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Announcement:

Moody's ABCP activity ending February 9, 2018

Global Credit Research - 14 Feb 2018

New York, February 14, 2018 -- Moody's ABCP activity for the period ending February 9, 2018

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JANUARY 29, 2018 THROUGH FEBRUARY 9, 2018:

We have reviewed the following US ABCP programs in conjunction with the proposed addition and amendment. At this time the addition and amendment, in and of themselves, will not result in any change to the credit quality of the program's ABCP. We do not express an opinion as to whether the addition or amendment could have other, non-credit-related effects.

BARCLAYS' SHEFFIELD ADDS SERVICER ADVANCE FACILITIES

Sheffield Receivables Company LLC (Sheffield), a partially supported, multi-seller ABCP program sponsored and administered by Barclays Bank PLC (Barclays), has added two servicer advance facilities originated by an unrated financial institution with a combined commitment of $183 million. The facilities are fully supported by liquidity provided by Prime-1(cr) Barclays, which funds for the face amount of ABCP plus principal and interest on Sheffield's program loans.

Sheffield's program-level credit enhancement is required to be increased by 10% of purchase limits with the addition of this facility. Sheffield has approximately $9.14 billion of outstanding ABCP and $13.8 billion of purchase limits. Its program-level credit enhancement is $1.29 billion.

RABOBANK'S NIEUW AMSTERDAM AMENDS EXISTING AUTO LEASE FACILITY

Nieuw Amsterdam Receivables Corporation B.V. (Nieuw Amsterdam), a fully supported, multi-seller ABCP program sponsored and administered by Coöperatieve Rabobank U.A., (Rabobank), has amended the structure of an auto lease facility. The material amendments include changes to the concentration limits, extending the commitment termination date by 2 years, increasing the facility commitment to €154.4 million from €104.4 million and changing the backup servicer to a backup servicer facilitator. The amendments are credit neutral given the full liquidity support provided by Prime-1(cr) Rabobank, which funds for the face amount of ABCP.

Nieuw Amsterdam has $4.76 billion of outstanding ABCP with total commitment of $6.9 billion.

MOODY'S ABCP RESEARCH PRODUCTS:

MOODY'S UPDATES ABCP QUERY

Moody's has published its monthly ABCP Query product with information as of November 30, 2017 for all U.S., European and Canadian programs.

MOODY'S PUBLISHES MULTI-SELLER MARKET SNAPSHOT

Moody's has published the ABCP research report "ABCP Market at a Glance: Multi-seller Market Snapshot." This report gives detailed information on the multi-seller segment of the global ABCP market, with data as of September 30, 2017. This quarterly report can be found here:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1110896

ABCP programs are monitored and analyzed by us on an ongoing basis. A detailed description of each program is published in its ABCP Program Review. Some ABCP programs have updated performance information, which is published in the Performance Overviews. All ABCP publications are available on Moodys.com

The principal methodology used in these ratings is "Moody's Approach to Rating Asset-Backed Commercial Paper" published in July 2017. For a more detailed explanation of Moody's approach please refer to the report

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1071314

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Valerie Oliveri
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Lisa Singman
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2018 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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