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Announcement:

Moody's ABCP rating actions ending December 29, 2008

31 Dec 2008
Moody's ABCP rating actions ending December 29, 2008

New York, December 31, 2008 -- Moody's ABCP rating actions for the fourteen-day period ended December 29, 2008

THE FOLLOWING ABCP PROGRAM WAS RATED PRIME-1 DURING THE PERIOD DECEMBER 16, 2008 THROUGH DECEMBER 29, 2008:

MOODY'S REASSIGNS PRIME-1 RATING TO NORTH SEA FUNDING ABCP PROGRAMME

Moody's has reassigned a Prime-1 rating to the asset-backed commercial paper (ABCP) issued by North Sea Funding Europe B.V./North Sea Funding LLC (together, "NSF Europe"). NSF Europe is an existing partially supported, credit arbitrage ABCP programme sponsored by Royal Bank of Scotland ("RBS," rated Aa1/P-1/B), formerly sponsored by ABN AMRO Bank NV ("ABN AMRO"). The rating was withdrawn on April 29, 2008 at the request of the issuer, at which point there was no ABCP outstanding. NSF Europe has requested the reassignment of the rating in anticipation of resuming issuance. Currently, NSF Europe does not hold any assets and has no ABCP outstanding. It is expected, however, that the programme will purchase assets through one of its purchasing companies, shortly after reassignment of the rating. NSF Europe has a maximum programme amount of Euro 10 billion.

The Prime-1 rating assigned to NSF Europe's ABCP is primarily based on the following: (i) prior-review status of the programme; (ii) the mandatory liquidity put in relation to each asset (if not immediately sold) upon loss of its Aa3 rating, and the obligation of the liquidity banks to fund such liquidity put unless the asset is rated below Caa1 or if NSF Europe or the issuer of the underlying security is insolvent; (iii) the Prime-1 rating of RBS' short-term debt obligations; and (iv) the bankruptcy remote nature of the programme.

For further details, please see Moody's press release dated December 18, 2008.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD DECEMBER 16, 2008 THROUGH DECEMBER 29, 2008:

SOCIETE GENERALE'S BARTON ADDS C$300 MILLION EQUIPMENT LEASE AND LOAN FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Société Générale ("SG," rated Aa2/Prime-1/B-), has added a C$300 million revolving facility to its portfolio. The underlying collateral consists of new and used agricultural and construction equipment originated by a Canadian subsidiary of a global industrial company.

Transaction-specific credit enhancement is comprised of 5% overcollateralization, 3% cash reserve account (with a 2% floor), and a minimum of 2% excess spread. For this transaction, Barton will enter into series of spot and forward contracts each time it is required to make an advance. SG is the hedge counterparty and agrees to make payments to Barton under the forward contract when CP matures. This arrangement insulates CP investors from currency risk inherent in the structure. The transaction is partially supported by a liquidity facility provided by Prime-1-rated SG. Liquidity draws are available in US$ to repay CP investors or in Canadian dollars to settle Barton's obligation under the forward contracts. The liquidity facility will not fund for defaulted lease and loan contracts.

With this transaction, Barton's program-level credit enhancement increased by 8% of the invested amount. Barton is authorized to issue up to $15 billion of ABCP, and has $1 billion in program-level credit enhancement.

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

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 to improve funding conditions. With the amendments, Concerto can raise funds through dollar- as well as yen-denominated asset-backed limited recourse loans (ABL) under relevant agreements with Bank of Tokyo-Mitsubishi UFJ, Ltd.

The Prime-1 rating assigned to Concerto's ABCP was affirmed, based on the following:

1. BTMU will provide full support to Concerto's ABCP, with conditions that remain unchanged from prior to the amendments.

2. The non-petition covenant and the scope of the limited recourse obligation for the ABL is the same as that for the ABCP. BTMU, as the ABL lender, shall have recourse solely to the assets funded through the ABL.

3. Under the agreements, a shortfall in ABL payments will not affect the ABCP funding. BTMU will provide full support to Concerto's ABCP.

4. The ABL will be executed at a discount to maturity so that the redemption amount will be fixed at the execution date.

Concerto issues yen-denominated, fully supported ABCP in the Japanese commercial paper market. BTMU provides liquidity to assure the full and timely redemption of the ABCP.

For further details, please see Moody's press release dated December 18, 2008.

INTESA SANPAOLO'S ROMULUS FUNDING ADDS EURO 94 MILLION COMMERCIAL MORTGAGE BACKED SECURITY AND USD 300 MILLION ASSET BACKED SECURITY

Romulus Funding Corporation ("Romulus"), a partially supported, hybrid ABCP conduit sponsored and administered by Intesa Sanpaolo S.p.A. ("Intesa," rated Aa2/Prime-1/B-), has added two eligible asset transactions to its portfolio.

In the first transaction, Romulus lends its CP proceeds to finance collateral up to a limit of EUR 94 million under a CDS agreement, which Intesa Sanpaolo S.p.A. has bought protection from Romulus, in respect of the performance of a commercial mortgage fund. The transaction is partially supported by a liquidity facility provided by Prime-1 rated Intesa Sanpaolo S.p.A. The liquidity facility will not fund if the notes are rated Caa3 or lower. Investors also benefit from structural protections in the transaction such as a cease CP issuance if the underlying notes are downgraded below a certain rating threshold. CP issued to finance this transaction has a tenor limited to 60 days.

In the second transaction, Romulus lends its CP proceeds to finance variable funding notes backed by US receivables generated under revolving floorplan agreements in construction and agricultural equipment. The VFNs are rated Aa2 by Moody's. This transaction is partially supported by a liquidity facility provided by Prime-1 rated Intesa Sanpaolo S.p.A. The liquidity facility will not fund if the notes are rated Caa3 or lower. Investors also benefit from structural protections in the transaction such as a cease CP issuance if the underlying notes are downgraded to below Aa3. CP issued to finance this transaction has a tenor limited to 60 days.

Romulus was not required to increase its programme-level credit enhancement with the addition of the transactions. Romulus has USD 200 million in programme-level credit enhancement and is authorized to issue up to Euro 2.3 billion of ABCP.

The rating methodologies used for the above-referenced ABCP programs are described in "The Fundamentals of Asset-Backed Commercial Paper" (February 2003) and "Moody's Approach to Evaluating Credit Arbitrage ABCP Programs" (August 2002). Moody's monitors and analyzes these programs on an ongoing basis. The rating actions apply to the CP issued by the ABCP programs and not the individual transactions 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: 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
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.