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21 Dec 2005
MOODY'S ASSIGNS DEFINITIVE RATING OF PRIME-1 TO COMMERCIAL PAPER ISSUED BY HALKIN FINANCE PLC AND HALKIN FINANCE LLC
Maximum programme amount of USD 20 billion.
London, 21 December 2005 -- Moody's Investors Service has assigned a Prime-1 rating to asset-backed
commercial paper ("ABCP") to be issued by Halkin Finance plc as issuer
and Halkin Finance LLC as co-issuer under a programme arranged
by BSN Holdings Limited ("BSN") and administered by QSR Management Limited
("QSR"), a wholly owned subsidiary of The Bank of New
The Prime-1 rating is based on the credit and liquidity support
provided by reverse repurchase agreements or other types of agreement
to be entered into with counterparties rated Prime-1 or whose obligations
are supported by a Prime-1 rated entity, and on the strict
limits and robust procedures under which the programme will operate.
USE OF REPURCHASE AGREEMENTS TO ACHIEVE MATCH FUNDING - NO LIQUIDITY
The Issuer is expected to purchase fixed or floating rate instruments
including but not limited to commercial paper, certificates of deposit,
time deposits, banker's acceptances, asset-backed securities,
freely transferable promissory notes, government or corporate bonds,
debentures, repurchase agreements, and asset-backed
The Issuer will, in conjunction with the financing of each asset
(other than certain highly rated assets), enter into a repurchase
agreement or other type of agreement ("finance agreements") under which
the counterparties will be obligated to make a payment on or before the
maturity date of related ABCP or on demand, in an amount at least
equal to the face amount of maturing ABCP. The Issuer will not
generally require any liquidity facilities due to the matched maturity
profiles of its assets and liabilities. To the extent it does not
match its funding, the Issuer will enter into committed liquidity
facilities with Prime-1 rated financial institutions to ensure
the timely repayment of ABCP.
Halkin will deal only with Prime-1 counterparties (or those supported
by Prime-1 entities) in relation to its finanec agreements,
hedging and liquidity agreements. It is also permitted to invest
in highly rated assets consistent with the Prime-1 rating of the
ABCP. Moody's has reviewed the standard forms of agreement
that Halkin will use and the adequacy of its capital and has determined
that no additional credit support is necessary to maintain the Prime-1
ratings of the ABCP.
DAILY NCO AND SENSITIVITY TESTS TO ENSURE ABCP CAN BE REPAID ON MATURITY
QSR will test the portfolio daily and prior to each issuance of ABCP or
asset purchase to ensure that the Issuer will be able to repay ABCP on
its maturity date. ABCP cannot be issued unless Halkin will remain
in compliance with these tests. Exceeding the permitted limits
may result in a termination of the programme. The following tests
will be run:
(a) The net cumulative cash outflow ("NCO") must not be greater than zero.
The NCO is computed as the worst case possible net outflow from the portfolio.
Every business day to the final maturity of the ABCP will be tested;
(b) Sensitivity to changes in interest rates; and
(c) Sensitivity to changes in currency exchange rates.
Moody's will monitor the summary of the test results on a monthly
ORIGINATION AND ADMINISTRATION
Halkin is the third ABCP conduit for which BSN acts as investment advisor.
The others, Chesham Finance Limited, established in 2004,
and Ebury Finance Limited, established in February 2005, have
a similar structure to Halkin other than that Halkin Finance plc is established
in Ireland rather than the Cayman Islands. As with Chesham and
Ebury, BSN's principal responsibilities as Investment Advisor are
to originate and structure transactions, identify securities to
be financed and associated finance agreements to be entered into,
provide day-to-day advice, on request, in relation
to conduit administration and arrange and structure any necessary hedging
or liquidity agreements.
The Bank of New York will act as Security Trustee, custodian and
issuing and paying agent, it will also provide cash administration
and act as account bank for the Issuer. The Halkin programme will
be administered by QSR. QSR has experience in administering structured
investment vehicles, which require close monitoring and attention
to more rigorous and complex risk management and reporting requirements
than traditional ABCP conduits. Moody's believes that this experience
makes QSR a suitable and capable administrator for Halkin. QSR
administers other ABCP conduits and structured investment vehicles.
Moody's has recently met with BSN in London to review its capacity and
abilities as sponsor and investment manager and to discuss its strategic
plans for Halkin. Moody's has also met with QSR and has reviewed
its conduit management systems and procedures. Moody's believes
that each of BSN and QSR are capable of performing their roles in overseeing
and administering the Halkin programme. Moody's has also reviewed
detailed operating manuals that govern the procedures of both BSN and
Moody's ratings are subject to revision, suspension or withdrawal
at any time at our absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold securities.
To obtain a copy of Moody's New Issue Report and Market Review Report
in respect of this programme, please contact Moody's client service
desk in London on +44-20-7772 5454 or access the website
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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