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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions ending June 11, 2012

13 Jun 2012

New York, June 13, 2012 -- Moody's ABCP rating actions for the seven-day period ending June 11, 2012

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD JUNE 5, 2012 THROUGH JUNE 11, 2012:

SYNDICATE OF ABCP CONDUITS AMENDS INTEREST IN $5.8 BILLION AUTO SECURITIZATION

A syndicate of banks has amended its participation in two separate existing auto securitizations: a $3.3 billion revolving auto loan facility and a $1.55 billion revolving auto lease facility. Both securitizations are established for an investment-grade rated auto manufacturer. The facilities were restructured and combined into a single securitization containing both asset types. The combined securitization has a new limit of $5.8 billion and is structured as a revolving facility with 50% as a 364-day facility and 50% as a 2-year facility. Each conduit participates in both facilities.

Transaction-specific credit enhancement for the auto loans is comprised of dynamically sized overcollateralization and excess spread. The overcollateralization has a 6% floor and the size is determined by the pool composition. Transaction-specific credit enhancement for the auto leases is comprised of dynamically sized overcollateralization and 1% required excess spread. The overcollateralization has a floor that ranges from 19.75% to 26.25%.

The liquidity facility for each participating conduit is sized at 100% (plus CP interest) or 102% of the conduit's respective commitment.

The following ABCP conduits participated in the securitization:

• JPMorgan's Jupiter Securitization Company LLC and Chariot Funding LLC have a combined commitment of $700 million and their program-level credit enhancement remains at 10% of outstanding ABCP.

• The Bank of Tokyo-Mitsubishi UFJ's Gotham Funding Corporation has a $500 million commitment. Gotham is a fully supported conduit and does not have program-level credit enhancement.

• Société Générale's Barton Capital LLC has a $400 million commitment and its program-level credit enhancement remains at 8% of the invested amount.

• Citibank's CHARTA, LLC and CIESCO, LLC are new lenders with combined purchase commitments of $650 million. CHARTA's program-level credit enhancement increased by 10% of outstanding assets, while CIESCO's program-level credit enhancement increased by 8% of outstanding assets.

• PNC Bank's Market Street Funding LLC is a new lender with a $500 million commitment. Its program-level credit enhancement was increased by 10% of facility limits.

• BNP Paribas' Starbird Funding Corp. has a $300 million commitment and its program-level credit enhancement remains at 8% of purchase commitments.

• Credit Agricole's Atlantic Asset Securitization, LLC is a new lender with a $350 million commitment. Its program-level credit enhancement increased by 10% of commitments.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have a combined commitment of $650 and their program-level credit enhancement remains at 10% of outstanding ABCP.

• Mizuho Corporate Bank Ltd.'s Working Capital Management Co., L.P. has a $300 commitment and is a fully supported conduit.

• Bank of Montreal's Fairway Finance Company, LLC has a $150 million commitment and is a fully supported conduit.

• Barclays Bank's Sheffield Receivables Corp. has a $650 million commitment and its program-level credit enhancement remains at 10% of purchase limits.

One non-conduit lender provided the remaining commitment.

JPMORGAN'S JUPITER ADDS $500 MILLION AUTO LEASE TRANSACTION

Jupiter Securitization Company LLC ("Jupiter"), a partially supported, multiseller ABCP program administered by JPMorgan Chase Bank (Aa1 on review for possible downgrade/Prime-1/B BFSR on review for possible downgrade), has added a $500 amortizing auto lease securitization to its portfolio. The facility is established for an investment-grade rated auto manufacturer.

Transaction-specific credit support is comprised of a minimum 19% non-declining overcollateralization and minimum 5% excess spread. The transaction is partially supported by a liquidity facility provided by JPMorgan Chase Bank and sized at 102% of the conduit's commitment.

With this transaction, Jupiter's program-level credit enhancement increased by 10% of outstanding ABCP. Jupiter has $17.7 billion in total purchase commitments and $1.35 billion in program-level credit enhancement.

THE FOLLOWING ABCP PROGRAM WAS AFFIRMED DURING THE PERIOD JUNE 5, 2012 THROUGH JUNE 11, 2012:

MOODY'S AFFIRMS THE PRIME-1(SF) RATING OF ABCP ISSUED BY HANNOVER FUNDING COMPANY LLC

For further details, please see Moody's press release dated June 8, 2012.

THE FOLLOWING ABCP PROGRAMS WERE DOWNGRADED DURING THE PERIOD JUNE 5, 2012 THROUGH JUNE 11, 2012:

MOODY'S DOWNGRADES ARABELLA AND SALOME ABCP PROGRAMS FOLLOWING ACTION ON SUPPORT PROVIDER

For further details, please see Moody's press release dated June 8, 2012.

MOODY'S DOWNGRADES BEETHOVEN FUNDING ABCP PROGRAMS FOLLOWING ACTION ON SUPPORT PROVIDER

For further details, please see Moody's press release dated June 8, 2012.

MOODY'S DOWNGRADES SILVER TOWER'S ABCP AND EMTN PROGRAMS FOLLOWING ACTION ON SUPPORT PROVIDER

For further details, please see Moody's press release dated June 8, 2012.

MOODY'S DOWNGRADES WEINBERG CAPITAL'S ABCP PROGRAM FOLLOWING ACTION ON SUPPORT PROVIDER

For further details, please see Moody's press release dated June 8, 2012.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. 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 www.moodys.com.

Wanda Lee
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Everett Rutan
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending June 11, 2012
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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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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