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Announcement:

Moody's ABCP rating actions ending July 7, 2008

08 Jul 2008
Moody's ABCP rating actions ending July 7, 2008

New York, July 08, 2008 -- Moody's ABCP rating actions for the seven-day period ended July 7, 2008

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JULY 1, 2008 THROUGH JULY 7, 2008:

CALYON'S ATLANTIC ADDS $150 MILLION LOAN FACILITY

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller ABCP conduit sponsored by Calyon (Aa1/Prime-1/C), has added a $150 million loan facility to its portfolio. The facility is backed by equipment leases and loans for an investment-grade-rated equipment company.

The facility benefits from 10% transaction-specific credit enhancement in the form of overcollateralization. The transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction entails structured liquidity provided by Prime-1-rated Calyon.

With this transaction, Atlantic increased its program-level credit enhancement by 10% of its purchase commitment. Atlantic has about $14.7 billion in purchase commitments and $1.3 billion in program-level credit enhancement.

BARCLAYS' SALISBURY AND SHEFFIELD ADD $1 BILLION INTEREST IN CREDIT CARD FACILITY

Salisbury Receivables Company, LLC ("Salisbury") and Sheffield Receivables Corp. ("Sheffield"), both partially supported, multiseller ABCP conduits sponsored and administered by Barclays Bank PLC ("Barclays," rated Aa1/Prime-1/B), have added a combined $1 billion interest in a $5 billion co-purchased credit card facility. Sheffield has purchased a $750 million interest while Salisbury has acquired a $250 million share in the Aaa-rated Class A certificate issued out of a credit account master trust.

Transaction-specific credit enhancement is in the form of subordination sized at 12%. This transaction is partially supported by a liquidity facility provided by Barclays. Liquidity will fund for the face amount of CP less any charge-offs allocated to the Class A certificate.

Due to the high credit quality of the asset, neither Salisbury nor Sheffield is required to increase its program-level credit enhancement. Salisbury has $2.33 billion in purchase commitments with $300 million in program-level credit enhancement. Sheffield has $34.73 billion in purchase commitments with $2.04 billion in program-level credit enhancement.

BNP PARIBAS' STARBIRD ADDS TWO LOAN FACILITIES TOTALING $200 MILLION

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP conduit sponsored by BNP Paribas (Aa1/Prime-1/B), has added an interest in two loan facilities totaling $200 million to its portfolio.

The first transaction is a $150 million loan facility that targets investments in secured and unsecured debt, financial-oriented operating companies, and operating companies with significant tangible assets. The second transaction is a $50 million loan facility that targets real estate and real estate-related investments. Each loan facility is secured by the uncalled capital commitments of each fund's investors.

Each transaction benefits from 10% transaction-specific credit enhancement in the form of overcollateralization. The transactions have various structural protections to ensure that investors are protected upon deterioration in the performance of the facilities. These transactions entail structured liquidity provided by Prime-1-rated BNP Paribas.

With these transactions, Starbird increased its program-level credit enhancement by 8% of its purchase commitments. Starbird has about $9.7 billion in purchase commitments with $657 million in program-level credit enhancement.

ROYAL BANK OF SCOTLAND'S TAGS ADDS $250 MILLION TRANSACTION BACKED BY VACATION TIMESHARE LOANS

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Scotland plc ("RBS," rated Aa1/Prime-1/B), has added a $250 million interest in a $450 million co-purchase facility backed by an amortizing pool of vacation timeshare loan receivables.

Transaction-specific credit enhancement is in the form of overcollateralization, a reserve account, excess spread and subordination. The reserve account is non-declining and is sized at 2%. Overcollateralization is initially sized at 22.75% and builds up to 50% of outstanding ABCP, remaining at a constant dollar amount thereafter. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBS.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $19 billion of ABCP.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD JULY 1, 2008 THROUGH JULY 7, 2008:

LIBERTY CP TRUST 2002-1 RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Liberty CP Trust 2002-1, a partially supported, serialized, single-seller ABCP program sponsored by Liberty Financial Pty Ltd. (unrated). As of June 20, 2008, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

KKR ATLANTIC AND KKR PACIFIC RATINGS WITHDRAWN

At the issuer's request, Moody's has withdrawn the ratings of the previously discontinued KKR Atlantic Funding Trust and KKR Pacific Funding Trust programs, both partially supported, single-seller ABCP programs administered by KKR Financial Advisors III (unrated). As previously announced by the administrator on March 31, 2008, the programs' collateral was liquidated and the proceeds distributed to investors, and all outstanding notes terminated. At the time the programs were terminated the ABCP was rated Not Prime. There will be no further issuance under these programs.

THORNBURG MORTGAGE CAPITAL RESOURCES, LLC RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the rating of Thornburg Mortgage Capital Resources, LLC, a partially supported, single-seller ABCP program administered by Thornburg Mortgage, Inc. (Ca, under review for possible downgrade). The program collateral has been liquidated and the proceeds distributed to investors, and all outstanding notes terminated. At the time the program was terminated the ABCP was rated Not Prime. There will be no further issuance under this program.

For a more detailed description of these ABCP programs, see 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
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 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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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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