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Announcement:

Moody's ABCP rating actions for the seven-day period ended October 23, 2006

26 Oct 2006
Moody's ABCP rating actions for the seven-day period ended October 23, 2006

New York, October 26, 2006 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD OCTOBER 17, 2006 THROUGH OCTOBER 23, 2006:

DRESDNER'S BEETHOVEN FUNDS $100 MILLION EQUIPMENT FINANCE FACILITY

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG (A1/Prime-1/C-), has added a $100 million transaction to its portfolio.

The transaction is a $100 million note backed by equipment loans and leases primarily for medium trucks and construction equipment. The note is funded through Symphony No. 4, LLC ("Symphony 4"), a bankruptcy-remote special purpose vehicle created by Dresdner to purchase certain assets from its clients. The assets purchased by Symphony 4 are funded by a loan provided by Beethoven, which issues ABCP to finance its loan commitment. The liquidity facility fully supports the transaction in that it funds regardless of the performance of the note, and so long as Symphony 4 is not bankrupt.

With this transaction, Beethoven's program-level credit enhancement was increased by 10% of outstanding ABCP issued for this transaction. Beethoven is now authorized to issue up to $15 billion of ABCP.

LLOYDS TSB'S CANCARA ADDS TWO TRANSACTIONS TOTALING USD 250 MILLION

Cancara Asset Securitisation Limited ("Cancara"), a partially supported, hybrid conduit sponsored by Lloyds TSB Bank Plc (Aaa/Prime-1/A), has added two transactions totaling US$ 250 million to its portfolio.

The first transaction is a US$ 100 million mortgage warehouse facility. In this transaction, Cancara makes advances under a demand note facility to a purchasing company, Gresham Receivables (No. 6) Limited, which funds a pro rata share of a mortgage warehouse facility to a US company under a loan agreement. Transaction-specific credit enhancement is provided by over-collateralisation and a cash reserve account. The transaction also benefits from certain performance-related trigger events and a collateral deficiency test. If these triggers are breached, a CP cease issuance will occur (maximum CP tenor is 30 days). This transaction is supported by a liquidity facility provided by Lloyds TSB Bank Plc.

The second transaction is a US$ 150 million trade receivable facility. In this transaction, Cancara is refinancing a pool of trade receivables originated by the European and American subsidiaries of a UK company operating in the chemical industry. Transaction-specific credit enhancement is provided by over-collateralisation and a dynamic Loss Reserve and Dilution Reserve sized at a minimum of 14%. The transaction also benefits from certain performance-related trigger events such as delinquency and default triggers. The transaction is partially supported by a liquidity facility provided by Lloyds TSB Bank Plc.

With these transactions, Cancara's programme-level credit enhancement was increased by 5% of its commitment for each transaction. Cancara is authorized to issue up to US$ 23.3 billion of ABCP.

IXIS CIB'S DIRECT FUNDING ADDS USD 600 MILLION SENIOR CDO TRANCHE

DIRECT Funding S.A. ("Direct Funding"), a partially supported, multiseller ABCP conduit sponsored by IXIS CIB ("IXIS", rated Aa2/Prime-1), has added a Euro 600 million interest in a rated senior tranche of a CDO.

The asset addition takes the form of a subscription by Direct Funding to a credit derivatives transaction, by which it provides protection to its counterparty, IXIS, against certain credit events arising in connection with the underlying senior CDO tranche. Under the credit derivatives transaction, there will be a cash settlement amount due if the notes are rated below Caa1 after the occurrence of a credit event.

Direct Funding will use the proceeds from its ABCP issuance to fund a cash deposit account, which is pledged to the benefit of the party buying credit protection.

The affirmation of the conduit's Prime-1 rating is also based on the rating of IXIS, as credit derivative counterparty and liquidity provider, through its commitment to release the cash collateral associated with the credit derivative, when required.

Direct Funding was not required to increase its program-level credit enhancement with the addition of this transaction. Direct Funding is authorized to issue up to Euro 5 billion of ABCP, and its program-level credit enhancement remains at Euro 1 million.

TFI GESTION'S GENERAL FUNDING ADDS EURO 150 MILLION TRADE RECEIVABLE TRANSACTION

General Funding Limited ("GENERAL"), a fully supported, multiseller ABCP programme sponsored by Titrisation et Finance Internationales (unrated), has purchased Euro 150 million of FCC units backed by a portfolio of trade receivables originated by several subsidiaries of a US company operating in the packaging industry. The various originators in this transaction are located in France, the UK, Italy, Germany, Spain, The Netherlands and Switzerland.

Transaction-specific credit enhancement is in the form of subordinated units, and is based on a dynamic formula tied to historical default and dilution performance, subject to a 20% minimum level. Special obligor concentration limits have been established and the transaction includes several termination events based on pool performance triggers. The transaction is partially supported through a liquidity facility provided by Prime-1-rated HSBC France. The liquidity facility covers for non-defaulted assets, dilutions, and cash collected but not remitted to the conduit.

With this transaction, GENERAL is now authorized to issue up to Euro 510 million of ABCP.

CALYON'S LMA PURCHASES FCC UNITS BACKED BY TRADE RECEIVABLES

LMA S.A. ("LMA", also known as Liquidites de Marche) has added Euro 150 million of FCC units backed by a portfolio of trade receivables originated by several subsidiaries of a US company operating in the packaging industry. 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 programme 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 8.03 billion, $352.3 million and GBP 414.5 million of ABCP.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ADDS $500 MILLION AUTO LOAN TRANSACTION

Manhattan Asset Funding Company LLC ("Manhattan"), a partially supported, multiseller conduit, sponsored by Sumitomo Mitsui Banking Corp. ("SMBC", rated A1/Prime-1/D+), has added a $500 million amortizing auto loan facility to its portfolio. The underlying receivables consist of retail loans originated by a financing subsidiary of a major automotive manufacturer.

The transaction benefits from a minimum of 5.5% transaction-specific credit enhancement in the form of overcollateralization. This transaction is partially supported by a liquidity facility provided by SMBC.

With this transaction, Manhattan's program-level credit enhancement was increased by 10% of its purchase commitment. Manhattan has an aggregate purchase limit of $3.58 billion and $320 million in program-level credit enhancement.

BNP PARIBAS' MATCHPOINT ADDS EURO 90 MILLION NOTE TRANSACTION

Matchpoint Finance Plc and Matchpoint Master Trust (together, "Matchpoint"), a partially supported, multiseller conduit sponsored and administered by BNP Paribas (Aa2/Prime-1/B+), has added a new transaction to its Series A portfolio.

This transaction relates to a purchase by Matchpoint of Aaa-rated floating rate CDO notes. Matchpoint is purchasing a total of Euro 90 million of senior notes comprised of Euro 64 million Class I N and Euro 26 milllion Class I D (delayed draw note). This transaction is partially supported by a liquidity facility provided by BNP Paribas. The liquidity facility will be available to repay maturing CP unless the Notes are rated Caa1 and have been downgraded from Aa3 within the 364 days prior to reaching the Caa1 default level.

With this addition, Matchpoint has a total authorized programme limit of Euro 2.01 billion.

FORTIS BANK'S SCALDIS ADDS USD 750 MILLION AUTO LOAN TRANSACTION

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, multiseller ABCP conduit sponsored by Fortis Bank S.A./N.V. (Aa3/Prime-1/B), has added a USD 750 million auto loan transaction to its portfolio.

In this transaction, Scaldis is acquiring revolving pools of retail auto loans originated by a US captive finance company. The transaction is partially supported by a liquidity facility sized at 102% of the facility limit. Transaction-specific credit enhancement includes 3.25% over-collateralisation, 0.50% reserve account, and 3% excess spread.

With this transaction, Scaldis' programme-level credit enhancement was increased by 5% of the facility limit. Scaldis is authorized to issue up to USD 27.07 billion of ABCP.

ROYAL BANK OF CANADA'S THUNDER BAY PURCHASES $375 MILLION NOTE BACKED BY RETAIL LOANS

Thunder Bay Funding, LLC ("Thunder Bay"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC", Aa2/Prime-1/B+), has purchased a $375 million interest in an amortizing note backed by a pool of retail loans.

This note benefits from transaction-specific credit enhancement in the form of overcollateralization and a cash reserve account, together sized at a minimum of 5%. This transaction is partially supported by a liquidity facility provided by RBC. As an additional protection to ABCP investors, the liquidity facility will purchase the transaction in the event that certain trigger events occur.

With this transaction, Thunder Bay's program-level credit enhancement was increased by 10% of its commitment. Thunder Bay has $8.4 billion in total purchase commitments with $5 billion in outstanding and $1.2 billion in program-wide credit enhancement.

ROYAL BANK OF CANADA'S WHITE POINT INCREASES INTEREST IN EXISTING Aaa-RATED CLO NOTE

White Point Funding Inc. ("White Point"), a partially supported, multiseller conduit sponsored by Royal Bank of Canada ("RBC," Aa2/Prime-1/B+), has increased its interest in an existing Aaa-rated Class A-2 CLO note. Its commitment increased to $70 million from $40 million.

The underlying assets are primarily U.S. dollar-denominated senior loans, non-senior secured loans, high yield bonds, and second lien loans. The transaction remains partially supported by liquidity.

With this transaction, White Point's program-level credit enhancement was increased by 10% of the commitment. White Point has $880 million in total purchase commitments with $880 million in outstanding and $100 million in program-level credit enhancement.

MERRILL LYNCH'S ZANE FUNDING ADDS $350 MILLION MORTGAGE WAREHOUSE FACILITY

Zane Funding, LLC ("Zane"), a partially supported, multiseller ABCP program sponsored by Merrill Lynch & Co., Inc. (Aa3/Prime-1) and administered by Merrill Lynch Bank USA ("MLBUSA", rated Aa3/Prime-1/B-), has added its first asset pool. The transaction is a $350 million mortgage warehouse facility.

This transaction is backed by seasoned first-lien, prime and jumbo mortgage loans. Transaction-specific credit enhancement is in the form of overcollateralization that is equal to 2%. The transaction also benefits from a liquidity facility that is available to cover non-defaulted receivables less than 90 days delinquent. In addition, the liquidity facility is required to purchase assets 180 days after there is a margin call.

With this transaction, Zane's program-level credit enhancement was increased by 8% of outstandings. Zane is authorized to issue up to $5 billion of ABCP, and its program-level credit enhancement will remain at the $40 million floor.

For a more detailed description of these ABCP programs, see Moody's website at http://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
Wanda Lee
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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