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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions ending December 3, 2007

04 Dec 2007
Moody's ABCP rating actions ending December 3, 2007

New York, December 04, 2007 -- Moody's ABCP rating actions for the seven-day period ended December 3, 2007

SIV SECTOR REVIEW UPDATE

Moody's announced that it has completed part of its review of the SIV sector. This review was prompted by the continued market value declines of SIV asset portfolios. Moody's confirmed, downgraded, or placed on review for possible downgrade the ratings of 79 debt programmes (with a total nominal amount of approximately US$130 billion). The rating action affected 20 SIVs.

Moody's has completed its review of capital notes started on November 7, 2007. The significant additional deterioration in market value of assets across the SIV sector observed since November 7, 2007 has resulted in the expansion of Moody's original review to include the senior debt ratings of some vehicles. Moody's will continue to closely monitor SIV ratings, taking actions on individual vehicles as necessary.

For further details, please see Moody's press release dated November 30, 2007.

THE FOLLOWING ABCP PROGRAM WAS RATED PRIME-1 DURING THE PERIOD NOVEMBER 27, 2007 THROUGH DECEMBER 3, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO HUDSON CASTLE'S ELYSIAN FUNDING LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper issued by Elysian Funding LLC ("Elysian"). Elysian is a fully supported, multiseller commercial paper program sponsored by Hudson Castle Group Inc. All transactions funded by Elysian will be subject to Moody's prior review. Elysian's program limit is $10 billion.

Elysian will enter into transactions with various originators of assets. The ABCP issued by Elysian to fund asset purchases will be fully supported by liquidity facilities provided by Prime-1-rated institutions.

The Prime-1 rating assigned to Elysian's ABCP is based on, among other factors, the following: (i) the full liquidity support provided by Prime-1-rated financial institutions; (ii) Moody's prior review of all transactions to affirm that they are consistent with the Prime-1 rating; (iii) the experience and capability of Deutsche Bank Trust Company Americas in its role as administrator and depositary; and (iv) structural protections to ensure the bankruptcy remoteness of the conduit.

For further details, please see Moody's press release dated November 28, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD NOVEMBER 27, 2007 THROUGH DECEMBER 3, 2007:

HUDSON CASTLE'S BELMONT ADDS THREE LOAN FACILITIES TOTALING $9 BILLION; INCREASES INTEREST IN EXISTING FACILITIES; ADDS TWO COUNTERPARTIES TO EXISTING $3.1 BILLION LOAN FACILITY

Belmont Funding LLC ("Belmont"), a fully supported, multiseller ABCP program sponsored by Hudson Castle Group Inc. and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C), has added three loan facilities to its portfolio, each with a maximum commitment of $3 billion. Belmont also increased its interest in three existing facilities and added two counterparties to an existing facility.

The three new facilities will be used to fund various types of loans and other eligible assets. Each transaction is fully supported by a liquidity facility provided by a Prime-1-rated financial institution that guarantees the timely payment of ABCP.

Along with the new asset purchases, Belmont increased its interest in three existing loan facilities. The first is an increase in a loan facility to $5 billion from $1.125 billion. The transaction remains fully supported through a combination of a variable funding note and interest rate swap.

Belmont increased its interest in another existing loan facility to $7 billion from $3 billion. The third increase is to an existing loan facility that finances a variety of eligible assets, with a new purchase commitment of $3.1 billion from $1.7 billion. Both of the transactions remain fully supported by liquidity facilities provided by Prime-1-rated financial institutions.

Lastly, Belmont has added two counterparties to an existing $3.1 billion loan facility. The transaction remains fully supported by a liquidity facility provided by a Prime-1-rated financial institution.

With these asset purchases and amendments, Belmont is authorized to issue up to $20 billion of ABCP.

BNP PARIBAS' STARBIRD FUNDING ADDS TWO TRANSACTIONS TOTALING $1 BILLION

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP program sponsored by BNP Paribas (Aa1/Prime-1/B), has added two transactions totaling $1 billion.

The first transaction is a $500 million interest in an existing student loan warehouse facility. This transaction is fully supported by a liquidity facility provided by Prime-1-rated BNP Paribas.

The second transaction is a $500 million interest in an existing warehouse facility that finances consumer vehicle lease receivables originated by an investment-grade-rated auto finance company. This transaction benefits from 17.5% transaction-specific credit enhancement in the form of 16.5% overcollateralization and a 1% cash reserve account. This transaction is partially supported by a liquidity facility provided by BNP Paribas.

With these two transactions, Starbird's program-level credit enhancement was increased by 8% of its commitments. Starbird has $10.88 billion in total purchase commitments and $758.5 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS ACQUIRES $150 MILLION INTEREST IN COMMERCIAL LOAN TRANSACTION; INCREASES INTEREST IN EXISTING CREDIT CARD TRANSACTION

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank ("SunTrust," rated Aa2/Prime-1/B+), has acquired a $150 million interest in a commercial loan transaction and increased its interest in an existing credit card transaction.

The first transaction is the acquisition of a $150 million interest in a note backed primarily by secured loans made to middle market companies. This transaction is fully supported by a liquidity facility provided by Prime-1-rated SunTrust.

The second transaction is a commitment increase to an existing variable funding note backed by credit card receivables. Three Pillars increased its commitment to $175 million from $100 million. This transaction remains fully supported by a liquidity facility provided by SunTrust.

Three Pillars' program-level credit enhancement was increased by 10% of its purchase commitments for each transaction. Three Pillars has $8.48 billion in total purchase commitments and $763.4 million in program-level credit enhancement.

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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