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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE THREE WEEK PERIOD ENDED JANUARY 4, 2002 (PART I):

07 Jan 2002
MOODY'S ABCP RATING ACTIONS FOR THE THREE WEEK PERIOD ENDED JANUARY 4, 2002 (PART I):

New York, January 07, 2002 -- MOODY'S HOLDS FIRST ABCS OF ABCP IN LONDON

On December 13, 2001, in London, Moody's Investors Service held its first annual London conference on the fundamentals of asset-backed commercial paper, known as the "ABCs of ABCP." The conference focused on the fundamentals of the European ABCP market and was attended by over 100 market participants. Analysts from Moody's London and Paris offices spoke on Moody's approach to rating ABCP conduits, market trends and Moody's predictions for 2002.

Conference participants noted that 2001 had been another year of rapid growth in the European ABCP market, with a volume of issuance rising from $86.7 billion in December 2000 to $102.5 billion by the end September 2001. The European ABCP market is expected to continue its rapid pace of growth in 2002. Moody's expects increased regulatory scrutiny, as well as competitive pressures to increase profitability, to have the largest influence on the ABCP market in 2002.

MOODY'S RATED THE FOLLOWING ASSET-BACKED COMMERCIAL PAPER PROGRAMS PRIME-1 DURING THE THREE WEEK PERIOD ENDED JANUARY 4, 2002:

MOODY'S ASSIGNS PRIME-1 RATING TO BANCO BSCH CENTRAL HISPANO'S S ALTAMIRA FUNDING LLC

Moody's Investors Service has assigned a rating of Prime-1 to Altamira Funding LLC (Altamira), a new ABCP program sponsored by Banco BSCH Central Hispano (BSCH) (Aa3/Prime-1/B).

BSCH is acting as program administrator, but will delegate some administrative duties to Bank One, NA (Aa2/Prime-1/B+). It is BSCH's first ABCP program. Altamira is a partially supported program with an authorized amount of $2 billion. Altamira permits funding of maturity-matched loans, highly rated term and other securities, and term and trade receivables.

Altamira will invest in three different types of assets. The first two types, maturity-matched loans and highly rated term and other securities, may be acquired without prior review by Moody's. Altamira may only purchase the third type of asset, term and trade receivables, after prior review by Moody's.

The program credit enhancement is provided in the form of a letter of credit provided by BSCH. The calculation of the program credit enhancement is dynamic (with a $50 million floor) and fluctuates with the credit quality and composition of Altamira's asset portfolio. The form of liquidity depends on the type of asset being funded: for maturity-matched assets, a loan purchase agreement is sized to the largest face amount of ABCP maturing on any two consecutive business days. For non-maturity-matched loans and rated term and other securities as well as term and trade receivables, a liquidity asset purchase agreement will equal 102% of the principal amount of the assets. Individual term and trade receivable transactions will have their own liquidity agreements, which Moody's will review prior to purchase.

For further details, see Moody's press release dated December 17, 2001.

MOODY'S ASSIGNS PRIME-1 TO DEUTSCHE BANK'S BLUE SPICE, LLC

Moody's has assigned a Prime-1 rating to the ABCP to be issued by Blue Spice, LLC ("Blue Spice"). Blue Spice is a fully supported, multiseller program sponsored by Deutsche Bank AG (Aa3/Prime-1/B). The conduit is administered by JPMorgan Chase Bank.

Blue Spice will use the proceeds of ABCP to purchase notes (Notes) issued by special purpose entities. Each Note, and indirectly Blue Spice's ABCP, is fully supported through total return swaps provided by Prime-1-rated Deutsche Bank AG.

Repayment of ABCP issued by Blue Spice is also supported by its ability to issue extendible commercial paper notes (unrated) for the full amount of maturing ABCP, which Deutsche Bank is obligated to purchase at the maturity of the rated Blue Spice ABCP. Deutsche's required purchase of the extendible notes provides liquidity for the program.

Moody's Prime-1 rating for Blue Spice's ABCP (which is not extendible) is based on the bankruptcy remoteness of Blue Spice, the total return swaps provided by Deutsche Bank, and the liquidity provided through the issuance of extendible CP notes to be purchased by Deutsche Bank.

Blue Spice may issue up to $5 billion of ABCP.

For further details, see Moody's press release dated December 20, 2001.

MOODY'S ASSIGNS PRIME-1 RATING TO SALOMON'S COBBLESTONE FUNDING

Moody's has assigned a rating of Prime-1 to the ABCP to be issued by Cobblestone Funding L.L.C. (Cobblestone), a new, partially supported, multiseller ACP program administered by Prime-1-rated Salomon Smith Barney Inc. (Salomon) with an authorized amount of $5 billion.

The Prime-1 rating is based on, among other things, the program-wide credit enhancement which is calculated based upon the quality and composition of Cobblestone's asset portfolio, as well as Prime-1-rated liquidity facilities and structural protections to ensure the bankruptcy-remoteness of Cobblestone itself.

Cobblestone may purchase term and other types of receivables and financial assets only after prior review by Moody's. While it may buy certain highly-rated term and other securities without prior review by Moody's, liquidity arrangements must be established that are satisfactory to Moody's. Moody's has reviewed the investment guidelines and credit enhancement for these asset types and determined that they are consistent with a Prime-1 rating. For these highly rated term and other securities, Moody's will review the liquidity arrangements that Cobblestone proposes to use prior to its purchase of the first asset.

Initially, the program's credit enhancement will be provided in the form of a surety bond issued by Ambac Assurance Corp. (Aaa) and a letter of credit issued by Citibank, NA. (Citibank) (Aa1/P-1/A-). A general liquidity facility from Citibank will advance against monies due under the bond to ensure same-day funding. Citibank is expected to provide the majority of Cobblestone's liquidity.

For further details, see Moody's press release dated January 4, 2002.

MOODY'S RATES GERLING'S EUREFIN PRIME-1, AND IN ITS FIRST TRANSACTION, EUREFIN PURCHASES EURO 25 MILLION OF TRADE RECEIVABLES

In London, Moody's assigned a Prime-1 rating to the asset-backed commercial paper (ABCP) of European Receivables Finance Limited (EuReFin). EuReFin is a newly established, partially supported ABCP program sponsored by Gerling-Konzern Speziale Kreditversicherungs AG (Gerling Credit) (Aa3/Prime-1). Gerling Namur Assurances du Credit S.A. (Aa3/Prime-1) will be Master Administrator.

EuReFin will advance the proceeds of ABCP to EuReFin Receivables Financing Trade Limited (EuReFin Trade) to finance the purchase of trade receivables. All receivables purchased by EuReFin Trade will benefit from credit insurance provided by Gerling Credit which will cover 100% of defaulted receivables, provided that yearly insurance payments shall not exceed a certain amount.

.

Program credit enhancement takes the form of a letter of credit provided by Gerling Credit. The amount of the letter of credit is equal to the greater of (i) 5% of outstanding CP, (ii) the purchase limit of the largest transaction and (iii) Euro 25 million. Liquidity is provided initially by Kreditanstalt für Wiederaufbau (Aaa/ Prime-1) and may be syndicated to other Prime-1-rated financial institutions.

Simultaneously, EuReFin acquired a Euro 25 million portfolio of trade receivables originated by a German food manufacturer. The transaction benefits from Gerling credit insurance in respect of all credit losses, subject to the restriction that yearly insurance payments shall not exceed 30% of the purchase limit.

For further details, see Moody's press release dated January 7, 2002.

MOODY'S ASSIGNS PRIME-1 RATING TO ABBEY NATIONAL'S FULBECK FUNDING LIMITED

Moody's has assigned a Prime-1 rating to the ABCP of Fulbeck Funding Limited (Fulbeck), as well as ratings of Aaa to $250 million of floating rate senior notes and A2 to $50 million of floating rate junior notes. Fulbeck has also been assigned a counterparty rating of Aaa reflecting its ability to pay under the terms of a credit default swap. Fulbeck Funding is a newly established, partially supported ABCP program sponsored by Abbey National Financial Products (ANFP), a branch of Abbey National Treasury Services plc (ANTS) (Aa2/Prime-1), the treasury and wholesale banking operation of Abbey National plc (Aa2/Prime-1/C+).

Fulbeck will enter into a credit default swap with a notional amount of up to $10 billion of highly-rated assets with Abbey National Financial Products (ANFP). Fulbeck will use the proceeds of the sale of ABCP to invest in a portfolio of reverse repurchase agreements and deposit accounts, both with highly-rated counterparties, to collateralize its obligations under the credit default swap. These investments will serve both to make payments as required under the credit default swap, and to provide liquidity to repay maturing ABCP in the event that ABCP cannot be reissued. The reference portfolio is subject to strict investment guidelines, and may require asset-specific or portfolio credit enhancement beyond the issued debt. Losses on the reference portfolio, if any, under the credit default swap will first be absorbed by any asset-specific or portfolio credit enhancement, then by the Junior noteholders, then by the Senior noteholders, and finally by ABCP investors. Reference assets may be added, removed and replaced under these guidelines without prior review by Moody's.

Fulbeck is very similar to a synthetic cash-flow CDO. The ABCP may be compared to the super-senior class, the Senior Notes to the rated senior class, and the Junior Notes to the mezzanine class, and any additional enhancement to the first loss position of a CDO. The quantitative analysis and methodology used to determine the rating levels assigned to the ABCP, and the senior and junior notes of this facility is the same as that Moody's uses for cash flow CDOs.

While other conduits have invested in synthetic securities, Fulbeck is the first securities arbitrage program to be structured entirely as a synthetic. As a result it permits ANTS to transfer the risk of highly rated assets from its balance sheet while providing minimal credit enhancement. Fulbeck also has no liquidity facility, unlike many credit arbitrage programs that require full bank liquidity, or structured investment vehicles which have partial bank liquidity. Fulbeck may issue up to $9.7 billion of ABCP.

For a more detailed discussion, see Moody's press release dated December 18, 2001.

MOODY'S RATES INDIGO FUNDING'S SERIE AZZURRO PRIME-1

Moody's has assigned a Prime-1 rating to the Euro 245 million Serie Azzurro of billets de tresorerie (French ABCP) to be issued by Indigo Funding. Indigo Funding is the French serialized asset-backed commercial paper conduit managed by the Paris branch of Bayerische Landesbank Girozentrale. In this serialized ABCP program, Indigo Funding issues different series of ABCP. Each series is backed by a specific, identifiable asset portfolio, with its own credit enhancement and liquidity support. The liquidity and credit support for a series is solely dedicated to the respective series.

Serie Azzurro is the fifth series of ABCP issued by Indigo Funding Ltd. This fully supported series of Indigo ABCP is backed by FCC Units (French asset backed securities) issued by FCC Oceano- Compartiment Fraikin 01. These units refinance receivables discounted facilities granted by HSBC-Credit Commercial de France to different Fraikin entities, in the Fiat group. Moody's Prime-1 rating of Serie Azzurro is primarily based on the following factors: (i) the Prime-1 rating of the liquidity banks that fully support Serie Azzurro ABCP, (ii) the legal integrity of the serialized structure, (iii) the capabilities and obligations of BLB as program manager and (iv) the bankruptcy remoteness of the issuer. The liquidity facility provided by HSBC-Credit Commercial de France may be syndicated with other Prime-1 rated banks, subject to Moody's prior confirmation of the Prime-1 rating of Serie Azzurro.

Taking all of its series together, Indigo Funding may now issue up to Euro 4 billion of ABCP.

MOODY'S ASSIGNS PRIME-1 RATING TO CREDIT LYONNAIS' LA FAYETTE ASSET SECURITIZATION LLC

Moody's has assigned a rating of Prime-1 to the asset-backed commercial paper notes (ABCP) to be issued by La Fayette Asset Securitization LLC (La Fayette), a partially supported, multiseller ABCP program sponsored by Credit Lyonnais' New York branch (Credit Lyonnais) (A1/Prime-1/B-). La Fayette is not yet authorized to issue any ABCP, since it has not yet purchased any asset interests..

The Prime-1 rating assigned to La Fayette is based on dynamic program-wide credit enhancement with a floor amount of $50 million, as well as transaction-specific credit enhancement, Prime-1-rated liquidity support, the Prime-1 rating of Credit Lyonnais, and structural protections to ensure the bankruptcy remoteness of La Fayette.

La Fayette will invest in a variety of asset types. These may include, among others, term and trade receivables, asset-backed and mortgage-backed securities, and loan purchases. All asset purchases will require prior review by Moody's.

Program credit enhancement is in the form of a letter of credit provided by Credit Lyonnais. Transaction-specific credit enhancement as well as program credit enhancement will be determined prior to asset purchase. The amount of the program credit enhancement will depend upon the credit quality and composition of La Fayette's asset portfolio.

For a more detailed discussion, see Moody's press release dated December 26, 2001.

MOODY'S RATES FIRST UNION'S PATRIOT FUNDING LLC PRIME-1

Moody's Investors Service has assigned a rating of Prime-1 to the asset-backed commercial paper notes (ABCP) to be issued by Patriot Funding LLC (Patriot), a partially supported, securities arbitrage program sponsored by First Union National Bank (First Union) (Aa3/Prime-1/B+). The program is authorized to issue $2 billion of ABCP.

The Prime-1 rating assigned to Patriot is based on liquidity support in the form of market value hedging arrangements for the face amount of maturing secured liquidity notes (SLNs) and extended notes (ENs) (collectively, Notes); credit enhancement in the form of a credit default swap or letter of credit; the Prime-1 rating of First Union as the initial provider of credit enhancement as well as the market value and interest rate hedge; features that ensure timely payment of maturing secured liquidity notes (SLNs) and extended notes (ENs), and structural protections to ensure the bankruptcy-remoteness of Patriot.

Patriot's investments are limited to asset backed securities and mortgage-backed securities, U.S. issued or guaranteed securities, and securities issued or guaranteed by government-sponsored enterprises, all of which may be acquired without prior review by Moody's. Credit enhancement is provided in the form of a credit default swap or a letter of credit provided by First Union. The amount depends on the ratings of the securities in Patriot's portfolio.

Liquidity support, also provided by First Union, is in the form of a hedge agreement. Liquidity would cover any discrepancy between the purchase price of the securities in Patriot's portfolio and the market price received from an asset disposition that may be needed to pay maturing SLNs or ENs. The hedge agreement also covers any interest rate shortfalls on SLNs or ENs. To ensure timely payment, First Union, as hedging agent, is required to execute asset sales by a specified date prior to payment to Noteholders, with First Union required to pay any shortfalls at maturity. Moody's rating applies to the final maturity, not the expected maturity, of the Notes.

For a more detailed discussion, see Moody's press release dated December 27, 2001

MOODY'S RATES KBC'S QUASAR SECURITIZATION PRIME-1

In London, Moody's assigned a Prime-1 rating to the ABCP of Quasar Securitisation Company NV (Quasar). Quasar is a newly established, partially supported ABCP program sponsored by KBC Bank NV (KBC) (Aa3 / Prime-1). KBC shall act as program administrator.

Quasar will issue ECP (European commercial paper) notes to finance the purchase of trade receivables and other financial assets from sellers located primarily in Europe. The Prime-1 rating of Quasar's ABCP is based on, among other factors, the following: Moody's review of all assets prior to acquisition; a program-wide letter of credit provided by KBC; liquidity support from Prime-1- rated banks; issuance tests which require a sufficient amount of liquidity facilities before ABCP may be issued; structural protections to ensure the bankruptcy-remote nature of Quasar; and hedging agreements with Prime-1-rated financial institutions to mitigate any interest rate or currency risk.

Program-wide credit enhancement takes the form of a letter of credit provided by KBC. The amount of the letter of credit is equal to the greater of (i) 5% of outstanding ABCP (other than in respect of transactions involving highly rated assets) and (ii) Euro 30 million. Liquidity is provided by KBC and may be syndicated to other Prime-1 rated financial institutions.

For further details, see Moody's press release dated January 4, 2002.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 BY MOODY'S DURING THE THREE WEEK PERIOD ENDED JANUARY 4, 2002:

$1.2 BILLION CLUB DEAL FOR AUTO LOAN SECURITIZATION

A $1.2 billion revolving securitization of automobile loans was added to six separate ABCP conduit programs. The loans are non-prime retail installment sales contracts secured by a pool of new and used cars and light-duty trucks. The vehicles are financed by an A2/Prime-1 entity which provides consumer automotive loan financing to individuals throughout the U.S. Transaction-level credit enhancement takes the form of overcollateralization and excess spread, totaling about 29.25%. ABCP tenor was also limited to 90 days for certain of the conduits.

Four bank co-purchasers each took a $300 million share. Participating conduits include JP Morgan Chase's PARCO, Bank of America's Kitty Hawk, CSFB's Alpine, Greenwich, and Gramercy (for $300 million in the aggregate in all CSFB conduits), and Deutsche Bank's Gemini Securitization Corp. Each purchaser provides liquidity for its own commitment and has increased its program level credit enhancement, as applicable.

ATLANTIC, AUTOBAHN, BEETHOVEN AND CHARTA ADD $376 MILLION INTEREST IN $1.075 BILLION UTILITY TRANSACTION

Charta Corp., one of Citicorp North America, Inc.'s (CNAI) multiseller, partially supported conduits, is financing power generating assets, together with Beethoven Funding Corp., Dresdner Bank AG's multiseller conduit. Each purchased a $133 million fully supported interest in this transaction. Both interests are fully supported through liquidity. Also, Autobahn Funding, DZ Bank Deutsche Zentral-Genossenschaftsbank Frankfurt AM MAIN's multiseller, partially supported conduit, took on a $44.2 million fully supported commitment. In addition, Atlantic Asset Securitization Corp., Credit Lyonnais' partially supported, multiseller conduit, is financing a $66 million portion on a fully supported basis.

This $1.075 billion financing will also be funded by sources outside the ABCP market

Charta is now authorized to issue up to $5 billion in ABCP, while Beethoven may issue up to $5 billion. Autobahn is now authorized to issue up to $2.766 billion of ABCP, and Atlantic may now issue up to $4.01 billion of ABCP (taking into account the other Atlantic transactions set forth below).

GECC'S EDISON AND HVB'S BLACK FOREST FUNDING TOGETHER ESTABLISH $1 BILLION EQUIPMENT SYNTHETIC LEASE FACILITY

Edison Asset Securitization LLC and Black Forest Funding LLC, both partially supported, multiseller conduit sponsored and administered by GECC and HVB, respectively, have participated in the purchase of a $1 billion equipment lease financing facility. The lease transactions are originated by businesses of a diversified investment-grade rated company. Black Forest's $120 million interest in the facility will be supported by Prime-1- rated Hypo-und Vereinsbank AG, which will assume both credit and liquidity risk. There was no increase to the program-level letter of credit. Black Forest is now authorized to issue approximately $3.2 billion of ABCP.

Edison's $880 million interest in the facility is fully supported by liquidity provided by Prime-1-rated GECC. Edison's program-level credit enhancement was also increased by 7% of outstandings. Edison, together with its other asset purchases described later in this press release, may now issue $44.38 billion of ABCP.

WESTLB'S COMPASS SECURITIZATION LLC, BANK AMERICA'S ENTERPRISE FUNDING, AND BLB'S GIRO MULTI FUNDING INCREASE FACILITY LIMITS IN TRADE RECEIVABLES TRANSACTION FROM $500 MILLION TO $560 MILLION

A $500 million trade receivable transaction from a non-investment-grade medical equipment supplier and servicer was increased to $560 million, as well as amended to accommodate receivables from a newly-acquired subsidiary. The three conduits involved, Giro Multi-Funding Corp. Compass Securitization Limited and Enterprise Funding Corp., each increased their respective shares of the deal by $20 million. Enterprise' share is now $220 million. Both GMFC (its share now $120 million) and Compass ($220 million) have fully supported this transaction through liquidity. Since the deal is fully supported, no increases in program credit enhancement were required.

BANK OF AMERICA'S HATTERAS, THE BANK OF NOVA SCOTIA'S LIBERTY STREET AND WEST LB'S PARADIGM ALL FINANCE $230 MILLION SYNTHETIC LEASE TRANSACTION

The following multiseller conduits: Hatteras Funding Corp., sponsored by Bank of America, NA, Liberty Street Funding Corp., sponsored by Scotiabank, and Westdeutsche Landesbank's Paradigm Funding LLC all entered into a revolving credit facility. The facility provides funds for the financing of a synthetic lease relating to a double-hulled vessel outfitted with oil drilling equipment. Hatteras' share is $129 million, Liberty's share is $50 million, and Paradigm's share is $51 million. Hatteras is fully supported, while Liberty Street and Paradigm are partially supported. The drillship is owned by an investment trust, funding from which will be obtained through advances made by the conduit co-purchasers. Two investment-grade companies guarantee the lessee's performance under the charter/lease: one an energy company, the other a provider of marine contract drilling services. The transaction is fully supported through liquidity.

Hatteras, which now funds a total of 27 transactions, is authorized to issue up to approximately $6.0 billion of ABCP; Liberty Street is authorized to issue about $4.5 billion of ABCP; and Paradigm is authorized to issue about $6.9 billion of ABCP.

FLEET NATIONAL BANK'S EAGLEFUNDING AND WESTLB'S PARADIGM FUNDING CO-FINANCE $180 MILLION SPORTS STADIUM CONSTRUCTION FINANCING FACILITY

Fleet National Bank's EagleFunding Capital Corp. (EagleFunding) and Westdeutsche Landesbank's Paradigm Funding LLC (Paradigm Funding), each a partially supported multiseller ABCP conduit, provided a combined $180 million credit facility to finance the construction of a sports stadium. The transaction benefits from a surety bond from a Aaa-rated monoline insurer. Both EagleFunding's $100 million interest and Paradigm's $80 million interest in the facility are supported by liquidity provided by Prime-1-rated banks.

EagleFunding is authorized to issue up to $4.78 billion in ABCP and has $3.21 billion in outstanding ABCP, with $206.1 million in program-level credit enhancement. Currently, Paradigm Funding has about $5.67 billion in outstanding ABCP, with $371.2 million in program-level credit enhancement, and is authorized to issue up to $6.99 billion in ABCP.

IN CLUB DEAL, WESTLB'S PARADIGM FUNDING ACQUIRES $100 MILLION INTEREST IN $2.15 BILLION DEALER FLOORPLAN FINANCING FACILITY

Westdeutsche Landesbank Girozentrale's (WestLB) Paradigm Funding LLC (Paradigm), a partially supported, multiseller conduit, acquired a $100 million interest in a $2.15 billion club deal to finance the dealer floorplan receivables for a variety of equipment, including boats, marine products, motor cycles, recreational vehicles, electronic and home appliances, and lawn care and agricultural equipment, generated by an unrated subsidiary of an investment-grade-rated financing company. Pool-level credit enhancement is provided in the form of overcollateralization equal to a minimum of 6% of the eligible receivables and a minimum 3% reserve. In addition, Paradigm is providing 10% incremental program-level credit enhancement. Currently, Paradigm has about $5.44 billion in ABCP outstanding, with $362 million in program-level credit enhancement. Paradigm is now authorized to issue about $ 6.87 billion of ABCP.

ABN AMRO'S AMSTEL PURCHASES EURO 13.8 BILLION ASSET- BACKED NOTES

Amstel Funding Corp., a multiseller, partially supported ABCP conduit sponsored by ABN AMRO, has purchased Euro13.8 billion in notes backed by corporate loans originated by ABN Amro. The notes are rated Aa2 or above by Moody's. If any Notes are downgraded below Aa2, they will either be sold on a "no loss" basis or be immediately put to liquidity. Any currency or interest rate risk is hedged pursuant to a swap provided by ABN AMRO. Amstel is now authorized to issue approximately $24 billion of ABCP.

SOCIETE GENERALE'S ANTALIS ADDS TWO TRADE DEALS AND AMENDS PROGRAM

Antalis S.A., the partially supported, multiseller conduit sponsored by Societe Generale, added two new trade receivables transaction, restructured and increased three existing transactions and amended its program documentation.

The two transactions added Euro 250 million to Antalis' total authorized amount. They both represent securitizations of trade receivables originated by European companies in the consumer goods and transportation sector. Structural protections for each consist of overcollateralization and pool-specific liquidity facilities. Program-wide credit enhancement also increased by 10% of the amount of each transaction.

Finally, Antalis made amendments to its program documents. Among the most important are: the ability to issue ABCP in a currency foreign to that of the liquidity facilities, subject to appropriate hedging to insulate investors from any currency risk; the implementation of a floor for the program credit enhancement of Euro 100 million; and the reduction of the actual amount of program-wide credit enhancement. After such reduction, program enhancement amounts to Euro 474 million, or 8.8% of Antalis' authorized issuance amount of Euro 5.397 billion.

BAYERISCHE HYPO-UND VEREINSBANK'S ARABELLA ADDS EURO 1.2 BILLION AUTO LOAN TRANSACTION

Arabella Funding, LTD, a multiseller, partially supported ABCP conduit sponsored by Bayerische Hypo-und Vereinsbank AG (HVB), has entered into a Euro 1.2 billion revolving auto loan transaction. The loans, which finance a mixed pool of vehicles, are originated by a subsidiary of an A3/P-2-rated manufacturer within the automobile industry. Various portfolio limitations include an obligor limit of 0.25% and a maximum of 30% in loans with a balloon payment. Pool-specific credit enhancement is provided via a seller cash deposit of 6.3%, and 2.3% overcollateralization. Also, a 7.3% letter of credit from Aa3/P-1-rated HVB serves as program-wide credit enhancement.

This pool was formerly in HVB's Bavaria Securitisation Limited. The performance experienced during the last 3.5 years under the Bavaria program was taken into account by Moody's in confirming Arabella's Prime-1 rating. This partially supported transaction benefits from delinquency (3.0%) and default termination events (2.8%) and a minimum cash deposit termination event (6%). These events would end the purchase of new receivables, cause the transaction to begin to amortize, and prevent any further issuance of ABCP by the conduit. The liquidity facility, which funds for non-defaulted receivables, is provided by Prime-1-rated HVB.

With this addition, Arabella is now authorized to issue ABCP up to approximately Euro 1.75 billion.

CREDIT LYONNAIS' ATLANTIC ADDS FOUR DEALS AT YEAR-END

In a year-end flurry of deals, Atlantic Asset Securitization Corp., Credit Lyonnais' partially supported, multiseller conduit, added four transactions.

Atlantic added a $30.6 million transaction backed by payments under a synthetic lease that provides financing for a U.S.-based company's lease of heavy construction equipment. ABCP investors are protected by a liquidity obligation that fully supports Atlantic's liability to investors

Atlantic also entered into a $200 million trade receivables originated by a leading dairy products company with a high non-investment grade rating by Moody's. Obligor concentration risk is relatively minor in this industry. Investors are protected by a liquidity funding formula that assumes dynamic credit enhancement that is reset each month, based on multiples of certain pool performance ratios. The liquidity facility absorbs all risks relating to the receivables other than defaulted receivables. The transaction's enhancement is subject to a loss reserve floor of 9%. In addition, investors benefit from program-wide credit enhancement equal to 10% of the committed amount. Falcon, a post-review conduit of Bank One, committed to an equal purchase amount of this transaction.

Credit Lyonnais' Atlantic also purchased $274 million in senior pass-through certificates issued by a equipment lease trust sponsored by a major U.S. airline with a non-investment grade rating. Investors are protected by a liquidity facility in the underlying transaction that covers more than a year in interest payments. In addition, Atlantic's commitment obligation terminates prior to the legal final maturity of the certificates, thus avoiding the possibility of a principal default on the underlying certificates. Atlantic increased its program credit enhancement by 10% of the commitment amount.

Finally, Atlantic added a $134 million fully supported synthetic lease transaction involving real estate interests. Program credit enhancement was increased by 10% of the commitment amount.

Atlantic is now authorized to issue up to $4.01 billion of ABCP.

DG'S AUTOBAHN FUNDING ADDS $100 MILLION REVOLVING LOAN FACILITY

Autobahn Funding, DZ Bank Deutsche Zentral-Genossenschaftsbank Frankfurt AM MAIN's ("DZ Bank") partially supported, multiseller ABCP conduit, added a $100 million loan facility. The originator services finance loans to distributors of manufactured goods. The loans are secured by the distributor's inventory and certain of their accounts receivable. Liquidity, provided by Prime-1-rated DZ Bank, fully supports this transaction. Autobahn is currently authorized to issue up to $2.886 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.

To Be Continued in Part II of this Press Release.

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

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

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