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Rating Action:

MOODY'S ASSIGNS A PRIME-1 RATING TO IAT'S SUPERLUMINA FUNDING N.A., LLC ASSET-BACKED COMMERCIAL PAPER PROGRAM

05 Jul 2004
MOODY'S ASSIGNS A PRIME-1 RATING TO IAT'S SUPERLUMINA FUNDING N.A., LLC ASSET-BACKED COMMERCIAL PAPER PROGRAM

Program Size of up to $12.5 Billion of ABCP

New York, July 05, 2004 -- Moody's has assigned a Prime-1 rating to SuperLumina Funding N.A., LLC ("SuperLumina") a new multiseller asset-backed commercial paper program sponsored by International Asset Transactions LLC ("IAT"), a privately held New York-based investment firm. SuperLumina is a prior review program with a size of $12.5 billion. It currently funds no assets and is authorized to issue $0 of ABCP notes.

The Prime-1 rating is based primarily on:

(1)The credit quality of the assets, as determined by a requirement that they be rated at least Aa2 at the time of purchase and are subject to prior review by Moody's;

(2)Liquidity facilities for each transaction, which will likely fund against non-defaulted assets, required to be sized to cover the face amount of ABCP issued;

(3)Required credit enhancement for assets that are downgraded below Aa2, sized according to a formula reviewed by Moody's;

(4)The services of Deutsche Bank Trust Company Americas (A1/P-1/C) as administrator, issuing and paying agent and depositary and collateral agent;

(5)The services provided by IAT Securitization LLC as facility agent and origination agent;

(6)Structural features to preserve the bankruptcy remoteness of SuperLumina, which will issue the ABCP, and SuperLumina Assets Ltd. which will hold the assets funded by the proceeds of the ABCP.

Unique Program Structure

IAT has established SuperLumina, a Delaware LLC, to provide funding for third-party assets from a variety of sellers. The structure is different from the typical multiseller ABCP conduit in that the rated entity, SuperLumina, issues ABCP to fund assets that are actually held by another entity, SuperLumina Assets Ltd., a special purpose vehicle organized under Irish law. IAT will identify and structure assets for purchase by SuperLumina Assets Ltd. The necessary liquidity facility and credit enhancement will be provided at this level. The assets will be funded by loans from SuperLumina to SuperLumina Assets, Ltd, which will be match funded to the term of the ABCP issued. If for any reason ABCP cannot be issued, SuperLumina Assets Ltd. is required to draw on liquidity and/or any available credit enhancement to repay the loan from SuperLumina, which will in turn repay maturing ABCP.

Moody's is comfortable with this two-tier structure for three reasons. From a credit perspective, there is no real difference between this structure and those where the assets are held directly by the ABCP conduit. Second, from a liquidity perspective, since SuperLumina Assets Ltd. has the same degree of bankruptcy remoteness as SuperLumina itself, liquidity funding should be available on the same basis as it would be if the liquidity facility were at the SuperLumina level. Finally, from an operational perspective, Deutsche Bank Trust Company Americas serves as the administrator of both SuperLumina and SuperLumina Assets Ltd. ensuring the coordination of funding under the intercompany loans, issuance of ABCP, and draws on the support facilities as needed.

Liquidity and Credit Enhancement

All assets funded by SuperLumina are subject to prior review by Moody's, and are required to be rated Aa2 or higher at time of purchase. Investment guidelines and issuance tests require each asset have a liquidity backup funding facility equal to the face amount of ABCP issued and provided by a Prime-1 rated entity. Should assets be downgraded, there is a requirement for credit enhancement based on a formula reviewed by Moody's to be consistent with a Prime-1 rating. Currently there are no assets funded by SuperLumina.

Deutsche Bank Trust Company Americas

Deutsche Bank Trust Company Americas serves as administrator and collateral agent for both SuperLumina and SuperLumina Asset Ltd., and issuing and paying agent and depositary for SuperLumina. They are highly experienced in these roles and perform these functions for a number of conduits that have Prime-1 ratings from Moody's.

International Asset Transactions LLC

IAT serves as facility agent for both SuperLumina and SuperLumina Asset Limited and origination agent for SuperLumina Asset Limited. As facility agent, IAT performs functions similar to a backup administrator to Deutsche Bank Trust Company Americas in the operation of the program. As origination agent, IAT structures and recommends assets for funding by the program.

IAT is a privately held investment firm founded in 1988. It is engaged in a variety of activities, including securitization and funds management. IAT also owns an NASD broker/dealer, IATMarkets which operates an ATS. IAT is located in New York City.

For more information visit Moody's web site, 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
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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