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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 11, 2005

13 Apr 2005

New York, April 13, 2005 -- MOODY'S ASSIGNS Aaa COUNTERPARTY RATING TO K2 CORPORATION AND AFFIRMS RATINGS OF VARIOUS DEBT PROGRAMMES

In London, Moody's has assigned a Aaa counterparty rating to K2 Corporation ("K2") Moody's believes that the financial resources of K2 Corporation assure that the expected loss faced by a counterparty under various transactions, including credit derivatives, interest rate and currency

hedges, is consistent with the experience of investors in Aaa-rated instruments.

Additionally, Moody's has affirmed the ratings assigned to the various debt programmes of K2 Corporation and K2 (USA) LLC as follows:

• Prime-1 to the $6,000,000,000 Euro commercial paper programme of K2;

• Aaa and Prime-1 to the $6,000,000,000 Euro Medium Term Note programme of K2;

• Prime-1 to the $15,000,000,000 U.S. commercial paper program of K2 (USA) LLC; and

• Aaa and Prime-1 to the $15,000,000,000 U.S. Medium Term Note program of K2 (USA) LLC.

For further details, please see Moody's press release dated April 11, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD APRIL 5, 2005 THROUGH APRIL 11, 2005:

CALYON'S ATLANTIC INCREASES INTEREST IN TWO EXISTING TRADE RECEIVABLE FACILITIES

Atlantic Asset Securitization Corporation ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has increased its interest in two existing transactions. The first transaction was a $225 million co-purchased trade receivable facility with Wachovia Bank's Blue Ridge Asset Funding Corp. The facility finances receivables originated by an investment-grade-rated managed services company. Atlantic increased its interest in the facility from $100 million to $112.5 million. Along with the increase in facility size, the transaction was amended to include minor changes to the eligibility requirements as well as a lowering of the required reserves, which resulted in an increased advance rate. To date, the facility's performance has been fairly stable with defaults averaging 4% and total reserves averaging 26%.

The second transaction was a $150 million trade receivable facility for an unrated subsidiary of an investment-grade-rated agricultural company. Atlantic's commitment in this facility increased from $100 million to $150 million. The increase in facility size was to accommodate an additional seller in the facility. Although the new receivables slightly increased the level of defaults and delinquencies, the facility remains sufficiently credit enhanced. To date, defaults averaging 2% have been supported by total reserves averaging 14%, subject to an 8% floor.

Atlantic currently has $5.4 billion in purchase commitments and $519 million in program-level credit enhancement.

MIZUHO'S JADE CAPITAL AMENDS PROGRAM STRUCTURE

Moody's has affirmed the Prime-1 rating of Jade Capital Corporation's ("Jade") ABCP, following the program amendment that allows for the issuance of paperless securities ("Paperless CP"). Artemis is a partially supported, multiseller ABCP program jointly sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB", rated A3/Prime-1/D+) and Mizuho Corporate Bank, Ltd. (A1/Prime-1/D-). Jade has the ability to issue ABCP in both the U.S. and Japanese ABCP markets. 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, Artemis 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 April 11, 2004.

BNP PARIBAS' STARBIRD AND CALYON'S ATLANTIC ACQUIRE INTEREST IN $350 MILLION TRADE RECEIVABLE FACILITY

Starbird Funding Corp. ("Starbird") and Atlantic Asset Securitization Corporation ("Atlantic") have acquired an interest in a $350 million trade receivable facility. Starbird, a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $150 million interest, while Atlantic, a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has acquired a $100 million interest in the facility. ABN AMRO Bank's Windmill Funding Corp. is also a co-purchaser of the facility with a $100 million interest.

Originated by a Ba2-rated company, the receivables are generated from the sale of gasoline, heating oil, diesel fuel and jet fuel to wholesale distributors. The facility benefits from a minimum of 15% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. Starbird's interest is partially supported by a liquidity facility provided by SunTrust Bank and Atlantic's interest is supported by a liquidity facility provided by Calyon.

With this transaction, Starbird's and Atlantic's program-level credit enhancement were increased by 10% of their respective interests in the facility. Currently, Starbird has about $7.85 billion in total purchase commitments and $528.8 million in program-level credit enhancement. Atlantic has about $5.4 billion in purchase commitments and $519 million in program-level credit enhancement.

ROYAL BANK OF SCOTLAND'S TAGS ADDS $1 BILLION AUTO LOAN FACILITY

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has added a $1 billion auto loan facility. The underlying receivables consist of prime retail loans originated by an investment-grade-rated captive finance subsidiary of a major U.S. automotive manufacturer.

The facility benefits from 6.75% transaction-specific credit enhancement, which is comprised of 3.25% overcollateralization, 3% excess spread, and a fully funded non-declining cash collateral reserve account sized at 0.50% of TAGS' investment. In addition, the transaction benefits from an ABCP cease issuance upon the trigger of an asset deficiency test for any month. This transaction is partially supported by a liquidity facility is provided by Prime-1-rated RBS.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $15 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD APRIL 5, 2005 THROUGH APRIL 11, 2005:

H2O S.A. RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of H2O S.A., a partially supported, multiseller ABCP programme sponsored by Calyon (Aa2/Prime-1/C). As of 31 March, 2005 all outstanding ABCP has been repaid in full and no further ABCP will be issued under the programme.

For a more detailed description of these ABCP programs, see Moody's website at <A href="http://www.moodys.com">http://www.moodys.com</A>

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

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED APRIL 11, 2005
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.

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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.

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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 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.

​​​​
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