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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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I AGREE
Announcement:

Moody's ABCP rating actions ending November 28, 2011

30 Nov 2011

New York, November 30, 2011 -- THE RATING OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD NOVEMBER 22, 2011 THROUGH NOVEMBER 28, 2011:

SYNDICATE OF ABCP CONDUITS AMEND EXISTING EQUIPMENT LOAN FACILITY

A syndicate of banks has amended a revolving equipment loan facility. The two material amendments include (i) increasing the facility size to $2.750 billion and (ii) reducing the overcollateralization to 6%, which is a 1.5% reduction. Transaction-specific credit enhancement is in the form of overcollateralization and a cash reserve, combined totaling at least 7.5%. This transaction is financed by ten ABCP conduits and one non-conduit lender.

The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of its respective commitment.

The following Prime-1 (sf)-rated ABCP conduits participated in the facility:

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have a $650 million commitment and their program-level credit enhancement increased by 10% of outstanding ABCP.

• HSBC's Bryant Park Funding and Regency Assets Ltd. have a $450 million commitment and their program-level credit enhancement increased by 8% of outstanding ABCP (Bryant Park) and 5% of outstanding ABCP (Regency).

• Barclays Capital's Salisbury Receivables Company, LLC has a $450 million interest and its program-level credit enhancement increased by 10% of outstanding ABCP.

• Citibank's CRC Funding, LLC, CAFCO Funding, LLC, CHARTA, LLC and CIESCO Funding, LLC have combined commitments of $300 million. CIESCO and CAFCO's program-level credit enhancement increased by 8% of outstanding ABCP, while CRC and CHARTA's program support increased by 10% of outstanding ABCP.

• The Bank of Tokyo-Mitsubishi UFJ's Gotham Funding Corp. has a $250 million commitment. Gotham is a fully supported conduit and does not have program-level credit enhancement.

One non-conduit lender provides the remaining commitments.

CIBC'S SOUND TRUST ADDS C$200 MILLION EQUIPMENT LOAN FACILITY

SOUND Trust ("SOUND"), a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa2/Prime-1/B-) has added a C$200 million equipment loan facility to its portfolio. SOUND is an uncommitted lender. The facility is secured by a revolving pool of small ticket equipment loan receivables originated by an unrated commercial equipment leasing company.

Transaction-specific credit enhancement is comprised of 12% overcollateralization, 1.5% cash reserve account, and minimum excess spread of 2.5%. This transaction is partially supported by a liquidity facility provided by Prime-1 rated CIBC. SOUND has a single program-level liquidity facility that is used to support its notes.

SOUND has C$1.08 billion in aggregate purchase commitments and C$630 million in outstanding Series 1998-1 Senior Short Term Notes.

HSBC'S REGENCY ADDS GBP 300 MILLION RESIDENTIAL MORTGAGE LOAN TRANSACTION

Regency Assets Ltd/Regency Markets No. 1 LLC ("Regency"), a partially supported, multiseller conduit sponsored by HSBC Bank Plc ("HSBC", Aa2/Prime-1/C+) has added a GBP 300 million transaction to its portfolio. The transaction is backed by residential mortgage loans originated by an UK Building Society.

This transaction is fully supported through a liquidity facility provided by HSBC. The liquidity facility is sized at 102% of the purchase limit and has a borrowing base that ensures the full and timely repayment of the associated ABCP at face value.

Since the transaction is fully supported, Regency's programme-level credit enhancement was not increased. Regency is authorised to issue up to USD 9.46 billion of ABCP and has USD 185.3 million in programme-level credit enhancement.

RATINGS RATIONALE

Bryant Park Funding, CAFCO Funding, LLC, CHARTA, LLC and CIESCO Funding, LLC, CRC Funding, LLC, Old Line Funding, LLC, Regency Assets Ltd., Salisbury Receivables Company, LLC, Thunder Bay Funding, LLC: The assets are performing as expected and the credit enhancement remains sufficient to cover expected losses. In addition, the conduits' program-level credit enhancements were increased and available to cover further losses. The liquidity facilities funds in a manner consistent with the asset analysis.

Gotham Funding Corp.: The amendments do not affect the credit quality of the conduit's portfolio, the ability of BTMU to properly administer the program, and the bankruptcy remoteness of the conduit. Investors of Gotham's ABCP are solely exposed to the credit risk of the liquidity support provider, which is rated Prime-1.

Regency Assets Ltd/Regency Markets No. 1 LLC: The transaction is fully supported by a transaction-specific liquidity facility. The liquidity facility covers the face amount of ABCP and is provided by a Prime-1 bank.

SOUND Trust: The asset quality and credit enhancement are adequate for inclusion to the conduit's portfolio. The liquidity support for the transaction is consistent with the asset analysis and is provided by a Prime-1 rated bank.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in February 2003. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. 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 www.moodys.com.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings for the following issuers/deals that are issued by one of Moody's affiliates outside the EU are considered EU Qualified by Extension and therefore available for regulatory use in the EU. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

Bryant Park Funding

CAFCO Funding, LLC

CHARTA, LLC

CIESCO Funding, LLC

CRC Funding, LLC

Gotham Funding Corp.

Old Line Funding, LLC

Regency Assets Ltd/Regency Markets No. 1 LLC

Salisbury Receivables Company, LLC

Thunder Bay Funding, LLC

SOUND Trust

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Wanda Lee
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Everett Rutan
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions ending November 28, 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 — 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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