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Announcement:

Moody's ABCP rating actions ending May 25, 2009

26 May 2009

New York, May 26, 2009 -- Moody's ABCP rating actions for the seven-day period ended May 25, 2009

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD MAY 19, 2009 THROUGH MAY 25, 2009:

FIVE PRIME-1-RATED ABCP CONDUITS CO-PURCHASE IN $300 MILLION TRADE RECEIVABLE FACILITY

Five ABCP conduits have purchased an interest in a $300 million trade receivable facility. The following conduits have a pro-rata share in the facility: Bank of America's Enterprise Funding Company LLC, Barclays' Salisbury Receivables Company, LLC, HSBC's Bryant Park Funding LLC, PNC's Market Street Funding LLC and Scotiabank's Liberty Street Funding Corp. The receivables are originated by a Baa2/P-2-rated US retail company.

Transaction-specific credit enhancement is in the form overcollateralization, which is dynamically calculated to capture losses, dilution, interest and servicing fees. The overcollateralization is approximately 40% of eligible receivables. Liberty Street's share is fully support through liquidity, while the other conduits have partially supported liquidity facilities. In partially supported structures, liquidity facilities will fund for non-defaulted receivables, which are receivables that are not over 90 days past due or written off.

Each participating conduit increased its program-level credit enhancement with the addition of this transaction. Bryant Park Funding LLC's program-level credit enhancement increased by 8% of outstandings and the others increased their program-level credit enhancement by 10% of outstandings or purchase commitments.

NATIONAL FINANCIAL BANK INC.'S FUSION TRUST AMENDS PROGRAM

Fusion Trust ("Fusion"), a partially supported, multiseller ABCP conduit sponsored by National Financial Bank Inc., a wholly owned subsidiary of National Bank of Canada ("NBC", Aa2/Prime-1/B-), has amended its program to allow for the addition of series-wide credit enhancement ("SWCE") for all debt issued under Series A. The SWCE is in the form of a letter of guarantee provided by NBC. Initially, the letter of guarantee will be sized at CAD 30 million. The size of the letter of guarantee can decrease, but cannot fall below the highest of 17% of the outstandings used to finance Fusion's sole auto lease transaction or CAD 5 million. The SWCE will be used to repay maturing notes issued under Series A to finance assets in Fusion's portfolio at any time there are insufficient amounts available and after liquidity is drawn. Draws under the letter of guarantee may be made on the same day as maturing notes and no later than 2:00 pm Montreal time.

STRAIGHT-A FUNDING ADDS TWO MORE FUNDING NOTE ISSUERS TOTALING $15 BILLION IN AUTHORIZED AMOUNT

Straight-A Funding, LLC ("Straight-A"), a fully supported, multiseller asset-backed commercial paper (ABCP) conduit, has added two more Funding Note Issuers (FNI), increasing its authorized amount by $15 billion. The first FNI is sponsored by a Ba1-rated for-profit FFELP student loan originator, which has indicated funding of approximately $2 billion. The second FNI is sponsored by an unrated for-profit FFELP student loan originator, which is owned by an A1-rated financial firm. It has indicated funding of approximately $13 billion. Straight-A Funding has a program size of $60 billion and may purchase assets from four FNI's with a total authorized issuance $33.650 billion.

Straight-A is intended to help implement the mandate to the Department of Education under H.R. 5715, "Ensuring Continued Access to Student Loans Act." The program funds student loans originated and guaranteed through the Federal Family Education Loan Program (FFELP) by issuing Student Loan Short Term Notes (SLSTNs). The SLSTNs are fully supported through a liquidity facility provided by the Federal Financing Bank, a government corporation under the general supervision and direction of the Secretary of Treasury. The program may issue Series-1 and Series-2 notes which rank equal in payment priority and can have expected maturities up to 90 days. Reflecting the terms of the liquidity facility, the legal final maturity date for the Series-1 and Series-2 notes will be three and seven business days after the date of their expected maturity, respectively. Moody's Prime-1 rating of the SLSTNs applies to the legal final maturity of those notes, which is three business days after the expected maturity for the Series-1 SLSTNs and seven business days after the expected maturity of the Series-2 SLSTNs.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD MAY 19, 2009 THROUGH MAY 25, 2009:

GREYHAWK FUNDING RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of the ABCP issued by Greyhawk Funding LLC, a partially supported credit arbitrage ABCP program administered by WestLB (A2/Prime-1/ E+), New York Branch. As of May 18, 2009, all outstanding ABCP had been repaid in full. There will be no further issuance under this program.

The rating methodology used for the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (February 2003). 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 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: 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
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending May 25, 2009
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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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.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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