Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAYS ENDED JANUARY 22, 2004

22 Jan 2004
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN DAYS ENDED JANUARY 22, 2004

New York, January 22, 2004 -- MOODY'S ABCP GROUP PUBLISHES 2003 REVIEW AND 2004 OUTLOOK AND ARTICLE ON ABCP'S IMPORTANT ROLE IN MONEY MARKET FUNDS' BOOM

Moody's Investors Service has published "2003 Review and 2004 Outlook: ABCP Experiences a Revival of Fortune." As the article explains, while 2003 looked statistically similar to the doldrums-ridden year of 2002, a variety of trends underlying these numbers hint at healthy growth in 2004. Moody's believes that U.S. ABCP outstandings could reach $750 billion by the end of 2004.

Moody's expects the increase in U.S. ABCP outstandings to occur as the result of several factors : a surge in deal activity toward the end of 2003; the streamlining of conduits in the ABCP market through closure and combination; and sponsors finally becoming comfortable with the requirements and implications of FIN 46. The article also discusses other 2003 market events, including the increase of CDO participation in the short-term market and the mortgage boom's effects on mortgage warehousing conduits. The article closes with a statistical overview of 2003, including a breakdown of new and terminated programs and a survey of the most common asset types in multiseller conduits.

Moody's has also published "ABCP and Money Market Funds - Happy Together." This report reveals that CP, including ABCP, represents the largest security held by prime money market funds. Furthermore, ABCP holdings in the surveyed funds currently amount to over 20% of total net assets, which represents approximately 13% of the total ABCP outstanding.

The article explains to the reader how ABCP and corporate CP benefit money market fund managers by diversifying portfolios and providing an opportunity to enhance the yield performance and liquidity of their funds. The article concludes by providing a detailed quantitative analysis of ABCP exposure in the fifteen largest prime institutional money market funds.

Both "2003 Review and 2004 Outlook: ABCP Experiences a Revival of Fortune" and "ABCP and Money Market Funds - Happy Together" are available on Moody's website, http://www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 16, 2004 THROUGH JANUARY 22, 2004:

IN CLUB DEAL, CREDIT LYONNAIS' ATLANTIC AND LAFAYETTE ADD $600 MILLION FULLY SUPPORTED COMMERCIAL MORTGAGE TRANSACTION

Atlantic Asset Securitization Corp. and La Fayette Asset Securitization LLC, Credit Lyonnais' (Aa3/Prime-1/B-) partially supported, multiseller ABCP conduits, added a $600 million commercial mortgage warehouse transaction. The entire transaction is fully supported by liquidity provided by Credit Agricole Indosuez (Aa3/Prime-1/C).

Atlantic's commitment is $400 million, while La Fayette's is $200 million. The underlying commercial mortgage collateral is originated and serviced by an unrated financial institution whose parent, rated A3/Prime-2, is prominent in the property management business.

Giving effect to this purchase, Atlantic is currently authorized to issue up to $4.2 billion of ABCP and has $2.6 billion of outstanding ABCP. Lafayette may issue up to $1.41 billion of ABCP and currently has $948 million of outstanding ABCP.

CO-PURCHASE DEAL IN EQUIPMENT LEASE FACILITY INCREASES FROM $1.5 BILLION TO $2 BILLION

Several conduits have increased their co-purchase shares in an equipment lease facility to an investment-grade-rated agricultural and commercial machine and equipment manufacturing company, so that the entire transaction has now increased to $2 billion. The shares of Delaware Funding Company, LLC, and Park Avenue Receivables Corp., both partially supported, multiseller ABCP programs sponsored by JPMorgan Chase Bank, increased from $250 million each to $333 million. Royal Bank of Canada's (Aa2/Prime-1/B+) Thunder Bay Funding Inc. and Old Line Funding Corp. increased their shares from $100 million to $133 million and from $500 million to $667 million, respectively. Deutsche Bank's Gemini Securitization Corp., a partially supported, multiseller conduit, has purchased ABCP from a sister conduit, Tahoe Funding Corp., that is backed by an increase in Tahoe's co-purchase share from $500 million to $666 million. Tahoe's purchase was done on a fully supported basis through liquidity provided by Deutsche Bank (Aa3/Prime-1/C-).

CREDIT LYONNAIS' ATLANTIC ADDS $125 MILLION SYNDICATED LOAN FACILITY

Atlantic Asset Securitization Corporation, a Credit Lyonnais (Aa3/Prime-1/B-)-sponsored and administered ABCP program, entered into a syndicated loan facility for a closed-end investment fund managed by an Aa3/Prime-1-rated global investment bank. Atlantic's share is $125 million of the $700 million facility. The facility lends against the capital commitments of investors in this fund. Liquidity provided by Prime-1- rated Credit Lyonnais fully supports this transaction as long as Atlantic and a Aa3-rated financial institution are not bankrupt. Atlantic's program-level credit enhancement will be increased by 10%, or $12.5 million, of its commitment. Atlantic is currently authorized to issue up to approximately $4 billion of ABCP.

SUN TRUST'S THREE PILLARS ADDS $50 MILLION STRUCTURED SETTLEMENT FACILITY

Three Pillars Funding Corp., Sun Trust Bank's (Aa2/Prime-1/B+) partially supported, multiseller ABCP conduit, has added a partially supported, $50 million revolving warehouse facility. The seller is a specialty finance company that provides financing to owners and beneficiaries of structured settlements. Liquidity is provided by Prime-1-rated SunTrust Bank. Transaction-specific credit enhancement, in the form of overcollateralization, is set at a minimum of 10%. The enhancement increases dynamically based upon the performance of the receivables pool. Program-level credit enhancement for Three Pillars was increased by $5 million for this transaction. Three Pillars is authorized to issue up to $4.53 billion of ABCP.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ACQUIRES $350 MILLION INTEREST IN A $2.5 BILLION VARIABLE FUNDING NOTE BACKED BY TRADE RECEIVABLES

Manhattan Asset Funding Company LLC (Manhattan), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. (SMBC) (A3/Prime-1/E), acquired a $350 million interest in a variable funding note (VFN) backed by trade receivables originated by an investment-grade-rated industrial company and its subsidiaries. This transaction is supported by a minimum of 8% deal-specific credit enhancement that adjusts dynamically depending upon asset performance and the parent company's rating. Also, incremental program-level credit enhancement of 10% of Manhattan's interest in the VFN is provided. Manhattan is authorized to issue up to $5 billion of ABCP. Currently, Manhattan has about $1.9 billion in outstanding ABCP, with $230 million in program-level credit enhancement.

BARCLAYS' SHEFFIELD BUYS $100 MILLION PRIVATE LABEL CREDIT CARD TRANSACTION

Sheffield Receivables Corp., a partially supported, multiseller conduit sponsored by Barclays Bank plc (Aa1/Prime-1/A-), has purchased $100 million of private label credit card receivables originated by a B2-rated specialty retailer. Credit enhancement includes 20% of subordination, plus a minimum of 3% in a cash collateral account. There is also a 2% seller's interest to cover dilution. A performance trigger stops the deal if the three-month average excess spread falls below 1%. Partially supporting liquidity is provided by Barclays Bank. Sheffield has added 10% of the amount of this asset to its program credit enhancement, and the conduit is currently authorized to issue $22.6 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly. This information is also available at http://www.moodys.com.

New York
Claire Robinson
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Letitia Accarrino
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 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 INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​
Moodys.com