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Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATING OF PRIME-1 TO COMMERCIAL PAPER ISSUED BY ANGLESEA FUNDING PLC AND ANGLESEA FUNDING LLC

15 Nov 2005
MOODY'S ASSIGNS DEFINITIVE RATING OF PRIME-1 TO COMMERCIAL PAPER ISSUED BY ANGLESEA FUNDING PLC AND ANGLESEA FUNDING LLC

Maximum Programme amount of USD 20 million

Paris, November 15, 2005 -- Moody's Investors Service has assigned a Prime-1 rating to the asset-backed commercial paper (ABCP) to be issued by Anglesea Funding PLC as issuer and Anglesea Funding LLC as co-issuer (together "Anglesea") under a programme arranged by Northcross Capital Management Limited and advised by Northcross Capital LLP ("Northcross") and administered by JP Morgan Bank (Ireland) Plc, a fully-owned subsidiary of JP Morgan Chase Bank, NA (Aa2/Prime-1/B+).

RATING OPINION

Moody's Prime-1 rating is based on:

- Repurchase agreements and similar agreements structured to provide for timely payment of ABCP combined with daily testing of net cash outflows and interest rate and currency sensitivity to ensure compliance with limits.

- The insolvency-remote nature of the issuer and the co-issuer.

- The credit quality of the programme counterparties, whose short-term ratings must be Prime-1, and the limitation of number of counterparties.

- The ability of Northcross as the investment manager and investment advisor to provide advice and assistance to Anglesea and the administrator.

- The capabilities of JP Morgan Bank (Ireland) as administrator and of JP Morgan Chase Bank, NA as collateral agent, U.S. depositary and ECP issuing agent.

MATCHED-FUNDED PROGRAMME WITH NO LIQUIDITY FACILITIES

The issuer will invest into a variety of securities, which will form the collateral under securities finance contracts including repurchase agreements, total return swaps and securities lending agreements, and more marginally into highly rated debt securities. The maturity of any securities finance contract will be no greater that the corresponding ABCP note. The counterparty under the securities finance contract will be obligated to make a payment on or before that date in an amount at least equal to the face amount of maturing ABCP. Highly rated debt securities purchased on a stand alone basis will also be matched-funded with the corresponding ABCP. The issuer will not require any liquidity facilities due to the matched maturity profile of its assets and liabilities. The testing of net cash outflows and sensitivity tests daily and prior to each issuance of ABCP or asset purchase will also ensure that the issuer will be able to repay ABCP on its maturity date.

Anglesea will deal only with Prime-1 counterparties (or those supported by Prime-1 entities) in relation to its securities finance contracts and hedging agreements and may purchase certain highly rated securities with a minimum rating of Aa3 or Prime-1. Debts securities which are not issued by a corporate entity, a financial institution, governmental or supranational body may be purchased after prior review by Moody's.

Th issuer will maintain a minimum amount of capital sized to meet any costs of negative carry resulting from maturity mismatches and in order to provide coverage for expenses of the issuer and the co-issuer.

INVESTMENT MANAGEMENT AND ADMINISTRATION

The investment manager, Northcross Capital Management Limited, is responsible for setting conduit strategy and providing advice and assistance to the issuer in relation to the funding and investment activities, but has delegated the performance of certain of its duties to Northcross Capital LLP as investment advisor. The investment advisor will select assets and arrange the purchase of investment securities and the entry into securities finance contracts and appropriate hedging. The investment advisor will also organise the funding activities, negotiating with ABCP dealers and giving instructions to JPMorgan Bank (Ireland) Plc as administrator.

Northcross Capital LLP is authorised and regulated by U.K. Financial Services Authority in relation to the conduct of its investment business in the United Kingdom.

Moody's met with Northcross Capital LLP and believes that the experience of the partners, the procedures and systems to be put in place to operate the programme combined with JP Morgan's ABCP programme administration skills should allow Northcross to perform to a level consistent with the Prime-1 rating assigned to the programme.

To obtain a copy of the forthcoming Moody's New Issue Report, please see Moody's website www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Sophie Berthelon
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
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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