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Announcement:

Moody's ABCP rating actions ending July 6, 2009

07 Jul 2009

New York, July 07, 2009 -- Moody's ABCP rating actions for the seven-day period ended July 6, 2009

MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JUNE 30, 2009 THROUGH JULY 6, 2009:

MOODY'S ASSIGNS PRIME-1 RATING TO ARABELLA FINANCE LIMITED/ARABELLA FINANCE LLC, SUCCESSOR ABCP PROGRAMME TO ARABELLA FUNDING LIMITED

In London, Moody's has assigned a definitive Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Arabella Finance Limited as issuer and Arabella Finance LLC as co-issuer (together, "Arabella Finance"). Arabella Finance is a newly established, partially supported, multiseller ABCP programme sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB", rated A1/Prime-1/C-). Arabella Finance has been established as a successor to Arabella Funding Ltd. ("Arabella Funding"), a partially supported, multiseller ABCP programme established in 2001 by HVB.

All Assets funded through Arabella Funding will be transferred to Arabella Finance within a few days and afterwards, all ABCP issued by Arabella Funding will be repaid in full at maturity. Upon request from HVB, Moody's plans to withdraw the Prime-1 rating assigned to Arabella Funding after all outstanding ABCP issued by the program is repaid. Arabella Funding will not issue any further ABCP after the rating withdrawal date.

Arabella Finance is authorized to issue up to EUR 10 billion of ABCP in both the US and the Euro ABCP markets. Arabella Finance will use the proceeds from the sales of its ABCP to advance funds under commissioning agreements to asset purchasing companies, which will use the proceeds to purchase assets, including trade and term receivables (but not asset backed securities). Arabella Finance is structured as a prior review programme.

The Prime-1 rating assigned to the ABCP issued by Arabella Finance is based on, among other factors, the following: (i) Moody's review of all asset pools prior to inclusion in the programme's portfolio; (ii) liquidity support provided by Prime-1-rated banks; (iii) program-level credit enhancement in the form of a standby letter of credit provided by HVB, London Branch; (iv) hedging agreements provided by Prime-1-rated financial institutions used to mitigate interest rate and currency risk; (v) the experience and capability of HVB as program administrator; and (vi) structural protections to ensure the bankruptcy-remoteness of Arabella Finance Limited and Arabella Finance LLC.

For further details, please see Moody's press release dated July 2, 2009.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JUNE 30, 2009 THROUGH JULY 6, 2009:

ABEL FUNDING/TASMAN FUNDING RESTRUCTURES PROGRAM

Abel Funding Pty Limited (Abel Funding)/Tasman Funding, Inc. (Tasman Funding) has restructured its program due to the integration of conduit operations by Royal Bank of Scotland plc from ABN Amro N.V The amendments to the program include (i) the inclusion of a new special purpose vehicle, Entourage Funding, acting as an asset holding company for the Abel/Tasman program, (ii) increase in program-level credit enhancement to 8% from 5%, (iii) the creation of a loan agreement between Abel Funding and Tasman Funding, which replaces the USD funding agreements, and (iv) enhancement in the security structure.

Abel Funding/Tasman Funding program is a partially supported, multiseller asset-backed commercial paper (ABCP) conduit, now sponsored by the Royal Bank of Scotland plc ("RBS," rated Aa3/Prime-1/C-). Abel Funding issues ABCP in the Australian and European markets, while Tasman Funding issues ABCP in the US market.

The Prime-1 ratings assigned to the ABCP issued by Abel Funding/Tasman Funding are based on, among other factors, the following: (i) analysis of the excepted loss on the underlying assets financed by the program and the sufficiency of asset-level credit enhancement; (ii) program-level credit enhancement sized at 8% of the aggregate investments; (iii) asset-level liquidity facilities provided by Prime-1 rated RBS; (iv) the experience of RBS (Australia) Pty Limited as the program administrator; and (v) structural protections to ensure the bankruptcy-remoteness of Entourage Funding, Abel Funding, and Tasman Funding.

For further details, please see Moody's press release dated July 1, 2009. The ABCP Program Review for Abel Funding Pty Limited/Tasman Funding, Inc. is available on Moody's website at www.moodys.com.

CALYON'S ATLANTIC ADDS $130 MILLION TRADE RECEIVABLE FACILITY

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller conduit sponsored by Calyon (Aa3/Prime-1/D), has added a $130 million trade receivable facility to its portfolio. The receivables are originated by a non investment-grade-rated producer and distributor of beverages. This transaction is supported by a liquidity facility that funds for the face amount of ABCP as long as Atlantic is not bankrupt.

With this transaction, Atlantic has $11.45 billion in purchase commitments and $1.0 billion in program-level credit enhancement.

THE RATING OF THE FOLLOWING USCP PROGRAM WAS AFFIRMED AT PRIME-1 DURING

THE PERIOD JUNE 30, 2009 THROUGH JULY 6, 2009:

LOUIS DREYFUS CORP. EXTENDS EXISTING USCP PROGRAM

Louis Dreyfus Corporation has extended and amended its existing US commercial paper program supported by two irrevocable letters of credit issued by Calyon, New York Branch ("Calyon," rated Aa3/Prime-1/D). Calyon's irrevocable, direct-pay letters of credit provide full support for the payment of commercial paper notes upon maturity. One letter of credit supports a 364-day facility, while the second letter supports a 2-year facility. The expiration dates for both letters of credit were extended to May 2010.

Along with the facility extension, Louis Dreyfus reduced the combined authorized issuance amount of the program to $358 million from $451 million. Up to $182.3 million of CP may be issued under the 364-day facility and up to $175.7 million of CP may be issued under the 2-year facility. Moody's rating on the CP notes is based primarily on Calyon's Prime-1 rating.

JPMorgan Chase Bank, National Association (Aa1/Prime-1/B), acting as depositary, will draw on the letter of credit to pay maturing commercial paper notes.

Louis Dreyfus Corporation is a privately held company based in Wilton, Connecticut that directly and through subsidiaries is engaged in trading and merchandising and in some cases, processing of grains and oilseeds, cotton, coffee, sugar, citrus products, freight, and biofuels. The company is a wholly-owned indirect subsidiary of Louis Dreyfus Commodities B.V. ("BV"), a Dutch company and itself a majority-owned subsidiary of Louis Dreyfus S.A.S., and one of the worldwide group of BV subsidiaries that conducts the Louis Dreyfus Group's global agricultural activities.

Louis Dreyfus Corporation has another letter of credit-backed USCP program supported by an irrevocable, direct-pay letter of credit issued by Barclays Bank PLC, New York Branch. The program issues two series of notes, Series A and Series B, and has an authorized issuance of $430 million. The Series A notes can be issued up to an amount of $204 million and the Series B notes can be issued up to an amount of $226 million.

The rating methodology used for the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (February 2003). The rating methodology used for the above-referenced USCP program is described in "LOC-Backed CP Programs: Structure is Key" (August 2000). 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 6, 2009
No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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