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Announcement:

Moody's ABCP rating actions ending December 31, 2007

04 Jan 2008
Moody's ABCP rating actions ending December 31, 2007

New York, January 04, 2008 -- MOODY'S PUBLISHES MULTISELLER AND CREDIT ARBITRAGE SNAPSHOTS

Moody's has published two ABCP research reports, entitled "ABCP Market at a Glance: Credit Arbitrage Snapshot" and "ABCP Market at a Glance: Multiseller Market Snapshot." Each report gives detailed information on its respective segment of the ABCP market, with data as of August 31, 2007. These reports are published quarterly and can be found with Moody's other ABCP research products at www.moodys.com.

Moody's ABCP rating actions for the fourteen-day period ended December 31, 2007.

THE FOLLOWING ABCP PROGRAMS WERE RATED PRIME-1 DURING THE PERIOD DECEMBER 18, 2007 THROUGH DECEMBER 31, 2007:

MOODY'S ASSIGNS PRIME-1 RATINGS TO BANK OF NOVA SCOTIA'S TWO CANADIAN ABCP PROGRAMS

In Toronto, Moody's has assigned Prime-1 ratings to Bay Street Funding Trust ("Bay Street") and King Street Funding Trust ("King Street"), two prior review, partially supported multiseller Canadian asset-backed commercial paper programs ("ABCP") sponsored and administered by Scotia Capital Inc., a wholly owned subsidiary of The Bank of Nova Scotia ("BNS", Aa1/Prime-1/B).

Bay Street and King Street are Canadian trusts established by Montreal Trust Company of Canada and Computershare Trust Company of Canada as Issuer Trustee, respectively. The trusts are structured to provide for the bankruptcy remoteness of the conduits in a manner consistent with Moody's Prime-1 rating.

The programs purchase pools of receivables backed by various types of term and trade receivables, and fund these purchases by issuing ABCP in both Canadian dollars and U.S. dollars. The assets purchased can be denominated in any currency, but are currently in Canadian and U.S. dollars. All transactions funded by each program are subject to Moody's prior review.

Bay Street was established in April 2000. As of November 2007, Bay Street financed fifteen asset interests, with aggregate purchase limits of approximately Canadian $3.65 billion. There are five different asset types in the portfolio. The primary assets consist of automotive and equipment loans and leases.

King Street was established in March 1997. As of November 2007, King Street financed thirteen asset interests, with aggregate purchase limits of approximately Canadian $3.25 billion. There are five different asset types in the portfolio. The primary assets consist of retail auto loans and leases.

Both programs issue standard ABCP with a maximum tenor of 364 days. Bay Street issues two series of notes. As of November 2007, Series 1 had Canadian $2.96 billion of outstanding ABCP and Series 2 had Canadian $210 million of outstanding ABCP. As of November 2007, King Street had Canadian $3.2 billion in ABCP outstanding.

For further details, please see Moody's press release dated December 19, 2007.

MOODY'S ASSIGNS PRIME-1 RATINGS TO ROYAL BANK CANADA'S THREE CANADIAN ABCP PROGRAMS

In Toronto, Moody's has assigned Prime-1 ratings to Plaza Trust ("Plaza"), PURE Trust ("PURE") and Storm King Funding ("Storm King"), three prior review, partially supported multiseller Canadian asset-backed commercial paper programs ("ABCP") sponsored and administered by Royal Bank of Canada ("RBC", Aaa/Prime-1/B+).

Plaza and Storm King are Canadian trusts established by CIBC Mellon Trust Company, as Issuer Trustee. PURE is a Canadian trust established by The Canada Trust Company as Issuer Trustee. The trusts are structured to provide for bankruptcy remoteness in a manner consistent with Moody's Prime-1 rating.

The assets purchased and notes issued can be denominated in both Canadian dollars and U.S. dollars. All transactions funded by each program are subject to Moody's prior review.

Plaza was established in November 2001 to purchase varying types of receivables including term and trade receivables. As of October 2007, Plaza financed seventeen asset interests, with aggregate purchase limits of approximately Canadian $3.98 billion. There are five asset types in Plaza's portfolio program. The primary assets types are retail auto loans and leases.

PURE was established in December 1994 to purchase varying types of receivables including term and trade receivables. As of October 2007, PURE financed eighteen asset interests, with aggregate purchase limits of approximately Canadian $4.61 billion. There are five asset types in PURE's portfolio. The primary asset types are automotive finance, equipment finance and trade receivables.

Storm King was established in January 1999 to purchase varying types of receivables including term and trade receivables. As of October 2007, Storm King financed eighteen asset interests, with aggregate purchase limits of approximately Canadian $4.69 billion. There are five asset types in Storm King's portfolio. The largest three asset types are automotive finance, equipment finance and trade receivables.

The notes issued are standard ABCP with a tenor of up to 270 days for Plaza, 360 days for PURE and up to 364 days for Storm King. As of October 2007, the outstanding ABCP was Canadian $3.87 billion for Plaza, Canadian $4.15 billion for PURE and Canadian $3.82 billion for Storm King.

For further details, please see Moody's press release dated December 19, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD DECEMBER 18, 2007 THROUGH DECEMBER 31, 2007:

CALYON'S ATLANTIC ADDS $1 BILLION TRADE RECEIVABLE FACILITY

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller conduit sponsored by Calyon (Aa1/Prime-1/C+), has added a $1 billion trade receivable facility to its portfolio. The receivables are originated by an investment-grade-rated global raw materials supplier. This transaction is supported by a liquidity facility that funds for the face amount of ABCP as long as Atlantic is not bankrupt.

With this transaction, Atlantic has about $15.86 billion in purchase commitments and $1.35 billion in program-level credit enhancement.

SOCIETE GENERALE'S BARTON INCREASES PROGRAM SIZE AND AMENDS STRUCTURE

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Societe Generale ("SG," rated Aa1/Prime-1/B), has increased its program size to $25 billion and amended the structure of its program-level credit enhancement.

Barton's program-level credit enhancement is provided by the combination of a letter of credit issued by SG and a surety bond provided by Aaa-rated Ambac. SG's letter of credit accounts for 30% of total coverage, while Ambac's surety bond supplies the remaining 70%. SG provides a general revolving liquidity facility that ensures timely payment of all amounts payable under the Ambac surety bond. The calculation of required enhancement excludes certain guaranteed, fully supported or highly rated assets. With the amendment, the required amount of Barton's program enhancement will be sized at 8% of the conduit's invested amount instead of the purchase commitment. Additionally, the current program enhancement floor of $800 million will be increased to $1 billion.

Barton currently has $23.3 billion of purchase commitments, and $1.089 billion in program-level credit enhancement.

DIRECT FUNDING ADDS EURO 130 MILLION TRADE RECEIVABLE TRANSACTION

DIRECT Funding S.A. ("Direct Funding"), a partially supported, multiseller ABCP conduit sponsored by IXIS CIB ("IXIS", rated Aa2/Prime-1), has added a Euro 130 million trade receivable portfolio originated by a Spanish company operating in the raw material conversion.

The asset addition takes the form of a subscription by Direct Funding to a credit derivative transaction, by which it provides protection to its counterparty, IXIS, against certain credit events arising in connection with the underlying trade receivables portfolio. These credit events are linked to trigger events. This transaction benefits from various structural protections to ensure that investors are protected upon deterioration in the performance of the assets.

Direct Funding will use the proceeds from its ABCP issuance to fund a cash collateral account, which is pledged to the benefit of the party purchasing the credit protection.

The affirmation of the conduit's Prime-1 rating is also based on the rating of IXIS, as credit derivative counterparty, through its commitment to release the cash collateral associated with the credit derivative, when required.

Direct Funding's program-level credit enhancement has not been increased following the addition of this transaction. Direct Funding is authorized to issue up to Euro 5.9 billion of ABCP, and its program-level credit enhancement remains at Euro 1 million.

ABN AMRO'S TULIP ADDS 100 MILLION EURO TRANSACTION TO ITS PORTFOLIO

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip "), a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa2/Prime-1/B-), has added a Euro 100 million transaction to its portfolio.

In this transaction, Tulip lends the CP proceeds to the purchaser to finance the purchase of trade receivables originated by the European subsidiaries of a Dutch company operating in the Chemicals industry. This transaction benefits from a minimum 8% transaction-specific credit enhancement in the form of overcollateralisation. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility, provided by Prime-1-rated ABN AMRO Bank. The liquidity facility funds for non-defaulted assets.

With this transaction, Tulip's programme-level credit enhancement was increased by 8% of the purchase limit. Tulip is now authorized to issue up to Euro 11.6 billion of ABCP.

THE FOLLOWING ABCP PROGRAMS WERE DOWNGRADED DURING THE PERIOD DECEMBER 18, 2007 THROUGH DECEMBER 31, 2007:

VICTORIA FINANCE SENIOR DEBT RATINGS DOWNGRADED

On December 21, 2007, Moody's downgraded the senior debt ratings of Victoria Finance Ltd and Victoria Finance LLC ("Victoria Finance") as follows:

Euro and US Commercial Paper Programmes (USD 0.8 billion)

Current Rating: Not Prime

Prior Rating: Prime-1, on review for downgrade

Euro and US Medium Term Note Programmes (USD 5.4 billion)

Current Rating: Baa3/Not Prime

Prior Rating: Aaa/Prime-1, on review for possible downgrade

Moody's placed the ratings of Victoria Finance's debt programmes on review for downgrade on November 30, 2007. The current downgrade actions reflect the steep decline in the market value of the vehicle's asset portfolio from 98% on September 5, 2007 to 95.5% on December 7, 2007. As a result, the market value of the portfolio is now equal to 104.9% of the nominal amount of the vehicle's senior debt, compared to 107.8% last July. In the current market environment the cushion available to senior noteholders is now consistent with Baa3.

Victoria Finance is a structured investment vehicle (SIV) whose asset portfolio consists of Aaa-rated assets (80.5%), Aa-rated assets (11%), and A-rated assets (8.5%). CDOs make up 28% of the portfolio (including 10% CDO of ABS); Financials 21%; CMBS 16%; Prime US RMBS 15%; Non Prime US RMBS 5%; ABS 11%; and monoline wrapped RMBS, CDO of ABS and HEL 4%. The current weighted average life of the portfolio and the senior debt are 3.4 and 0.67 years, respectively.

For further details, please see Moody's press release dated December 21, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD DECEMBER 18, 2007 THROUGH DECEMBER 31, 2007:

GLENCORE INTERNATIONAL'S ALBIS CAPITAL CORP. RATING WITHDRAWN

At the request of the issuer, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Albis Capital Corp., a single-seller ABCP programme sponsored by Glencore International AG (Baa3/Prime-3). As of 31 November 2007, all ABCP had been repaid in full and no further ABCP will be issued under the programme.

ING'S SIMBA FUNDING CORP. RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Simba Funding Corp. (the Issuer), a single-seller ABCP programme sponsored by ING Bank NV ("ING," rated Aa1/Prime-1/B). As of 14 December 2007, all ABCP had been repaid in full and no further ABCP will be issued under the programme.

PHH MORTGAGE CORP.'S BISHOP'S GATE RESIDENTIAL MORTGAGE TRUST RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the secured liquidity notes, the Aaa medium-term notes and the Baa2 rating of the subordinated certificates issued by Bishop's Gate Residential Mortgage Trust, single-seller ABCP program sponsored by PHH Mortgage Corporation (PHH Mortgage). PHH Mortgage is a wholly owned subsidiary of PHH Corporation (Baa3/Prime-3). As of December 20, 2007, all outstanding ABCP, MTNs and subordinated certificates had been repaid in full and there will be no further issuance under this program.

COUNTRYWIDE FINANCIAL CORP.'S PARK GRANADA LLC AND PARK SIENNA LLC RATINGS WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 ratings of the ABCP issued by Park Granada LLC and Park Sienna LLC. Both programs are partially supported, single-seller ABCP conduits administered by the Countrywide Home Loans, Inc. (Baa3/Prime-3). As of December 20, 2007, all outstanding ABCP for each program was repaid in full. There will be no further issuance under either 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
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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.

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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."

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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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