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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions ending March 16, 2009

18 Mar 2009

New York, March 18, 2009 -- Moody's ABCP rating actions for the seven-day period ended March 16, 2009

THE FOLLOWING ABCP PROGRAM WAS RATED PRIME-1 DURING THE PERIOD MARCH 10, 2009 THROUGH MARCH 16, 2009:

MOODY'S ASSIGNS PRIME-1 RATING TO HSBC'S PERFORMANCE TRUST ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the Series A, Class A senior notes ("Notes") issued by Performance Trust ("Performance"). Performance is a partially supported, prior review, multiseller Canadian asset-backed commercial paper (ABCP) program sponsored and administered by HSBC Securities (Canada) Inc., a wholly owned subsidiary of HSBC Bank Canada (collectively, "HSBC Canada"), which is a wholly owned subsidiary of HSBC Holdings Plc (Aa2/Prime-1). Performance has a program limit of CAD$ 495 million.

Performance purchases pools of receivables backed by various types of term assets, as well as ABCP, and funds these assets by issuing Series A Class A notes. The Class A notes are senior short-term notes, and are consistent with standard ABCP. They have a maximum tenor of 364 days and may not be redeemed prior to their maturity date. The notes may be denominated in both Canadian dollars and U.S. dollars. The assets can be purchased in any currency, but are currently denominated in Canadian dollars. At any time there is a mismatch between the currency of the assets and the Notes, HSBC Canada is required to hedge the currency risk. Any losses to noteholders due to HSBC Canada's failure to hedge properly will be indemnified by HSBC Canada on the day needed to repay the notes.

The Prime-1 rating assigned to the Notes is based on, among other factors, the following: (i) Moody's prior review of all transactions to ensure that the asset credit quality is consistent with the Prime-1 rating assigned to the Notes; (ii) program-level liquidity facility provided by Prime-1-rated HSBC Canada that will fund for non-defaulted assets; (iii) program-level credit enhancement equal to 5% of outstanding Notes, provided by HSBC Canada; (iv) the ability of HSBC Canada as the administrator of Performance to recommend new asset purchases, monitor compliance, and ensure the timely issuance and payment of notes; and (v) structural protections to ensure the bankruptcy-remoteness of

Performance.

For further details, please see Moody's press release dated March 10, 2009.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD MARCH 10, 2009 THROUGH MARCH 16, 2009:

SOCIETE GENERALE'S ANTALIS ADDS EURO 800 MILLION TRANSACTION REFINANCING THREE SEPARATE POOLS OF TRADE RECEIVABLES

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), a partially supported, multiseller programme sponsored by Société Générale ("SocGen," rated Aa2/Prime-1/B-), has financed three separate pools of trade receivables in one transaction with an aggregate purchase limit of Euro 800 million.

In this transaction, Antalis uses the proceeds of CP to purchase senior notes issued by an FCT across three FCT compartments. Each compartment is backed by a pool of trade receivables originated by a French company operating in the telecommunications industry. Transaction-level credit enhancement is in the form of overcollateralisation. Each transaction is partially supported by its own liquidity facility provided by Prime-1-rated SocGen. The liquidity facilities cover non-defaulted assets. In addition, each transaction benefits from various structural protections such as an ABCP tenor limitation of 95 days, cease-issuance triggers based on pool performance and dynamic credit enhancement.

With this transaction, Antalis' programme-level credit enhancement increased by 6% of the senior notes maximum amount. Antalis has Euro 334.7 million in programme-level credit enhancement and is authorized to issue up to Euro 6.5 billion of ABCP.

RABOBANK'S ERASMUS ADDS EURO 225 MILLION TRADE RECEIVABLE TRANSACTION

Erasmus Capital Corp. ("Erasmus"), a partially supported, multiseller ABCP programme sponsored and administered by Rabobank International ("Rabobank," rated Aaa/Prime-1/B+), has added a Euro 225 million trade receivable transaction to its portfolio.

In this transaction, Erasmus lends the CP proceeds to finance the purchase of a pool of trade receivables. The receivables are originated by a European company operating in the food industry. Transaction-level credit enhancement is dynamically calculated and in the form of overcollateralisation. In addition, the transaction benefits from various structural protections including CP funded mezzanine notes guaranteed by a Prime-1-rated bank up to a certain limit and a cease issuance trigger based on the level of credit enhancement. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Rabobank.

Erasmus' programme-level credit enhancement increased by 7% of the purchase limit for this transaction. Erasmus has Euro 140.2 million in programme-level credit enhancement and is authorized to issue up to Euro 3.1 billion of ABCP.

BANK OF SCOTLAND'S GRAMPIAN AMENDS CREDIT ENHANCEMENT REQUIREMENTS FOLLOWING RECENT RESTRUCTURING TO FULL SUPPORT

Grampian Funding Limited/Grampian Funding LLC ("Grampian"), a credit arbitrage conduit sponsored by Bank of Scotland plc (Aa3/Prime-1/C-, bank financial strength rating under review for possible downgrade), has further amended its programme documents following the amendment of its liquidity facilities from partial support to full support on November 18, 2008 to reflect the fact that, as the programme is now fully supported by liquidity, the posting of additional credit enhancement is not necessary. The Prime-1 rating assigned by Moody's to the ABCP issued by Grampian is not dependent on the posting of credit enhancement since the liquidity facilities may now be drawn against the full face amount of ABCP issued to fund each vehicle regardless of whether underlying asset defaults have occurred.

Grampian continues to be authorised to issue up to USD 40 billion of ABCP.

PNC BANK'S MARKET STREET ADDS $300 MILLION CREDIT CARD RECEIVABLE TRANSACTION

Market Street Funding LLC ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (Aa3/Prime-1/B, bank financial strength rating under review for possible downgrade), has added a $300 million Aaa-rated Class A note to its portfolio. The note is issued out of a credit card master trust and backed by a revolving pool of credit card receivables. This note replaces two exiting A2-rated notes issued from the same credit card master trust.

Transaction-specific credit enhancement is in the form of subordination sized at 22.25%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated PNC Bank.

Due to the high credit quality of the asset, Market Street is not required to increase its program-level credit enhancement with this transaction; however, the program-level credit enhancement that was funded for the exiting notes will continue to be available for the new note. Market Street has $6.4 billion in total purchase commitments and $597 million in program-level credit enhancement.

INTESA SANPAOLO'S ROMULUS FUNDING ADDS CAD$ 271.9 MILLION ELIGIBLE ASSET CLIENT TRANSACTION

Romulus Funding Corporation ("Romulus"), a partially supported, hybrid ABCP conduit sponsored and administered by Intesa Sanpaolo S.p.A. ("Intesa," rated Aa2/Prime-1/B-), has added a CAD$ 271.9 million eligible asset client transaction to its portfolio.

In this transaction, Romulus lends the CP proceeds to finance notes backed by Canadian receivables. The receivables are generated under loan and lease agreements of construction and agricultural equipment. The notes are highly-rated by Moody's.

This transaction is partially supported by a liquidity facility provided by Prime-1-rated Intesa. The liquidity facility will not fund if the notes are rated Caa3 or lower. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation of 60 days and a stop issuance of ABCP in the event that the notes are downgraded to below Aa3.

Programme-level credit enhancement was not required to be increased with the addition of this transaction. Romulus has USD 200 million in programme-level credit enhancement and is authorized to issue up to Euro 2.1 billion of ABCP.

The rating methodologies used for the above-referenced ABCP programs are described in "The Fundamentals of Asset-Backed Commercial Paper" (February 2003) and "Moody's Approach to Evaluating Credit Arbitrage ABCP Programs" (August 2002). Moody's monitors and analyzes these programs on an ongoing basis. The rating actions apply to the CP issued by the ABCP programs and not the individual transactions 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: 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

Moody's ABCP rating actions ending March 16, 2009
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.

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