Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
12 Jan 2005
New York, January 12, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD JANUARY 4, 2005 THROUGH JANUARY
IN "CLUB" DEAL, SIXTEEN PRIME-1-RATED ABCP CONDUITS
ADD COMMITMENT IN $8.35 BILLION MORTGAGE LOAN WAREHOUSE
Citicorp North America, Inc. is the structuring agent and
the administrative agent for an $8.35 billion revolving
mortgage loan warehouse facility for an investment-grade-rated
originator and servicer ("seller") of mortgage loans. Through this
facility, the seller receives interim financing for pools of mortgage
loans prior to a term securitization or whole loan sale of the loans.
The types of mortgage loans eligible for financing include: sub-prime,
HELOCs, conventional-conforming, nonconforming (prime)
and government (FHA/VA). The transaction includes a number of loan
eligibility criteria and portfolio concentration limits. Additionally,
no loan can remain in the facility for more than 180 days (and not more
than 50% can remain in the facility for more than 90 days).
The following Prime-1-rated ABCP conduits participate in
ABN Amro Bank's Windmill Funding Corp. and Amsterdam Funding
Corp. acquired a $1 billion aggregate commitment and each
conduit increased its program-level credit enhancement by 8%.
Bank of America's Yorktown Capital, LLC added a $500
million commitment and increased its program-level credit enhancement
BNP Paribas' Starbird Funding Corp. added a $750
million commitment and increased its program-level credit enhancement
Calyon's Atlantic Asset Securitization Corp. and La Fayette
Asset Securitization LLC added an aggregate $250 million commitment
and increased its program-level credit enhancement by 10%
and 8%, respectively.
Citibank's CAFCO, LLC and CRC Funding LLC, added an
aggregate $1.5 billion commitment and increased its program-level
credit enhancement by 8% and 10%, respectively.
Dresdner's Beethoven Funding Corp. (through Symphony No.
1, LLC) added a $500 million commitment and increased its
program-level credit enhancement by 10%.
HSBC Bank's Bryant Park Funding LLC and Regency Assets Limited
added a combined $600 million commitment and increased its program-level
credit enhancement by 8% and 5%, respectively.
JPMorgan Chase Bank's Delaware Funding Company LLC and Falcon Asset
Securitization Corp. acquired a $1 billion commitment and
each conduit increased its program-level credit enhancement by
Royal Bank of Canada's Old Line Funding, LLC acquired a $750
million commitment, with a 10% increase to its program-level
Societe Generale's Barton Capital LLC added a $1 billion
commitment and increased its program-level credit enhancement by
WestLB's Compass Securitisation added a $500 million commitment
and increased its program-level credit enhancement by 5%.
Liquidity for each conduit is sized at 102% of its respective commitment.
CSFB'S ALPINE AMENDS THE FORM OF LIQUIDITY SUPPORT PROVIDED TO $835.6
MILLION OF Aaa-RATED ABS.
Alpine Securitization Corp. ("Alpine"), a partially supported,
multiseller ABCP program sponsored and administered by Credit Suisse First
Boston (Aa3/Prime-1/C), has amended the form of its liquidity
support for $835.6 million of Aaa-rated ABS assets.
With this amendment, a liquidity facility provided by CSFB will
fund for the face amount of maturing ABCP so long as the ABS is not rated
As of December 31, 2004, Alpine had about $8.4
billion in aggregate purchase commitments and $1.1 billion
in program-level credit enhancement.
CALYON'S ATLANTIC AND LAFAYETTE ACQUIRE $400 MILLION INTEREST IN
NOTE BACKED BY SERVICER ADVANCES
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 $400 million interest in a note backed
by mortgage servicer advances. The advances are originated by a
subsidiary of an investment-grade-rated financial services
The required level of transaction-specific credit enhancement is
in the form of overcollateralization, sized at a minimum of 5%.
The overcollateralization level adjusts dynamically depending on the type
of servicer advances in the facility and other factors. Calyon
will provide two liquidity facilities for this transaction - one
for each conduit. The liquidity facilities will fund for eligible
receivables less charged-off advances. 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 $5.42 billion in purchase commitments
and $518 million in program-level credit enhancement.
La Fayette has about $1.47 billion in purchase commitments
and $112 million in program-level credit enhancement.
PNC BANK'S MARKET STREET ADDS CREDIT ARBITRAGE FACILITY
Market Street Funding Corp. ("Market Street"), a partially
supported, multiseller ABCP conduit sponsored by PNC Bank (A1/Prime-1/B-),
has added a credit arbitrage facility that allows the purchase of highly
rated asset-backed securities ("ABS") without prior review by Moody's.
The addition of this facility enables Market Street to function as a hybrid
conduit with the capability of investing in ABS and purchasing or financing
trade, term and other receivables. The aggregate amount of
ABS purchased under the credit arbitrage facility is limited to 30%
of the outstanding ABCP issued by Market Street.
The credit arbitrage facility is subject to predetermined investment guidelines,
which specify the minimum credit quality and eligibility of ABS that Market
Street can purchase. The ABS purchased under the facility must
be rated at least Aa3. PNC Bank is required to monitor the ratings
of the ABS on a daily basis. If a security does not satisfy the
investment guidelines, then Market Street will cease issuing ABCP
with respect to that security and the liquidity facility provided by PNC
Bank must purchase the applicable security. The liquidity facility
fully supports each security purchased in accordance with the credit arbitrage
facility unless the applicable security is rated Caa3 or lower by Moody's.
Market Street has about $3.21 billion in total purchase
commitments and $344.83 million 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
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JANUARY 10, 2005
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.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.