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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 JUNE 6, 2005

08 Jun 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JUNE 6, 2005

New York, June 08, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 31, 2005 THROUGH JUNE 6, 2005:

SOCGEN'S ANTALIS AND ABN AMRO'S TULIP INCREASE INTEREST IN EXISTING NOTES BACKED BY DEALER FLOORPLANS

Antalis S.A./Antalis US Funding Corp. (together, "Antalis") and Tulip Asset Purchase Company B.V./Tulip Euro Funding Corp. Limited (together, "Tulip") have increased their interest in two existing senior notes backed by wholesale floorplans made to dealers of agricultural and construction equipment. Antalis, a partially supported, multiseller program sponsored by Societe Generale ("SocGen", rated Aa2/Prime-1/B+), and Tulip, a fully supported multiseller ABCP conduit administered by ABN AMRO Bank N.V. ("ABN AMRO", rated Aa3/Prime-1/B), had each purchased two senior notes in amounts of Euro 180 million and GBP 40 million. With the amendment, each conduit has increased its interest in the Euro-denominated notes from Euro 180 million to Euro 250 million and decreased its interest in the GBP-denominated notes from GBP 40 million to GBP 20 million. The adjustment in the notes size is due to the addition of two new sellers in the transaction. The floorplans are now originated by six European subsidiaries of an agricultural and construction equipment manufacturer.

Transaction-specific credit enhancement is in the form of subordinated notes, which are denominated in the same currency as the senior notes. The subordinated notes provide first-loss credit protection to the senior notes. The Euro-denominated senior notes benefit from subordinated notes sized at a minimum of 15%, while the GBP-denominated senior notes benefit from subordinated notes sized at a minimum of 25%. Furthermore, the transaction benefits from certain trigger events based on the performance of the underlying receivables. The occurrence of such trigger events results in the cease purchase of senior notes by the conduits.

In Antalis, the transaction also benefits from an ABCP tenor limitation of 92 days and a cease issuance of ABCP upon the occurrence of a trigger event.

Liquidity facilities provided by SocGen and ABN AMRO support this transaction. This transaction is partially supported in Antalis and fully supported in Tulip.

With this transaction, Antalis' program-level credit enhancement was increased by 8% of its purchase commitments, while Tulip's program-level credit enhancement was increased by 10% of its purchase commitment.

Antalis is now authorized to issue up to Euro 4.52 billion of ABCP and Tulip is authorized to issue up to approximately Euro 11 billion of ABCP.

HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY $75 MILLION INSURANCE PREMIUM FINANCE FACILITY

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported, ABCP program sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB", rated A3/Prime-1/D+), has purchased ABCP from its sister conduit, Black Forest Funding Corp. ("Black Forest"). The Black Forest ABCP is backed by a $75 million insurance premium finance facility. The insurance premium loans are originated by an unrated finance company. The facility benefits from 6% transaction-specific credit enhancement in the form of overcollateralization. This transaction is partially supported by a liquidity facility provided by HVB.

With this transaction, BUFCO's program-level credit enhancement was increased by 8% of the facility limit. BUFCO now has $2.71 billion in total asset purchase commitments and $543.7 million in program-level credit enhancement.

CALYON'S LMA ADDS EURO 250 MILLION OF NOTES BACKED BY AUTO LOANS

LMA S.A. ("LMA," also known as Liquidites de Marche) has added Euro 250 million of notes backed by a portfolio of auto loans. LMA is a fully supported, multiseller ABCP program sponsored and administered by Calyon (Aa2/Prime-1/C). LMA uses the proceeds of its Billets de Tresorerie and Euro commercial paper ("Euro ABCP") to fund the purchase of FCC units, asset-backed securities and bonds issued by French and US corporate entities.

The Prime-1 rating assigned to LMA's Billets de Tresorerie and Euro ABCP is based primarily on: (i) the full liquidity support provided by Prime-1-rated banks through transaction-specific purchase and sale agreements, which allows for timely repayment of maturing Billets de Tresorerie and Euro ABCP, (ii) the integrity of the conduit's structure, and (iii) the operational ability of Calyon as the program administrator. Currently, LMA's liquidity facility is provided by a syndicate of seven Prime-1-rated banks.

LMA is authorized to issue up to Euro 5.89 billion, $250.3million and GBP 110 million of ABCP.

CENTEX'S HARWOOD STREET FUNDING II LLC INCREASES AUTHORIZED AMOUNT TO $4 BILLION

Harwood Street Funding II LLC ("Harwood II"), a partially supported, single-seller mortgage warehouse program sponsored by Centex Home Equity Company LLC, has increased its authorized amount to $4.0 billion from $2.5 billion. Centex Home Equity Company LLC is a wholly owned subsidiary of Centex Corporation (Baa2/Prime-2).

With this increase, Harwood II is now authorized to issue up to $3.65 billion in Prime-1-rated secured liquidity notes ("SLNs") and $200 million in Prime-1-rated Variable Rate Term Notes Series 2005-1 ("Term Notes"). Harwood II also issued an additional $56.25 million in Baa2-rated Subordinated Notes Series 2005-A to maintain the required level of credit enhancement. The total amount of subordinated notes now equals $150 million. These subordinated notes, a scalable 2.25% cash collateral account (based on outstandings) and excess spread act as credit enhancement for the Prime-1-rated SLNs and Term Notes in this program.

In addition, Harwood II has modified the portfolio criteria, which includes decreasing the limit on second lien mortgage loans, reducing the limit on loans with FICO scores less than 525, and increasing the limit on loans originated in California. After giving effect to the amendments, the required credit enhancement remains unchanged. Liquidity support is provided through the combination of a commitment from Prime-1-rated JP Morgan Chase and swaps provided by a syndicate of Prime-1-rated banks. The commitment from JP Morgan Chase is to purchase unsold, non-delinquent mortgage loans, while the swaps absorb market value losses arising from the sale of mortgage loans and any interest shortfall.

WESTLB'S PARADIGM ACQUIRES $100.3 MILLION IN CERTIFICATES BACKED BY RETAIL AUTO AND LIGHT TRUCK LOANS

Paradigm Funding LLC ("Paradigm"), a partially supported, multiseller conduit sponsored by WestLB AG (Aa2/Prime-1/D-), has acquired three certificates issued by a trust totaling $100.3 million. The certificates are comprised of a $93.28 million certificate and two $3.51 million certificates. The certificates are backed by a pool of amortizing retail automobile and light truck loans. A liquidity facility provided by WestLB fully supports this transaction.

With this transaction, Paradigm has about $8.81 billion in total purchase commitments and $676.6 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS ACQUIRES $10 MILLION INTEREST IN CLASS B VARIABLE FUNDING CERTIFICATE

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has acquired a $10 million interest in an unrated Class B variable funding certificate ("VFC"). The VFC is backed by loans made by an unrated finance company to small and medium-sized privately held companies. A liquidity facility provided by SunTrust fully supports this transaction.

With this transaction, Three Pillars has about $6.5 billion in total purchase commitments and $559.6 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.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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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