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Announcement:

Moody's ABCP rating actions ending January 4, 2010

05 Jan 2010

New York, January 05, 2010 -- Moody's ABCP rating actions for the fourteen-day period ended January 4, 2010

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD DECEMBER 22, 2009 THROUGH JANUARY 4, 2010:

MOODY'S ASSIGNS PRIME-1 RATING TO ROYAL PARK INVESTMENTS FUNDING CORP. ABCP PROGRAMME

In London, Moody's has assigned a definitive rating of Prime-1 to the asset backed commercial paper ("ABCP") issued by Royal Park Investments Funding Corporation ("RPIFC"). RPIFC is a fully owned subsidiary of Royal Park Investments SA/NV ("RPI"), an entity incorporated in Belgium and owned by Fortis Holding (44.70%), the Kingdom of Belgium (43.50%) and BNP Paribas (11.80%). RPI, an operative company with own employees, has acquired a portfolio of securities and established an ABCP programme in order to partly fund the portfolio. The ABCP programme will be managed by RPI as administrator. For conducting its operations, RPI will be supported by Fortis Bank SA/NV ("Fortis Bank," rated A1/Prime-1/C-) and RPI will make use of certain Fortis Bank systems and resources. RPIFC has a maximum programme amount of US$6 billion.

All ABCP issued under the RPI/RPIFC programme are fully supported in principal and interest by a guarantee, which is provided by the Kingdom of Belgium. Under the guarantee, the Kingdom of Belgium unconditionally and irrevocably guarantees all payments on principal and interest of the registered notes issued by RPI to RPIFC and thereby covers all ABCP issued by RPIFC. The maximum amount of principal covered is US$5,846,102,073.45; interest is covered separately. Claims under the guarantee constitute a primary obligation of the Kingdom of Belgium and do not require the investor to first enforce its rights against RPIFC or RPI.

The Prime-1 rating of RPIFC's ABCP is based principally on the following: (i) the guarantee provided by Prime-1-rated Kingdom of Belgium, covering the principal and yield of ABCP issued and also addressing the timeliness of payment; (ii) the structure and organisation of the RPIFC programme, both of which are designed to ensure full and timely repayment of investors in ABCP; and (iii) the experience and rating of Bank of New York Mellon as the issuing and paying agent, account bank and collateral agent.

For further details, please see Moody's press release dated December 16, 2009.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD DECEMBER 22, 2009 THROUGH JANUARY 4, 2010:

SOCIETE GENERALE'S ANTALIS, HSBC'S REGENCY AND BTMU'S ALBION PURCHASE INTEREST IN GBP 397.5 MILLION AUTO LOAN AND LEASE TRANSACTION

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), Regency Markets No. 1 LLC ("Regency"), and Albion Capital Corporation ("Albion"), have financed an auto loan and lease transaction with total purchase limit of GBP 397.5 million. Antalis, a partially supported, multiseller programme sponsored by Société Générale ("SocGen", rated Aa2/Prime-1/C+), has a GBP 125 million interest. Regency, a partially supported, multiseller ABCP conduit administered by HSBC Bank plc (Aa2/Prime-1/C+) has a GBP 187.5 million interest. The remaining GBP 85 million interest is financed with Albion, a fully supported, multiseller, post-review ABCP conduit sponsored by The Bank of Tokyo-Mitsubishi UFJ, Limited ("BTMU," rate Aa2/Prime-1/C).

In this transaction, the conduits lend CP/loan proceeds to purchase notes backed by auto loans and leases originated in the UK by a financing company of a European auto manufacturer. Transaction-specific dynamic credit enhancement is in form of subordination and a reserve fund, initially totalling approximately 32%. In Antalis, this transaction is partially supported through a liquidity facility provided by Prime-1-rated SocGen. SocGen's liquidity facility funds for non-defaulted assets. Furthermore, the transaction benefits from various structural protections such as cease issuance triggers tested on the monthly basis and CP tenor limitation. In Regency and Albion, the transaction is fully supported by a liquidity facility provided by the respective conduit sponsor. This means that CP investors are not exposed to any credit risk on the underlying assets.

With this transaction, Antalis' programme-level credit enhancement increased by 6% of the total purchase limit. Antalis has approximately Euro 262.53 million in programme-level credit enhancement and is authorized to issue approximately Euro 4.48 billion of ABCP. Regency and Albion have not increased their programme-level credit enhancement with this transaction. Regency is authorized to issue approximately EUR 5.8 billion of ABCP. Albion is authorized to issue approximately EUR 1.4 billion of ABCP.

HSBC's BRYANT PARK AMENDS EXISTING TRADE RECEIVABLE FACILITY

Bryant Park Funding ("Bryant Park"), a partially supported, multiseller ABCP conduit sponsored by HSBC Bank USA, N.A. ("HSBC," rated Aa3/Prime-1/C), has amended an existing $250 million trade receivables transaction. The receivables are originated by a Ba3-rated manufacturer of branded apparel. This transaction is co-purchased between Bryant Park and PNC's Market Street, each with a $125 million commitment. The amendments adjust obligor concentrations and increase the floor dilution reserve, generally benefitting the conduit. Transaction-specific credit enhancement is in the form overcollateralization, subject to a minimum of 38% of eligible receivables, and based on a dynamic formula that responds to changes in both defaults and dilution. The transaction is partially supported by a liquidity facility provided by Prime-1-rated HSBC.

With this transaction, Bryant Park's program-level credit enhancement increased by 8% of outstanding ABCP issued to finance this transaction. Bryant Park is authorized to issue up to $4.711 billion of ABCP and has $200 million in program-level credit enhancement.

BARCLAYS' SALISBURY ADDS $350 MILLION CREDIT CARD TRANSACTION

Salisbury Receivables Company, LLC ("Salisbury"), a partially supported, multiseller ABCP conduit sponsored and administered by Barclays Bank PLC ("Barclays," rated Aa3/Prime-1/C), has added an $350 million unrated Class A note backed by private-label credit card receivables to its portfolio. Transaction-specific credit enhancement consists of 20.25% subordination (of the pool balance) and 7% overcollateralization. The transaction is partially supported by a liquidity facility provided by Prime-1-rated Barclays.

With this transaction, Salisbury's program-level credit enhancement increased by 10% of outstanding ABCP issued to finance the note. Salisbury is authorized to issue approximately $4 billion of ABCP and has $300 million in program-level credit enhancement.

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 4, 2010
No Related Data.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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