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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Announcement:

Moody's ABCP rating actions ending August 20, 2007

23 Aug 2007

New York, August 23, 2007 -- Moody's ABCP rating actions for the seven-day period ended August 20, 2007

MOODY'S PLACES THE PRIME-1 RATING OF FOUR CONDUITS ON WATCH FOR POSSIBLE DOWNGRADE; SUBORDINATE NOTES ISSUED BY OTTIMO DOWNGRADED

On August 15, 2007, Moody's placed the following programs on watch for possible downgrade:

• KKR Financial Corp.'s KKR Pacific Funding Trust ("KKR Pacific"): Prime-1-rated SLNs were placed on watch for possible downgrade.

• KKR Financial Corp.'s Atlantic Funding Trust ("KKR Atlantic"): Prime-1-rated SLNs were placed on watch for possible downgrade.

• Thornburg Mortgage Inc.'s Thornburg Mortgage Capital Resources LLC ("Thornburg Mortgage"): Prime-1-rated SLNs were placed on watch for possible downgrade.

• Aladdin Capital Management LLC's Ottimo Funding Ltd. ("Ottimo"): Prime-1 rating of the SLNs and extended notes were placed on watch for possible downgrade. In addition, the Ottimo Series 2007-A and Series 2007-B subordinated term notes were downgraded to B2 on watch for possible downgrade from Baa2. The Ottimo Series 2007-C subordinated term notes was downgraded to Caa2 on watch for possible downgrade from Ba2.

KKR Pacific and KKR Atlantic have $4.912 billion and $3.101 billion of outstanding ABCP, respectively. Thornburg Mortgage has $5.542 billion of outstanding ABCP. Ottimo has $2.844 billion of outstanding ABCP and $35.1 million of outstanding subordinated notes.

For further details, please see Moody's press releases dated August 15, 2007

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD AUGUST 14, 2007 THROUGH AUGUST 20, 2007:

SYNDICATE OF PRIME-1-RATED ABCP CONDUITS PURCHASES INTERESTS IN AUTO FACILITIES TOTALLING $30 BILLION

A syndicate of banks has participated in four newly established facilities totaling $30 billion. These facilities include a $13.0 billion auto loan facility, auto lease amortizing and revolving facilities totaling $10.6 billion, and a $6.4 billion dealer floorplan facility established for a non-investment-grade-rated financial services firm in the automotive industry. Each participating bank has taken a pro rata share in each of the four facilities, while the conduits themselves have added interests in some or all of the facilities. The retail loan facility note benefits from 6.25% initial transaction-specific credit enhancement in the form of overcollateralization. Enhancement will increase in the event losses rise or excess spread drops. The auto lease amortizing facility initially has 14.75% transaction-specific credit enhancement in the form of subordination, overcollateralization and a cash reserve with a target of 15.75% through accumulation of excess spread in the transaction. In the revolving lease facility, transaction-specific credit enhancement is based on a dynamic formula. Transaction-specific credit enhancement for the dealer floorplan facility is about 18.5%, and subject to increase if the payment rate decreases.

The liquidity facility for each participating conduit is sized at 102% of its respective commitment, and funds for non-defaulted assets and estimated recoveries in most cases.

The following Prime-1-rated ABCP conduits participated in the $30 billion facilities:

• JPMorgan's conduits acquired a $2.25 billion interest in the facilities.

• ABN AMRO's Amsterdam Funding Corp. added a $426.6 million interest in the dealer floorplan transaction, while Windmill Funding Corp. added a $1.57 billion interest in the other three facilities. Each conduit's program-level credit enhancement was increased by 10% of its commitments.

• Barclays Bank's Sheffield Receivables Corp. added a $2 billion interest in the facilities and increased its program-level credit enhancement by 10% of its commitment.

• Calyon's Atlantic Asset Securitization LLC acquired a $2 billion interest and increased its program-level credit enhancement by 10% of its commitment. However, Calyon's $866.7 million interest in the auto loan facility may be funded in either Atlantic Asset Securitization LLC or La Fayette Asset Securitization LLC.

• Deutsche Bank's Gemini Securitization Funding Corp. acquired an $884 million interest in the retail loan transaction, while Riverside Funding LLC added a $399.5 million commitment to the amortizing lease transaction and a $321.3 commitment to the revolving lease transaction. Monterey Funding LLC added a $435.2 million commitment to the dealer floorplan transaction. Each conduit increased its program-level credit enhancement by 8% of outstanding ABCP issued for the transaction.

• HSBC's Abington Square Funding, LLC acquired a $1.34 billion interest in the retail loan and revolving lease transaction, while Bryant Park Funding, LLC acquired a $2 billion interest in all four transactions. The aggregate amount funded by Abington and Bryant Park may not exceed $2 billion. Bryant Park increased its program-level enhancement by 8% of outstanding ABCP issued for the transaction. Abington's program-level credit enhancement was increased by 5% to 8% of outstanding ABCP, depending on the type of auto facility financed.

• BNP Paribas' Starbird Funding Corp. added a $1.8 billion commitment and increased its program-level credit enhancement by 8% of purchase commitments.

• Societe Generale's Barton Capital, LLC added a $1.75 billion commitment and increased its program-level enhancement by 8% of purchase commitments.

• Royal Bank of Canada's conduits, Old Line Funding, LLC and Thunder Bay Funding LLC, added a combined $530 million commitment to the two lease transactions, and a $970 million aggregate commitment to the retail loan and dealer floorplan transactions. Each conduit increased its program-level enhancement by 10% of outstanding ABCP issued for the transaction.

• Bank of America's Ranger Funding Company, LLC acquired a $433 million interest in the retail loan securitization facility, while Kitty Hawk Funding Corporation acquired an aggregate $567 million interest in the amortizing lease, revolving lease and wholesale securitization facilities. The aggregate amount funded by Ranger and Kitty Hawk may not exceed $1 billion. The conduits increased their program-level enhancement increased by 10% and 8% of outstanding ABCP, respectively.

• The Bank of Nova Scotia's Liberty Street Funding Corp. added a $1 billion interest and increased its program-level credit enhancement by 10% of the purchase commitment.

• The Royal Bank of Scotland plc's Thames Asset Global Securitization No. 1, Inc. ("TAGS") added a $1.0 billion interest and was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction.

• NordLB's Hannover Funding Corp. added an $800 million commitment and increased its program-level enhancement by 10% of its commitment.

• Lloyds TSB Bank Plc's Cancara Asset Securitisation Limited added a $625 million commitment and increased its program-level enhancement by 5% of its commitment.

• Credit Suisse's Alpine Securitization Corp. added a $525 million interest.

• PNC Bank's Market Street Funding LLC has a $500 million commitment to the transaction and increased its program-level enhancement by 10% purchase commitment.

• WestLB AG's Paradigm Funding LLC acquired a $500 million interest and increased its program-level credit enhancement by 8% of the purchase limit.

• BLB's Giro Balanced Funding Corp. added a $300 million commitment and increased its program-level enhancement by 10% of its commitment.

Other non-conduit lenders provided the remaining commitments.

HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY $50 MILLION INTEREST IN EXISTING MORTGAGE WAREHOUSE FACILITY

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported program sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A1/Prime-1/C-), has purchased ABCP from its sister conduit, Black Forest Funding Corporation ("Black Forest"). The Black Forest ABCP is backed by a $50 million interest in an existing $250 million revolving mortgage warehouse facility.

This warehouse facility finances commercial mortgage loans provided primarily to multi-family property investors. This transaction is fully supported by program-level credit enhancement at the Black Forest level, in the form of a letter of credit provided by Prime-1-rated HVB.

With this transaction, BUFCO has $2.96 billion in total asset purchase commitments and $650.56 million in program-level credit enhancement.

CERES CAPITAL'S MICA EURO ADDS FOURTH TRANSACTION

Mica Funding Ltd. ("Mica Euro"), a fully supported, multiseller ABCP conduit sponsored by Ceres Capital Partners, LLC (unrated, formerly named Stanfield Global Strategies) and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C), has added its fourth global swap facility. The swap facility permits Mica Euro to purchase up to $4 billion of assets under a total return swap with Prime-1-rated European financial institution. This transaction is fully supported by the total return swap.

Mica Euro does not have program-level credit enhancement. Mica Euro has $1.5 billion of purchase commitments available for funding, and is authorized to issue up to $20 billion of ABCP. Mica Euro may issue ECP in multiple currencies along with USCP and SLNs through Mica Funding LLC.

ROYAL BANK OF SCOTLAND'S TAGS ADDS $525 MILLION CLASS A VFN BACKED BY CREDIT CARD RECEIVABLES

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc ("RBS," rated Aaa/Prime-1/B+), has added a $525 million unrated Class A variable funding note (VFN) to its portfolio. The Class A VFN is backed by a pool of private label credit card receivables.

Transaction-specific credit enhancement is provided by 12.5% subordination and a 3.5% cash reserve account. In addition, CP investors' exposure to credit losses is reduced through the use of structural mechanisms such as limiting the tenor of ABCP and including an ABCP cease issuance trigger upon certain events. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBS.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is authorized to issue up to $23.04 billion of ABCP.

MBIA'S TRIPLE-A ONE FUNDING ADDS $388 MILLION IN NOTES BACKED BY CONSUMER RECEIVABLES

Triple-A One Funding Corp., a fully supported, multiseller conduit sponsored and administered by MBIA Insurance Corporation (Aaa), has purchased notes totaling $388 million, including (i) $100 million of Class A-1b term notes, (ii) $260 million of Class A-3 notes, and (iii) $28 million of Class A-4 variable funding notes. The notes are supported by a surety bond provided by Aaa-rated MBIA and backed by consumer receivables.

This transaction is fully supported by liquidity facilities provided by HSBC Bank USA, N.A. (Aa2/Prime-1/B-) and KBC Bank N.V. (Aa2/Prime-1/B-).

Triple-A One is authorized to issue approximately $1.1 billion of ABCP.

ABN AMRO'S TULIP ADDS USD 500 MILLION TRANSACTION

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip"), a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. ("ABN AMRO," rated Aa2/Prime-1/B-), has added a USD 500 million A1-rated note to its portfolio. The note is backed by a pool of existing and future utility receivables originated by a utility company located in Dubai.

In this transaction, Tulip lends the CP proceeds to the purchasing entity to finance the purchase of the A1-rated note. This transaction is partially supported by a liquidity facility provided by Prime-1-rated ABN AMRO. The liquidity facility is available to repay maturing CP so long as the note is rated Caa2 or above. In addition, the transaction benefits from various structural protections such as a cease issuance trigger based on the rating of the note. Tulip may immediately draw on the liquidity facility if the rating of the note is downgraded to A3.

For this transaction, Tulip's programme-level credit enhancement increased by 8% of the purchase commitment. Tulip is authorised to issue up to Euro 10 billion of ABCP.

For a more detailed description of these ABCP programs, see Moody's website at http://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

Moody's ABCP rating actions ending August 20, 2007
No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

​
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