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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 JULY 11, 2005

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, 2005:

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 LOAN FACILITY

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 million).

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 institution.

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 in Japan.

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

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.
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