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By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's ABCP rating actions ending June 20, 2011

21 Jun 2011

New York, June 21, 2011 -- Moody's ABCP rating actions for the fourteen-day period ended June 20, 2011

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD JUNE 7, 2011 THROUGH JUNE 20, 2011:

RABOBANK'S NIEUW AMSTERDAM, HSBC'S REGENCY AND BNP PARIBAS' MATCHPOINT PURCHASE INTERESTS IN $700 MILLION TRADE RECEIVABLE FACILITY

The facility is set up to purchase trade receivables generated by an investment-grade-rated agribusiness company, engaged in acquiring, storing, transporting, and processing agricultural commodities. The revolving facility purchases new receivables according to a set of pre-determined eligibility criteria on a periodic basis. Upon the occurrence of certain termination, the facility will cease revolving and begin amortizing. Transaction-specific credit enhancement is based on a dynamic formula that responds to changes in both defaults and dilution, with a floor of ranging from 10% to 15% of the receivables net pool balance.

Nieuw Amsterdam Receivables Corporation ("Nieuw Amsterdam"), a partially supported, multiseller conduit sponsored by Rabobank Nederland ("Rabobank", Aaa/Prime-1/B+), has a $300 million share of the trade receivable facility. Nieuw Amsterdam's commitment is partially supported by a liquidity facility provided by Rabobank. With this transaction, Nieuw Amsterdam's program-level credit enhancement increased by 7% of its purchase commitment.

Regency Assets Ltd /Regency Markets No. 1 LLC ("Regency"), a partially supported, multiseller conduit sponsored by HSBC Bank plc ("HSBC", Aa2/Prime-1/C+), has a $125 million share in the trade receivable facility. Regency's commitment is partially supported by a liquidity facility provided by HSBC. With this transaction, Regency's program-level credit enhancement increased by 5% of its purchase commitment.

Matchpoint Finance plc/Matchpoint Finance Master Trust (together, "Matchpoint"), a fully supported multiseller ABCP conduit sponsored by BNP Paribas ("BNPP", Aa2/Prime-1/B-), has a $125 million share in the trade receivable facility. Matchpoint's commitment is fully supported by a liquidity facility provided by BNPP.

SOCIETE GENERALE'S BARTON ADDS $703 MILLION AUTO LEASE TRANSACTION

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Société Générale ("SG," Aa2 rating on review for possible downgrade/Prime-1/C+ on review for possible downgrade), has added a $703 million amortizing auto lease securitization to its portfolio. The facility is established by an unrated subsidiary of an investment grade-rated auto manufacturer.

Transaction-specific credit enhancement is comprised of 21.5% non-declining overcollateralization and a minimum excess spread of 1%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG. The liquidity facility will not fund for defaulted receivables that exceed the transaction-specific enhancements.

With this transaction, Barton's program-level credit enhancement increased by 8% of the invested amount. Barton has $9.8 billion of purchase commitments and its program-level credit enhancement remains at the $1 billion floor.

HSBC'S REGENCY ADDS EUR 500 MILLION TRADE RECEIVABLE TRANSACTION AND EUR 58.7 MILLION AUTO LOAN TRANSACTION

Regency Assets Ltd /Regency Markets No. 1 LLC ("Regency"), a partially supported, multiseller ABCP conduit sponsored by HSBC Bank plc (Aa2/Prime-1/C+), has added two fully-supported transactions to its portfolio.

The first transaction is a Euro 500 million transaction, which is a multi-jurisdictional securitisation of European and North American trade receivables originated by a global company in the Chemicals sector.

The second transaction is a Euro 58.7 million purchase of a Aaa (sf) note secured by Dutch auto leases originated by a Dutch finance company.

Both transactions are fully supported through liquidity facilities provided by Prime-1-rated HSBC Bank plc. The liquidity facilities are each sized to cover 102% of the respective facility limits.

Regency's programme-level credit enhancement was not increased with these transactions since the transaction are both fully supported. Regency is authorised to issue up to USD 9.08 billion of ABCP and has USD 256 million in programme-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD JUNE 7, 2011 THROUGH JUNE 20, 2011:

CANTABRIC FINANCING PLC/CANTABRIC FINANCING LLC RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 (sf) rating of the ABCP issued by Cantabric Financing Plc/Cantabric Financing LLC, a partially supported, single-seller ABCP program sponsored by Banco Santander S.A. (Aa2/Prime-1/B-). As of June 6, 2011, all outstanding ABCP had been repaid in full.

TICONDEROGA MASTER FUNDING LTD./TICONDEROGA FUNDING LLC, FORRESTAL CERTIFICATE FUNDING TRUST AND INDOMITABLE FUNDING LTD. RATINGS WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 (sf) ratings of the ABCP issued by Ticonderoga Master Funding Ltd./Ticonderoga Funding LLC, Forrestal Certificate Funding Trust and Indomitable Funding Ltd, all fully supported, single-seller ABCP programs administered by Bank of America, N.A. (Aa3 rating on review for possible downgrade/Prime-1/C-). As of April 26, 2011, all outstanding ABCP for Ticonderoga Master Funding Ltd./Ticonderoga Funding LLC had been repaid in full. As of May 16, 2011, all outstanding ABCP for Forrestal Certificate Funding Trust had been repaid in full. As of May 24, 2011, all outstanding ABCP for Indomitable Funding Ltd. had been repaid in full.

Moody's policies regarding the withdrawal of ratings are described in "Moody's Guidelines for the Withdrawal of Ratings".

The principal methodology used in rating and monitoring the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (published in February 2003). Other methodologies and factors that may have been considered in the process of rating this transaction can also be found in the Ratings Methodologies sub-directory on Moody's website.

Moody's monitors and analyzes ABCP 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.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

New York
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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 20, 2011
No Related Data.
© 2023 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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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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000.

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

​

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