Moody's ABCP rating actions ending November 26, 2007
New York, November 27, 2007 -- Moody's ABCP rating actions for the seven-day period ended November
26, 2007
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1
DURING THE PERIOD NOVEMBER 20, 2007 THROUGH NOVEMBER 26, 2007:
DEUTSCHE BANK'S RHEINGOLD ADDS USD 235 MILLION NOTE FACILITY
Rheingold Securitisation Limited ("Rheingold"), a partially supported,
multiseller ABCP conduit sponsored by Deutsche Bank AG (Aa1/Prime-1/B),
has added a USD 235 million funding note facility to its portfolio.
The underlying assets in this transaction are USD 65 million of Aaa-rated
Class A-1a variable funding notes and USD 170 million of Aaa-rated
Class A-1b notes of a CLO.
This transaction is partially supported by a liquidity facility provided
by Prime-1-rated Deutsche Bank. The liquidity facility
is sized at 103% of the maximum amount (or USD 242.05 million).
Due to the high credit quality of the assets, Rheingold is not required
to increase its program-level credit enhancement. With this
transaction, Rheingold is authorized to issue up to approximately
Euro 7.1 billion of ABCP.
ING WINDS DOWN SIMBA FUNDING AND MANE FUNDING ABCP PROGRAMMES
On November 13, 2007, Moody's affirmed the Prime-1
rating of Simba Funding Corp. ("Simba"), a single-seller
ABCP programme sponsored by ING Bank NV ("ING," rated
Aa1/Prime-1/B), in connection with the termination of the
four credit default swaps to which Stichting Simba was a party to as a
protection seller. The terminations are the consequence of the
announcement on November 7, 2007 by ING of the wind-down
of Simba. After the terminations of the credit default swaps on
November 13, 2007, Simba's CP investors will not be exposed
to any potential portfolio losses on the four reference pools.
Based on information provided to Moody's by ING, all outstanding
CP issued by Simba will mature at the latest on December 14, 2007,
at which date ING expects all outstanding CP to be repaid in full.
ING also announced on November 7, 2007 that Mane Funding Corp.
("Mane"), another ABCP programme sponsored by ING,
will be wound down. On November 7, 2007, since which
date Mane has not issued any new commercial paper, the portfolio
referenced by the Mane (Cayman) No. 1 credit default swap (the
"Swap") was fully substituted and replaced with a portfolio of nil.
Accordingly, Mane's CP investors will not be exposed to any potential
portfolio losses after that date. Based on information provided
to Moody's by ING, all outstanding CP issued by Mane will mature
at the latest on December 6, 2007, at which date ING expects
all outstanding CP to be repaid in full, and whereupon the Swap
will be terminated.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD
NOVEMBER 20, 2007 THROUGH NOVEMBER 26, 2007:
FBR'S ARLINGTON FUNDING RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of Arlington Funding Company, LLC, a partially supported,
single-seller ABCP program administered by FBR Investment Management
Inc. As of November 16, 2007, all outstanding ABCP
had been repaid in full and no further ABCP will be issued under the program.
COMMERZBANK'S FOUR WINDS FUNDING RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of Four Winds Funding Corporation and Four Winds Funding LLC (together,
"Four Winds"), a partially supported, multiseller
and loan-backed ABCP program administered by Commerzbank AG,
New York Branch (Aa3/Prime-1). As of November 15,
2007, all outstanding ABCP had been repaid in full and no further
ABCP will be issued under the program.
CTX MORTGAGE'S HARWOOD STREET FUNDING I RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of the secured liquidity notes, a form of extendible ABCP,
and the Baa2 rating of the variable funding subordinated certificates
issued by Harwood Street Funding I, LLC ("Harwood"). Harwood
is a partially supported, single-seller mortgage loan warehouse
program administered by CTX Mortgage Company, LLC (unrated).
As of November 20, 2007, all outstanding ABCP and subordinated
certificates had been repaid in full and there will be no further issuance
under this program.
GMAC'S MORTGAGE INTEREST NETWORKING TRUST RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of the ABCP and extendible notes issued by Mortgage Interest Networking
Trust, a partially supported, multiseller ABCP program administered
by GMAC Mortgage Group, Inc. (unrated). As of November
15, 2007, all outstanding ABCP and extendible notes had been
repaid in full. Currently, the program has $50 million
of Aaa-rated Medium Term Notes outstanding.
For a more detailed description of these ABCP programs, see 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