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11 May 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 9, 2005
New York, May 11, 2005 -- MOODY'S UPGRADES THE RATING OF STANFIELD VICTORIA'S CAPITAL NOTE TO Baa2
FROM Baa3 AND AFFIRMS RATINGS OF VARIOUS DEBT PROGRAMMES
In London, Moody's has upgraded the long-term credit rating
of the Capital Note programme of Stanfield Victoria Finance Limited to
Baa2 from Baa3. 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
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 May
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD MAY 3, 2005 THROUGH MAY 9,
IXIS' EIFFEL FUNDING ACQUIRES $300 MILLION INTEREST IN VFN BACKED
BY FACTORED ADVANCES
Eiffel Funding LLC ("Eiffel Funding"), a partially supported,
multiseller conduit sponsored and administered by IXIS Financial Products
("IXIS", rated Aaa/Prime-1), has acquired a $300
million interest in a variable funding note ("VFN") backed
by advances made to certain customers of an unrated U.S.
factoring company. The advances made by the company are secured
by trade receivables and inventory of its clients and will revolve based
upon new advances made and repayment from the underlying receivables from
the client's obligors. The clients consist of middle market
companies in the apparel, textile, furniture, and electronics
industry. A small portion of clients are temporary employment agencies.
Transaction-specific credit enhancement is in the form of overcollateralization,
and is based on the historical performance of the receivables, as
well as the advances. Additionally, the transaction benefits
from a 50% haircut for inventory receivables and additional credit
enhancement if a certain percent of collections are not paid through a
lockbox. Currently, all inventory receivables are fully supported
through a liquidity facility and all payments on the receivables must
be paid directly into a lockbox account in order for them to be eligible
for the securitization. With this transaction, Eiffel Funding's
program-level credit enhancement was increased by 10% of
outstanding ABCP, or a maximum of $30 million. The
program-level credit enhancement is in the form of a credit asset
purchase agreement and is provided by Prime-1-rated IXIS.
This transaction is supported by a liquidity facility sized at 102%
of the commitment, or $306 million. The liquidity
facility, also provided by IXIS, will not fund for defaulted
receivables, which are receivables that are more than 90 days past
due, written off, or owed by a bankrupt obligor. Additionally,
the liquidity facility is available to cover dilution and advances used
to fund inventory receivables. Lastly, the liquidity facility
will continue to fund regardless of the status of the clients of the company,
the factoring company, or the special purpose vehicle issuing the
Eiffel Funding has approximately $6.5 billion in total purchase
commitments and $200 million in program-level credit enhancement.
DEUTSCHE BANK'S GEMINI PURCHASES NANTUCKET ABCP BACKED BY VARIOUS FACILITIES
TOTALING $2.72 BILLION
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 four transactions totaling $1.72
billion on a fully supported basis and $1 billion auto loan facility
on a partially supported basis.
The transactions that have liquidity commitments that fully support the
ABCP issued are:
(i) a $100 million auto loan facility originated by a wholly owned
subsidiary of an unrated consumer finance company, (ii) a $750
million rental car receivable facility originated by a wholly owned vehicle
service subsidiary of an investment-grade-rated consumer
and business service company, (iii) a $400 million note backed
by various CDOs originated by an unrated asset management company,
and (iv) a $466.7 million unrated variable funding note
backed by a pool of auto loan receivables originated by a wholly owned
subsidiary of an investment-grade-rated consumer finance
As these transactions are fully supported by liquidity facilities provided
by Deutsche Bank, Gemini's program-level credit enhancement
will not be increased.
In addition to the fully supported transactions, Gemini has purchased
up to $1 billion of Nantucket ABCP on a partially supported basis.
The Nantucket ABCP is backed by a $1 billion auto loan facility
for a frequent term issuer. Transaction-specific credit
enhancement is in the form of overcollateralization with a floor amount
of 3.5%, a minimum reserve account sized at 1.5%
of the loan pool and an excess spread account. The transaction
is partially supported through a liquidity facility provided by Deutsche
Bank that will fund for the outstanding eligible receivables net of charged-off
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.
With these transactions, Gemini's total asset commitments are $14.5
billion, with $6.6 billion of outstanding ABCP.
Gemini's total program-level credit enhancement is $507.11
million (with a floor of $250 million).
BANK OF NOVA SCOTIA'S LIBERTY STREET ADDS $40 MILLION TRADE RECEIVABLE
FACILITY AND AMENDS EXISTING TRADE RECEIVABLE TRANSACTION
Liberty Street Funding Corp. ("Liberty Street"), a partially
supported, multiseller ABCP program sponsored by The Bank of Nova
Scotia ("Scotiabank", rated Aa3/Prime-1/B), has added
a $40 million trade receivable facility to its portfolio and has
amended an existing $50 million trade receivable transaction.
The $40 million transaction is part of a $90 million co-purchased
facility with JPMorgan Chase's Jupiter Securitization Corp. The
underlying collateral consists of trade receivables originated by a non-investment-grade-rated
manufacturer of emissions and ride control products and systems for the
Transaction-specific credit enhancement is in the form of asset
overcollateralization, sized at a minimum of 18%, but
may increase based on historical default and dilution performance.
With this transaction, Liberty Street's program-level
credit enhancement was increased by 10% of its facility limit,
or $4 million. The program-level credit enhancement
is in the form of a letter of credit provided by Scotiabank. The
transaction is supported by a liquidity facility that is not available
to cover defaulted receivables, which are receivables that are more
than 90 days past due, written off, or from bankrupt obligors.
Additionally, the liquidity facility covers all seller risks (including
commingling risk), bankruptcy of the company, and dilution
In addition to the asset addition, Liberty Street has amended its
interest in an existing $50 million trade receivable transaction.
The $50 million transaction is part of a $75 million co-purchased
trade receivable facility with PNC Bank's Market Street Funding Corp.
The facility is backed by trade receivables originated by a non-investment-grade-rated
industrial manufacturer of products primarily to the aerospace and automotive
industry. The amendment includes adding certain obligors that had
been ineligible in the past, including foreign obligors, reducing
the concentration limits of one obligor to standard concentration limits,
and increasing the dilution reserve floor by 1% to 12.5%.
The portfolio has performed within expectations. The loss reserve
has been high relative to monthly defaults of 2%. With the
addition of the dilution reserve, investors benefit from nearly
40% of enhancement at the transaction level and 10% at the
program level. Additionally, investors benefit from ineligible
receivables and excess concentrations to cover losses, which have
totaled 35% of the total receivables. These positive features
offset the negative features of the transaction, which include a
lumpy portfolio of obligors in terms of size and industry and the unstable
business of the automotive and airline industry.
Liberty Street has about $7 billion in total purchase commitments
and $700 million in program-level credit enhancement.
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
Structured Finance Group
Moody's Investors Service
No Related Data.
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