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Announcement:

Moody's ABCP rating actions ending February 21, 2011

23 Feb 2011

New York, February 23, 2011 -- Moody's ABCP rating actions for the seven-day period ended February 21, 2011

MOODY'S PUBLISHES US ABCP MARKET YEAR IN REVIEW

The credit outlook for asset-backed commercial paper (ABCP) in the US in 2011 is stable, says Moody's Investors Service in its "US ABCP: 2011 Outlook and 2010 Review" special report. The outlook is based on two key factors supporting ABCP conduits, bank credit strength and asset quality. Although the credit outlook for banks remains negative, banks' asset credit quality has been improving. The US economy continues to strengthen, albeit slowly, improving the quality of consumer and corporate assets funded in ABCP conduits.

The important US ABCP market issues lie outside of credit. The ABCP market has been pressured by a series of regulatory changes beginning with the implementation of the Basel II accords and followed by changes in accounting rules and most recently the consequences of Dodd-Frank. Implementation of these regulations is incomplete. But the overall impact has been to reduce the return on bank capital generated by ABCP conduits, and in consequence the attractiveness of using an ABCP conduit as compared to funding assets on balance sheet.

The driving factors of the US ABCP market will be the economy, the regulatory issues, and any new applications that might arise.

The special report, "US ABCP: 2011 Outlook and 2010 Review," is available on Moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD FEBRUARY 15, 2011 THROUGH FEBRUARY 21, 2011:

SOCIETE GENERALE'S ANTALIS ADDS EUR 122 MILLION TRADE RECEIVABLE TRANSACTION

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), a partially supported, multiseller programme sponsored by Société Générale ("SocGen", rated Aa2/Prime-1/C+), has financed the purchase of senior units issued by an existing French SPV (FCC) for an amount up to EUR 122 million.

The transaction is an existing EUR 500 million co-purchase between BNP Paribas' Eliopee Ltd and HSBC's Regency. At the same time that Antalis entered as co-purchaser, BNP Paribas' Matchpoint purchased the senior units previously held by Eliopee. Antalis, Regency and Matchpoint hold 25%, 25% and 50% of the senior units, respectively. The transaction is fully supported in Matchpoint and remains partially supported in Regency.

The FCC units are backed by trade receivables originated by French, UK and Australian subsidiaries of a non-investment-grade rated company in the retail business of electricity supplies. The securitized pool is extremely granular with more than 80,000 obligors. Transaction-specific credit enhancement is based on a dynamic formula driven by historical default and dilution performance, with a minimum level of 13%. The transaction includes several termination events based on pool performance triggers or related to the originator's financial conditions. A termination event results in an early amortization of the transaction and a replacement of the servicer by a back-up servicer, a feature designated at the transaction's closing. In Antalis, the transaction is partially supported by a liquidity facility provided by SocGen. The liquidity facility funds for non-defaulted assets.

With this transaction, Antalis' programme-level credit enhancement increased by 6% of the purchase limit. Antalis has approximately Euro 286 million in programme-level credit enhancement and is authorized to issue approximately Euro 4.7 billion of ABCP.

HSBC'S BRYANT PARK CONVERTS EXISTING TRADE RECEIVABLE TRANSACTION TO FULL LIQUIDITY SUPPORT AND ADDS NEW TRADE RECEIVALBE 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 $400 million trade receivables facility. The liquidity facility now fully supports the transaction.

Bryant Park also added a $90 million interest in a $600 million facility backed by a revolving pool of trade receivables originated by an electronics company. The new trade receivable transaction is also fully supported by liquidity provided by HSBC Bank Plc. The liquidity facility is sized at 102% of the commitment limit.

Bryant Park's program-level credit enhancement was not increased given the full support provided by liquidity. Bryant Park has approximately $2.8 billion in outstanding ABCP and $305 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD FEBRUARY 15, 2011 THROUGH FEBRUARY 21, 2011:

RATING OF DAKOTA CP NOTES ISSUED BY CITIBANK CREDIT CARD ISSUANCE TRUST WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 (sf) rating of the short-term notes issued by DAKOTA CP Notes of the Citibank Credit Card Issuance Trust, a partially supported, single-seller ABCP program administered by Citibank (South Dakota), N.A. (A1/Prime-1/D+). As of December 31, 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 February 21, 2011
No Related Data.
© 2018 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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