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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 26, 2009

28 Jan 2009

New York, January 28, 2009 -- MOODY'S UPDATES ABCP QUERY

Moody's has published its ABCP Query research product with information as of October 31, 2008. All U.S. and Canadian programs are complete through October 2008. All European programs are complete through September 2008, with partial information available through October 2008. This report is published monthly and can be found with Moody's other ABCP research products at www.moodys.com.

Moody's ABCP rating actions for the seven-day period ended January 26, 2009

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JANUARY 20, 2009 THROUGH JANUARY 26, 2009:

THREE ABCP CONDUITS ADD EURO 600 MILLION TRADE RECEIVABLE TRANSACTION

Regency Markets No.1, LLC and Regency Assets Limited (together, "Regency"), Direct Funding S.A. ("Direct Funding") and LMA S.A ("LMA") have financed the purchase of FCT Units backed by trade receivables up to a combined amount of Euro 600 million. Regency is a partially supported, multiseller ABCP programme administered by HSBC Bank Plc (Aa1/Prime-1/B), while Direct Funding is a partially supported, multiseller ABCP programme sponsored by Natixis (Aa3/Prime-1/D+). LMA S.A is a fully supported, multiseller programme sponsored by Calyon (Aa1/Prime-1/C). The receivables are originated by a European-based company operating in the retail business of the electricity supplies industry. The pool of assets is extremely granular with approximately 70,000 obligors. Each conduit has a Euro 200 million interest in the trade receivable securitization.

Transaction-specific credit enhancement is in the form of overcollateralisation, which is based on a dynamic formula that adjusts depending on historical defaults and dilutions performance, with a 10% floor. The default reserve is subject to a floor of 8.5%.

In Regency, this transaction is partially supported by a liquidity facility provided by Prime-1-rated HSBC France. The liquidity facility funds for non-defaulted assets and allows CP investors to benefit from the dynamic loss reserve, which is subject to a floor of 8.5% in relation to credit risk of the assets. Regency's programme-level credit enhancement was increased by 5% of the purchase limit for this transaction.

In Direct Funding, this asset addition takes the form of a subscription by Direct Funding to a credit derivative transaction, by which it provides protection to its counterparty, Natixis, against certain credit events arising in connection with the underlying trade receivable portfolio. These credit events are linked to trigger events. 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 credit protection. The cash collateral agreement allows CP investors to benefit from the dynamic loss reserve, which is subject to a floor of 8.5% in relation to credit risk of the assets. The affirmation of the conduit's Prime-1 rating is also based on the rating of Natixis, as credit derivative counterparty, through its commitment to release the cash collateral associated with the credit derivative, when required. Direct Funding's programme-level credit enhancement was not increased following the addition of this transaction.

In LMA, this transaction is fully supported by a liquidity facility provided by Prime-1-rated Calyon. The full support provided through liquidity eliminates all risks to investors associated with underlying asset performance.

With this transaction, Regency is authorized to issue up to Euro 7.8 billion of ABCP, Direct Funding up to Euro 5.1 billion of ABCP and LMA up to Euro 8.9 billion of ABCP.

NATIXIS' DIRECT FUNDING ADDS EURO 55 MILLION TRADE RECEIVABLE TRANSACTION

DIRECT Funding S.A. ("Direct Funding"), a partially supported, multiseller ABCP conduit sponsored by Natixis ("Natixis," rated Aa3/Prime-1/D+), has added a Euro 55 million trade receivable transaction to its portfolio. The receivables are originated by a Spanish company operating in the raw materials conversion industry.

This transaction was originally added to the conduit in November 2007, but was subsequently removed in October 2008. The conduit will now finance the transaction, without any changes from its existing structure. The asset performances are in line with expectations. For details on the transaction, please refer to the original press release dated January 4, 2008.

Direct Funding's programme-level credit enhancement was not increased following the addition of this transaction. Direct Funding is authorized to issue up to Euro 5.1 billion of ABCP, and has Euro 1 million of program-level credit enhancement.

HUDSON CASTLE'S ELYSIAN ADDS QUALIFIED CP ISSUER TO ITS PROGRAM

Elysian Funding LLC ("Elysian"), a fully supported, multiseller ABCP program sponsored by Hudson Castle Group Inc. and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C), has begun purchasing commercial paper from a Qualified CP issuer which has been reviewed by Moody's and is consistent with the Prime-1 rating assigned to Elysian. Liquidity is not required for this transaction as reliance is upon the timely repayment by the commercial paper purchased by Elysian to pay its maturing commercial paper obligations. A segregated trust account is prefunded to cover any interest mismatch or breakage due to differences in maturity between the commercial paper purchased by Elysian and the commercial paper issued by Elysian to fund it.

Elysian is authorized to issue up to $10 billion of ABCP.

THE FOLLOWING ABCP PROGRAMS WERE PLACED UNDER REVIEW FOR POSSIBLE DOWNGRADE DURING THE PERIOD JANUARY 20, 2009 THROUGH JANUARY 26, 2009:

HUDSON CASTLE'S BELMONT FUNDING PLACED UNDER REVIEW FOR POSSIBLE DOWNGRADE

Moody's has placed the Prime-1 rating of the ABCP issued by Belmont Funding LLC ("Belmont") under review for possible downgrade. Belmont is a fully supported, multiseller ABCP program sponsored by Hudson Castle Group Inc. The rating action follows Moody's action to place under review for possible downgrade the ratings of a financial institution (senior debt at A2 and short-term at Prime-1) that provides support to the conduit. Belmont's portfolio has a transaction that is fully supported by a liquidity facility provided by this financial institution. Belmont is expected to have continued exposure to this financial institution. This rating action brings Belmont's rating in line with the credit quality of its assets.

Moody's expects to conclude its review of Belmont's rating in conjunction with the review of the financial institution.

For further details, please see Moody's press release dated January 23, 2009.

RABOBANK INTERNATIONAL'S NEPTUNE FUNDING PLACED UNDER REVIEW FOR POSSIBLE DOWNGRADE

Moody's has placed the Prime-1 rating of the ABCP issued by Neptune Funding Corporation ("Neptune") under review for possible downgrade. Neptune is a partially supported, multiseller ABCP program administered by Rabobank International, New York Branch, a wholly-owned subsidiary of Rabobank Nederland (Aaa/Prime-1/B+). This rating action follows Moody's action to place under review for possible downgrade the ratings of a reference entity (senior debt at A2 and short-term at Prime-1) in one of Neptune's credit-linked deposits. The availability of liquidity is dependant on the rating of this reference entity, directly affecting the Prime-1 rating of Neptune. Hence, the rating action is based primarily on the change to review status of this entity's rating.

As of December 31, 2008, Neptune had $1.5 billion in ABCP outstanding. Moody's expects to conclude its review of Neptune's rating in conjunction with the review on the ratings of this reference entity.

For further details, please see Moody's press release dated January 22, 2009.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD JANUARY 20, 2009 THROUGH JANUARY 26, 2009:

OLD COURT FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Old Court Funding Plc/ Old Court Funding LLC ("Old Court"), a partially supported, Credit Arbitrage ABCP programme sponsored by Cambridge Place Investment Management LLP. There is no ABCP outstanding and no further ABCP rated by Moody's will be issued under the Old Court programme.

The rating methodology used for the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (February 2003). 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 January 26, 2009
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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