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Announcement:

Moody's ABCP rating actions ending March 11, 2013

13 Mar 2013

New York, March 13, 2013 -- Moody's ABCP rating actions for the fourteen-day period ending March 11, 2013

MOODY'S RATED THE FOLLOWING USCP PROGRAM PRIME-1 DURING THE PERIOD FEBRUARY 26, 2013 THROUGH MARCH 11, 2013:

MOODY'S ASSIGNS PRIME-1 RATING TO COFCO CAPITAL CORP'S USCP PROGRAM SUPPORTED BY A LETTER OF CREDIT PROVIDED BY AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, ACTING THROUGH ITS NEW YORK BRANCH

For further details, please see Moody's press release dated March 5, 2013.

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD FEBRUARY 26, 2013 THROUGH MARCH 11, 2013:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

BARCLAYS' SALISBURY AMENDS TWO EXISTING FACILITIES

Salisbury Receivables Co. LLC ("Salisbury"), a partially supported, multiseller ABCP conduit administered by Barclays Bank Plc ("Barclays", A2/C-/Prime-1) has amended two existing facilities: a $300 million interest in an $800 million revolving retail auto loan facility and a $200 million interest in a $900 million Aaa-rated variable rate note backed by equipment finance receivables.

Both facilities were amended to full liquidity support provided by Barclays. Therefore investors are not exposed to the credit risk on the underlying assets.

Salisbury's program-level credit enhancement is required to be increased by 10% of outstanding ABCP issued to finance all transactions excluding those explicitly rated Aaa by Moody's. Salisbury has approximately $2.3 billion of outstanding CP and its program-level credit enhancement is $300 million.

BARCLAYS' SHEFFIELD ADDS A $350 MILLION DEALER FLOORPLAN FACILITY

Sheffield Receivables Corp. ("Sheffield"), a partially supported, multiseller ABCP conduit administered by Barclays Bank Plc ("Barclays", A2/C-/Prime-1) has added two unrated variable funding notes (VFN's), a $342.8 million Class A VFN and a $7.2 million Class B VFN to its portfolio. The notes are issued out of the same master trust. The collateral backing the notes consists of equipment dealer floorplan receivables.

Barclays fully supports the notes through a liquidity facility. Therefore investors are not exposed to the credit risk on the underlying assets.

Sheffield's program-level credit enhancement is required to be increased by 10% of purchase limits, excluding those explicitly rated Aa2 or more by Moody's. Salisbury has approximately $5 billion of outstanding CP and its program-level credit enhancement is approximately $600 million.

CIBC'S SAFE TRUST AND SOUND TRUSTS ADDS C$599 MILLION AUTO LOAN SECURITIZATION

SAFE Trust ("SAFE") and SOUND Trust ("SOUND"), two partially supported, multiseller Canadian ABCP programs administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+), have added an amortizing auto loan securitization to their portfolios. SAFE and SOUND have a combined commitment of C$599 million. Each conduit has a 50% share. The conduits hold an unrated single-class note issued out of a master trust. The auto loans are originated by an investment-grade rated auto finance company

Transaction-specific credit enhancement is comprised of non-declining overcollateralization (sized at 5.0% of the discounted adjusted pool), a fully funded cash reserve account (sized at 1.0% of initial pool), and minimum excess spread. This transaction is partially supported by liquidity facilities provided by Prime-1 rated CIBC. Both SAFE and SOUND have a single program-level liquidity facility that is used to support their commercial paper.

As of December 2012, SAFE had C$750 million in aggregate purchase commitments and C$650 million in outstanding Series 1996-1 Senior Short Term Notes. SOUND had C$1.47 billion in aggregate purchase commitments and C$887 million in outstanding Series 1998-1 Senior Short Term Notes.

CIBC'S SOUND TRUST AMENDS EXISTING EQUIPMENT LOAN FACILITY

SOUND Trust ("SOUND"), a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+), has increased its commitment to C$300 million from C$200 million on an existing equipment loan facility. SOUND is an uncommitted lender. The facility is secured by a revolving pool of small ticket equipment loan receivables originated by an unrated commercial equipment leasing company. This transaction has been in SOUND's portfolio since 2011 and has performed as expected.

Transaction-specific credit enhancement continues to be comprised of 12% overcollateralization, 1.5% cash reserve account, and minimum excess spread of 2.5%. The transaction remains partially supported by a liquidity facility provided by Prime-1 rated CIBC. SOUND has a single program-level liquidity facility that is used to support its notes.

As of December 2012, SOUND had C$[1.47] billion in aggregate purchase commitments and C$[887] million in outstanding Series 1998-1 Senior Short Term Notes.

THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD FEBRUARY 26, 2013 THROUGH MARCH 11, 2013:

MOODY'S WITHDRAWS THE PRIME-2 (SF) RATING OF ABCP ISSUED BY COMPASS SECURITISATION LIMITED AND COMPASS SECURITISATION LLC

For further details, please see Moody's press release dated March 8, 2013.

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.

Valerie Oliveri
Associate 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 March 11, 2013
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

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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 the Moody’s publications.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 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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