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I AGREE
04 Mar 2009
New York, March 04, 2009 -- Moody's ABCP rating actions for the seven-day period ended March
2, 2009
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1
DURING THE PERIOD FEBRUARY 24, 2009 THROUGH MARCH 2, 2009:
BANK OF AMERICA'S EMERALD NOTE PROGRAM INCREASES ISSUANCE AMOUNT
The maximum issuance amount for the Emeralds Notes program, a short-term
credit card receivable-backed program issued out of the BA Credit
Card Trust, was increased to $8.8 billion from $5
billion. The Emerald Notes are part of a tranche of Class A notes
in the BAseries notes, specifically the Class A (2001-Emerald).
FIA Card Services, National Association, a subsidiary of Bank
of America Corporation, acts as the sponsor, servicer and
originator. In step with the increase in note issuance, the
external liquidity facility supporting the Emerald Notes increased to
$1.496 billion from $850 million. The external
liquidity facility remains sized at 17% of the authorized issuance
limit for the Emerald Notes program.
Emerald Notes has a maximum adjusted outstanding dollar principal amount
of $10.317 billion, with a maximum issuance amount
of $8.8 billion.
BARCLAYS BANK'S SALISBURY REMOVES FULL SUPPORT FROM EXISTING $250
MILLION EQUIPMENT LEASE TRANSACTION
Salisbury Receivables Company, LLC ("Salisbury"), a partially
supported, multiseller ABCP conduit sponsored and administered by
Barclays Bank PLC ("Barclays," rated Aa3/Prime-1/C),
has removed full support from its investment in a Aaa-rated equipment
lease facility originated by a U.S. agricultural and commercial
equipment manufacturer. This transaction is a co-purchase
facility amongst several ABCP conduits. Barclays finances its $250
million commitment in this $2.5 billion facility through
both Salisbury and its sister conduit, Sheffield Receivables Corporation.
Transaction-specific credit enhancement is in the form of overcollateralization
sized at 8.5% of the note value as well as a reserve account.
This transaction is now partially supported by a liquidity facility provided
by Prime-1-rated Barclays. The liquidity facility
is sized to cover the maximum facility amount plus CP interest through
maturity.
Due to the high credit quality of the asset, Salisbury's program-level
credit enhancement was not required to be increased for this amendment.
Salisbury has $2.567 billion in ABCP outstanding and $300
million in program-level credit enhancement.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1
DURING THE PERIOD FEBRUARY 24, 2009 THROUGH MARCH 2, 2009:
HUDSON CASTLE'S BELMONT FUNDING RATING CONFIRMED
Moody's has confirmed the Prime-1 rating of the asset-backed
commercial paper notes (ABCP) issued by Belmont Funding LLC ("Belmont").
Belmont is a fully supported, multiseller ABCP program sponsored
by Hudson Castle Group Inc.
On January 22, 2009, Belmont's Prime-1 rating was placed
under review for possible downgrade following Moody's rating action to
place under review for possible downgrade the short-term ratings
of a Prime-1-rated financial institution that provides support
to the conduit. Belmont's portfolio has a transaction that is fully
supported by a liquidity facility provided by this financial institution.
On February 27, 2009, Moody's concluded its review of the
financial institution and confirmed the Prime-1 rating of the financial
institution. As a result Moody's has confirmed Belmont's Prime-1
rating.
For further details, please see Moody's press release dated
February 27, 2009.
RABOBANK INTERNATIONAL'S NEPTUNE FUNDING RATING CONFIRMED
Moody's has confirmed the Prime-1 rating of the ABCP issued by
Neptune Funding Corporation ("Neptune"). Neptune is a partially
supported, multiseller program administered by Rabobank International,
New York Branch, a wholly owned subsidiary of Rabobank Nederland
(Aaa/Prime-1/B+).
On January 22, 2009, Neptune's Prime-1 rating was placed
under review for possible downgrade due to Moody's rating action to a
reference entity in one of Neptune's credit-linked deposits.
Moody's placed the long- and short-term ratings of this
entity (senior debt at A2 and short-term at Prime-1) under
review for possible downgrade. On February 17, 2009,
the credit-linked deposit was removed from Neptune's portfolio.
Hence, Moody's has confirmed the Prime-1 rating of Neptune.
As of February 20, 2008, Neptune had $250 million in
ABCP outstanding.
For further details, please see Moody's press release dated
February 25, 2009.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD
FEBRUARY 24, 2009 THROUGH MARCH 2, 2009:
FOXBORO FUNDING RATINGS WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
ratings of the secured liquidity notes (SLNs) and investor option notes
(IONs) issued by Foxboro Funding LLC and Foxboro Funding Limited ("Foxboro").
Foxboro is a fully supported, multiseller ABCP program sponsored
by Hudson Castle Group Inc. As of February 25, 2009,
all outstanding SLNs and IONs had been repaid in full. There will
be no further issuance under this program.
GEORGETOWN FUNDING RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of the ABCP issued by Georgetown Funding Company LLC, a partially
supported, single-seller ABCP program sponsored by Friedman
Billings Ramsey Group, Inc. (unrated). As of September
17, 2007, all outstanding ABCP was repaid in full.
There will be no further issuance under this program.
The rating methodologies used for the above-referenced ABCP programs
are described in "The Fundamentals of Asset-Backed Commercial
Paper" (February 2003), "Expanding Upon Extendibles:
Moody's Approach To Analyzing Liquidity For Credit Card Extendible Note
Programs" (August 2005) and "Moody's Approach To Rating Credit
Card Receivables-Backed Securities" (April 2007).
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 2, 2009
No Related Data.
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