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Announcement:

Moody's ABCP rating actions ending May 9, 2011

11 May 2011

New York, May 11, 2011 -- Moody's ABCP rating actions for the seven-day period ended May 9, 2011

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD MAY 3, 2011 THROUGH MAY 9, 2011:

BNP PARIBAS'S MATCHPOINT AND SOCIETE GENERALE'S ANTALIS CO-PURCHASE EUR 400 MILLION TRADE RECEIVABLE TRANSACTION

Matchpoint Finance plc/Matchpoint Finance Master Trust (together, "Matchpoint") and Antalis S.A./Antalis US Funding Corp. (together, "Antalis") have purchased the senior units from a French SPV ("FCT") backed by trade receivables up to a maximum amount of Euro 400 million. Matchpoint and Antalis hold 50% of the senior units, respectively. Matchpoint is a fully supported, multiseller ABCP conduit sponsored and administered by BNP Paribas ("BNPP", rated Aa2/Prime-1/B-). Antalis is a partially supported, multiseller programme sponsored by Société Générale ("SocGen", rated Aa2/Prime-1/C+).

The FCT units are backed by trade receivables originated by a French company in the building and construction industry. The securitised pool is granular with a large proportion of the debtors in the French public sector. Transaction-specific credit enhancement is in the form of subordination and includes a dynamic default and dilution reserve with a floor of 14%, a yield and expenses reserves, and an additional reserve to cover certain risks linked to sub-contracting activity. The transaction includes several termination events based on pool performance triggers and seller's events.

In Matchpoint, the transaction is fully supported by a liquidity facility provided by BNPP. Matchpoint is authorised to issue up to Euro 4.40 billion of ABCP.

In Antalis, the transaction is partially supported by a liquidity facility provided by SocGen. The liquidity funds for non-defaulted assets and also covers seller risks, including specific legal and industry risks. The transaction also benefits from structural features such as a commercial paper tenor limitation of 270 days and a cease issuance condition following a transaction termination event. With this transaction, Antalis' programme-level credit enhancement increased by 6% of the purchase limit. Antalis has approximately Euro 290 million in programme-level credit enhancement and is authorized to issue approximately Euro 4.5 billion of ABCP.

UNICREDIT BANK'S ARABELLA ADDS NEW AUTO LOAN TRANSACTION

Arabella Finance Limited/Arabella Finance LLC (together, "Arabella"), a partially supported, multiseller ABCP program sponsored by UniCredit Bank AG ("UniCredit Bank", rated A1/Prime-1/C-), has entered into a new auto loan transaction for a commitment amount of GBP 251.3 million. The underlying assets comprise of a static pool of UK auto loans originated by the UK operation of one of the largest auto finance and leasing companies in Europe.

The receivables securitized are mainly HP and PCP agreements although no residual value risk is transferred. Transaction specific credit enhancement of 15.5% is in the form of a subordinated loan provided by the originator. This transaction is partially supported by a liquidity facility provided by UniCredit. The liquidity is sized at 102% of Arabella's purchase commitment.

With this transaction, Arabella's program-level credit enhancement, which takes the form of a standby letter of credit, increased by 8% of the purchase commitment. UniCredit also provided a transaction-specific letter of credit for GBP 110 million.

Arabella is authorised to issue up to EUR 2.41 billion of ABCP and has EUR 691 million in program-level credit enhancement (EUR 498.9 million allocated and EUR 193.0 million unallocated).

BARCLAYS' SALISBURY ADDS $200 MILLION AUTO FLOORPLAN FACILITY

Salisbury Receivables Company, LLC ("Salisbury"), a partially supported, multiseller ABCP conduit administered by Barclays Bank Plc ("Barclays," rated Aa3/Prime-1/C), has added a $200 million interest in a $650 million Aa2-rated variable funding note backed by auto floorplan receivables for used automotive dealers. The floorplan receivables are originated by an unrated automotive finance company.

Transaction-specific credit enhancement, in the form of overcollateralization and a cash reserve account, equals 19.2% of the net receivables pool balance. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Barclays. The liquidity facility is sized to cover the principal and interest on the commercial paper issued to finance the note.

With this transaction, Salisbury's program-level credit enhancement increased by 10% of outstanding ABCP issued to finance the transaction. Salisbury has $4.8 billion in total purchase commitments and its program-level credit enhancement remains at the $300 million floor.

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). 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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

New York
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
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 9, 2011
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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