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Announcement:

Moody's ABCP rating actions ending January 14, 2013

17 Jan 2013

New York, January 17, 2013 -- Moody's ABCP rating actions for the seven-day period ending January 14, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD JANUARY 8, 2013 THROUGH JANUARY 14, 2013:

NOTE: On March 13, 2013, the press release was revised as follows: Removed (sf) indicator from the Prime-1 rating of Sinochem’s USD Commercial Paper. The revised heading now reads: “MOODY'S ASSIGNS PRIME-1 RATING TO SINOCHEM'S USD COMMERCIAL PAPER.” Also, in the first paragraph under the heading “BANK OF NOVA SCOTIA'S BAY STREET AND KING STREET ADD C$450 MILLION TRADE RECEIVABLES FACILITY”, added the following ratings for The Bank of Nova Scotia: “(Aa1 on review for possible downgrade/Prime-1/B BFSR on review for possible downgrade)”. Revised release follows.

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

MOODY'S ASSIGNS PRIME-1 RATING TO SINOCHEM'S USD COMMERCIAL PAPER

For further details, please see Moody's press releases dated January 11, 2013.

BANK OF NOVA SCOTIA'S BAY STREET AND KING STREET ADD C$450 MILLION TRADE RECEIVABLES FACILITY

Bay Street Funding Trust ("Bay Street"), and King Street Funding Trust ("King Street"), partially supported multiseller ABCP programs administered by The Bank of Nova Scotia (Aa1 on review for possible downgrade/Prime-1/B BFSR on review for possible downgrade), have added a C$450 million revolving trade receivables facility to their portfolio.

Transaction-specific credit enhancement is comprised of dynamic reserves and varies depending on historical defaults and dilution. The transaction is partially supported by a liquidity facility provided by Prime-1-rated Bank of Nova Scotia. The liquidity facility will not fund for defaulted receivables.

Bay Street does not have any program wide credit enhancement. Bay Street currently has C$2.5 billion of purchase commitments and C$1.77 billion of Canadian ABCP outstandings.

King Street does not have any program wide credit enhancement. King Street currently has C$887.4 million of purchase commitments and C$732 million of Canadian ABCP outstandings.

HSBC'S REGENCY ENTERS TWO TRANSACTIONS AND AN AGREEMENT TO PURCHASE PERFORMANCE TRUST ABCP

Regency Assets Ltd/Regency Markets No.1 LLC ("Regency"), a partially supported, multiseller conduit sponsored by HSBC Bank Plc ("HSBC", Aa3/Prime-1/C) has entered into a $100m trade receivables transaction in respect of assets generated by a US manufacturing company. HSBC Bank USA, NA provides the fully supporting liquidity facility. Full support is achieved via a liability based borrowing base which funds for the face amount of CP issued.

Additionally, Regency has purchased notes secured on a portfolio of UK auto loans in a GBP275m full-support transaction. The transaction is fully-supported through a liquidity facility provided by HSBC France . The liquidity facility is sized at 102% of the purchase limit and funds for the principal amount of the purchased notes with no deductions for defaulted assets.

Regency has also entered into an arrangement under which it has agreed to purchase up to CAD750m of ABCP issued by Performance Trust. Performance Trust is a Prime-1 (sf) rated partially supported Canadian ABCP vehicle sponsored by HSBC Securities (Canada) Inc, a subsidiary of HSBC Bank Canada. Regency issues CP which is match funded with the CP issued by Performance Trust, hence there is no separate liquidity facility at Regency level as reliance is placed on the liquidity facility granted to Performance Trust by HSBC Bank Canada.

Regency has approval to issue ABCP up to transaction limits which aggregate to USD12.1 billion and has USD183 million in programme-level credit enhancement.

INTESA SANPAOLO'S ROMULUS ADDS FULLY-SUPPORTED TRANSACTION

Romulus Funding Corp. ("Romulus"), a partially supported, hybrid ABCP conduit sponsored by Intesa Sanpaolo S.p.A. (Baa2/P-2/C-) ("Intesa") and administered by Banca IMI Securities Corp., a subsidiary of Banca IMI S.p.A. (Baa2/P-2/C-), has closed a new transaction structure within its multi-seller portfolio for the purpose of funding trade receivables originated by sellers in the Italian agri-foods industry on a fully-supported basis.

One seller was added at the closing of the transaction: a EUR 67.5 million pool backed by receivables originated in the Italian processed meats market. Since closing, three further sellers have been added for an additional EUR 140.3 million.

Each additional seller added to the transaction will be fully supported under liquidity facilities provided by Intesa which were executed at the closing of the transaction. With each new seller addition, the total liquidity commitment will be increased to cover 102% of the aggregate purchase limit of the transaction. As such, our analysis was based on the financial strength of Intesa, together with the legal structure providing full support, rather than the credit quality of the assets.

The ABCP issued by Romulus is currently rated P-2 (sf).

Romulus has USD 100 million in programme-level credit enhancement, which will not be increased as sellers are added to the transaction, due to the full support provided by Intesa.

As at the end of December 2012, Romulus had USD2.93 billion of ABCP outstanding.

TD'S ZEUS, MERIT AND PRIME ACQUIRE AN INTEREST IN A TRADE RECEIVABLES FACILITY

Zeus Receivables Trust ("Zeus"), Merit Trust ("Merit"), and Prime Trust ("Prime"), three partially supported, multiseller Canadian ABCP programs sponsored by Toronto-Dominion Bank ("TD," Aaa on review for possible downgrade/Prime-1/B+ BFSR on review for possible downgrade) and administered by TD Securities Inc., have acquired a C$900 million revolving facility backed by trade receivables originated by an investment grade rated Canadian communication and media company. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 13% of the Aggregate Cash Paid.

The transaction is partially supported by a program-level liquidity facility provided by Prime-1 rated TD and sized to cover 100% of outstanding ABCP issued by Zeus, Merit and Prime. The three programs do not have any program-level credit enhancement. Zeus has C$2.571 billion in outstanding ABCP; Merit has C$2.503 billion in outstanding ABCP and Prime has C$2.819 billion in outstanding ABCP.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. 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 www.moodys.com.

Valerie Oliveri
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Everett Rutan
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's ABCP rating actions ending January 14, 2013

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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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.

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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 $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."

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 JPY250,000,000.

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

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