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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 4, 2005

06 Apr 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 4, 2005

New York, April 06, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 28, 2005 THROUGH APRIL 4, 2005

MIZUHO CORPORATE BANK'S ADVANTAGE ACQUIRES $92.5 MILLION Aaa-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 $92.5 million interest in a Aaa-rated variable funding note backed by credit card receivables. This transaction is fully supported by a liquidity facility provided by Mizuho.

With this transaction, Advantage has about $335.24 million in total purchase commitments.

DEUTSCHE BANK'S GEMINI PURCHASES NANTUCKET ABCP BACKED BY $150 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, Nantucket Funding Corp., LLC ("Nantucket"). The Nantucket ABCP is backed by a $150 million auto loan facility originated by a wholly owned subsidiary of an unrated consumer finance company.

The transaction is fully supported by a liquidity facility provided by Deutsche Bank. Therefore, there is no requirement to increase Gemini's program-level credit enhancement. Gemini has total asset commitments of $11.9 billion, with $5.6 billion of outstanding ABCP. Gemini's total program-level credit enhancement is $428.75 million (with a floor of $250 million).

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING INCREASES INTEREST IN EXISTING LOAN AND LEASE FACILITY

Manhattan Asset Funding Company LLC ("Manhattan"), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. ("SMBC", rated A1/Prime-1/E+), has increased its interest in an existing loan and lease purchase facility from $45 million to $50 million. The facility finances the telecommunications equipment of the U.S. subsidiary of an investment-grade-rated Japanese electronics manufacturer and distributor. The transaction benefits from a minimum of 7.5% 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. This transaction is partially supported by a liquidity facility provided by SMBC.

With this transaction, Manhattan has about $2.86 billion in total purchase commitments and $270 million in program-level credit enhancement.

UFJ BANK'S MILLENNIUM ASSET FUNDING CORPORATION AMENDS PROGRAM STRUCTURE

Moody's has affirmed the Prime-1 rating of Millennium Asset Funding Corporation ("Millennium") ABCP, following the program amendment that allows for the issuance of paperless securities ("Paperless CP"). Millennium is a fully supported, multiseller ABCP program administered by UFJ Trust Bank Limited ("UFJ Trust", rated A1/Prime-1/E+). Millennium issues only yen-denominated ABCP in the Japanese market. The proceeds from the issuance of ABCP are used to purchase primarily yen-denominated beneficial interests backed by assets from various sellers.

With this amendment, Millennium 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 31, 2005.

BNP PARIBAS' STARBIRD ACQUIRES $50 MILLION INTEREST IN EXISTING VARIABLE FUNDING NOTE

Starbird Funding Corp. ("Starbird"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $50 million interest in a $375 million variable funding note ("VFN") to its portfolio. The VFN is backed by auto lease payments and the proceeds from the sale of vehicles. A liquidity facility provided by BNP Paribas fully supports this transaction.

Other co-purchasers of the VFN include Dresdner Bank's Beethoven Funding, ABN AMRO Bank's Amsterdam Funding Corp., The Bank of Nova Scotia's Liberty Street Funding Corp., and JPMorgan Chase Bank's Delaware Funding Company LLC.

Starbird has about $7.85 billion in total purchase commitments and $528.8 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS INCREASES INTEREST IN EXISTING LOAN FACILITY

Three Pillars Funding LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has increased its interest in an existing loan facility from $100 million to $110 million. The facility finances trades receivables originated by an unrated regional distributor of brand name grocery, candy, tobacco, and health and beauty aid products. The facility benefits from a minimum of 14% 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. This transaction is partially supported by a liquidity facility provided by SunTrust Bank.

With this transaction, Three Pillars has about $6.26 billion in total purchase commitments and $551.5 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S THUNDER BAY AND OLD LINE REMOVE FULL SUPPORT FROM $500 MILLION INTERESTS IN CREDIT CARD FACILITY

Thunder Bay Funding LLC ("Thunder Bay") and Old Line Funding ("Old Line"), both partially supported, multiseller ABCP conduits sponsored by Royal Bank of Canada ("RBC", rated Aa2/Prime-1/B+), have removed full support from their interests in a co-purchased note issued out of a private label credit card master trust. This transaction was added to these conduits' portfolios in March 2005 and was previously fully supported through program-level credit enhancement. The transaction is now partially supported by liquidity facilities provided by Royal Bank of Canada. With this amendment, the transaction now benefits from 10% incremental program-level credit enhancement in each conduit.

Thunder Bay acquired a $350 million interest in the note, while Old Line invested $150 million in the same note. The note benefits from 16.75% transaction-specific credit enhancement, which is provided in the form of subordination.

Thunder Bay is now authorized to issue up to $5 billion of outstanding ABCP. Thunder Bay has about $7 billion in total purchase commitments, with $1.7 billion in program-level credit enhancement.

Old Line is now authorized to issue up to $6.8 billion of outstanding ABCP. Old Line has about $10.4 billion in total purchase commitments, and $1.1 billion in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD MARCH 28, 2005 THROUGH APRIL 4, 2005:

TRAINER WORTHAM FIRST REPUBLIC CBO I, LIMITED RATING WITHDRAWN

Upon the issuer's request, Moody's has withdrawn the Prime-1 rating of Trainer Wortham First Republic CBO I, Limited, a partially supported, market value program sponsored by Trainer, Wortham & Company, Inc. As of April 1, 2005, there was no asset-backed commercial paper outstanding and there will be no further issuance under the program.

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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

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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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