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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions for the seven-day period ended October 9, 2006

11 Oct 2006
Moody's ABCP rating actions for the seven-day period ended October 9, 2006

New York, October 11, 2006 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD OCTOBER 3, 2006 THROUGH OCTOBER 9, 2006:

MOODY'S ASSIGNS PRIME-1 TO BNP PARIBAS' J-BIRD ASSET FUNDING II INC. ABCP PROGRAM

In Tokyo, Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by J-Bird Asset Funding II, Inc. ("J-Bird II"). J-Bird II is a newly established, fully supported ABCP program administered by BNP Paribas (Aa2/Prime-1/B+), Tokyo Branch. J-Bird II has an authorized program limit of Yen 75 billion and will issue Yen-denominated ABCP in the Japanese market.

J-Bird II will use the proceeds from the sale of its ABCP to purchase ABS and beneficial interests backed by assets from various sellers. BNP Paribas, Tokyo Branch will provide liquidity support and credit support to assure full and timely repayment of the maturing commercial paper.

For further details, please see Moody's press release dated October 4, 2006.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 3, 2006 THROUGH OCTOBER 9, 2006:

HUDSON CASTLE'S EBBETS ADDS GBP600 MILLION TRANSACTION

Ebbets Funding PLC ("Ebbets"), a fully supported, multiseller ABCP conduit administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C) and managed by Hudson Castle Group Inc., has added a new transaction with an asset purchase limit amount of GBP600 million.

Under the transaction, Ebbets will make a loan to an SPV that will, in turn, use the proceeds received from Ebbets to purchase mortgage loans. Ebbets will finance the loan through the issuance of ABCP. The transaction is fully supported by a liquidity facility provided by a Prime-1-rated financial institution.

Ebbets has a maximum program limit of USD 20 billion.

CALYON'S LMA PURCHASES FCC UNITS BACKED BY CONSUMER RECEIVABLES

LMA S.A. ("LMA", also known as Liquidites de Marche) has added Euro 169.5 million of FCC units backed by a portfolio of consumer receivables originated by a French financial institution. This transaction is fully supported by a liquidity facility provided by Calyon under the form of an asset purchase agreement.

LMA is a fully supported, multiseller ABCP program sponsored and administered by Calyon (Aa2/Prime-1/C). LMA uses the proceeds of its Billets de Tresorerie and Euro commercial paper ("Euro ABCP") to fund the purchase of FCC units, asset-backed securities and bonds issued by corporate entities.

LMA is authorised to issue up to Euro 8.08 billion, $361.3 million and GBP 414.5 million of ABCP.

RABOBANK'S NIEUW AMSTERDAM ADDS $66.5 MILLION Aaa-RATED CLASS A NOTE AND $33.6 MILLION Aa3-RATED CLASS B NOTE

Nieuw Amsterdam Receivables Corp. ("Nieuw Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added two market value CDO notes issued by the same SPE. The addition includes a $66.5 million Aaa-rated Class A Note and a $33.6 million Aa3-rated Class B Note. Each note is partially supported by liquidity. The liquidity facility funds for maturing ABCP as long as the CDO note is not rated below Caa2.

For the purchase of the Class B Note, Nieuw Amsterdam will allocate program-level credit enhancement equal to 10% of the purchase limit for the Class B. With this transaction, Nieuw Amsterdam is authorized to issue up to $5.4 billion of ABCP and has $400 million in program-level credit enhancement.

ABN AMRO'S ORCHID PURCHASES $400 MILLION NOTES BACKED BY DIVERSIFIED PAYMENT RIGHTS

Orchid Funding Corp. ("Orchid"), a partially supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. ("ABN AMRO", rated Aa3/Prime-1/B), has purchased three tranches of floating-rate notes totalling USD 400 million. The notes are rated Aaa, Aa3 and Baa2. The purchase is made through Orchid Asset Securitization Investment Services ("OASIS"). Orchid issues ABCP and uses the proceeds to acquire the notes issued by OASIS, which in turn uses the proceeds to purchase the three tranches of notes.

The notes are backed by diversified payment rights flows originated by one of the major Turkish financial institutions. Two tranches benefit from the financial guarantee provided by Aaa-rated and Aa3-rated financial guarantors. The Baa2-rated tranche is issued without the benefit of a financial guarantee. Each tranche is partially supported by a separate liquidity facility provided by ABN AMRO to OASIS. The structural protection in the underlying diversified payment rights transaction together with the construction of the partially supported liquidity facility allows the Baa2-rated notes to draw on the liquidity facility under different scenarios.

Orchid will not add program-level credit enhancement for the inclusion of this transaction. With this transaction, Orchid may issue up to approximately USD 1.3 billion of ABCP.

IKB'S RHINELAND ADDS TRADE RECEIVABLE TRANSACTIONS TOTALLING EURO 42 MILLION

Rhineland Funding Capital Corp ("Rhineland"), a hybrid ABCP conduit sponsored by IKB Deutsche Industriebank AG ("IKB", rated Aa3/Prime-1/B-), has added two transactions totalling Euro 42 million to its portfolio. Both transactions are trade receivable facilities.

In the first transaction, the facility is sized at Euro 28 million and the receivables are originated by an unrated German company that specializes in the production and sale of cast automobile supplies. The obligors reside in the European Union and Turkey. The transaction is fully supported through a combination of a liquidity facility and a credit insurance policy. The credit insurance policy is provided by Coface Kreditversicherung AG (Aa3/Prime-1), and covers all defaulted receivables. The liquidity support is provided by IKB and provides coverage of all risks (within the defined borrowing base) that are not defaulted receivables.

The second transaction is a Euro 14 million trade receivables facility. The receivables are originated by an Austrian dairy products company. This transaction is also fully supported through a combination of a credit insurance policy and a liquidity facility. The credit insurance policy is provided by Coface Kreditversicherung AG (Aa3/Prime-1), and covers defaulted receivables. The liquidity support, which is sized at 102% of the transaction volume, is provided by Kommunalkredit Austria AG, and covers all risks except defaulted receivables.

With the addition of these two transactions, Rhineland is authorized to issue up Euro 10.46 billion of ABCP.

KEYBANK'S PUBLIC SQUARE INCREASES INTEREST IN EXISTING COMMERCIAL LOAN FACILITY

Public Square Funding LLC ("Public Square"), a partially supported, multiseller ABCP program sponsored by KeyBank N.A. (A1/Prime-1/B-) and administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C), has increased its purchase limit in an existing commercial loan facility to $75 million from $50 million. This transaction is fully supported through a liquidity facility provided by Prime-1-rated KeyBank.

Public Square is currently authorized to issue up to $1.06 billion of ABCP and has $28 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S THUNDER BAY AND OLD LINE INCREASE INTEREST IN EXISTING STUDENT LOAN FACILITY

Thunder Bay Funding LLC ("Thunder Bay") and Old Line Funding LLC ("Old Line"), both partially supported, multiseller ABCP conduits sponsored by Royal Bank of Canada ("RBC", rated Aa2/Prime-1/B+), have increased their interest in an existing revolving student loan warehouse facility from $300 million to $600 million. This facility funds all FFELP student loans, which are 97% guaranteed by the federal government.

Thunder Bay has $8.1 billion in total purchase commitments, with $4.7 billion in outstandings and $863 million in program-level credit enhancement. Old Line has $13.2 billion in total purchase commitments, with $9.3 billion in outstandings and $1.3 billion in program-level credit enhancement. Both programs have a floor of $300 million.

ROYAL BANK OF CANADA'S THUNDER BAY AMENDS INTEREST IN EXISTING Aaa-RATED CLO NOTES

Thunder Bay Funding, LLC ("Thunder Bay"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC", Aa2/Prime-1/B+), has amended its interest in two Aaa-rated CLO notes.

The liquidity facilities for the $70 million interest in the Class A-1 CLO note and the $50 million interest in the Class A CLO note have been amended so that they conform to the structures used in newly funded CLOs in Thunder Bay's sister conduit, White Point Funding.

Thunder Bay has $8.1 billion in total purchase commitments, with $4.7 billion in outstandings and $863 million in program-level credit enhancement.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com

New York
Jonathan Polansky
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Wanda Lee
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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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 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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