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25 May 2011
New York, May 25, 2011 -- Moody's ABCP rating actions for the seven-day period ended May
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1
(SF) DURING THE PERIOD MAY 17, 2011 THROUGH MAY 23, 2011:
LLOYD'S CANCARA RESTRUCTURES TWO TRANSACTIONS TO REPLACE STRUCTURED
LIQUIDITY WITH PARTIAL SUPPORT LIQUIDITY
Cancara Asset Securitisation Ltd/Cancara Asset Securitisation LLC ("Cancara"),
a partially supported, hybrid ABCP administered by Lloyds TSB Bank
Plc (Aa3/Prime-1/C-), has restructured two transactions
to remove structured liquidity support that had substantially limited
the risk of deterioration of credit quality of the receivables pools for
CP holders. Both transactions continue to benefit from partially
supported liquidity facilities.
The first transaction is a USD 345 million note securitised by trade receivables
originated by an unrated global company specialised in commodities trading.
The liquidity facility for this transaction was amended to a replace a
structured liquidity mechanism with a ratings-based borrowing base
that will fund until the notes are rated Caa3 (sf) or lower. The
notes are currently rated Aaa (sf).
The second transaction, which is the fourth largest asset pool in
Cancara's multiseller portfolio, is a USD 475 million trade
receivables securitisation for a large US conglomerate with a senior unsecured
rating of Aa2. The liquidity facility for this transaction was
amended to remove a structured liquidity mechanism, which increases
investor's exposure to the credit quality of the underlying assets.
Investors continue to benefit from transaction-specific credit
enhancement that is dynamically size with a floor of 8%.
The size of this transaction was reduced from USD 700 million.
For both transactions, Moody's expects to increase its monitoring
activity in light of these amendments.
Cancara has USD 9.31 billion in outstanding ABCP and is authorised
to issue up to USD 33 billion of ABCP. Cancara's program-level
credit enhancement is USD 1.1 billion.
THE FOLLOWING PROGRAM HAD NOTES DOWNGRADED DURING THE PERIOD MAY 17,
2011 THROUGH MAY 23, 2011:
MOODY'S DOWNGRADES EMTNS (EXCLUDING ECLNS) AND USMTNS ISSUED BY CURZON
FUNDING LIMITED/CURZON FUNDING LLC
For further details, please see Moody's press release dated May
THE RATING OF THE FOLLOWING USCP PROGRAM WAS AFFIRMED AT PRIME-1
DURING THE PERIOD MAY 17, 2011 THROUGH MAY 23, 2011:
LOUIS DREYFUS INCREASES EXISTING USCP PROGRAM BY $135 MILLION
Louis Dreyfus Commodities LLC (the "Issuer") has increase the size of
its US commercial paper program supported by an irrevocable letter of
credit issued by Crédit Agricole Corporate and Investment Bank
("Crédit Agricole CIB", rated Aa3/Prime-1/D) by $135
million. With the increase, the Issuer's authorized
CP issuance limit is now $722.5 million. Crédit
Agricole CIB's irrevocable, direct-pay letter of credit continues
to provide full support for the payment of commercial paper notes upon
Moody's rating on the commercial paper issued through this program is
based primarily on Crédit Agricole CIB's Prime-1 rating.
Louis Dreyfus Commodities LLC, a privately held Delaware limited
liability company based in Wilton, Connecticut, and its subsidiaries
are engaged in trading, merchandising and processing of grains and
oilseeds, cotton, coffee, sugar, citrus products,
rice, biofuels and ocean freight. The Issuer and its subsidiaries
currently represent the North American operations of Louis Dreyfus Commodities,
the worldwide group of companies conducting global agricultural activities
under the Dutch company Louis Dreyfus Commodities B.V.
Effective December 23, 2010, Louis Dreyfus Commodities LLC,
a newly formed Delaware limited liability company and a then Louis Dreyfus
Corporation subsidiary, assumed all of Louis Dreyfus Corporation's
rights and obligations under its letter of credit supported USCP programs.
Since then, Louis Dreyfus Commodities LLC replaced Louis Dreyfus
Corporation as the Issuer under these programs.
The Issuer currently has another letter of credit-supported USCP
program sized at $610 million and supported by Prime-1 rated
The principal methodology used in rating and monitoring the above-referenced
ABCP programs is described in "The Fundamentals of Asset-Backed
Commercial Paper" (published in February 2003). The rating methodology
used for the above-referenced USCP program is described in "LOC-Backed
CP Programs: Structure is Key" (published in August 2000).
Other methodologies and factors that may have been considered in the process
of rating this transaction can also be found in the Ratings Methodologies
sub-directory on Moody's website.
Moody's monitors and analyzes ABCP programs on an ongoing basis.
The rating actions apply to the CP issued by the ABCP programs and not
the individual transaction 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.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Structured Finance Group
Moody's Investors Service
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's ABCP rating actions ending May 23, 2011
250 Greenwich Street
New York, NY 10007
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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