New York, April 17, 2014 -- Moody's ABCP rating actions for the seven-day period ending April
14, 2014
NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD APRIL
8, 2014 THROUGH APRIL 14, 2014:
Moody's has reviewed the following ABCP programs in conjunction
with the proposed amendments. The amendments, in and of themselves
and at this time, will not result in any rating impact on the respective
programs. For the mentioned programs, Moody's believes that
the amendments do not have an adverse effect on the credit quality of
the securities such that the Moody's ratings are impacted.
Moody's does not express an opinion as to whether the amendment could
have other, non-credit-related effects.
MOODY'S ASSIGNS PRIME-1 RATING TO GLOBAL SECURITIZATION SERVICES,
LLC ("GSS") ABCP PROGRAM OF COLLATERALIZED COMMERCIAL PAPER CO III,
LLC ("CCP III")
For further details, please see Moody's press release dated April
15, 2014
SYNDICATE OF ABCP CONDUITS AMENDS INTEREST IN $11.5 BILLION
AUTO SECURITIZATION
A syndicate of banks has amended its interest in existing auto securitization
established for a non-investment-grade-rated financial
services firm in the automotive industry. The assets in the securitization
are originated by two different asset originators. The $11.5
billion (increased from $11 billion) securitization is comprised
of a $3.5 billion facility and a $8.0 billion
facility. Each facility contains auto loans, auto leases,
and dealer floorplans. Each participating conduit or conduit bank
has taken a pro-rata share in the combined securitization.
The $3.5 billion facility is structured as a 15-month
revolver, while the $8.0 billion facility is a 2-year
revolver.
The conduits continue to hold various unrated VFNs issued by two different
SPVs. Each VFN benefits from its own transaction-specific
credit enhancement. This transaction is fully supported by all
of the participating conduits.
The following ABCP conduits participated in the securitization:
JPMorgan's Chariot Funding LLC and Jupiter Securitization Company LLC
have combined commitments totaling $1.10 billion.
Citibank's CAFCO, LLC, CHARTA, LLC, CIESCO,
LLC, and CRC Funding, LLC, have combined purchase commitments
of $1.10 billion.
Barclays Bank's Salisbury Receivables Company LLC has a $950 million
commitment.
Deutsche Bank's Gemini Securitization Corp., LLC has an $950
million commitment.
Credit Agricole CIB's Atlantic Asset Securitization LLC has an $800
million commitment.
Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding,
LLC have combined commitments of $800 million.
Bank of Nova Scotia's Liberty Street Funding LLC has a $700 million
commitment.
Société Générale's Barton Capital LLC
has a $700 million commitment.
Lloyds' Cancara Asset Securitisation Limited has a $600 million
commitment.
Bank of Montreal's Fairway Finance Company LLC has a $162.5
million commitment.
Natixis' Versailles Assets LLC has a $125 million commitment.
The remaining commitments are from non-conduit purchasers or non-Moody's
rated conduits.
SOCIETE GENERALE'S BARTON AMENDS INTEREST IN EXISTING SYNDICATED AUTO
SECURITIZATION
Barton Capital LLC ("Barton"), a partially supported, multiseller
ABCP program administered by Societe Generale ("SG," rated A2/Prime-1/C-),
has amended its interest in a $3.0 billion syndicated auto
securitization established for an investment grade-rated automotive
manufacturer. The securitization is comprised of a revolving auto
loan facility and a revolving auto lease facility. The participating
conduits hold two Aaa-rated VFNs, one collateralized by retail
installment contracts and the related vehicles; and the other collateralized
by retail auto lease contracts and the related leased vehicles.
Barton's commitment remains unchanged at $200 million.
The VFN collateralized by retail installment contracts and the related
vehicles benefits from transaction-specific credit enhancement
in the form of overcollateralization (with a floor of 3.5%
of the highest principal balance since the last securitization take-out
date), a 0.50% reserve account, and excess spread.
The VFN collateralized by retail auto lease contracts and the related
leased vehicles benefits from transaction-specific credit enhancement
in the form of overcollateralization (with a floor of 20% of the
securitization value of the residual amount), a 0.50%
reserve account, and excess spread (minimum of 2.50%).
The transaction remains partially supported by a liquidity facility provided
by Prime-1 rated SG.
Barton has $5.4 billion of purchase commitments and its
program-level credit enhancement remains at the $500 million
floor.
The principal methodology used in these ratings was "Moody's Approach
to Rating Asset-Backed Commercial Paper" published in May 2012.
Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.
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 monthly updated performance information,
which is published in the Performance Overviews. All publications
are available on www.moodys.com.
Valerie F. Oliveri
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Everett Rutan
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's ABCP rating actions ending April 14, 2014