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Announcement:

Moody's ABCP rating actions ending June 23, 2008

25 Jun 2008
Moody's ABCP rating actions ending June 23, 2008

New York, June 25, 2008 -- MOODY'S PUBLISHES ADDENDUM TO MARCH 2008 EMEA ABCP MARKET SUMMARY

In London, Moody's has published an addendum to the report entitled, "EMEA ABCP Market Summary - March 2008." The addendum provides an update on the overall exposure to prime and sub-prime U.S. residential mortgage loans, CDOs of ABS and financial guarantors in Moody's-rated EMEA ABCP programmes. The data provided in the addendum is based on reports received from programme sponsors dated March 2008. The addendum also presents an overview of recent rating actions, through June 6, 2008, on U.S. residential mortgage loans, CDOs of ABS and financial guarantors in EMEA ABCP programmes.

For further details, please see Moody's press release dated June 24, 2008.

Moody's ABCP rating actions for the seven-day period ended June 23, 2008:

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD JUNE 17, 2008 THROUGH JUNE 23, 2008:

THREE ABCP CONDUITS ADD INTEREST IN $450 MILLION TRADE RECEIVABLE FACILITY

Bavaria Universal Funding Corp. ("BUFCO"), Manhattan Asset Funding Company LLC ("Manhattan"), and Starbird Funding Corporation ("Starbird"), all partially supported, multiseller ABCP conduits sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A1/Prime-1/C-), Sumitomo Mitsui Banking Corporation ("Sumitomo," rated Aa2/Prime-1/C), and BNP Paribas ("BNP," rated Aa1/Prime-1/B), respectively, have added a $450 million co-purchase trade receivable facility originated by a non-investment-grade-rated gas and oil company. BUFCO's share is financed through its sister conduit, Black Forest Funding Corp.

Transaction-specific credit enhancement is based on a dynamic formula that responds to changes in both defaults and dilution, with a floor of 15%. BUFCO's and Starbird's commitments are partially supported by liquidity facilities provided by Prime-1-rated HVB and BNP, respectively. Manhattan's interest in the transaction is fully supported by a liquidity facility provided by Prime-1-rated Sumitomo.

BUFCO benefits from program-level credit enhancement sized at 8% of outstanding ABCP issued with respect to the transaction. The program-level credit enhancement is at the Black Forest level. With this transaction, BUFCO has $2.4 billion in purchase commitments and $765.8 million in program-level credit enhancement. Starbird increased its program-level credit enhancement by 8% of its purchase commitment. Starbird has about $9.9 billion in purchase commitments and $716.6 million in program-level credit enhancement. Manhattan was not required to increase its program-level credit enhancement since the transaction is fully supported by liquidity. Manhattan has about $3.5 billion in purchase commitments and $320 million in program-level credit enhancement.

BTMU'S APEX FUNDING CORPORATION AMENDS PROGRAM STRUCTURE

Apex Funding Corporation ("Apex"), a partially supported, multiseller, Japanese yen-denominated ABCP program administered by The Bank of Tokyo-Mitsubishi UFJ, Ltd. ("BTMU," rated Aa2/Prime-1/C), has restructured its program such that the entire asset portfolio is now fully supported. In addition, Apex may now raise funds through asset-backed limited recourse loans (ABL) under relevant agreements with BTMU.

With these amendments, BTMU now provides full support to Apex's ABCP, including any outstanding ABCP issued prior to the amendments. Proceeds from the issuance of ABCP are used primarily to purchase yen-denominated trade receivables, promissory notes, loan receivables, or beneficial interests backed by these assets, from various obligors.

For ABL, a non-petition covenant and the scope of the limited recourse obligation is the same as those for ABCP. The ABL lender, BTMU, shall have recourse solely to the assets funded through the ABL. Under the agreements, a shortfall in ABL repayments will not affect the ABCP funding; in such situations, BTMU will provide full support to Apex's ABCP. The ABL will be executed at a discount to maturity so that the redemption amount will be fixed at the execution date.

For further details, please see Moody's press release dated June 20, 2008.

PNC BANK'S MARKET STREET ADDS $120 MILLION REVOLVING LOAN FACILITY

Market Street Funding LLC ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (Aa3/Prime-1/B), has added a $120 million revolving loan facility. The loan facility is backed by fleet auto leases originated by an unrated company.

Transaction-specific credit enhancement is in the form of overcollateralization totaling 6% of Market Street's net investment. This transaction is partially supported by a liquidity facility provided by Prime-1-rated PNC Bank.

With this transaction, Market Street increased its program-level credit enhancement by 10% of its commitment. Market Street has $8.4 billion in total purchase commitments and $680 million in program-level credit enhancement.

ROYAL BANK OF SCOTLAND'S TAGS ADDS GBP 425 MILLION CREDIT CARD RECEIVABLES TRANSACTION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller ABCP programme sponsored by Royal Bank of Scotland plc ("RBS," rated Aaa/Prime-1/B+), has added a GBP 425 million credit card receivables transaction to its portfolio.

In this transaction, TAGS will finance the purchase of notes backed by credit card receivables that are originated by a UK subsidiary of a major U.S. bank. The receivables are held through a pre-existing master trust structure. The notes that are funded by TAGS will rank pari passu with Aaa-rated issuance out of the master trust.

Transaction-specific credit enhancement is in the form of excess spread and 12% subordination provided by two classes of junior notes. The subordinate notes will absorb charge-offs on the credit card accounts once excess spread is depleted. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBS. The liquidity facility is sized to cover 100% of outstanding face CP. The liquidity facility funds against the par value of the notes funded by TAGS, reduced to the extent that the notes are written down following write-down in full of the junior notes.

With this transaction, TAGS increased its programme-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is authorized to issue up to USD 28.13 billion of ABCP.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD JUNE 17, 2008 THROUGH JUNE 23, 2008:

MINT I EXTENDIBLE ABCP PROGRAM RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by MINT I Extendible ABCP Program, a partially supported, single-seller ABCP program administered by GMAC Mortgage LLC (unrated). As of June 3, 2008, all outstanding ABCP had been repaid in full and there will be no further issuance under this program.

MINT II EXTENDIBLE ABCP PROGRAM RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by MINT II Extendible ABCP Program, a partially supported, single-seller ABCP program administered by Residential Capital Corporation (Ca/Not Prime). As of June 3, 2008, all

outstanding ABCP had been repaid in full and 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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