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15 Jul 2009
New York, July 15, 2009 -- Moody's ABCP rating actions for the seven-day period ended July
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1
DURING THE PERIOD JULY 6, 2009 THROUGH JULY 13, 2009:
HVB'S ARABELLA FINANCE COMPLETES ASSET TRANSFER FROM ARABELLA FUNDING
Arabella Finance Limited and Arabella Finance LLC (together, "Arabella
Finance"), a partially supported multiseller ABCP programme sponsored
by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A1/Prime-1/C-)
has completed the transfer of assets from HVB's other multiseller
programme, Arabella Funding Limited ("Arabella Funding").
On 6 July 2009, all asset pools financed by Arabella Funding were
transferred to Arabella Finance.
Asset-level details may be found under "Arabella Funding
Limited" on www.moodys.com. The asset pools
transferred to Arabella Finance had substantively the same terms as in
Arabella Funding. With the asset transfer, the Arabella Finance's
unallocated portion of the standby letter of credit increased by 8%
of the purchased amount for each partially supported asset pool.
The 8% allocation is higher than the 5% under Arabella Funding.
Arabella Finance is authorized to issue up to EUR 10 billion of ABCP in
both the US and the Euro ABCP markets. With the asset transfer,
Arabella Finance has EUR 984 million in purchase commitments and EUR 78.7
million in programme-level credit enhancement (represented by the
unallocated portion of the standby letter of credit).
WESTLB'S COMPASS AMENDS PROGRAMME-LEVEL ENHANCEMENT STRUCTURE
Compass Securitization LLC/Compass Securitisation Ltd ("Compass"),
partially supported, multiseller ABCP programme sponsored and administered
by WestLB AG ("WestLB," rate A2/Prime-1/E+),
has amended the structured of its programme-level credit enhancement.
Compass' programme-level credit enhancement is now primarily
in the form of a letter of credit ("LOC") provided by WestLB
AG, London Branch in favor of Compass Holdings Ltd. Compass
will maintain the LOC at an amount equal to 5% of the aggregate
amount of outstanding ABCP, subject to a Euro 50 million floor.
The LOC may be drawn to repay maturing ABCP and other senior programme
expenses in the event of a shortfall of funds available to Compass under
its liquidity, credit enhancement and other facilities. Moody's
rating affirmation is based on the structural features of the LOC and
the Prime-1 rating of the LOC provider.
Moody's no longer relies on the payment undertaking affected by
WestLB on 24 November 2008 in relation to the payment obligations of Ambac
Assurance Corporation and Ambac Assurance UK Limited ("Ambac").
Prior to the amendment, Ambac was the primary source of programme-level
credit enhancement to the Compass programme. While the Ambac policy
continues to be in place, the programme administrator may cancel
the policy at any time.
A collateral agreement, under which WestLB must post collateral
in the amount equal to the outstanding LOC commitment in the event that
certain rating triggers are breached, has also been implemented
as a part of these amendments. Moody's has not placed reliance
on this agreement, although it could be beneficial to the CP investors
Compass is authorized to issue up to USD 7.6 billion of ABCP and
has EUR 322 million in programme-level credit enhancement.
STRAIGHT-A FUNDING ADDS FUNDING NOTE ISSUER WITH $854 MILLION
Straight-A Funding, LLC ("Straight-A"), a fully
supported, multiseller asset-backed commercial paper (ABCP)
conduit, has added another Funding Note Issuer (FNI), increasing
its authorized amount by $845 million of commercial paper.
The FNI is a public trust organized under state law. Straight-A
has a program size of $60 billion and may purchase assets from
seven FNIs with a total authorized issuance of approximately $36.8
Straight-A is intended to help implement the mandate to the Department
of Education under H.R. 5715, "Ensuring Continued
Access to Student Loans Act." The program funds student loans originated
and guaranteed through the Federal Family Education Loan Program (FFELP)
by issuing Student Loan Short Term Notes (SLSTNs). The SLSTNs are
fully supported through a liquidity facility provided by the Federal Financing
Bank, a government corporation under the general supervision and
direction of the Secretary of Treasury. The program may issue Series-1
and Series-2 notes which rank equal in payment priority and can
have expected maturities up to 90 days. Reflecting the terms of
the liquidity facility, the legal final maturity date for the Series-1
and Series-2 notes will be three and seven business days after
the date of their expected maturity, respectively. Moody's
Prime-1 rating of the SLSTNs applies to the legal final maturity
of those notes, which is three business days after the expected
maturity for the Series-1 SLSTNs and seven business days after
the expected maturity of the Series-2 SLSTNs.
THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD
JULY 6, 2009 THROUGH JULY 13, 2009:
ARABELLA FUNDING RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of the ABCP issued by Arabella Funding Limited ("Arabella Funding"),
a partially supported, multiseller ABCP programme established and
administered by Bayerische Hypo- und Vereinsbank AG ("HVB",
rated A1/Prime-1/C-). Arabella Funding will be succeeded
by Arabella Finance Limited ("Arabella Finance"), newly established,
partially supported, multiseller ABCP programme. On 6 July
2009, all asset pools financed by Arabella Funding were transferred
to Arabella Finance. All outstanding ABCP issued by Arabella Funding
was repaid in full at maturity and not further issuance will occur under
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 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: www.moodys.com.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's ABCP rating actions ending July 13, 2009
Structured Finance Group
Moody's Investors Service
No Related Data.
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