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Announcement:

Moody's ABCP rating actions ending April 21, 2008

23 Apr 2008
Moody's ABCP rating actions ending April 21, 2008

New York, April 23, 2008 -- MOODY'S PUBLISHES 2007 REVIEW AND 2008 OUTLOOK FOR AUSTRALASIAN ABCP MARKET

In Sydney, Moody's has published the 2007 review and 2008 outlook report on the Australasian ABCP market. The report is entitled, "2007 Review and 2008 Outlook: Asset Backed Commercial Paper / Australasia: Strong Issuance in H1 2007 but downturn in H2." According to the report, the Australasian ABCP market saw continued growth at a rate of 17.3% in the first half of 2007 followed by a 6.17% decline in the second half of the year due to the global credit turmoil. By year-end, Australasian ABCP outstandings stood at approximately AUD 64 billion, bringing growth for 2007 down to approximately 10.10%.

Despite the downturn in the second half of 2007, the Australasian ABCP market still performed relatively well compared to other major ABCP markets, many of which experienced negative growth. The report indicates that uncertainty in terms of issuance volume and overall confidence will continue to prevail in the Australian ABCP market in 2008. However, the stable credit performance of the underlying assets, sponsors' willingness to support their ABCP programmes and the effectiveness of the liquidity protection mechanisms are all favorable factors that are helping to restore investor confidence.

For further details, please see Moody's press release dated April 16, 2008. The "2007 Review and 2008 Outlook: Asset Backed Commercial Paper / Australasia: Strong Issuance in H1 2007 but downturn in H2" special report is available on Moody's website, www.moodys.com.

Moody's ABCP rating actions for the seven-day period ended April 21, 2008

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS AFFIRMED AT PRIME-1 DURING THE PERIOD APRIL 15, 2008 THROUGH APRIL 21, 2008:

SOCIETE GENERALE'S BARTON ADDS THREE TRANSACTIONS TOTALING $2.1 BILLION

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Société Générale ("SG," rated Aa2/Prime-1/B+), has added three transactions totaling $2.1 billion to its portfolio.

The first transaction is a $500 million Class A note. The Class A note is backed by credit card receivables originated by a subsidiary of an investment-grade-rated financial institution. Transaction-specific credit enhancement is sized at 16.5% and in the form of subordination and overcollateralization. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG. The liquidity facility will not fund for defaulted assets, which are charged-off receivables related to the Class A note. For this transaction, Barton increased its program-level credit enhancement by 8% of the invested amount.

The second transaction is a $500 million Class A note. The Class A note is backed by credit card receivables originated by a subsidiary of an investment-grade-rated financial institution. This transaction benefits from 31% transaction-specific credit enhancement in the form of subordination. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG. The liquidity facility will not fund for defaulted assets, which are charged-off receivables related to the Class A note.

The third transaction is a $1.10 billion amortizing auto lease facility. The facility is established for an unrated finance subsidiary of an auto manufacturer, and secured by an amortizing closed-end pool of retail auto leases. The transaction benefits from 14% transaction-specific credit enhancement in the form of subordination. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG. The liquidity facility will not fund for defaulted leases and residual losses after recoveries from liquidation. For this transaction, Barton increased its program-level credit enhancement by 8% of the invested amount.

Barton is authorized to issue up to $22.4 billion of ABCP, and has $1.0 billion in program-level credit enhancement.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD APRIL 15, 2008 THROUGH APRIL 21, 2008:

AJAX BAMBINO FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Ajax Bambino Funding Limited / Ajax Bambino Funding Inc., a partially supported, securities arbitrage ABCP program administered by ING Capital LLC, a subsidiary of ING Bank N.V. (Aa1/Prime-1/B). As of April 18, 2008, all outstanding ABCP is held by a party associated with the transaction and there will be no further public issuance under this program.

NELNET STUDENT ASSET FUNDING EXTENDABLE CP, LLC RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Nelnet Student Asset Funding Extendable CP, LLC, a partially supported, single-seller ABCP program administered by National Education Loan Network, Inc. (unrated). As of October 17, 2007, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

WINDSOR FUNDING TRUST RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Windsor Funding Trust, a partially supported, single-seller ABCP program administered by Newcastle Investment Corp. (unrated). As of April 11, 2008, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

For a more detailed description of these ABCP programs, see Moody's website: www.moodys.com.

New York
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
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