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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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Announcement:

Moody's ABCP rating actions ending October 29, 2007

31 Oct 2007
Moody's ABCP rating actions ending October 29, 2007

New York, October 31, 2007 -- Moody's ABCP rating actions for the seven-day period ended October 29, 2007

THE FOLLOWING ABCP PROGRAM WAS RATED PRIME-1 DURING THE PERIOD OCTOBER 23, 2007 THROUGH OCTOBER 29, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO METLIFE'S BEAGLE FUNDING LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the U.S. commercial paper notes ("CP"), Euro commercial paper notes ("ECP"), and extendable notes ("EN") issued by Beagle Funding LLC ("Beagle"). Beagle is a newly established, fully supported, single-seller commercial paper program administered by Lord Securities Corporation and sponsored by Metropolitan Life Insurance Company ("MLIC," Aa2/Prime-1 IFS), a wholly owned subsidiary of MetLife, Inc. (rated A2/Prime-1). Beagle's program limit is $10 billion; however, Moody's expects that issuance will not exceed $4 billion at this time.

The CP and ECP to be issued by Beagle will have maturity dates up to 360 days, while the ENs will have expected maturity dates up to 270 days, and final maturity dates up to 360 days, from initial issuance. Beagle has the ability to issue ECP in U.S. Dollars, Euros, Pounds Sterling, or other approved currencies. Beagle will use the proceeds from the issuance of its program notes to make deposits under a master funding agreement issued by MLIC. Beagle may enter into additional funding agreements issued by other insurance companies designated by MLIC, subject to prior notice to Moody's and certain other conditions. The funding agreement is the sole asset backing Beagle's program notes and is essentially an investment contract guaranteed by MLIC. MLIC has an insurance financial strength rating of Aa2 and short-term debt rating of Prime-1, and is a wholly owned subsidiary of MetLife, Inc., a New York-based leading provider of life insurance, annuities, and other investment products.

The Prime-1 rating assigned to Beagle's program notes is based on, among other factors, the following: (i) the full credit and liquidity support provided by the funding agreement, which is an obligation of Aa2-rated MLIC; (ii) the capability and experience of Lord Securities Corporation in its role as the administrative agent; and (iii) structural protections incorporated into the program to make it bankruptcy-remote.

For further details, please see Moody's press release dated October 26, 2007. The Program Review for Beagle Funding LLC is available on Moody's website: www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 DURING THE PERIOD OCTOBER 23, 2007 THROUGH OCTOBER 29, 2007:

SOCIETE GENERALE'S BARTON ADDS $302 MILLION AUTO LOAN FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Societe Generale ("SG," rated Aa1/Prime-1/B), has added a $302 million interest in an existing co-purchase auto loan facility. This transaction is part of a $1.8 billion revolving facility established for a finance subsidiary of an auto manufacturer.

Transaction-specific credit enhancement is based on a dynamic formula that responds to changes in asset performance, with a minimum enhancement of 8%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG.

With this transaction, Barton's program-level credit enhancement was increased by 8% of its commitment. Barton is authorized to issue up to $23 billion of ABCP, and has $1.86 billion in program-level credit enhancement.

DRESDNER'S BEETHOVEN ADDS $12.5 MILLION OF NOTES

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG ("Dresdner," rated Aa2/Prime-1/C), has added a $12.5 million note to its portfolio. The notes are backed by a portfolio of debt securities. This note was previously financed by another Dresdner-sponsored conduit. This transaction is fully supported by a liquidity facility provided by Dresdner.

With this transaction, Beethoven has $13.5 billion in authorized purchase commitments and $476 million in program-level credit enhancement.

THE FOLLOWING ABCP PROGRAMS WERE DOWNGRADED DURING THE PERIOD OCTOBER 23, 2007 THROUGH OCTOBER 29, 2007:

MOODY'S DOWNGRADES THE RATINGS OF AXON FINANCIAL FUNDING NOTES

In London, Moody's has downgraded the ratings of the Euro commercial paper programme, U.S. commercial paper programme, and Medium Term Note ("MTN") programme of Axon Financial Funding Limited and Axon Financial Funding LLC ("Axon"). The subordinated notes issued by Axon have also been downgraded. The rating action took place on October 23, 2007. Axon's commercial paper and MTNs were previously placed on review for possible downgrade on September 17, 2007, while the subordinated debt was previously placed on review for possible downgrade on September 5, 2007.

Complete rating actions are as follows:

(i) Euro and U.S. commercial paper programmes downgraded to Not Prime from Prime-1 on review for possible downgrade;

(ii) Euro and U.S. MTN programmes downgraded to Ba3 on review for possible downgrade and Not Prime from Aaa/Prime-1 on review for possible downgrade; and

(iii) U.S. Mezzanine Note programme downgraded to Ca from A1 on review for possible downgrade.

Axon has experienced severe declines in capital net asset value (NAV) since July 2007. The NAV is measured as the difference between the portfolio market value and the notional amount outstanding of senior liabilities, expressed as a percentage of paid-in capital. The vehicle's NAV dropped from 96% on July 27, 2007 to 39% on October 18, 2007. This precipitous drop resulted from the vehicle's exposure to U.S. RMBS (57%, 22% of which is wrapped by monoline insurance companies) and CDOs of ABS (6%) that have experienced severe price declines during this period.

Axon is a structured investment vehicle managed by Axon Asset Management Inc., and administered by QSR Management Limited. Axon invests in a diversified portfolio of eligible investment grade assets funded by the proceeds of the senior notes, mezzanine notes and capital notes.

For further details, please see Moody's press release dated October 23, 2007.

MOODY'S DOWNGRADES THE RATINGS OF CHEYNE FINANCE CAPITAL NOTES

In London, Moody's has downgraded the ratings of the Mezzanine Capital Notes and Combination Capital Notes issued by Cheyne Finance Capital Notes LLC. The rating action took place on October 23, 2007. Moody's previously downgraded the ratings assigned to various debt programmes of Cheyne Finance PLC, Cheyne Finance LLC, and Cheyne Finance Capital Notes LLC (together, "Cheyne Finance") on September 5, 2007 and October 4, 2007.

Complete rating actions are as follows:

(i) Mezzanine Capital Notes downgraded to Ca from Caa2; and

(ii) Combination Capital Notes downgraded to Ca from Caa3.

A mandatory acceleration event was declared on October 17, 2007 following a determination by the security trustee that the vehicle is, or is likely to become, unable to repay all of its commercial paper, medium term notes, and drawn liquidity as they become due.

Cheyne Finance has experienced severe declines in capital net asset value (NAV) since July 2007. The vehicle's NAV dropped from 91% on July 27, 2007 to 30% on October 18, 2007. This precipitous drop resulted from the vehicle's exposure to U.S. RMBS (47%, 18% of which is wrapped by monoline insurance companies) and CDOs of ABS (7%) that have experienced severe price declines during this period.

Cheyne Finance is a structured investment vehicle managed by Cheyne Capital

Management Ltd., and administered by QSR Management Limited. Cheyne Finance invests in a diversified portfolio of eligible investment grade assets funded by the proceeds of the senior notes, mezzanine capital notes, junior capital notes and combination capital notes.

For further details, please see Moody's press release dated October 23, 2007.

MOODY'S DOWNGRADES THE RATINGS OF KKR PACIFIC FUNDING TRUST AND KKR ATLANTIC FUNDING TRUST ABCP

Moody's has downgraded the secured liquidity notes ("SLNs") and extended notes of KKR Pacific Funding Trust and KKR Atlantic Funding Trust to Not Prime. The rating actions took place on October 23, 2007. These actions follow the rating actions that took place on August 15, 2007, when the SLNs of both programs were placed on watch for possible downgrade.

Complete rating actions are as follows:

(i) KKR Pacific Funding Trust SLNs and extended notes downgraded to Not Prime from Prime-1 on watch for possible downgrade; and

(ii) KKR Atlantic Funding Trust SLNs and extended notes downgraded to Not Prime from Prime-1 on watch for possible downgrade.

In August, the overcollateralization in both programs fell below the required amount due to the deterioration in market value of the assets in the portfolio. Moody's rating action reflects the further deterioration in the current market value of the assets relative to their outstanding liabilities.

KKR Pacific Funding Trust and KKR Atlantic Funding Trust are both single-seller, extendible ABCP programs sponsored by KKR Financial Corp. (unrated). Both programs are administered by KKR Financial Advisors III (unrated), with Deutsche Bank Trust Company Americas (Aa3/Prime-1/C) acting as the sub-administrator. Both programs issue SLNs and use the proceeds to invest in a portfolio of Agency and Aaa-rated residential mortgage-backed securities. All of the assets funded by the KKR Programs are currently rated Aaa by Moody's or other rating agencies.

For further details, please see Moody's press releases dated October 29, 2007.

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

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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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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