors in Old Court's ABCP are not exposed to changes in the market value of the assets, rather the main risk to investors is a rapid decline in the credit quality of the portfolio.

For further details, please see Moody's press release dated December 23, 2004. The New Issue Report for Old Court Funding is available on Moody's website, http://www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD DECEMBER 21, 2004 THROUGH DECEMBER 27, 2004:

DRESDNER'S BRAHMS PURCHASES BEETHOVEN ABCP TOTALING $1 BILLION

Brahms Funding Corp. ("Brahms"), the partially supported, multiseller SLN program sponsored by Dresdner Bank AG (A1/Prime-1/C-), has committed to purchase up to $1 billion of ABCP from its multiseller conduit, Beethoven Funding Corp. ("Beethoven").

Brahms' SLN will be match-funded to Beethoven ABCP. No liquidity facility is needed for this transaction since timely payment of Brahms' SLN is based on the Prime-1 rating of Beethoven ABCP. Brahms is now authorized to issue up to $9.75 billion of SLNs.

GMAC COMMERCIAL MORTGAGE'S CRE-8 FUNDING LLC AMENDS PROGRAM STRUCTURE

Moody's affirmed the Prime-1 rating of the secured liquidity notes (SLNs) issued by GMAC Commercial Mortgage's CRE-8 Funding LLC after various amendments intended to improve the utility of the program as a commercial mortgage warehouse funding vehicle. The first amendment was to include GMAC Commercial Mortgage Bank as a seller of assets to the program. The bank was established in 2003 as a vehicle for accessing additional sources of funding for GMAC Commercial Mortgage and as an additional originator of assets. As a seller to CRE-8 Funding LLC, GMAC Commercial Mortgage Bank will originate assets on the same terms as GMAC Commercial Mortgage. The terms include similar eligibility criteria, credit enhancement, and representations and warranties of the seller. The second amendment was to modify the eligibility criteria and advance rates for assets sold into the program. These parameters were reviewed by Moody's Commercial Mortgage Group based on the actual assets sold to CRE-8 Funding LLC over the last year and on the structure of the commercial mortgage securitizations closed by GMAC over the past two years.

CRE-8 Funding LLC was established in November 2003. The program has an authorized amount of $2 billion and as of November 30, 2004 had approximately $270 million of outstanding SLN.

NBP'S ELIXIR ADDS EURO 200 MILLION OF SECURITIES BACKED BY RECEIVABLES

Elixir Funding Limited ("Elixir") has added Euro 200 million of securities 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 fund the purchase of Euro 200 million of securities backed by a portfolio of receivables originated by a German factoring company.

A liquidity facility provided by NBP and IKB Deutsche Industriebank AG (Aa3/Prime-1/B-) fully supports this transaction. With this transaction, Elixir now owns five asset pools. Elixir is authorized to issue up to Euro 614.5 million of Billets de Tresorerie and has Euro 10 million in program-level credit enhancement.

BANK OF NOVA SCOTIA'S LIBERTY STREET AND WESTLB'S PARADIGM ACQUIRE VFNS BACKED BY AUTO FLEET RENTALS

Liberty Street Funding Corp. ("Liberty Street") and Paradigm Funding LLC ("Paradigm") have each acquired a $25 million variable funding note ("VFN") backed by car fleet rentals. Liberty Street is a partially supported, multiseller ABCP program sponsored by The Bank of Nova Scotia ("BNS", rated Aa3/Prime-1/B), while Paradigm is a partially supported, multiseller ABCP program sponsored by WestLB AG (Aa2/Prime-1/D-). This transaction is part of a $200 million co-purchase with four other conduits: Deutsche Bank's Gemini Securitization Corp., LLC, Citicorp's Charta, LLC, JPMorgan Chase's Delaware Funding Company LLC, and Barclays' Sheffield Receivables Corp.

The VFNs benefit from 22.25% transaction-specific credit enhancement, which is in the form of overcollateralization. This transaction is partially supported through liquidity facilities provided by BNS and WestLB.

With this transaction, Liberty Street and Paradigm increased their program-level credit enhancement by 10% of their respective interest.

Liberty Street has about $6.9 billion in total purchase commitments and $694.9 million in program-level credit enhancement. Paradigm has about $9.3 billion in total purchase commitments and $726.9 million in program-level credit enhancement.

BARCLAYS' SHEFFIELD PURCHASES $217 MILLION CDO NOTES

Sheffield Receivables Corp. ("Sheffield"), a partially supported, multiseller conduit sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has purchased a $217 million Class A-1 note issued by a CDO facility. Payments of principal and interest on the Class A-1 notes are subordinate to a $2.135 billion 2(a)(7) eligible money market tranche of ABCP issued by the CDO facility. The CDO facility mainly holds Aaa-rated CDO securities. This transaction is partially supported by a liquidity facility provided by Barclays.

With this transaction, Sheffield's program-level credit enhancement was increased by 10% of its commitment. Sheffield is currently authorized to issue up to approximately $26.4 billion of ABCP.

BNP PARIBAS' STARBIRD ACQUIRES $325.5 MILLION INTEREST IN Aaa-RATED NOTE

Starbird Funding Corp. ("Starbird"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $325.5 million interest in a Aaa-rated senior secured floating-rate note. The Aaa-rated note is backed by secured loans and mezzanine obligations.

A liquidity facility provided by BNP Paribas will fund for the face amount of maturing ABCP so long as the note is not rated Caa1 or lower.

With this transaction, Starbird has about $7.1 billion in total purchase commitments and $471.2 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 revolving loan facility to its portfolio. The facility is backed by proceeds of structured settlements and lottery winnings. A liquidity facility provided by SunTrust fully supports this transaction.

With this transaction, Three Pillars has about $9.3 billion in total purchase commitments and $726.9 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD DECEMBER 21, 2004 THROUGH DECEMBER 27, 2004:

ARMORIS FINANCE RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating of Armoris Finance S.A., a fully supported, single-seller ABCP programme sponsored by HSBC-CCF. As of November 25, 2004, all Billets de Tresorerie (French ABCP) had been repaid in full. The program is now terminated.

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.
© 2020 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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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