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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 7, 2013

09 Oct 2013

New York, October 09, 2013 -- Moody's ABCP rating actions for the seven-day period ending October 7, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD OCTOBER 1, 2013 THROUGH OCTOBER 7, 2013:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

MOODY'S ASSIGNS PRIME-1 (SF) RATING TO TORONTO DOMINION-SPONSORED BANNER TRUST ABCP PROGRAM

For further details, please see Moody's press release dated October 1, 2013

BARCLAYS' SHEFFIELD PURCHASES TWO SERIES OF NOTES FOR $290 MILLION IN FLEET LEASE RECEIVABLES

Sheffield Receivables Corp., a partially supported, multiseller ABCP conduit administered by Barclays Bank Plc ("Barclays", A2/C-/Prime-1) has added two series of notes totaling $290 million backed by automotive fleet lease receivables. One series will have a tenor of 364 days and a commitment of $224.1 million. The second series will have a two year tenor and a commitment of $65.9 million. Each series will be comprised of three rated notes.

This transaction is fully 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 transaction.

Sheffield's program-level credit enhancement is required to be increased by 10% of the facility limit. Sheffield has approximately $5.56 billion of outstanding CP and its program-level credit enhancement is $855 million.

NATIXIS' VERSAILLES ADDS ONE $35 MILLION CLO NOTES

Versailles Assets, LLC ("Versailles Assets"), a partially supported, multiseller ABCP conduit sponsored and administered by NATIXIS NEW YORK BRANCH ("NATIXIS," rated A2/Prime-1), has added one highly-rated $35 million CLO notes to its portfolio.

Versailles Assets will finance this note by issuing Prime-1-rated ABCP to Versailles Commercial Paper, LLC. Versailles Commercial Paper, in turn, will issue Prime-1-rated ABCP to investors in the capital market to purchase the Versailles Assets ABCP. The liquidity support is at the Versailles Assets level, and covers any timing mismatch, or liquidity risk, between the underlying notes and the ABCP issued to Versailles Commercial Paper. The program-level credit enhancement is at the Versailles Commercial Paper level.

The transaction is a $35 million interest in Aaa-rated Class A-R note. The transactions is supported by a liquidity facility provided by NATIXIS. The liquidity facilities fully support the ABCP.

Due to the high credit quality of the notes, Versailles Commercial Paper is not required to provide incremental program-level credit enhancement. Versailles has $4.8 billion in purchase commitments, with $3 billion in ABCP outstanding and $276.97 million in program-level credit enhancement.

SCOTIABANK'S BAY STREET, BMO CAPITAL MARKETS' CANADIAN MASTER TRUST, AND CIBC'S SAFE TRUST AMEND INTEREST IN EXISTING AUTO DEALER FLOORPLAN FACILITY

Bay Street Funding Trust ("Bay Street"), Canadian Master Trust ("CMT") and SAFE Trust ("SAFE"), have agreed to certain amendments to their respective transactions in an existing auto dealer floorplan facility. Each conduit holds a separate unrated note (the VFNs) issued out of a master trust and has a commitment amount of $200 million. The VFNs are secured by a revolving pool of dealer floorplan loans originated by a Canadian auto finance company. The transaction remains structured as a two-year revolving facility, although the termination date of the respective revolving periods varies as between the trusts.

Bay Street is a partially supported, multiseller Canadian ABCP program administered by Scotia Capital Inc., a wholly owned-subsidiary of Scotia Bank (Aa2/Prime-1/B-). Canadian Master Trust ("CMT") is a partially supported, multiseller ABCP conduit administered by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal (Aa3/Prime-1/C+). SAFE is a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+).

The amendments include changes to certain of the concentration limits, modifying the credit enhancement structure and other minor amendments to the indenture supplement and note purchase agreements. This transaction has been in Bay Street's portfolio since 2011, and in CMT and SAFE's portfolios since 2012. The transaction has performed well since inception.

Transaction-specific credit enhancement is comprised of a cash reserve account sized at 1% of funded amount and overcollateralization (with a minimum O/C of 30.7% of funded amount). The reported 3-month average principal payment rate is 49.73%. The transaction remains partially supported by liquidity facilities provided by Prime-1 rated banks. Bay Street has transaction-specific liquidity facility provided by Prime-1-rated Scotiabank. CMT has a single program-level liquidity facility that is provided by Prime-1 rated Bank of Montreal. SAFE has a single program-level liquidity facility that is provided by Prime-1 rated CIBC.

Bay Street currently has C$2.33 billion of purchase commitments and C$1.7 billion of Canadian ABCP outstanding.

CMT currently has C$1.89 billion of purchase commitments and C$1.35 billion of Canadian ABCP outstanding.

SAFE has C$1.5 billion of purchase commitments and C$1.25 billion in outstanding Series 1996-1 Senior Short Term Notes.

TORONTO DOMINION-SPONSORED ZEUS, MERIT AND PRIME ACQUIRE AN INTEREST IN AN AUTO LEASE FACILITY

Zeus Receivables Trust ("Zeus"), Merit Trust ("Merit"), and Prime Trust ("Prime"), three partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD," Aa1/Prime-1/B) and administered by TD Securities Inc., have added a C$503 million amortizing facility backed by auto leases originated by an investment grade rated Canadian automotive manufacturer. Transaction-specific credit enhancement is in the form of 15.3% overcollateralization, a 1% cash account and excess spread.

The transaction is partially supported by a program-level liquidity facility provided by Prime-1 rated TD and sized to cover 100% of outstanding ABCP issued by Zeus, Merit and Prime. The three programs do not have any program-level credit enhancement. Zeus has C$3.065 billion in outstanding ABCP; Merit has C$3.034 billion in outstanding ABCP and Prime has C$3.22 billion in outstanding ABCP.

TORONTO DOMINION-SPONSORED BANNER TRUST ACQUIRES AN INTEREST IN FIVE ASSET POOLS BACKED BY RESIDENTIAL MORTGAGES AND TRADE RECEIVABLES

Banner Trust ("Banner"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD," Aa1/Prime-1/B) and administered by TD Securities Inc., has acquired an interest in five asset pools totaling $1 billion. The five asset pools are part of existing co-purchase facilities with Banner's three sister ABCP conduits, Merit Trust, Prime Trust and Zeus Trust. The assets consist of four pools of primarily insured residential mortgages and one pool of trade receivables.

The residential mortgages are fully supported by program-level liquidity provided by Prime-1 rated TD and sized to cover 100% of outstanding ABCP issued by Banner.

The trade receivables facility is partially supported by a program-level liquidity facility provided by Prime-1 rated TD and sized to cover 100% of outstanding ABCP issued by Banner. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 13% of the funded amount of the asset pool.

Similar to Banner's sister ABCP programs, there is no program-level credit enhancement. Prior to this acquisition Banner had no outstanding ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD OCTOBER 1, 2013 THROUGH OCTOBER 7, 2013:

MOODY'S WITHDRAWS THE PRIME-1 (SF) RATING OF ABCP ISSUED BY HSBC'S BRYANT PARK FUNDING LLC

For further details, please see Moody's press release dated October 1, 2013.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. 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.

Valerie F. Oliveri
Associate 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/Manager
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 October 7, 2013
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

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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.

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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 $2,700,000. 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 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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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