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Announcement:

Moody's ABCP activity ending June 30, 2017

13 Jul 2017

New York, July 13, 2017 -- Moody's ABCP activity for the period ending June 30, 2017

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JUNE 26, 2017 THROUGH JUNE 30, 2017:

Moody's has reviewed the following ABCP programs in conjunction with the proposed additions and amendments. At this time the additions and amendments, in and of themselves, will not result in any rating impact on the respective program's ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted. Moody's does not express an opinion as to whether the additions or amendments could have other, non-credit-related effects.

SYNDICATE OF ABCP CONDUITS AMEND A $750 MILLION STUDENT LOAN FACILITY

A syndicate of banks have amended their interest in a $750 million unrated Class A variable funding note backed by private student loans. Transaction-specific credit enhancement is in the form of overcollateralization, which varies depending on the type of loan, FICO, and co-signer status of the loan. In addition, there is a 0.25% cash reserve account that was funded at closing. Changes were made to amend the advance rates for various loan types.

The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of the conduit's respective commitment. The liquidity facilities are not available to fund against defaulted student loans, which include loans that are more than 60 days delinquent. Additionally, liquidity is structured to limit investor's exposure to losses to 30-60 days, depending on the conduit.

The following ABCP conduits participate in the facility:

• JPMorgan's Jupiter Securitization Company LLC has a $250 million interest in the facility and its program-level credit enhancement is 10% of outstanding ABCP issued with respect to this transaction. Jupiter has approximately $9.8 billion in total purchase commitments and $6.8 billion in outstandings. Its program-level credit enhancement is $700 million.

• Royal Bank of Canada's Thunder Bay Funding, LLC has a $250 million commitment and its program-level credit enhancement is 10% of aggregate investments. Thunder Bay has approximately $10.2 billion in total purchase commitments and $6.1 billion in outstandings. Its program-level credit enhancement is $480 million.

• Barclays' Sheffield Receivables Company, LLC has a $250 million interest and its program-level credit enhancement is 10% of purchase limits. Sheffield has approximately $12.4 billion in purchase commitments and $8.3 billion in outstandings. Its program-level credit enhancement is $1.2 billion.

BNP'S STARBIRD AMENDS LIQUIDITY SUPPORT FOR AN $897 MILLION AUTO LEASE FACILITY

Starbird Funding Corporation (Starbird), a partially supported, multi-seller ABCP program sponsored and administered by BNP Paribas (BNP), has amended the liquidity support for an $897 million revolving pool of auto leases originated by an investment-grade rated automotive company.

Transaction-specific credit enhancement is equal to a minimum of 23% overcollateralization and excess spread. Liquidity, provided by Prime-1(cr) BNP was amended to partially support the transaction, funding for non-defaulted receivables.

Starbird has approximately $7.4 billion of purchase commitments and $4.9 billion in outstanding ABCP. Its program-level credit enhancement is approximately $596 million with a $150 million floor.

RABOBANK'S NIEUW AMSTERDAM ADDS A REVOLVING TRADE RECEIVABLES FACILITY

Nieuw Amsterdam Receivables Corporation B.V. (Nieuw Amsterdam), a partially supported, multi-seller ABCP program sponsored by Coöperatieve Rabobank U.A., (Rabobank), has added a €60 million trade receivables facility. The transaction is backed by receivables originated by a global diversified producer of chemical products and provider of technical services.

Nieuw Amsterdam's commitment is fully supported by a liquidity facility provided by Prime-1(cr) Rabobank, which funds for the face amount of ABCP.

Nieuw Amsterdam's program-level credit enhancement is required to be increased by 7% of purchase commitments excluding those commitments that are fully supported by liquidity. Nieuw Amsterdam has approximately $4.5 billion of outstandings with total commitments of $6.7 billion. Its program-level credit enhancement is approximately $187 million.

BMO'S CMT AND RIDGE TRUST COPURCHASE AN AUTO LOAN SECURITIZATION

Canadian Master Trust (CMT) and Ridge Trust (Ridge), two partially supported, multi-seller Canadian ABCP programs administered by BMO Nesbitt Burns Inc. (BMO NB), a subsidiary of Bank of Montreal (BMO), have added a co-funded CAD529 million auto loan facility to their respective portfolios. CMT and Ridge each hold an unrated single-class note issued out of a master trust. The auto loans are originated by an investment-grade rated auto finance company.

Transaction-specific credit enhancement is comprised of non-declining overcollateralization sized at 7% of the discounted pool, a fully funded non-declining cash reserve account sized at 1% of the initial pool balance and minimum excess spread. This transaction is partially supported by the respective program-level liquidity facility provided by Prime-1(cr) BMO. The liquidity facilities are sized to cover 102% of outstanding ABCP issued by CMT and Ridge. CMT and Ridge do not have program-level credit enhancement.

CMT has CAD2.6 billion of purchase commitments and CAD2.1 billion of ABCP outstanding.

Ridge has CAD2.7 billion of purchase commitments and CAD1.7 billion of ABCP outstanding.

CIBC'S SURE RENEWS RESIDENTIAL MORTGAGE FACILITY

SURE Trust (SURE), a partially supported, multi-seller Canadian ABCP program sponsored and administered by Canadian Imperial Bank of Commerce (CIBC), has renewed a CAD500 million facility backed by residential mortgages and National Housing Act Mortgage-Backed Securities (NHA MBS). The facility is a revolving securitization for a large Canadian mortgage financing company. Subject to eligibility criteria, the collateral is a mix of prime conventional and insured mortgages and NHA MBS.

This transaction is fully supported by a program-level liquidity facility provided by Prime-1(cr) CIBC. The facility is sized to cover 100% of the face amount of outstanding ABCP issued by SURE. SURE does not have program-level credit enhancement.

SURE has CAD2.2 billion in aggregate purchase commitments and CAD1.6 billion of ABCP outstanding.

NATIONAL BANK OF CANADA'S FUSION ADDS AN INVESTMENT LOAN FACILITY

Fusion Trust (Fusion), a partially supported, multi-seller Canadian ABCP program sponsored and administered by National Bank Financial Inc. (NBF), a wholly owned subsidiary of National Bank of Canada (NBC) has added a revolving facility backed by a portfolio of investment loans. The loans are originated by a Schedule I Canadian financial institution and are extended to prime borrowers for investment in preapproved funds.

Transaction-specific credit enhancement consists of dynamic overcollateralization equal to a minimum of 4% of the facility size, a cash reserve of 1% and minimum excess spread of 2%. This transaction is partially supported by a program-level liquidity facility provided by Prime-1(cr) NBC. The committed amount of the liquidity facilities is sized to cover 100% of the face amount of outstanding ABCP issued by Fusion.

Fusion has CAD15 million of program-level credit enhancement that is available to act as additional support. Fusion has CAD1.9 billion of purchase commitments and CAD1.5 billion of ABCP outstanding.

RBC'S STORM KING AND TD'S PRIME AMEND AN AUTO LEASE FACILITY

Storm King Funding (Storm King), a partially supported, multi-seller Canadian ABCP program administered by Royal Bank of Canada (RBC) and Prime Trust (Prime), a partially supported, multi-seller Canadian ABCP program sponsored by Toronto Dominion Bank (TD) and administered by TD Securities Inc., have amended and extended a revolving auto lease facility until June 2018.

The facility size was increased to CAD800 million from CAD600 million, with Storm King's interest increasing CAD50 million to CAD500 million and Prime's interest increasing CAD150 million to CAD300 million. The auto leases are originated by an investment-grade automotive manufacturer. Transaction-specific credit enhancement is comprised of non-declining overcollateralization equal to 23.5% of the initial securitization value, a 1% non-declining cash reserve account, and minimum excess spread of 2.25% per annum.

For Storm King's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) RBC, funding for non-terminated leases. Storm King's program-level credit enhancement is required to be increased by 10% of aggregate investments. Storm King has approximately CAD2.6 billion of purchase commitments and CAD2.4 billion in outstandings. Its program-level credit enhancement is approximately CAD238 million.

For Prime's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) TD. Prime does not have program-level credit enhancement.

Prime currently has CAD4.1 billion of purchase commitments and CAD3.6 billion of ABCP outstanding.

TD'S BANNER AND PRIME AMEND TWO EXISTING FACILITIES

Banner Trust (Banner) and Prime Trust (Prime), two partially supported, multi-seller Canadian ABCP programs sponsored by Toronto Dominion Bank (TD) and administered by TD Securities Inc., have amended two existing facilities. The first is a CAD200 million revolving facility backed by auto dealer floorplan receivables originated by the Canadian finance subsidiary of an investment grade auto manufacturer. The facility was extended to May 2019. Transaction-specific credit enhancement is in the form of 23.5% subordination, a 1% reserve account and excess spread.

The second is a CAD1.05 billion revolving facility backed by trade receivables originated by an investment grade rated Canadian communication and media company. The amendments are of an administrative nature and did not impact the credit quality of the facility. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 13% of the outstandings. These transactions are partially supported by the respective program-level liquidity facility provided by Prime-1(cr) TD and sized to cover 100% of outstanding ABCP issued by Banner and Prime. Both programs do not have program-level credit enhancement.

Banner has purchase commitments of CAD4.1 billion and outstanding ABCP of CAD2.9 billion.

Prime has purchase commitments of CAD4.1 billion and outstanding ABCP of CAD3.6 billion.

TD'S ZEUS AMENDS A MOTORCYCLE LOAN TRANSACTION

Zeus Receivables Trust (Zeus), a partially supported, multi-seller ABCP program sponsored by Toronto Dominion Bank (TD) and administered by TD Securities Inc., has renewed and amended its interest in a revolving motorcycle loan transaction. The facility is backed by new and used motorcycle loans originated by an investment grade motorcycle manufacturer. The facility size was reduced by CAD20 million to CAD220 million and the facility was renewed to June 2018. Transaction-specific credit enhancement was increased by 2% to 16.5% of the facility size and consists of 15.5% overcollateralization and a 1% cash reserve.

This transaction is partially supported by a program-level liquidity facility provided by Prime-1(cr) TD and sized to cover 100% of outstanding ABCP issued by Zeus. Zeus does not have any program-level credit enhancement.

Zeus has purchase commitments of CAD4.5 billion and ABCP outstanding of CAD3.6 billion.

MOODY'S ABCP RESEARCH PRODUCTS:

MOODY'S UPDATES ABCP QUERY

Moody's has published its monthly ABCP Query product with information as of March 31, 2017. All U.S., European and Canadian programs are complete through March 2017.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have updated performance information, which is published in the Performance Overviews. All ABCP publications are available on

https://www.moodys.com/researchandratings/market-segment/structured-finance/abcp/005006006/005006006/-/-1/0/-/0/-/-/-/-1/-/-/-/en/global/pdf/-/rra

The principal methodology used in these ratings is "Moody's Approach to Rating Asset-Backed Commercial Paper" published in July 2015. For a more detailed explanation of Moody's approach please refer to the report https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF408181

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.
© 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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