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Announcement:

Moody's ABCP rating actions ending July 20, 2009

21 Jul 2009

New York, July 21, 2009 -- Moody's ABCP rating actions for the seven-day period ended July 20, 2009

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JULY 14, 2009 THROUGH JULY 20, 2009:

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S GREAT BRIDGE CAPITAL

COMPANY, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Great Bridge Capital Company LLC ("Great Bridge"), a fully supported, multiseller ABCP program sponsored by The Liberty Hampshire Company, LLC. Great Bridge is authorized to issue ABCP in the US market.

Great Bridge manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The ABCP issued by Great Bridge to fund these transactions is fully supported through liquidity facilities provided by Prime-1 rated institutions. Therefore, ABCP investors are insulated from the risks associated with the underlying transactions financed through Great Bridge.

The Prime-1 rating assigned to Great Bridge is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections which ensure the bankruptcy-remoteness of Great Bridge.

The Liberty Hampshire Company, LLC is the manager for Great Bridge. Deutsche Bank Trust Company Americas (Aa3/Prime-1/C) performs the role of issuing and paying agent. Liberty Hampshire is also the administrator or manager for a number of ABCP programs.

For further details, please see Moody's press release dated July 15, 2009.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JULY 14, 2009 THROUGH JULY 20, 2009:

HVB'S ARABELLA FINANCE COMPLETES ASSET TRANSFER FROM BUFCO

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 its sister programme in the US, Bavaria Universal Funding Corp. ("BUFCO"). On 15 July 2009, nine asset pools previously funded in BUFCO (through an intermediate funding vehicle, Black Forest Funding Corp. ("Black Forest")) were transferred to Arabella Finance.

The aggregate purchase commitment for the transferred assets totals USD 528 million. Four of the nine transferred asset pools are fully supported via the standby letter of credit, while the remaining asset pools are partially supported through facilities provided by Prime-1-rated financial institutions. For all asset pools, the liquidity facilities remains sized at 102% of the purchase commitment and will fund for non-defaulted assets, so long as Arabella Finance Ltd is not bankrupt.

Asset-level details may be found under "Black Forest Funding Corporation" on www.moodys.com. The asset pools transferred to Arabella Finance have substantively the same terms as in Black Forest. Arabella Finance's unallocated portion of the standby letter of credit increased by 8% of the purchase commitment for each asset pool.

Arabella Finance is authorized to issue up to EUR 10 billion of ABCP in both US and Euro ABCP markets. With the asset transfer, Arabella Finance has approximately EUR 1.34 billion in purchase commitments and EUR 107 million in programme-level credit enhancement (represented by the unallocated portion of the standby letter of credit).

HVB DE-LINKS BUFCO and BLACK FOREST

Bayerische Hypo- und Vereinsbank AG ("HVB," rated A1/Prime-1/C-) has removed the linkage between Bavaria Universal Funding Corporation ("BUFCO") and Black Forest Funding Corp. ("Black Forest"). Black Forest was established in December of 1999 as a partially supported, multiseller ABCP conduit. In 2003, HVB restructured Black Forest's role to act as an intermediate conduit for BUFCO. Black Forest issued maturity matched commercial paper to BUFCO, which provided funding by issuing ABCP to investors. At that time, Moody's withdrew the Prime-1 rating assigned to Black Forest, but continued to review and monitor all transactions funded through Black Forest as part of maintaining the Prime-1 rating on BUFCO.

HVB has decided to remove the link between BUFCO and Black Forest. Black Forest will no longer issue maturity match commercial paper to BUFCO, and BUFCO will no longer provide funding to Black Forest. Moody's has affirmed the Prime-1 rating assigned to BUFCO after reviewing this amendment.

As of June 30, 2009, BUFCO directly funded 54 asset pools with $1.011 billion of ABCP outstanding and had $478 million in program-level credit enhancement.

RBS' ORCHID ADDS TWO NOTES TOTALING USD 99.3 MILLION

Orchid Funding Corp. ("Orchid"), a partially supported, multiseller ABCP conduit sponsored and administered by Royal Bank of Scotland Plc. ("RBS", rated Aa3/Prime-1/C-), has added two tranches of notes to its portfolio. Orchid's commitment to the first note is USD 33.1 million, while its commitment to the second note is USD 66.2 million.

Orchid issues ABCP and uses the proceeds to two notes backed by credit card future flow receivables originated by a Turkish Bank. The notes are investments-grade-rated and partially supported by liquidity facilities provided by Prime-1 rated RBS. The liquidity facilities will not fund if the notes are rated Caa3 or lower and are six months in arrears. However, the notes benefit from an immediate put to liquidity if their ratings fall Ba3 or below. Transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility.

With this transaction, Orchid' programme-level credit enhancement increased by 8% of its purchase limit. Orchid is authorized to issue up to USD 2.5 billion of ABCP and has USD 300 million in programme-level credit enhancement.

DEUTSCHE BANKS' RHEINGOLD ADDS TWO NOTE FACILITIES AND CONVERTS NINE EXISTING ASSET POOLS TO FULL SUPPORT

Rheingold Securitisation Limited ("Rheingold"), a partially supported, multiseller ABCP conduit sponsored by Deutsche Bank AG (Aa1/Prime-1/B), has added two transactions to its portfolio. These two asset pools were previously financed by Rheingold's sister conduit, Rhein-Main Securitisation Limited. Rhein-Main Securitisation Limited is another partially supported, multiseller conduit sponsored by Deutsche Bank.

The first transaction is a EUR 100 million funding note facility. The underlying assets are Aaa-rated Class A notes of a high yield CLO backed primarily by corporate bonds. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Deutsche Bank. The liquidity facility is sized at 103% of the maximum amount (EUR 103 million).

The second transaction is a GBP 177 million funding note facility. The underlying assets are Aaa-rated Class A-1 notes of a high yield CLO backed by corporate bonds. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Deutsche Bank. The liquidity facility is sized at 103% of the maximum amount (GBP 182 million).

In addition to the asset purchases, Rheingold has converted nine existing asset pools to be fully supported by liquidity. The liquidity facilities are provided by Prime-1-rated Deutsche Bank. The total purchase limit of the converted transactions is EUR 1.67 billion.

Rheingold was not required to increase its program-level credit enhancement for the addition of the two transactions due to the high credit quality of the notes. Rheingold is authorised to issue up to EUR 5.39 billion of ABCP and its program-level credit enhancements remains at EUR 425 million.

STRAIGHT-A FUNDING ADDS FUNDING NOTE ISSUER WITH $1.3 BILLION AUTHORIZED AMOUNT

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 $1.3 billion 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 eight FNIs with a total authorized issuance of $38.136 billion.

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 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.

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 July 20, 2009
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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