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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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Announcement:

Moody's ABCP rating actions ending November 24, 2008

25 Nov 2008
Moody's ABCP rating actions ending November 24, 2008

New York, November 25, 2008 -- MOODY'S PUBLISHES MULTISELLER AND CREDIT ARBITRAGE SNAPSHOTS

Moody's has published two ABCP research reports, entitled "ABCP Market at a Glance: Credit Arbitrage Snapshot" and "ABCP Market at a Glance: Multiseller Market Snapshot." Each report gives detailed information on its respective segment of the ABCP market, with data as of June 30, 2008. These reports are published quarterly and can be found with Moody's other ABCP research products at www.moodys.com.

MOODY'S UPDATES ABCP QUERY

Moody's has published its ABCP Query product with information as of August 31, 2008. All U.S. programs are complete through June 2008, with partial information available through August 2008. All European and Canadian programs are complete through August 2008. This report is published monthly and can be found with Moody's other ABCP research products at www.moodys.com.

Moody's ABCP rating actions for the seven-day period ended November 24, 2008

THE FOLLOWING ABCP PROGRAMS WERE RATED PRIME-1 DURING THE PERIOD NOVEMBER 18, 2008 THROUGH NOVEMBER 24, 2008:

MOODY'S ASSIGNS PRIME-1 RATINGS TO FIVE ABCP PROGRAMS AS PART OF MONEY MARKET INVESTOR FUNDING FACILITY

Moody's has assigned Prime-1 ratings to the commercial paper issued by five asset-backed commercial paper programs (each an ABCP program) structured by J.P. Morgan Securities Inc. and the Federal Reserve Bank of New York (the Fed). These ABCP programs implement the Money Market Investor Funding Facility (MMIF) that was

announced on October 21, 2008. As described in the material released by the Fed, the purpose of the facility is to provide liquidity to money market funds holding short-term obligations of banks and select other financial companies. These ABCP programs may purchase up to an authorized total of $600 billion in assets funded by as much as $540 billion in senior loans from the Fed and $60 billion in Prime-1-rated subordinate commercial paper.

Complete rating actions are as follows:

(i) Prime-1 rating assigned to the commercial paper notes issued by Hadrian Funding Co., LLC;

(ii) Prime-1 rating assigned to the commercial paper notes issued by Trajan Funding Co., LLC;

(iii) Prime-1 rating assigned to the commercial paper notes issued by Aurelius Funding Co., LLC;

(iv) Prime-1 rating assigned to the commercial paper notes issued by Antoninus Funding Co., LLC; and

(v) Prime-1 rating assigned to the commercial paper notes issued by Nerva Funding Co., LLC

The Prime-1 ratings assigned to the ABCP issued by Hadrian, Trajan, Aurelius, Antoninus and Nerva are based primarily on the following: (i) the credit quality of the permitted obligors, all of whom must be rated Prime-1 and reviewed by Moody's prior to inclusion in the ABCP program; (ii) portfolio limits which provide for no more than 10 permitted obligors in each ABCP program, each limited to no more than 15% of the assets at the time of purchase; (iii) a 90-day maturity limit on eligible assets combined with a requirement to cease purchasing new assets if any permitted obligor is downgraded below Prime-1; (iv) the quality of the service providers, which include Global Securitization Services, LLC as administrator, U.S. Bank N.A., as collateral agent, and JPMorgan Securities Inc. as referral agent; and (v) the bankruptcy remote structure of each ABCP program, which are Delaware limited liability companies that can engage only in those activities necessary to the support of the activities described.

For further details, please see Moody's press release dated November 24, 2008.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD NOVEMBER 18, 2008 THROUGH NOVEMBER 24, 2008:

BANK OF SCOTLAND'S GRAMPIAN RESTRUCTURES TO FULLY SUPPORTED PROGRAM

Grampian Funding Limited/Grampian Funding LLC ("Grampian"), a credit arbitrage conduit sponsored by Bank of Scotland plc (Aa1/Prime-1/B, under review for downgrade), has amended its liquidity facilities from partial support to a full support structure. Liquidity loan facilities are provided both to Grampian Funding Limited and its 19 purchasing vehicles. The liquidity facilities may now be drawn against the full face amount of ABCP issued to fund each vehicle regardless of whether underlying asset defaults have occurred. All liquidity support is currently provided by Bank of Scotland plc.

Grampian continues to be authorized to issue up to USD 40 billion of ABCP.

LANDESBANK BADEN-WUERTTEMBERG'S LAKE CONSTANCE ADDS TWO TRADE RECEIVABLE FACILITIES TOTALING EURO 200 MILLION

Lake Constance Funding Limited and Lake Constance Funding LLC ("Lake Constance"), a partially supported, hybrid ABCP conduit sponsored by Landesbank Baden-Württemberg (Aa1/Prime-1/C), has added two purchasing facilities with a combined purchase limit of Euro 200 million. Under each facility the relevant purchaser will purchase trade receivables originated by subsidiaries of a company operating in the engineered plastics business. The obligors of the trade receivables are from the following regions: Germany, Austria, France, Spain, Portugal, Sweden, Belgium or Italy.

Transaction-specific credit enhancement is in the form of a loss reserve, as well as a dilution reserve and a yield reserve. Both transactions are fully supported by a combination of a liquidity facility sized at 102% of the purchase limit and provided by Landesbank Baden-Württemberg, and credit insurance sized at 100% of the purchase limit and provided by Coface Kreditversicherung AG (Aa3/Prime-1).

In each transaction the liquidity facility will fund for non-defaulted assets while the credit insurance will fund up to 100% of the outstanding nominal amount of defaulted assets (subject to exhaustion of the first loss reserve). Liquidity does not cover any amounts payable under the credit insurance and so payments under the credit insurance must be made on a timely basis.

Lake Constance was not required to increase its program-level credit enhancement due to the fully supported structure of these transactions. Lake Constance is authorized to issue up to approximately Euro 5.58 billion of ABCP.

HSBC'S REGENCY ADDS $150 MILLION TRADE RECEIVABLE TRANSACTION

Regency Markets No.1 LLC ("Regency"), a partially supported, multiseller ABCP conduit administered by HSBC Bank plc ("HSBC," rated Aa1/Prime-1/B), has added a $150 million trade receivable transaction to its portfolio.

Under this transaction, Regency will issue ABCP to fund the purchase of notes issued by a master trust based in Ireland. The notes are backed by a pool of trade receivables originated by subsidiaries of a company operating in the chemicals industry.

Transaction-specific credit enhancement is sized at 17.5% in the form of overcollateralization. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction entails structured liquidity provided by Prime-1-rated HSBC.

With this transaction, Regency increased its program-level credit enhancement by 5% of its purchase commitment. Regency may now issue up to USD 10.8 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD NOVEMBER 18, 2008 THROUGH NOVEMBER 24, 2008:

TRIPLE-A ONE FUNDING RATING WITHDRAWN.

At the issuer's request, Moody's has withdrawn the Prime-2 rating of the ABCP issued by Triple-A One Funding, a multiseller conduit sponsored and administered by MBIA Insurance Corporation (Baa1, insurance financial strength rating).

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 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

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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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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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