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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's ABCP rating actions ending January 18, 2010

20 Jan 2010

New York, January 20, 2010 -- Moody's ABCP rating actions for the seven-day period ended January 18, 2009

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JANUARY 12, 2010 THROUGH JANUARY 18, 2010:

MOODY'S ASSIGNS PRIME-1 RATING TO LANDESBANK BADEN-WÜRTTEMBERG'S WEINBERG CAPITAL LIMITED ABCP PROGRAM

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by issued by Weinberg Capital Limited ("Weinberg Capital"). Weinberg Capital is a newly established, prior review, fully supported, multiseller ABCP program sponsored by

Landesbank Baden-Württemberg ("LBBW," rated Aa2/Prime-1/C-). Weinberg Capital will issue ABCP in the European market up to a maximum program limit of EUR 5 billion.

Weinberg Capital program has been established as the successor to Lake Constance Funding Limited ("Lake Constance"), an existing Prime-1-rated multiseller program also sponsored by LBBW. Lake Constance currently funds a portfolio of 23 term and trade receivables transactions. The sponsor has informed Moody's of its intention to replace the funding of each transaction currently finance by Lake Constance with ABCP issued by Weinberg Capital. The transfer of all transactions currently in Lake Constance is expected to be completed by end of February 2010. The sponsor has indicated that once the latest maturing ABCP issued by Lake Constance has been repaid, LBBW may withdraw Lake Constance's rating, and wind down the vehicle.

Assets transferred from Lake Constance and newly financed asset pools will be purchased either by Weinberg Capital directly or by Weinberg Funding Limited, a special purpose vehicle incorporated under the laws of Jersey. All asset transferred from Lake Constance will be funded in Weinberg Capital on a fully supported basis, with liquidity support initially provided by LBBW. Furthermore, the sponsor's intention is to have all new transactions financed by Weinberg Capital be fully supported, by means of liquidity facilities provided by Prime-1-rated banks.

The Prime-1 rating assigned to the ABCP issued by Weinberg Capital is based on, among other factors, the following: (i) the capabilities of LBBW as an experienced conduit administrator; (ii) full liquidity support for each transaction to be arranged with Prime-1-rated banks; (iii) Moody's prior review of all new asset pools; (iv) indemnification provided by the LBBW as administrator to ensure timely repayment of maturing ABCP; and (v) structural protections to ensure the bankruptcy-remoteness of Weinberg Capital and Weinberg Funding.

LBBW is the administrator and transaction arranger to Weinberg Capital. It has significant prior experience in conduit management, notably in relation to the Lake Constance program.

For further details, please see Moody's press release dated 14 January 2010.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JANUARY 12, 2010 THROUGH JANUARY 18, 2010:

UNICREDIT BANK'S ARABELLA ADDS TWO TRANSACTIONS TOTALING EUR 215 MILLION

Arabella Finance Limited/Arabella Finance LLC (together, "Arabella"), a partially supported, multiseller ABCP programme sponsored by Unicredit Bank AG ("Unicredit Bank", formerly Bayerische Hypo- und Vereinsbank AG, rated A1/Prime-1/C-), has added a Euro 125 million trade receivable transaction and a Euro 90 million of auto loan backed transaction to its portfolio. The two transactions were previously funded through Unicredit Bank's Salome Funding Plc program.

In the first transaction, the underlying pool consists of trade receivables originated by a Belgium company operating in the steel industry. The transaction is fully supported by the combination of a transaction-level letter of credit and an increase to Arabella's program-level standby letter of credit (both allocated and unallocated portions), provided by Prime-1-rated Unicredit Bank, London Branch.

In the second transaction, Arabella has purchased Euro 90 million of highly-rated Italian structured notes backed by auto loan receivables originated by an Italian captive finance company. The transaction is partially supported by a liquidity facility provided by HVB. The liquidity facility funds so long as the notes are rated above Caa1. Investors benefit from a cease issuance in ABCP if the notes are downgraded to below A3 or if a certain cumulative default trigger is breached.

Arabella is authorized to issue up to Euro 1.3 billion of ABCP and has Euro 525 million in program-level credit enhancement.

HSBC'S REGENCY AND NORDEA'S VIKING CO-PURCHASE EUR 500 MILLION TRADE RECEIVABLE TRANSACTION

Regency Markets No. 1 LLC ("Regency"), a partially supported, multiseller ABCP conduit administered by HSBC Bank plc (Aa2/Prime-1/C+) and Viking Asset Securitisation Limited ("Viking"), a partially supported, multiseller ABCP conduit sponsored by Nordea Bank AB (Aa2/Prime-1/C+), have each added a Euro 250 million interest in a trade receivable transaction. The receivables are originated by various subsidiaries of a leading global facilities services provider. In both Regency and Viking, the transaction benefits from a fully supported liquidity facility provided by the respective sponsoring bank. This means that CP investors are not exposed to any credit risk on the underlying assets.

Regency has not increased its program-level credit enhancement with this transaction. Regency is authorized to issue up to Euro 5.9 billion of ABCP. Viking increased its program-level credit enhancement (which is in the form of a standby letter of credit provided by Nordea Bank Danmark A/S) by 5% of outstanding ABCP. Viking is authorized to issue up to Euro 1.0 billion of ABCP.

BNP PARIBAS' THESEE AND CALYON'S LMA CO-PURCHASE EUR 280 MILLION TRADE RECEIVABLE TRANSACTION

Thesee Limited ("Thesee"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa2/Prime-1/B-), and LMA SA/LMA Americas LLC ("LMA"), a fully supported, multiseller ABCP conduit sponsored by Calyon (Aa3/Prime-1/D), have joined to purchase FCT units (also known as French asset-backed securities) backed by telecom receivables for a maximum amount of Euro 140 million each.

The transaction is a Euro 280 million securitization of trade receivables originated by a French company operating in the telecom industry. Transaction-specific credit enhancement is in the form of overcollateralisation (includes a loss and dilution reserve) as well as a yield and cost reserve. The loss and dilution reserve is based on a dynamic formula tied to historical default and dilution performance, with a minimum level of 24%. The transaction includes one special obligor with a concentration limit of 12%. However, the rest of the pool is extremely granular. The transaction has several termination events based on pool performance triggers and financial condition of the originator. A termination event may result in an early amortization of the securitization

In Thesee, the transaction is partially supported through a liquidity facility provided by BNP Paribas. The liquidity facility covers non-defaulted and non-diluted assets as well as cash collected but not remitted to the conduit. The liquidity facility does not front specifically for CP yield, which is covered by the dynamic yield reserve as part of the overcollateralisation.

With this transaction, Thesee's program-level credit enhancement increased by 5% of its purchase commitment, however the sub-limit of Euro 26 million available to cover credit losses was not increased. Thesee has Euro 46.5 million in program-level credit enhancement and is authorized to issue up to Euro 715 million of ABCP.

In LMA, the transaction is fully supported by a liquidity facility provided by Calyon. LMA is authorized to issue up to Euro 8.82 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD JANUARY 12, 2010 THROUGH JANUARY 18, 2010:

PICAROS FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Picaros Funding plc/Picaros Funding LLC, ("Picaros Funding"), a fully supported, synthetic ABCP programme administered by KBC Financial Products UK Limited. As of November 30, 2009, 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" (February 2003), which is available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the rating process can also be found in the Rating 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
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

Moody's ABCP rating actions ending January 18, 2010
No Related Data.
© 2023 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.

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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 $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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000.

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

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