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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 21, 2005

25 Mar 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MARCH 21, 2005

New York, March 25, 2005 -- MOODY'S PLACES THE RATING OF STANFIELD VICTORIA'S CAPITAL NOTE PROGRAMME ON WATCH FOR POSSIBLE UPGRADE AND AFFIRMS RATINGS OF VARIOUS DEBT PROGRAMMES

In London, Moody's has placed the long-term credit rating of Baa3 assigned to the Capital Note programme of Stanfield Victoria Finance Limited on watch for possible upgrade. The rating action is prompted by better than expected performance of Stanfield Victoria's asset portfolio.

Additionally, Moody's has affirmed the ratings assigned to the various debt programmes of Stanfield Victoria Finance Limited ("Stanfield Victoria") and Stanfield Victoria Funding, LLC ("Stanfield Victoria LLC") as follows:

• Prime-1 to the $10,000,000,000 Euro commercial paper programme of Stanfield Victoria;

• Aaa and Prime-1 to the $10,000,000,000 Euro Medium Term Note programme of Stanfield Victoria;

• Prime-1 to the $10,000,000,000 U.S. commercial paper program of Stanfield Victoria and Stanfield Victoria LLC; and

• Aaa and Prime-1 to the $10,000,000,000 U.S. Medium Term Note program of Stanfield Victoria and Stanfield Victoria LLC.

For further details, please see Moody's press release dated March 15, 2005.

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD MARCH 15, 2005 THROUGH MARCH 21, 2005:

MOODY'S ASSIGNS PRIME-1 RATING TO EMC MORTGAGE CORPORATION'S MASTER FUNDING LLC SERIES A EXTENDIBLE ABCP AND Baa2 RATING TO SERIES A SUBORDINATE VARIABLE FUNDING NOTES

Moody's has assigned a Prime-1 rating to the Series A Secured Liquidity Notes ("Series A SLNs") and a Baa2 rating to the $200 million Series A Subordinate Variable Funding Notes ("Series A Sub VFNs") issued by MASTER Funding LLC ("MASTER"). MASTER is a newly established, partially supported, single-seller mortgage loan warehouse facility sponsored by EMC Mortgage Corporation (servicer rating, SQ1), a wholly owned subsidiary of The Bear Stearns Companies Inc. (rated A1/Prime-1).

MASTER will provide mortgage warehouse financing to EMC Mortgage Corporation ("EMC") through the issuance of up to $4.8 billion in Series A SLNs, with an expected maturity of up to 180 days and a legal final maturity of 180 days thereafter. Concurrent with the issuance of the Series A SLNs, MASTER has issued a second series of SLNs ("Series B SLNs") which have been assigned a Prime-1 rating by Moody's Investors Service. The Series A SLNs and the Series B SLNs finance separate pools of mortgage loans which are not cross-collateralized. Additionally, each series has its distinct set of loan eligibility requirements, portfolio concentration limits, program triggers and credit enhancement levels.

The Series A SLNs are backed by non-conforming, first-lien residential and Alt-A mortgage loans. MASTER purchases these mortgage loans on a revolving basis and in compliance with certain loan-eligibility criteria and portfolio concentration limits.

For further details, please see Moody's press release dated March 17, 2005.

MOODY'S ASSIGNS PRIME-1 RATING TO EMC MORTGAGE CORPORATION'S MASTER FUNDING LLC SERIES B EXTENDIBLE ABCP AND Baa2 RATING TO SERIES B SUBORDINATE VARIABLE FUNDING NOTES

Moody's has assigned a Prime-1 rating to the Series B Secured Liquidity Notes ("Series B SLNs") and a Baa2 rating to the $177 million Series B Subordinate Variable Funding Notes ("Series B Sub VFNs") issued by MASTER Funding LLC ("MASTER"). MASTER is a partially supported, single-seller mortgage loan warehouse facility sponsored by EMC Mortgage Corporation (servicer rating, SQ1), a wholly owned subsidiary of The Bear Stearns Companies Inc. (rated A1/Prime-1).

MASTER will provide mortgage warehouse financing to EMC Mortgage Corporation ("EMC") through the issuance of up to $2.823 billion in Series B SLNs, with an expected maturity of up to 180 days and a legal final maturity of 180 days thereafter. Concurrent with the issuance of the

Series B SLNs, MASTER has issued another series of SLNs ("Series A SLNs") which have been assigned a Prime-1 rating by Moody's Investors Service. The Series A SLNs and the Series B SLNs finance separate pools of mortgage loans which are not cross-collateralized. Additionally, each series has its distinct set of loan eligibility requirements, portfolio concentration limits, program triggers and credit enhancement levels.

The Series B SLNs are backed by sub-prime residential mortgage loans. MASTER purchases these mortgage loans on a revolving basis and in compliance with certain loan-eligibility criteria and portfolio concentration limits.

For further details, please see Moody's press release dated March 17, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 15, 2005 THROUGH MARCH 21, 2005:

MIZUHO CORPORATE BANK'S ADVANTAGE ACQUIRES $90 MILLION Baa2-RATED NOTE

Advantage Asset Securitization Corp. ("Advantage"), a partially supported, multiseller conduit, sponsored by Mizuho Corporate Bank, Limited ("Mizuho", rated A1/Prime-1/D-), has acquired a $90 million interest in a Baa2-rated floating rate note backed by credit card receivables. This transaction is fully supported by a liquidity facility provided by Mizuho.

With this transaction, Advantage has about $240.94 million in total purchase commitments.

DEUTSCHE BANK'S GEMINI PURCHASES SARATOGA ABCP BACKED BY $250 MILLION AUTO LOAN FACILITY

Gemini Securitization Corp., LLC, ("Gemini"), a partially supported, multiseller conduit sponsored by Deutsche Bank AG (Aa3/Prime-1/B-), has purchased ABCP from its sister conduit, Saratoga Funding Corp., LLC ("Saratoga"). The Saratoga ABCP is backed by a $250 million auto loan facility originated by a wholly owned subsidiary of an investment-grade-rated investment management service company.

Transaction-specific credit enhancement is in the form of overcollateralization, excess spread sized at a minimum of 2.5%, and a non-declining reserve account sized at 0.25% of Saratoga's facility limit. The transaction is partially supported through a liquidity facility provided by Deutsche Bank that will fund for the outstanding eligible receivables net of liquidated receivables in excess of the transaction-specific credit enhancement. In addition, the transaction benefits from an ABCP tenor limitation of 90 days and a cease issuance event tied to an asset deficiency test.

With this transaction, Gemini's program-level credit enhancement was increased by 8% of its purchase limit. Gemini has total asset commitments of $11.5 billion, with $5.3 billion of outstanding ABCP. Gemini's total program-level credit enhancement is $404.68 million (with a floor of $250 million).

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ADDS $300 MILLION AGRICULTURAL EQUIPMENT LOAN FACILITY AND INCREASES INTEREST IN EXISTING EQUIPMENT LOAN AND LEASE FACILITY

Manhattan Asset Funding Company LLC ("Manhattan"), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. ("SMBC", rated A2/Prime-1/E+), has added a $300 million loan facility to its portfolio. The facility is backed by equipment loans originated by a finance subsidiary of an investment-grade-rated agricultural and construction machinery manufacturer and distributor. A liquidity facility provided by SMBC fully supports Manhattan's interest in this transaction.

In addition, Manhattan has increased its interest in an existing loan and lease facility from $225 million to $300 million. The receivables are originated by a captive finance company of an investment-grade-rated manufacturer of construction and mining equipment. The facility benefits from a minimum of 6% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. The transaction also benefits from 10% incremental program-level credit enhancement. Manhattan's interest in this transaction is partially supported by a liquidity facility provided by SMBC. This transaction was part of a $900 million co-purchased facility with Bank of America's Ranger Funding Company LLC and JPMorgan Chase Bank's Falcon Asset Securitization Corp.

With these two transactions, Manhattan has about $2.65 billion in total purchase commitments and $270 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS ADDS $200 MILLION LOAN FACILITY

Three Pillars Funding LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has added a $200 million revolving loan facility to its portfolio. The facility finances loans made to high net worth individuals and companies. The loans are originated by an unrated private bank and secured by marketable securities.

A liquidity facility provided by SunTrust Bank fully supports this transaction. With this transaction, Three Pillars has about $6.25 billion in total purchase commitments and $550.7 million in program-level credit enhancement.

COMMERZBANK'S TYPHOON FUNDING AMENDS PROGRAM STRUCTURE

Moody's has affirmed the Prime-1 rating of Typhoon Funding Corporation's ("Typhoon") ABCP, following the program amendment that allows for the issuance of paperless securities ("Paperless CP"). Typhoon is a partially supported, multiseller ABCP program administered by Commerzbank Aktiengesellschaft (A2/Prime-1/C+), Tokyo Branch. Typhoon issues only yen-denominated ABCP in the Japanese market. The proceeds from the issuance of ABCP are used to purchase primarily yen-denominated trade receivables, promissory notes, and loan receivables or beneficial interests backed by assets from various sellers.

With this amendment, Typhoon now has the ability to issue Paperless CP as well as ABCP in the form of promissory notes. Such paperless issuance is common in U.S.-based ABCP programs.

For further details, please see Moody's press release dated March 15, 2005.

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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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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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.

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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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.

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