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Announcement:

Moody's ABCP rating actions ending December 17, 2007

19 Dec 2007
Moody's ABCP rating actions ending December 17, 2007

New York, December 19, 2007 -- MOODY'S UPDATES ABCP QUERY

Moody's has published its ABCP Query product with information as of September 30, 2007. All U.S. programs are now complete through September 2007. All European programs are complete through August 2007, with partial information available through September 2007. This report is published monthly and can be found with Moody's other ABCP research products at www.moodys.com.

Moody's ABCP rating actions for the seven-day period ended December 17, 2007

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD DECEMBER 11, 2007 THROUGH DECEMBER 17, 2007:

CALYON'S ATLANTIC AND LA FAYETTE ADD $1 BILLION AUTO LEASE FACILITY

Atlantic Asset Securitization LLC ("Atlantic") and La Fayette Asset Securitization LLC ("La Fayette"), two partially supported, multiseller ABCP programs sponsored by Calyon (Aa1/Prime-1/C+), have added a $1 billion amortizing auto lease facility. The underlying receivables consist of prime retail leases originated by a non-investment-grade-rated subsidiary of a major automotive manufacturer.

The facility benefits from a minimum of 15% transaction-specific credit enhancement in the form of overcollateralization. There is also a reserve account and excess spread built into the transaction. In addition, the transaction has various structural protections against a deterioration in the performance of the receivables in the facility. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Calyon.

Atlantic currently has about $15.86 billion in purchase commitments and $1.35 billion in program-level credit enhancement. La Fayette currently has about $1.83 billion in purchase commitments and $190.6 million in program-level credit enhancement.

THE BANK OF TOKYO-MITSUBISHI UFJ'S CONCERTO PROGRAM AMENDED

Concerto Receivables Corporation ("Concerto"), a fully supported, multiseller ABCP program sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU," rated Aa2/Prime-1/C), has amended its program structure by increasing the maximum liquidity and credit commitment authorized amount to JPY 1.5 trillion from JPY 1.0 trillion. Both support facilities are provided by Prime-1-rated BTMU.

For further details, please see Moody's press release dated December 17, 2007.

BNP PARIBAS' MATCHPOINT CONVERTS 13 PARTIALLY SUPPORTED TRANSACTIONS INTO FULLY SUPPORTED TRANSACTIONS

Matchpoint Finance Plc and Matchpoint Master Trust (together, "Matchpoint"), a partially supported, multiseller ABCP program sponsored and administered by BNP Paribas (Aa1/Prime-1/B), has converted all transactions that were previously partially supported by a liquidity facility in its portfolio into fully supported transactions.

This amendment affects 13 transactions in the conduit with aggregate purchase limits totaling Euro 2.9 billion. The other six transactions in the portfolio are currently fully supported by liquidity. The liquidity support for the 13 transactions is in the form of a transaction-specific asset purchase and sale agreement upon which the liquidity provider will acquire the assets to allow for timely repayment of maturing ABCP. The liquidity facilities are provided by Prime-1 rated banks.

With this amendment, all transactions refinanced in Matchpoint are now fully supported by liquidity lines. Matchpoint has a total authorised programme limit of Euro 3.9 billion.

ROYAL BANK OF SCOTLAND'S TAGS ADDS STERLING 112.5 MILLION AUTO LOAN TRANSACTION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller ABCP program sponsored by The Royal Bank of Scotland plc ("RBS," rated Aaa/Prime-1/B+), has added a Sterling 112.5 million portfolio of auto loans originated in the United Kingdom. The loans are non-conforming auto hire purchase loans. TAGS will issue ABCP to subscribe for senior notes ("Notes") issued by a special purpose vehicle company established for this transaction, which will use the subscription proceeds to purchase the loans.

This transaction is partially supported through a put option in the note issuance facility pursuant to which Prime-1-rated RBS agrees to purchase the Notes from TAGS if certain events occur. The Notes benefit from a minimum of 10% transaction-specific credit enhancement in the form of overcollateralization of the auto loan portfolio.

With this transaction, TAGS increased its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $26 billion of ABCP.

NORDEA'S VIKING ADDS EURO 200 MILLION TRADE RECEIVABLE FACILITY Viking Asset Securitisation Limited ("Viking"), a partially supported, multiseller ABCP conduit sponsored by Nordea Bank AB (Aa1/Prime-1/B), has added a Euro 200 million trade receivable facility to its portfolio.

The receivables are originated by companies operating in the consumer electronics sector, and debtors are located in Norway, Finland and Sweden. The receivables are denominated in Euros, Swedish Kroner and Norwegian Krona. The administrator is obliged to arrange a hedge for non-Euro denominated receivables to mitigate foreign-exchange risk.

This transaction benefits from a minimum of 40% transaction-specific credit enhancement in the form of credit insurance provided by Prime-1-rated Atradius Credit Insurance. This transaction is partially supported through a liquidity facility provided by Prime-1-rated Nordea Bank Finland Plc.

With this transaction, Viking increased its program-level credit enhancement by 5% of outstanding ABCP. The program-level credit enhancement is in the form of a standby letter of credit provided by Nordea Bank Finland Plc. Viking is now authorized to issue up to Euro 782 million of ABCP.

THE FOLLOWING ABCP PROGRAM WAS DOWNGRADED DURING THE PERIOD DECEMBER 11, 2007 THROUGH DECEMBER 17, 2007:

MBIA'S HUDSON-THAMES CAPITAL NOTES DOWNGRADED; SENIOR DEBT PROGRAMMES' RATINGS WITHDRAWN

In London, Moody's has withdrawn the ratings assigned to the senior debt programmes of Hudson-Thames Capital Limited and Hudson-Thames LLC (together, "Hudson-Thames"). Moody's placed the ratings on review for possible downgrade on November 30, 2007. All outstanding senior debt of the vehicle was repaid in full on December 11, 2007. The capital notes issued by Hudson-Thames have been downgraded due to actual losses sustained following asset sales and programme expenses.

Complete rating actions are as follows:

(i) U.S. and Euro commercial paper programme ratings withdrawn, previously rated Prime-1 on review for possible downgrade;

(ii) U.S. and Euro medium term note programme ratings withdrawn, previously rated Aaa/Prime-1 on review for possible downgrade;

(iii) Capital note programme downgraded to C from Ca.

Hudson-Thames is a structured investment vehicle managed by MBIA Asset Management UK Limited (U.K. Manager) and MBIA Capital Management Corp.

(U.S. Manager). As of November 30, 2007, Hudson-Thames' asset portfolio consisted of 71% Aaa-rated investments, 25% Aa-rated, and 4% A-rated. Sector composition included 34% financials, 30% RMBS, 27% ABS (credit cards, student loans, equipment ABS and auto finance), 5% CDO and 4% CMBS.

For further details, please see Moody's press release dated December 14, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD DECEMBER 11, 2007 THROUGH DECEMBER 17, 2007:

CERES CAPITAL'S BERKELEY SQUARE RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Berkeley Square Finance Ltd/Berkeley Square LLC, an ABCP programme sponsored by Ceres Capital Partners and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C). As of December 11, 2007, all ABCP (including extendable and callable notes) had been repaid in full and no further ABCP will be issued under the programme.

LIBERTY HAMPSHIRE'S BREEDS HILL CAPITAL RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Breeds Hill Capital Limited , a fully supported, multiseller ABCP program administered by The Liberty Hampshire Company, LLC (unrated). As of December 11, 2007, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

REDWOOD TRUST'S MADRONA RESIDENTIAL FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the secured liquidity notes and callable notes ("ABCP") and the Baa2 rating of the subordinated notes issued by Madrona Residential Funding LLC, a partially supported, single-seller ABCP program administered by Redwood Trust Holdings, Inc. (unrated). As of December 14, 2007, all outstanding ABCP and subordinated notes had been repaid in full. There will be no further issuance under this program.

CERES CAPITAL'S MICA FUNDING LLC RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Mica Funding LLC, a fully supported, multiseller ABCP program sponsored by Ceres Capital Partners, LLC and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C). As of December 14, 2007, all outstanding ABCP was repaid in full and there will be no further issuance under this program.

CERES CAPITAL'S MICA FUNDING LTD. RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Mica Funding Ltd., a fully supported, multiseller ABCP programme sponsored by Ceres Capital Partners, LLC and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C). As of December 14, 2007, all outstanding ABCP was repaid in full. There will be no further issuance under this programme.

ALLADIN CAPITAL'S OTTIMO FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the ratings of the secured liquidity notes, a form of extendible ABCP, and Series 2007-A, Series 2007-B and Series 2007-C subordinate notes of Ottimo Funding Ltd., a partially supported, single-seller ABCP program administered by Aladdin Capital Management LLC. The program collateral was liquidated on November 1, 2007, proceeds were distributed to investors, and all outstanding notes terminated at that time. At the time the program was terminated the ABCP was rated Not Prime, and the subordinate notes were all rated C. There will be no further issuance under this program.

LIBERTY HAMPSHIRE'S SARATOGA SPRINGS CAPITAL RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Saratoga Springs Capital Company, LLC, a fully supported, multiseller ABCP program administered by The Liberty Hampshire Company, LLC (unrated). As of December 11, 2007, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

BARCLAYS' STRATFORD RECECEIVABLES RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Stratford Receivables Company LLC, a partially supported, multiseller ABCP program administered by Barclays Bank PLC (Aa1/Prime-1/B+). As of December 14, 2007, 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.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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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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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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.

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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 JPY250,000,000.

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

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