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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 MAY 9, 2005

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 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 May 9, 2005.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 3, 2005 THROUGH MAY 9, 2005:

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 VFN.

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 company.

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 automotive industry.

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 risk.

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

New York
Jonathan Polansky
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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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 its 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.

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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.

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 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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