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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 16, 2005

17 May 2005

New York, May 17, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 10, 2005 THROUGH MAY 16, 2005:

DZ BANK'S AUTOBAHN ADDS $100 MILLION EQUIPMENT LEASE FACILITY

Autobahn Funding Company LLC ("Autobahn"), a partially supported, multiseller conduit administered by DZ Bank Deutsche Zentral-Genossenschaftsbank Frankfurt AM MAIN ("DZ Bank", rated A2/Prime-1/C-), has added a $100 million interest in a revolving loan facility. The seller originates and services equipment leases to companies in construction, transportation, machine tool, printing, and other capital intensive industries.

This transaction is fully supported through a liquidity facility provided by DZ Bank. Autobahn is currently authorized to issue up to $2.5 billion of ABCP.

CALYON'S ATLANTIC TRANSFERS THREE TRANSACTION FROM LAFAYETTE AND DECREASES INTEREST IN CO-PURCHASED MORTGAGE WAREHOUSE FACILITY

Atlantic Asset Securitization Corporation ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has transferred three transactions from La Fayette Asset Securitization LLC ("La Fayette") and decreased its interest in an existing mortgage warehouse facility. La Fayette is Calyon's other partially supported, multiseller program that is managed in the U.S.

The three transactions transferred from La Fayette are: (i) a $50 million Aaa-rated note of a $250 million issuance from a trust established for a non-investment-grade rated Brazilian bank (to be transferred on June 15, 2005), (ii) a $100 million co-purchased trade receivable transaction for a non-investment-grade-rated global supplier of automotive parts, and (iii) a $50 million co-purchased trade receivable transaction for an investment-grade-rated company in the forest products and paper industry.

The $50 million Aaa-rated note benefits from a surety bond provided by Ambac and is fully supported by liquidity. This Aaa-rated note also benefits from an additional 2% program-level credit enhancement.

The two trade receivable transactions are partially supported by liquidity and benefit from an additional 10% program-level credit enhancement in addition to their respective transaction-specific credit enhancement. The $100 million transaction is part of a $250 million co-purchased trade receivable facility with BLB's Giro Balanced Funding Corp. and ABN Amro's Amsterdam Funding Corp. Transaction-specific credit enhancement is in the form of dynamic reserves, with a 37% floor, based on eligible receivables. A liquidity facility provided by Calyon funds for non-defaulted receivables and dilution. Since the transaction has significant special obligor concentrations, the liquidity facility also covers the special obligors in excess of their normal concentration limits. This transaction was added to La Fayette's portfolio in March 2002. To date, the transaction is sufficiently enhanced with defaults of approximately 2% supported by total reserves of 42.5%.

The $50 million transaction is part of a $200 million co-purchased trade receivable facility with JPMorgan Chase's Falcon Asset Securitization Corp. and The Bank of Nova Scotia's Liberty Street Funding Corp. Transaction-specific credit enhancement is in the form of dynamic reserves, with a 20% floor, based on eligible receivables. A liquidity facility provided by Calyon funds for non-charged-off receivables and dilution. This transaction was added to La Fayette's portfolio in April 2003. To date, the transaction is sufficiently enhanced with defaults of less than 1% supported by total reserves of 22%.

Along with the transfer from La Fayette, Atlantic decreased its interest in an existing co-purchased mortgage warehouse facility with Bank of America's Yorktown Capital, LLC ("Yorktown"). The facility size decreased from $400 million to $200 million. As such, Atlantic's share in the facility reduced from $175 million to $100 million. Yorktown holds the remaining $100 million share in the facility. In addition to the decrease in size, various amendments were made to the transaction such as eliminating one of the notification requirements for loan purchases, adjusting one of the issuance conditions to accommodate a smaller facility size, and amending the eligibility criteria to comply with current regulations and guidelines. This transaction continues to be partially supported by a liquidity facility provided by Calyon.

With the addition of the transferred transactions from La Fayette and the reduction in facility size, Atlantic's has $5.4 billion in total purchase commitments and $521 million in program-level credit enhancement.

DRESDNER'S BRAHMS ADDS FOURTH SECURITIES PURCHASE FACILITY

Brahms Funding Corp. ("Brahms"), a partially supported, multiseller SLN program sponsored by Dresdner Bank AG (A1/Prime-1/C-), has added its fourth securities purchase facility. The facility permits the purchase of up to $2 billion of securities. The transaction is fully supported by a total rate of return swap provided by Royal Bank of Scotland plc ("RBS", rated Aa1/Prime-1/A-). The swap will fund the face amount of SLNs at their final maturity date.

Brahms has no program-level credit enhancement and all but one transaction is fully supported by total rate of return swaps. With this transaction, Brahms' is authorized to issue up to $11.75 billion of SLNs and has an authorized program limit of $15 billion.

LBBW'S LAKE CONSTANCE ADDS EURO 300 MILLION AUTO LOAN TRANSACTION

Lake Constance Funding Limited and Lake Constance LLC (together, "Lake Constance"), a partially supported, hybrid conduit sponsored by Landesbank Baden-Wurttemberg, London Branch ("LBBW", rated Aaa/Prime-1/B-), has added a Euro 300 million auto loan transaction to its portfolio. The auto loans are originated by an unrated bank based in Germany.

In this transaction, Lake Constance makes advances under a funding agreement to an asset purchasing company, Weinberg Funding, which finances the receivables (on a true sale basis) generated from the auto loan contracts. Transaction-specific credit enhancement is in the form of a reserve account with a minimum required reserve of 5.5%. This transaction also benefits from various cease issuance trigger events. A liquidity facility provided by LBBW partially supports this transaction.

With this, Lake Constance is now authorised to issue approximately $6.9 billion of ABCP.

HSBC'S REGENCY MARKETS ACQUIRES $200 MILLION INTEREST IN EXISTING AUTO LOAN FACILITY

Regency Markets No.1 LLC ("Regency Markets"), a partially supported, multiseller conduit sponsored by HSBC Bank plc (Aa2/Prime-1/B+), has acquired a $200 million interest in an existing auto loan facility. This transaction is currently financed in HSBC's US conduit, Bryant Park Funding LLC, with a $500 million commitment. The transaction is part of $2.5 billion revolving co-purchase facility with six other ABCP conduits: Calyon's Atlantic Asset Securitization Corp. and La Fayette Asset Securitization LLC, Societe General's Barton Capital LLC, HSBC's Bryant Park Funding LLC, BNP's Starbird Funding Corp., and Fortis' Scaldis Capital Limited.

In this transaction, Regency Markets makes advances under a funding agreement to an asset purchasing company, Regency Assets Limited, which finances the facility on a revolving basis. The underlying receivables consist of prime auto loans originated by an investment-grade-rated finance subsidiary of a U.S. auto manufacturer. The auto loans are made against new vehicles only, and 100% of the receivables are subvened loans. Transaction-specific credit enhancement is in the form of subordination equal to 1.25% of the facility balance and a cash reserve sized at 1.5% of the facility balance. The subvened loans are covered by the sale of the receivables at a discount of 7.25%. Additionally, the transaction benefits from a swap that mitigates the potential interest rate risk resulting from the fixed-rate loans and floating-rate ABCP. The swap is provided by Prime-1-rated HSBC. This transaction is partially supported by a liquidity facility provided by HSBC that is sized at 102% of the purchase commitment (or $204 million).

With this transaction, Regency Markets' program-level credit enhancement was increased by 5% of its purchase commitment. Regency Markets has a total authorised amount of approximately $4.69 billion.

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

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED MAY 16, 2005
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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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