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Announcement:

Moody's ABCP rating actions for the fourteen-day period ending February 11, 2013

13 Feb 2013

New York, February 13, 2013 -- Moody's ABCP rating actions for the fourteen-day period ending February 11, 2013

MOODY'S PUBLISHES 1Q13 ABCP PROGRAM INDEX

Moody's has published its ABCP Program Index with information through December 31, 2012. This report is published quarterly and can be found with Moody's other ABCP research products at www.moodys.com.

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD JANUARY 29, 2013 THROUGH FEBRUARY 11, 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.

BUNGE ASSET FUNDING CORP. AMENDS PROGRAM

Bunge Asset Funding Corp. ("BAFC") has added a new bank to the revolving liquidity facility, resulting in an increase of the program size back to $600 million. BAFC's $600 million liquidity facility is provided by a syndicate of Prime-1 rated banks. There are 17 banks in the syndicate with commitments ranging from $73.75 million to $25 million. A complete list of banks is available in the BAFC Program Review available on moodys.com.

BAFC is a fully supported, single-seller conduit sponsored by Bunge Limited (Ba1, stable outlook). Bunge Master Trust is rated Baa2, stable outlook. With the amendment, BAFC continues to remain as a fully supported conduit.

BAFC is authorized to issue up to $600 million of ABCP and currently has $58 million of ABCP outstanding.

CIBC'S SAFE TRUST ADDS C$500 MILLION CREDIT CARD SECURITIZATION

SAFE Trust ("SAFE"), a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+), has added a C$500 million revolving credit card securitization to its portfolio. The securitization is established for an investment-grade rated financial institution and includes a combination of revolving retail consumer and business accounts. The transaction is structured as an uncommitted multi-year revolving facility.

Transaction-specific credit enhancement is comprised of overcollateralization sized at 8% of the invested amount and excess spread. This transaction is partially supported by a liquidity facility provided by Prime-1 rated CIBC. SAFE has a single program-level liquidity facility that is used to support its commercial paper.

As of November 2012, SAFE had C$763 million in aggregate purchase commitments and C$663 million in outstanding Series 1996-1 Senior Short Term Notes.

CREDIT AGRICOLE'S ATLANTIC ACQUIRES A $25MM TRADE RECEIVABLES FACILITY

Atlantic Asset Securitization, LLC ("Atlantic"), a partially supported, multiseller ABCP program sponsored and administered by Credit Agricole Corporate and Investment Bank, New York Branch ("CA-CIB," A2/Prime-1), has acquired a $25 million facility backed by trade receivables originated by a non investment grade-rated energy company.

Transaction-specific credit enhancement is sized at the greater of a (a) dynamic reserve and (b) floor reserve. The dynamic reserve responds to changes in both historical defaults and dilution. The floor reserve is comprised of a minimum dilution reserve and a concentration reserve. The minimum dilution reserve is sized at the greater of (a) a dynamic calculation based upon historical dilutions and (b) 1%. The concentration reserve is based upon the obligors' concentration in the pool. This transaction is partially supported by a liquidity facility provided by Prime-1-rated CA-CIB.

With this transaction, Atlantic increased its program-level credit enhancement by 10% of commitments with respect to this transaction. Atlantic has about $9.51 billion in purchase commitments, with $6.20 billion in ABCP outstanding and $893 million in program-level credit enhancement.

ING'S MONT BLANC AMENDS CEASE ISSUANCE RATING TRIGGERS IN TWO EXISTING TURKISH FUTURE FLOW TRANSACTIONS

Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multi-seller program sponsored by ING Bank NV ("ING," rated A2/Prime-1/C-), has amended two future flow transactions originated by Turkish banks. The amendments lower the cease ABCP issuance rating trigger of the two transactions to A2 (sf) from Aa3 (sf). Downgrade of these transactions to below A2 (sf) would cause Mont Blanc to cease issuing ABCP against these transactions. The amendments follow the downgrade of each transaction to A2 (sf) on 22 January 2013.

However, the liquidity facility for each transaction will be available to cover the full amount of outstanding ABCP as long as the rating of the relevant transaction is at Caa3 or above.

These two transactions also benefit from a financial guarantee. We downgraded their ratings to A2 (sf) from Aa3 (sf) on 22 January 2012 to reflect the downgrade of their financial guarantor. We rate transactions that benefit from financial insurance at the higher of their underlying rating and the rating of their guarantor. We have not changed the underlying ratings of the affected securities, which reflect their credit risk irrespective of the financial guarantee.

Mont Blanc is authorized to issue approximately USD 3 billion of ABCP and its programme-level credit enhancement remains at the USD 300 million floor.

NATIONAL BANK FINANCIAL'S FUSION TRUST AMENDS AUTO LOAN FACILITY

Fusion Trust ("Fusion"), a partially supported, multiseller ABCP program sponsored and administered by National Bank Financial Inc. ("NBF"), a wholly owned subsidiary of National Bank of Canada ("NBC" rated Aa3/Prime-1/C), has amended its interest in a C$584 million auto loan facility.

All seller and servicer obligations under transaction documents will be assumed by a Aa3/P-1-rated financial institution. In addition, the transaction's swap will be novated to a Aa3/P-1-rated financial institution from a Aa3/P-1-rated financial institution.

Fusion has C$1.9 billion of purchase commitments and its program-level credit enhancement was C$15 million.

RBC'S STORM KING ACQUIRES INTEREST IN AUTO LEASES

Storm King Funding ("Storm King"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Royal Bank of Canada ("RBC," Aa3/Prime-1/C+), has acquired a C$350 million amortizing facility backed by auto leases originated by a financing company.

The transaction is partially supported by a transaction-level liquidity facility provided by Prime-1-rated RBC and sized to cover 102% of outstanding ABCP issued by Storm King.

With this transaction, Storm King's required program-level credit enhancement increased by 10% of commitments but only 10% of outstandings can be drawn. Storm King has C$2.60 billion of purchase commitments; its program-level credit enhancement was C$260 million but only C$159 million can be drawn.

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 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
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 for the fourteen-day period ending February 11, 2013
No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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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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 $5,000,000. 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 JPY550,000,000.

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

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