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Announcement:

Moody's ABCP rating actions ending September 26, 2011

28 Sep 2011

New York, September 28, 2011 -- Moody's ABCP rating actions for the fourteen-day period ended September 26, 2011

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED AT PRIME-1 (SF) DURING THE PERIOD SEPTEMBER 13, 2011 THROUGH SEPTEMBER 26, 2011:

LLOYDS TSB'S CANCARA AND HSBC'S REGENCY ADDS GBP250 MILLON CO-PURCHASED TRANSACTION

Cancara Asset Securitisation Limited/Cancara Asset Securitization LLC ("Cancara"), a partially supported, hybrid multiseller conduit sponsored by Lloyds TSB Bank Plc ("Lloyds TSB," Aa3 rating on review for possible downgrade/Prime-1/C-) and Regency Assets Ltd /Regency Markets No. 1 LLC ("Regency"), a partially supported, multiseller conduit sponsored by HSBC Bank plc ("HSBC", Aa2/Prime-1/C+), have co-purchased a GBP250 million transaction, with each conduit funding GBP125 million. The underlying collateral is a portfolio of U.K. auto loans originated by a subsidiary of an investment-grade rated UK based specialised financial institution.

The transaction benefits from credit enhancement in the form of overcollateralization, which is calculated on a dynamic basis (subject to product specific advance rate caps), and a cash reserve. In addition, investors benefit from various termination events based on pool performance triggers. A breach in the triggers will lead to early amortization of the portfolio. Cancara's and Regency's participations in the transaction are each partially supported by liquidity facilities provided by Lloyds TSB and HSBC, respectively.

For this transaction, Cancara and Regency increased their programme-level credit enhancement by 5% of the conduits' commitments. Cancara has approximately USD 11 billion in purchase commitments and USD 1.11 billion in programme-level credit enhancement. Regency has approximately USD 9.8 billion in purchase commitments and USD 0.2 billion in programme-level credit enhancement.

LLOYDS TSB'S CANCARA ADDS USD 340 MILLION FLOORPLAN TRANSACTION

Cancara Asset Securitisation Limited/Cancara Asset Securitization LLC ("Cancara"), a partially supported, hybrid multiseller conduit sponsored by Lloyds TSB Bank Plc ("Lloyds TSB," Aa3 rating on review for possible downgrade/Prime-1/C-) has purchased a USD 340 million unrated senior note issued out of a master trust financing floorplan receivables. The originators are part of a large investment-grade rated finance company based in the US.

The transaction benefits from credit enhancement in the form of overcollateralization and cash reserve totalling 12% of total receivables pool. In addition, investors benefit from various termination events based on pool performance triggers. A breach in the triggers will lead to early amortization of the portfolio. The trigger on minimum cash reserve also serves as cease issuance event. CP tenor is limited to 95 days for this transaction.

Cancara increased its programme-level credit enhancement by 5% of its commitment in the transaction. Cancara has approximately USD 11 billion in purchase commitments and USD 1.11 billion in programme-level credit enhancement.

SCOTIA'S BAY STREET ADDS INTEREST IN AUTO DEALER FLOORPLAN TRANSACTION

Bay Street Funding Trust ("Bay Street"), partially supported, multiseller Canadian ABCP program administered by Scotia Capital Inc., a wholly owned-subsidiary of The Bank of Nova Scotia (Aa1/Prime-1/B), has added a C$400 million interest in a revolving auto dealer floorplan facility. The underlying collateral consists of dealer floorplans originated by a Canadian auto finance company.

Transaction-specific credit enhancement is comprised of subordination, overcollateralization, and a cash reserve account. This transaction is partially supported by a liquidity facility provided by The Bank of Nova Scotia.

Bay Street does not have any program-level credit enhancement. Bay Street currently has C$1.13 billion of purchase commitments and C$1.02 billion of Canadian ABCP outstanding and $78 million of US ABCP outstanding.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE CONFIRMED AT PRIME-1 (SF) DURING THE PERIOD SEPTEMBER 13, 2011 THROUGH SEPTEMBER 26, 2011:

Moody's has confirmed the Prime-1 (sf) rating of the asset-backed commercial paper notes (ABCP) issued by Chesham Finance Ltd and Chesham Finance LLC (Chesham).

For further details, please see Moody's press release dated September 23, 2011.

Moody's has confirmed the Prime-1 (sf) rating of the asset-backed commercial paper notes (ABCP) issued by Ebury Finance Ltd and Ebury Finance LLC (Ebury).

For further details, please see Moody's press release dated September 23, 2011.

Moody's has confirmed the Prime-1 (sf) rating of the asset-backed commercial paper notes (ABCP) issued by Halkin Finance Plc and Halkin Finance LLC (Halkin).

For further details, please see Moody's press release dated September 23, 2011.

The principal methodology used in rating and monitoring the above-referenced ABCP programs is described in "The Fundamentals of Asset-Backed Commercial Paper" (published in February 2003). Other methodologies and factors that may have been considered in the process of rating this transaction can also be found in the Ratings Methodologies sub-directory on Moody's website.

Moody's monitors and analyzes ABCP programs on an ongoing basis. The rating actions apply to the CP issued by the ABCP programs and not the individual transaction 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.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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 September 26, 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.

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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.”

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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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