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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

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Announcement:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUG 1, 2005

03 Aug 2005
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED AUG 1, 2005

New York, August 03, 2005 --

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 26, 2005 THROUGH AUGUST 1, 2005:

IN "CLUB" DEAL, FOUR PRIME-1-RATED ABCP CONDUITS ADD COMMITMENT IN EURO 380 MILLION TRADE RECEIVABLE FACILITY

JPMorgan Chase Bank N.A. and Barclays Bank PLC acted as joint structuring agents for a Euro 380 million trade receivable facility for a German industrial group. The receivables from a number of jurisdictions, including Germany, the United Kingdom, Spain and France are sold to an intermediate special purpose company. The transaction benefits from dynamic transaction-specific credit enhancement sized to cover losses and dilutions, with a minimum reserve of 10% of outstanding receivables. In addition, there are various trigger events that will prevent the conduits from financing further receivables such as delinquencies of 2% and defaults of 2.5%.

The following Prime-1-rated ABCP conduits participated in this transaction:

• JPMorgan Chase Bank's Chariot Funding Limited/Chariot Funding LLC added a Euro 115 million commitment and increased its program-level credit enhancement by 5% of its commitment; liquidity support is provided by JPMorgan Chase Bank.

• Barclays' Sheffield Receivables Corp. added a Euro 95 million commitment and increased its program-level credit enhancement by 10% of its commitment; liquidity support is provided by Barclays Bank PLC.

• Societe Generale's Antalis S.A./Antalis US Funding Corp. added a Euro 85 million commitment and increased its program-level credit enhancement by 8% of its commitment; liquidity support is provided by Societe Generale.

• ABN AMRO's Tulip Funding Corp./Tulip Euro Funding Corp. added a Euro 85 million commitment and increased its programme-level credit enhancement by 10% of its commitment; liquidity support is provided by ABN AMRO.

The liquidity facilities for Chariot Funding Limited/Chariot Funding, Sheffield Receivables Corp., and Antalis S.A./Antalis US Funding Corp. were sized at 102% of their respective commitments and partially supported the transaction. The transaction was fully supported in Tulip Funding Corp./Tulip Euro Funding Corp through a combination of a liquidity loan facility and a stand-by letter of credit.

HUDSON CASTLE'S BELMONT ADDS $1 BILLION LOAN FACILITY

Belmont Funding LLC ("Belmont"), 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 $1 billion loan facility to its portfolio. The facility will be used to fund loans, variable funding notes and other eligible assets.

Belmont finances the facility through the issuance of asset-backed commercial paper ("ABCP"). A total rate of return swap, provided by a Prime-1-rated financial institution, fully supports this transaction.

Belmont has no program-level credit enhancement. With this transaction, Belmont is authorized to issue up to $5.6 billion of ABCP.

DEUTSCHE BANK'S GEMINI PURCHASES SARATOGA ABCP BACKED BY $200 MILLION CREDIT CARD RECEIVABLES

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, Saratoga Funding Corp., LLC ("Saratoga"). The Saratoga ABCP is backed by six unrated variable funding trust securities totaling $200 million. The underlying collateral is a pool of sub-prime credit card receivables issued by a non-investment grade credit card issuer. The transaction is fully supported by liquidity facilities 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).

ABN AMRO'S TULIP PROGRAMME AMENDS STRUCTURE TO ALLOW FOR PARTIALLY SUPPORTED TRANSACTIONS

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip programme"), a fully supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa3/Prime-1/B), has amended its structure to allow for the ability to fund transactions on a partially supported basis through the issuance of Euro ABCP ("ECP"). Tulip Funding Corp. and Tulip Euro Funding Corp. are co-issuers of the Tulip programme. Tulip Funding Corp. ("TULIP") issues U.S. ABCP, while Tulip Euro Funding Corp. ("TEFCO") issues Euro ABCP. In the event that TEFCO in unable to roll its ECP, it will issue dollar-denominated loan notes to TULIP and fund the purchase through the US ABCP. The Tulip program finances all transactions through a single purchasing company, Tulip Asset Purchase Company B.V. ("TAPCO").

Presently, all transactions are fully supported by way of (i) a transaction-specific liquidity facility sized at 90% of the purchase commitment and (ii) a standby letter of credit sized at 10% of the purchase commitment. ABN AMRO provides two standby letters of credit to TAPCO: one U.S. dollar-denominated for TULIP transactions and one Euro-denominated for TEFCO transactions.

Following the proposed amendments, TEFCO will be authorised to enter into partially supported transactions, as well as fully supported transactions. For the time being, all transactions funded by TULIP will continue to be fully supported.

Tulip Funding Corp. has an authorised amount of $15 million and Tulip Euro Funding Corp. has an authorised amount of Euro 10 million.

THE RATING OF THE FOLLOWING SHORT-TERM PROGRAM WAS CONFIRMED AT PRIME-1 DURING THE PERIOD JULY 19, 2005 THROUGH AUGUST 1, 2005:

DISCOVER CARD'S NEWCASTLE CERTIFICATE PROGRAM CONFIRMED AT PRIME-1

Moody's has confirmed the Prime-1 rating assigned to the certificates issued out of the Newcastle Certificate Program. These securities were placed under review for possible downgrade on April 13, 2005. The rating action follows the July 20, 2005, downgrade of Discover Bank's ("Discover") deposit rating to A3 from Aa3, bank financial strength rating to C- from C, and short-term rating to Prime-2 from Prime-1. Discover Bank's long-term ratings (except for the financial strength rating) remain under review for possible further downgrade. The ultimate outcome of the continuing rating review is dependent upon Morgan Stanley's final decision on whether to proceed with a spin-off of Discover. This action reflects Moody's opinion that Discover is now less of a strategic asset for Morgan Stanley than prior to the announcement of the spin-off. If the spin-off occurs as planned, Moody's expects to assign a Baa2 long-term deposit rating and Baa3 senior unsecured rating to Discover Bank, with a stable outlook.

Newcastle Certificate Program is a short-term credit card receivable-backed certificate program issued out of Discover's existing credit card master trust ("Discover Card Master Trust I"). The program has an authorized amount of $8 billion and is issued as Series 2000-A from the Discover Card Master Trust I. As of June 30, 2005, the outstanding invested amount of Newcastle Certificates was $4 billion.

For further details, please see Moody's press release dated July 22, 2005.

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

MOODY'S ABCP QUERY UPDATE

ABCP Query is an Excel-based tool that provides data on Moody's-rated asset-backed commercial paper conduits. ABCP Query provides data specific to individual programs, including liquidity providers, credit enhancement, seller industries, seller ratings, and other information. A frequently asked questions ("FAQ") guide is also included with ABCP Query to help answer some questions related to the product. The FAQ may be downloaded from Moody's website, http://www.moodys.com.

ABCP Query's current coverage, which includes the largest multiseller and securities arbitrage conduits, has been enhanced to include hybrid conduits. A hybrid conduit combines the features of two or more program types, such as multiseller and securities arbitrage, into one program. All programs in ABCP Query have now been updated through March 2005. For some programs, information is available through May 2005.

MOODY'S ABCP MARKET AT A GLANCE UPDATE

The ABCP Market Snapshot provides an overview of the characteristics of various programs in a particular market industry. There are two types of market snapshot reports currently available: the ABCP Multiseller Snapshot and the ABCP Credit Arbitrage Snapshot. The charts in both reports offer a view of the global ABCP market at a discrete point in time. Moody's publishes the ABCP Market Snapshot at regular intervals to offer a dynamic view of the evolution of the ABCP market.

The charts in the Multiseller Snapshot are based upon the largest ABCP multiseller programs, determined according to the amount of ABCP outstanding. The charts in the Credit Arbitrage Snapshot cover 24 credit arbitrage conduits. The Multiseller Snapshots and Credit Arbitrage Snapshots have been updated through March 2005.

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.
© 2022 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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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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