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,
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
Liquidity facilities provided by SocGen and ABN AMRO support this transaction.
This transaction is partially supported in Antalis and fully supported
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
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
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
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
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
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service