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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 February 9, 2009

11 Feb 2009

New York, February 11, 2009 -- MOODY'S PUBLISHES 2008 REVIEW AND 2009 OUTLOOK FOR EMEA ABCP MARKET

In London, Moody's has commented on the ABCP markets in Europe, the Middle East and Africa (EMEA) in a report entitled, "EMEA Asset-Backed Commercial Paper: 2008 Review & 2009 Outlook." According to the report, the EMEA ABCP market experienced a steady decline in growth over the course of 2008, with total ABCP issuance of USD 252.29 billion at the end of December 2008. This represents a decline of 26.7% compared with 2007, indicating a continuing lack of confidence on the part of investors due to turbulent and unpredictable economic conditions.

In its review of 2008, Moody's identified a number of trends that emerged in the EMEA ABCP market. These include conduit restructurings, the active amendment of transactions and portfolio assets within conduits in response to both market developments and investor concerns, and a continued decline in the number of seller additions to multiseller conduits. In addition, the report notes that there were distinct performance differences between credit arbitrage/hybrid conduits and multiseller conduits and a continuing gradual decline in the total number of conduits in the region.

Moody's outlook for EMEA ABCP ratings is currently negative. The negative outlook is due to global economic circumstances, which may have a negative impact on asset performance and on counterparty ratings as program sponsors, liquidity providers, repurchase counterparties and insurers experience the full consequences of the effects of the market turmoil.

For further details, please see Moody's press release dated February 5, 2009. The "EMEA Asset-Backed Commercial Paper: 2008 Review & 2009 Outlook" special report is available on Moody's website, www.moodys.com.

Moody's ABCP rating actions for the seven-day period ended February 9, 2009

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD FEBRUARY 3, 2009 THROUGH FEBRUARY 9, 2009:

LANDESBANK BADEN-WUERTTEMBERG'S LAKE CONSTANCE ADDS EURO 200 MILLION EQUIPMENT LEASE RECEIVABLE FACILITY

Lake Constance Funding Limited and Lake Constance Funding LLC ("Lake Constance"), a partially supported, hybrid ABCP conduit sponsored by Landesbank Baden-Württemberg (Aa1/Prime-1/C), has added a Euro 200 million equipment lease receivable facility to its portfolio. The lease receivables are originated by a German company operating in the financial services industry and specializing in lease agreements and hire purchase agreements, mainly for trucks and trailers.

Transaction-specific credit enhancement is in the form of an unlimited revolving subordinate loan. The loan is provided by the originator and funds for a loss reserve that is sized at 9.3% of non-defaulted assets. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Landesbank Baden-Württemberg. The liquidity facility will fund for non-defaulted assets. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation and cease-issuance triggers based on the pool performance.

With this transaction, Lake Constance was required to increase its programme-level credit enhancement by 5% of the purchase limit. Lake Constance has approximately Euro 150 million in programme-level credit enhancement and is authorized to issue up to approximately Euro 3.3 billion of ABCP.

KBC'S QUASAR ADDS EURO 50 MILLION TRADE RECEIVABLE FACILITY

Quasar Securitisation Company NV ("Quasar"), a partially supported, hybrid ABCP conduit sponsored and administered by KBC Bank NV (Aa3/Prime-1/C+) has added a Euro 50 million trade receivable facility. The trade receivables are originated by a Belgian company that specializes in distribution, recycling and compounding services in the plastics industry.

Transaction-specific credit enhancement is provided in the form of overcollateralisation and is sized at 18%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated KBC Bank NV. The liquidity facility will cover 72% of recoveries on defaulted receivables. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation and pool performance triggers.

With this transaction, Quasar's programme-level credit enhancement was increased by 5% of the purchase limit. Quasar has approximately Euro 37 million in programme-level credit enhancement and is authorized to issue up to approximately Euro 640 million of ABCP.

FORTIS BANK'S SCALDIS ADDS USD 5 BILLION PARTICIPATION AGREEMENT FACILITY

Scaldis Capital Limited, Scaldis Capital (Ireland) Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, hybrid ABCP programme sponsored by Fortis Bank S.A/N.V. (A1/Prime-1/C-), added a USD 5 billion participation agreement facility to its multiseller portfolio in November 2008.

In this transaction, Scaldis issues ABCP in order to fund the acquisition of a participation interest in loan agreements originated by Fortis Bank S.A./N.V. and some of its affiliates. In consideration, Scaldis is granted a right to the collections, security interest and all other loan-related (security) agreements.

This transaction is fully supported by a liquidity facility provided by Prime-1-rated Fortis Bank S.A/N.V. The liquidity facility funds for the face amount of outstanding ABCP.

With this transaction, Scaldis is now authorized to issue up to approximately USD 23 billion of ABCP and has USD 1.04 billion in programme-level credit enhancement.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD FEBRUARY 3, 2009 THROUGH FEBRUARY 9, 2009:

BACH FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Bach Funding Company LLC, a fully supported, multiseller ABCP program administered by Dresdner Bank AG (Aa3/Prime-1/C-). Since its inception, Bach has not issued any ABCP.

OLD SLIP FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Old Slip Funding LLC, a fully supported, securities arbitrage ABCP program administered by The Bank of New York Mellon (Aaa/Prime-1/B+). As of January 28, 2009, all outstanding ABCP had been repaid in full. There will be no further issuance under this program.

CHECK POINT CHARLIE RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Check Point Charlie Limited/Check Point Charlie Inc. ("CP Charlie"), a partially supported, credit arbitrage ABCP conduit sponsored by Landesbank Berlin AG (A1/Prime-1/D+). There is no ABCP outstanding and no further ABCP rated by Moody's

will be issued under the programme.

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
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending February 9, 2009
No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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 $5,000,000. 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.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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