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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.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Announcement:

Moody's ABCP rating actions ending December 20, 2010

21 Dec 2010

New York, December 21, 2010 -- Moody's ABCP rating actions for the fourteen-day period ended December 20, 2010

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 (SF) DURING THE PERIOD DECEMBER 7, 2010 THROUGH DECEMBER 20, 2010:

MOODY'S ASSIGNS PRIME-1 (SF) RATING TO DEPFA BANK'S KELLS FUNDING ABCP PROGRAM

For further details, please see Moody's press release dated December 10, 2010.

MOODY'S ASSIGNS PRIME-1 (SF) RATING TO COMMERCIAL PAPER NOTES SERIES 2010-1 ISSUED BY WELSH ROAD FUNDING LLC

For further details, please see Moody's press release dated December 14, 2010.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD DECEMBER 7, 2010 THROUGH DECEMBER 20, 2010:

SYNDICATE OF ABCP CONDUITS PURCHASES INTEREST IN $3 BILLION CREDIT CARD SECURITIZATION

A syndicate of banks has participated in a newly established $3 billion three-year revolving Class A variable funding note backed by unsecured charge card receivables arising from consumer and small business and commercial charge cards. The transaction is financed by eight banks or their respective ABCP conduits with commitments ranging from a $200 million to $550 million.

The Class A note benefits from subordination in the form of a Class B and Class C note equal to 7% of the pool balance.

The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of its respective commitment. Depending on the conduit, the liquidity facility will either fully or partially support the transaction. For partially supported conduits, the liquidity facility will fund for receivables that have not been charged off.

The following ABCP conduits participated in the facility:

• Deutsche Bank's Gemini Securitization Corp., LLC has a $200 million commitment and increased its program-level credit enhancement by 8% of outstanding ABCP. Gemini's commitment is fully supported by liquidity.

• Barclays Capital's Salisbury Receivables Company, LLC has a $250 million commitment and increased its program-level credit enhancement by 10% of outstanding ABCP issued for this transaction. Salisbury's commitment is partially support by liquidity.

• Citibank's Charta, LLC and CAFCO Funding, LLC have combined commitments of $400 million. Charta's program-level credit enhancement increased by 10% of outstanding asset balance, while CAFCO's program-level credit enhancement increased by 8% of outstanding asset balance. Both conduits have partially supported liquidity facilities.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $500 million. Both conduits increased their program-level enhancement by 10% of outstanding ABCP issued with respect to the transaction. The conduits have partially supported liquidity facilities.

• Royal Bank of Scotland's Amsterdam Funding Corp. and Windmill Funding Corp. have combined commitments of $400 million. Both conduits increased their program-level enhancement by 8% of outstanding ABCP issued with respect to the transaction. The conduits have partially supported liquidity facilities.

• Lloyds' Cancara Asset Securitisation Limited has a $200 million commitment and increased its program-level credit enhancement by 5% of the facility limit. Cancara's commitment is partially support by liquidity.

• Bank of Tokyo Mitsubishi's Victory Receivables Corp. and Gotham Funding Corp. have combined commitments of $500 million. Victory's program-level credit enhancement increased by 7.5% of commitments. Both conduits have fully supported liquidity facilities.

One non-conduit lender provides the remaining $550 million commitment.

SOCIETE GENERALE'S BARTON ADDS $300 MILLION CLASS A NOTE

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Société Générale ("SG," rated Aa2/Prime-1/C+), has added a $300 million Class A note issued out of a master trust structure. The assets securing the Class A note consist of a pool of dealer floorplan receivables. The transaction is established for an investment-grade-rated finance company.

Transaction-specific credit enhancement is comprised of 9.5% subordination and a cash reserve account of 2.5%. This transaction is partially supported by a liquidity facility provided by Prime-1 rated SG. The liquidity facility will not fund for defaulted receivables that exceed the transaction-specific enhancements.

With this transaction, Barton's program-level credit enhancement increased by 8% of the invested amount. Barton has $8.05 billion of purchase commitments and its program-level credit enhancement remains at the $1 billion floor.

HSBC'S BRYANT PARK AMENDS LIQUIDITY STRUCTURE FOR EXISTING AUTO LOAN TRANSACTION

Bryant Park Funding LLC ("Bryant Park"), a partially supported, multiseller ABCP conduit administered by HSBC Securities (USA) Inc., has amended its liquidity structure for an existing $550 million auto loan facility. The liquidity facility was amended to fully support the transaction and will be provided by HSBC Bank Plc (Aa2/Prime-1/C+).

Although this transaction is fully supported, Bryant Park's program-level credit enhancement increased by 8% of outstanding ABCP. Bryant Park has $3 billion in outstanding ABCP and a minimum of $200 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD DECEMBER 7, 2010 THROUGH DECEMBER 20, 2010:

KITTY HAWK FUNDING CORP. RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 (sf) rating of the ABCP issued by Kitty Hawk Funding Corp, a fully supported, multiseller ABCP program administered by Bank of America, N.A. As of December 14, 2010, all outstanding ABCP had been repaid in full. Moody's policies regarding the withdrawal of ratings are described in "Moody's Guidelines for the Withdrawal of Ratings".

The principal methodology used in rating and monitoring the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (published in February 2003). Other methodologies and factors that may have been considered in the process of rating this transaction can also be found in the Ratings Methodologies sub-directory on Moody's website.

Moody's monitors and analyzes ABCP programs on an ongoing basis. The rating actions apply to the CP issued by the ABCP programs and not the individual transaction in the programs' portfolio. 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 Moody's website.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

New York
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending December 20, 2010
No Related Data.
© 2020 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/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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NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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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