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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

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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.
© 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.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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