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13 Jul 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 11, 2005
New York, July 13, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD JULY 5, 2005 THROUGH JULY 11,
SOCGEN'S ANTALIS RESTRUCTURES EXISTING TRADE RECEIVABLE TRANSACTION
Antalis S.A./Antalis US Funding Corp. (together,
"Antalis"), a partially supported, multiseller program sponsored
by Societe Generale ("SocGen", rated
Aa2/Prime-1/B+), has restructured an existing trade
receivable transaction. With the restructuring, the transaction
is now backed by two trade receivable facilities originated by two Italian
companies operating in the food industry. One facility is for Euro
55 million and the other is for Euro 25 million.
Both facilities benefit from transaction-specific credit enhancement
in the form of loss and dilution reserves, as well as structural
protections such as an ABCP tenor limitation of 95 days. The facilities
are supported by a liquidity facility provided by SocGen, which
funds for non-defaulted receivables.
With the restructuring, Antalis' program-level credit enhancement
was increased by 8% of the purchase limit of each facility.
Antalis is now authorized to issue up to Euro 4.65 billion of ABCP.
HUDSON CASTLE'S FENWAY ADDS $600 MILLION LOAN FACILITY
Fenway Funding LLC ("Fenway"), a fully supported, multiseller
conduit sponsored by Hudson Castle Group Inc. and administered
by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has
added a $600 million loan facility to its portfolio. The
facility will be used to fund loans, variable funding notes and
other eligible assets. Fenway finances the facility through the
issuance of secured liquidity notes ("SLNs"). Fenway's SLNs have
an expected maturity date of up to 90 days, and a legal final maturity
date of 390 days. The maturity of the SLNs can be extended if insufficient
funds are available to repay the SNLs on their expected maturity date.
A total rate of return swap, provided by a Prime-1-rated
financial institution, fully supports this transaction. The
swap ensures the timely payment of principal and interest payments at
the SLN's legal final maturity. Unlike conventional ABCP transactions,
the swap provider will know at least 300 days in advance, or on
the SLN expected maturity date, that it will be required to fund
up to its commitment by the legal final maturity of the extended SLNs.
Fenway has no program-level credit enhancement. With this
transaction, Fenway is authorized to issue up to $5.3
billion in SLNs.
DEUTSCHE BANK'S GEMINI PURCHASES NANTUCKET ABCP BACKED BY $84 MILLION
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 an $84 million loan facility established
for an unrated entity. The transaction is fully supported by a
liquidity facility provided by Deutsche Bank. Therefore,
Gemini is not required to increase its program-level credit enhancement.
Gemini has total asset commitments of $15 billion, with $7
billion of outstanding ABCP. Gemini's total program-level
credit enhancement is $549.8 million (with a floor of $250
STANFIELD'S MICA ADDS FIFTH GLOBAL SWAP FACILITY
Mica Funding LLC ("Mica"), a partially supported, multiseller
ABCP conduit sponsored by Stanfield Global Strategies (unrated) and administered
by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has
added its fifth global swap facility which permits Mica to purchase up
to $650 million of securities. The facility is fully supported
by a total return swap provided by a Prime-1-rated financial
Mica has no program-level credit enhancement; however,
all but two transactions are fully supported by liquidity facilities or
total rate of return swaps. Mica has an authorized program limit
of $10 billion.
SKY FUNDING CORPORATION AMENDS PROGRAM STRUCTURE
Moody's has affirmed the Prime-1 rating of Sky Funding Corporation's
("Sky") ABCP, following the program amendment that allows for the
issuance of paperless securities ("Paperless CP"). Sky is a fully
supported, multiseller ABCP program administered by Mitsui Sumitomo
Insurance Co., Ltd. (Aa3/Prime-1). Mitsui
Sumitomo Insurance provides a guarantee that assures the full and timely
redemption of Sky's ABCP. Sky issues only yen-denominated
ABCP in the Japanese market. The proceeds from the issuance of
Sky's ABCP are used to purchase Paperless CP issued by a SPC ("Underlying
CP Issuer"). The Paperless CP issued by the Underlying CP
Issuer is backed by hospital receivables from various hospitals located
With this amendment, Sky now has the ability to issue Paperless
CP as well as ABCP in the form of promissory notes. Such paperless
issuance is common in U.S.-based ABCP programs.
For further details, please see Moody's press release dated
July 08, 2005.
BARCLAYS' STRATFORD ADDS $1.5 BILLION TRANSACTION
Stratford Receivables Company LLC ("Stratford"), a partially supported,
partial liquidity, extendible note, multiseller ABCP program
sponsored by Barclays Bank PLC (Aa1/Prime-1/A-), has
added its third asset. Stratford has committed to purchase up to
$1.5 billion of a Aaa-rated variable funding note
backed by auto floorplans from an existing master trust. The transaction
has bank-provided liquidity in the amount of 5% of the commitment
amount and is partially supported by a liquidity facility provided by
Barclays. No program-level credit enhancement will be added
for this transaction due to the high credit quality of the note.
Stratford is now authorized to issue up to $3.35 billion
of extendible notes.
THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD
JULY 5, 2005 THROUGH JULY 11, 2005:
BLB'S INDIGO FUNDING REPAYS SERIES 1
Indigo Funding Limited, a serialised, partially supported
ABCP conduit administered by Bayerische Landesbank ("BLB", rated
Aaa/Prime-1), Paris Branch, has repaid in full all
of its outstanding Series 1 Billets de Tresorerie. Series 1 was
terminated on June 3, 2005.
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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