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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 25, 2005

28 Jul 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED JULY 25, 2005

New York, July 28, 2005 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 19, 2005 THROUGH JULY 25, 2005:

CALYON'S ATLANTIC ADDS $550 MILLION LOAN FACILITY

Atlantic Asset Securitization Corp. ("Atlantic"), a partially supported, multiseller ABCP program sponsored by Calyon (Aa2/Prime-1/C), has added a $550 million loan facility to its portfolio. The loan facility is established for an investment funding vehicle comprised of four limited partnership funds ("Funds"). The four Funds are "funds of funds" in that they invest in a number of different investment funds such as leverage buyouts and mezzanine funds, real estate funds, venture capital funds, and distressed securities funds. The loan facility provides interim financing for the Funds' investments and is secured by the uncalled capital commitments of the Funds' investors.

This transaction benefits from 19% transaction-specific credit enhancement in the form of reserves. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Calyon.

With this transaction, Atlantic's program-level credit enhancement was increased by 10% of its purchase commitment. Atlantic currently has about $7.7 billion in purchase commitments and $714.7 million in program-level credit enhancement.

DZ BANK'S AUTOBAHN ADDS $75 MILLION REVOLVING LOAN 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 $75 million revolving loan facility. The loan facility provides liquidity to its clients (mostly attorneys) by purchasing -- in a lump sum payment - the rights to these clients' future cash flow payments arising from legal settlements.

This transaction is fully supported through a liquidity facility provided by DZ Bank. Autobahn is currently authorized to issue up to $2.6 billion of ABCP.

DRESDNER'S BEETHOVEN ADDS THIRD PURCHASING SPV

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG (A1/Prime-1/C-), has added its third purchasing special purchase vehicle ("SPV"). The SPV alleviates lending limit constraints under German banking laws. Beethoven will lend money to the purchasing SPV, through the issuance of ABCP. The purchasing SPV will, in turn, purchase various asset interests from Dresdner's customers. The SPV has the ability to purchase either U.S. or non-U.S. dollar-denominated assets. To date, there are no assets funded through the new purchasing SPV.

The liquidity facilities, sized at 102% of each loan amount, will be provided by Prime-1-rated Dresdner Bank. The liquidity facilities will fund for non-defaulted assets plus the interest on the ABCP. The liquidity facilities will be unavailable to repay the loans if the SPV becomes bankrupt.

There will be no program-level credit enhancement at the SPV level. Instead, for each asset purchase, Beethoven's program-level credit enhancement will be increased by 10% of outstanding ABCP for each loan facility that it enters into with the SPV. With this transaction, Beethoven is now authorized to issue approximately $8.3 billion of ABCP and has program-level credit enhancement of approximately $240 million.

DEUTSCHE BANK'S GEMINI PURCHASES TAHOE ABCP BACKED BY $65 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, Tahoe Funding Corp., LLC ("Tahoe"). The Tahoe ABCP is backed by a $65 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 $14.8 billion, with $6.8 billion of outstanding ABCP. Gemini's total program-level credit enhancement is $533.8 million (with a floor of $250 million).

IKB'S RHINELAND ADDS EURO 20 MILLION TRADE RECEIVABLE FACILITY

Rhineland Funding Capital Corp. ("Rhineland"), a partially supported, hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG ("IKB", rated Aa3/Prime-1/B-), has added a Euro 20 million trade receivable facility to its portfolio. The receivables are originated by a group of German dairy companies.

The transaction benefits from a commercial credit insurance policy provided by Atradius Kreditversicherung AG (A2/Prime-1). All receivables included in the transaction are insured under the terms of the insurance policy. Furthermore, the aggregate outstanding nominal amount of all purchased receivables cannot exceed the insurance limit of Euro 20 million. The credit insurance policy covers for the nominal amount of the defaulted receivables.

This transaction is partially supported by a liquidity facility provided by IKB and a syndicate of Prime-1-rated banks. The liquidity facility funds for the nominal amount of the purchased receivables that are non-defaulted receivables and receivables covered under the credit insurance.

Rhineland is not required to increase its program-level credit enhancement with the addition of this transaction. Rhineland is now authorized to issue up to Euro 6.9 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Everett Rutan
Senior Vice President
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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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