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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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I AGREE
Announcement:

Moody's ABCP rating actions ending May 20, 2013

22 May 2013

New York, May 22, 2013 -- Moody's ABCP rating actions for the seven-day period ending May 20, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD MAY 14, 2013 THROUGH MAY 20, 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.

SYNDICATE OF ABCP CONDUITS AMENDS INTEREST IN EXISTING AUTO SECURITIZATION

A syndicate of banks has amended its interest in an existing auto securitization established for an investment grade-rated automotive manufacturer. The current facility size of $5.8 billion was increased to $6.6 billion. The securitization is comprised of a revolving auto loan facility and a revolving auto lease facility (up to 50% of the facility limit may consist of auto leases). The securitization continues to be structured as a revolving facility with 50% as a 364-day facility and 50% as a 2-year facility. Each conduit participates in both facilities.

Transaction-specific credit enhancement for the auto loans is comprised of dynamically sized overcollateralization and excess spread. The overcollateralization has a 6% floor and the size is determined by the pool composition. Transaction-specific credit enhancement for the auto leases is comprised of dynamically sized overcollateralization and 1% required excess spread. The overcollateralization has a floor that ranges from 19.75% to 26.25%.

The liquidity facility for each participating conduit is sized at 100% (plus CP interest) or 102% of the conduit's respective commitment.

The following ABCP conduits participated in the securitization:

• JPMorgan's Chariot Funding LLC and Jupiter Securitization Company, LLC have combined commitments totaling $750 million and their program-level credit enhancement remains at 10% of outstanding ABCP.

• Barclays Bank's Sheffield Receivables Corp. has a $700 million commitment and its program-level credit enhancement remains at 10% of facility limits.

• Citibank's CHARTA, LLC and CIESCO, LLC have combined commitments totaling $700 million. CHARTA's program-level credit enhancement remains at 10% of outstanding assets, while CIESCO's program-level credit enhancement remains at 8% of outstanding assets.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $550 and their program-level credit enhancement remains at 10% of outstanding ABCP.

• The Bank of Tokyo-Mitsubishi UFJ's Gotham Funding Corp. has a $500 million commitment. Gotham is a fully supported conduit and does not have program-level credit enhancement.

• BNP Paribas' Starbird Funding Corp. has a $500 million commitment and its program-level credit enhancement remains at 8% of commitments.

• PNC Bank's Market Street Funding LLC has a $500 million commitment and its program-level credit enhancement remains at 10% of commitments.

• Mizuho Corporate Bank Ltd.'s Working Capital Management Co., L.P. has a $450 commitment and is a fully supported conduit.

• Credit Agricole's Atlantic Asset Securitization, LLC has a $400 million commitment and its program-level credit enhancement remains at 10% of commitments.

• Société Générale's Barton Capital LLC has a $400 million commitment and its program-level credit enhancement remains at 8% of the invested amount.

The remaining commitments are from non-conduit purchasers.

HSBC'S REGENCY ADDS TWO TRADE RECEIVABLES TRANSACTIONS

Regency Assets Ltd/Regency Markets No.1 LLC ("Regency"), a partially supported, multiseller conduit sponsored by HSBC Bank Plc ("HSBC", rated Aa3/Prime-1/C) has entered into two trade receivables transactions. The first transaction is a $375 million facility in respect of assets originated by a U.S. building materials company and the second transaction is a $90 million facility in respect of assets originated by a U.S. electronics company.

Both transactions are fully-supported through liquidity facilities provided by HSBC Bank USA, NA sized at 102% of the purchase limit. The full support is achieved via a liability-based borrowing base, which funds for the face amount of CP issued.

Regency has approval to issue ABCP up to transaction limits which aggregate to USD 12.4 billion and has USD 209.9 million in programme-level credit enhancement.

INTESA SANPAOLO'S ROMULUS ADDS FULLY-SUPPORTED TRANSACTION

Romulus Funding Corp. ("Romulus"), a partially supported, hybrid ABCP conduit sponsored by Intesa Sanpaolo S.p.A. ("Intesa", rated Baa2/Prime-2/C-) and administered by Banca IMI Securities Corp., a subsidiary of Banca IMI S.p.A. (Baa2/Prime-2/C-), has added a EUR 450 million transaction backed by trade receivables originated by an Italian equipment lease company.

The transaction is fully supported by a liquidity facility sized at 102% of the purchase limit. The liquidity facility is provided by Intesa. As such, our analysis was based on the financial strength of Intesa, together with the legal structure providing full support, rather than the credit quality of the assets.

The ABCP issued by Romulus is currently rated Prime-2 (sf).

Romulus has USD 100 million in programme-level credit enhancement, which was not increased with the inclusion of the transaction due to the full support provided by Intesa. At the end of April 2013, Romulus had USD 2.84 billion of ABCP outstanding.

NATIONAL BANK FINANCIAL'S FUSION TRUST AND CLARITY TRUST AMEND PROGRAM

Fusion Trust ("Fusion") and Clarity Trust ("Clarity"), each a partially supported, multiseller ABCP program sponsored and administered by National Bank Financial Inc. ("NBF"), a wholly owned subsidiary of National Bank of Canada ("NBC" rated Aa3/Prime-1/C), have amended its programs.

For Fusion, the program has been amended to mirror that of Clarity.

In addition, the following amendment is being made to both Fusion and Clarity -- The Global Style Liquidity Agreement requires that a Liquidity Lender whose rating drops below Prime-1 must cash collateralize its commitment within 30 days of the downgrade. NBC has now removed this requirement. Instead, within 30 days of a downgrade, one of the following will be satisfied:

(i) Downgraded lender will enter into an assignment to transfer all obligations under the Liquidity Agreement to a Prime-1-rated lender;

(ii) Downgraded lender will obtain an unconditional guarantee from a Prime-1-rated guarantor for all of its obligations under the Liquidity Agreement; or

(iii) Take any other action that satisfies the rating agency condition

Fusion has $1.4 billion of purchase commitments and its series-wide credit enhancement was C$15 million. Clarity has $1.1 billion of purchase commitments and its series-wide credit enhancement was C$15 million.

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.

Wanda Lee
Asst Vice President - 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 May 20, 2013
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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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 credit rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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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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