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Announcement:

Moody's ABCP rating actions ending July 1, 2013

03 Jul 2013

New York, July 03, 2013 -- Moody's ABCP rating actions for the seven-day period ending July 1, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD JUNE 25, 2013 THROUGH JULY 1, 2013:

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.

BMO'S RIDGE TRUST AMENDS PROGRAM

Effective immediately, Ridge Trust ("Ridge"), a partially supported, multiseller ABCP program administered by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal (Aa3/Prime-1/C+), may close fully supported transactions on a post-review basis using a standard liquidity asset purchase agreement structured for this purpose and reviewed by Moody's.

No other changes were made to the program.

Ridge had C$1.74 billion of purchase commitments and C$1.10 billion of Canadian ABCP outstanding.

BMO'S RIDGE TRUST ADDS C$100 MILLION INTEREST IN FLOORPLAN TRANSACTION

Ridge Trust ("Ridge"), a partially supported, multiseller ABCP program administered by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal (Aa3/Prime-1/C+), has added a C$100 million floorplan facility. The underlying collateral consists of dealer floorplan receivables originated by a Canadian auto finance company.

The facility benefits from transaction-specific credit enhancement in the form of overcollateralization/subordination, a cash reserve and excess spread. This transaction is fully supported by a liquidity facility provided by Bank of Montreal.

Ridge does not have any program-level credit enhancement. With the addition of this floorplan transaction, Ridge had C$1.74 billion of purchase commitments and C$1.10 billion of Canadian ABCP outstanding.

BMO'S RIDGE TRUST AMENDS EXISTING RESIDENTIAL MORTGAGE FACILITY

Ridge Trust ("Ridge"), partially supported, multiseller ABCP programs administered by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal (Aa3/Prime-1/C+), has amended its interest in an existing C$500 million residential mortgage facility. The amendments include increasing the facility size to C$750 million and a minor non-credit related amendment. The underlying collateral consists of 100% insured mortgages originated by an unrated Canadian mortgage originator.

Ridge does not have any program-level credit enhancement. Ridge had C$1.74 billion of purchase commitments and C$1.10 billion of Canadian ABCP outstanding

BNP'S STARBIRD AMENDS PROGRAM

Starbird Funding Corp ("Starbird"), a partially supported, multiseller ABCP program sponsored and administered by BNP Paribas ("BNP," A2/Prime-1/C-), New York Branch, has amended its program. The amendment allows Starbird to issue Redeemable Notes (i.e. CP with callable, puttable features), floating rate, and extendible notes.

Starbird has $2.42 billion of purchase commitments and its program-level credit enhancement is $170.84 million.

CIBC'S SAFE TRUST AND SOUND TRUST AMEND PROGRAM

SAFE Trust ("SAFE") and SOUND Trust ("SOUND"), two partially supported, multiseller Canadian ABCP programs administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+), have amended their program-level documents. The amendments are all credit neutral and do not affect the existing ratings assigned to the programs ABCP.

SAFE currently has 6 assets investments in its portfolio with C$1.53 billion in aggregate purchase commitments and C$1.38 billion in outstanding Series 1996-1 Senior Short Term Notes. SOUND has 8 asset investments in its portfolio with C$2.09 billion in aggregate purchase commitments and C$1.21 billion in outstanding Series 1998-1 Senior Short Term Notes.

RBC'S WHITE POINT AMENDS $115 MILLION TRANSPORTATION FINANCE FACILITY

White Point Funding Inc. ("White Point"), a partially supported, multiseller ABCP program sponsored and administered by Royal Bank of Canada ("RBC," rated Aa3/Prime-1/C+), New York Branch, has amended its interest in a $115 million facility related to transportation financing by an unrated company.

The material amendment is extending the revolving commitment expiration date from August 2013 to July 2015, and accordingly, extending the LAPA expiration date. The transaction is fully supported by transaction-specific liquidity facility provided by Prime-1-rated RBC.

White Point has $257 million of purchase commitments and its program-level credit enhancement was $100 million.

TD'S MERIT TRUST AND PRIME TRUST AMENDS EXISTING MORTGAGE TRANSACTION

Merit Trust ("Merit") and Prime Trust ("Prime"), two partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD," Aa1/Prime-1/B) and administered by TD Securities, have amended and increased their commitment in an existing $2 billion co-purchase facility.

The facility, which consists of discrete pools of residential mortgages loans, was increased from C$1.052 billion to C$1.292 billion after the purchase of a C$241.2 million pool of residential mortgage loans.

The transaction remains fully supported by a program-level liquidity facility provided by Prime-1 rated TD.

Merit and Prime do not have any program-level credit enhancement. Merit has C$2.771 billion in outstanding ABCP, while Prime has C$2.846 billion in outstanding ABCP.

TD'S ZEUS AMENDS INTEREST IN EXISTING MOTORCYCLE LOAN TRANSACTION

Zeus Receivables Trust ("Zeus"), a partially supported, multiseller ABCP program sponsored by Toronto Dominion Bank ("TD", rated Aa1/Prime-1/B) and administered by TD Securities Inc., has amended an existing motorcycle loan transaction.

Zeus finances a C$200 million revolving facility backed by new and used motorcycle loans. This facility is being renewed and the commitment is being extended to June 2014. Transaction-specific credit enhancement consists of 12.5% overcollateralization and a 2.5% cash reserve account. The transaction continues to be partially supported by a program-level liquidity facility provided by Prime-1 rated TD. The liquidity will not fund for defaulted receivables.

Zeus does not have any program-level credit enhancement. Zeus has approximately C$2.983 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.

Wanda Lee
Asst Vice President - 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 July 1, 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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