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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

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.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Announcement:

Moody's ABCP rating actions for the seven-day period ended December 18, 2006

20 Dec 2006
Moody's ABCP rating actions for the seven-day period ended December 18, 2006

New York, December 20, 2006 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD DECEMBER 12, 2006 THROUGH DECEMBER 18, 2006:

ABN AMRO'S AMSTERDAM ADDS $457.5 \MILLION UNRATED SENIOR CDO NOTE

Amsterdam Funding Corp. ("Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by ABN AMRO Bank (Aa3/Prime-1/B), has purchased an interest in a $457.5 million Class A CDO note. This transaction is backed by a pool of trust preferred securities, which are hybrid instruments that combine attributes of debt with features of equity.

The Class A note benefits from transaction-specific credit enhancement in the form of subordination, provided by Class B notes, and a cash collateral account. The transaction-specific credit enhancement totals 12.5%. In addition, this deal benefits from a structural mechanism that mitigates the credit risk to investors. This transaction is partially supported by a liquidity facility provided by ABN AMRO.

With this transaction, Amsterdam's program-level credit enhancement was increased by 10% of its commitment. Amsterdam has $11.4 billion in total purchase commitments with $9.1 billion in outstandings, and $1.1 billion in program-level credit enhancement.

HVB'S ARABELLA ADDS EURO 40 MILLION TRADE RECEIVABLES TRANSACTION

Arabella Funding Limited ("Arabella"), a partially supported, multiseller ABCP programme sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A2/Prime-1/D+), has added a Euro 40 million trade receivable facility to its portfolio. The receivables in the facility are originated by a German company operating in the publishing industry. This transaction is fully supported by a letter of credit provided by HVB.

With this transaction, Arabella is authorized to issue up to Euro 2.5 billion of ABCP and has Euro 157 million in programme-level credit enhancement.

DZ BANK'S CORAL ADDS EURO 15 MILLION TRADE RECEIVABLE FACILITY

Coral Capital Limited/Coral Capital LLC ("CORAL"), a partially supported, multiseller ABCP programme sponsored by DZ Bank AG (A2/Prime-1/C-), has added a Euro 15 million trade receivable facility to its portfolio. In the transaction, CORAL makes advances to a purchasing vehicle, which finances the trade receivables originated by a German corporate operating in the food industry.

Transaction-specific credit enhancement is provided in the form of deferred purchase price in combination with a commercial credit insurance policy provided by Euler Hermes Kreditversicherungs-AG ("Euler Hermes," rated Aa3/Prime-1). All receivables will be insured in full under the terms of the insurance policy and the aggregate outstanding nominal amount of all purchased receivables will not exceed the insurance limit. The credit limit of the insurance policy is sized at 100% of the maximum purchased amount. This transaction is supported by a liquidity facility provided by DZ Bank. The liquidity facility funds for the nominal amount of purchased receivables that are not defaulted receivables, and also covers all amounts payable by Euler Hermes under the insurance policy.

CORAL has a maximum programme amount of Euro 10 billion.

ABN AMRO'S ORCHID AMENDS PROGRAM STRUCTURE AND ADDS $100 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 acquired assets funded by ABCP issuance through Orchid Asset Securitization Investment Services ("OASIS"). OASIS is a special purpose vehicle incorporated in the Cayman Islands. A program-level credit support facility ("CSF") has also been added at the OASIS level. The addition of the CSF will allow OASIS to repay the borrowings from Orchid, if a default occurs in the assets funded by Orchid. The inclusion of a CSF coincides with ABN AMRO's decision to expand Orchid's funding scope to support its growing securitization initiative in all emerging markets.

The CSF is composed of two facilities covering asset pools that are either prior review by Moody's ("Reviewed Series") or those which are not subject to prior review ("Non-Reviewed Series"). As agent to the CSF providers, ABN AMRO will be responsible for deciding if a particular asset pool will be treated as a Non-Reviewed series.

The Non-Reviewed Series facility limit is fixed at $100 million. The Reviewed Series facility limit is equal to the higher of (i) $300 million minus the draw-downs of the Non-Reviewed Series facility limit, or (ii) 8% of the principal amount outstanding of all the Reviewed Series. The Reviewed Series are either unrated assets or assets rated below Aa3 or Prime-1.

To ensure equal treatment of the ABCP investors, the CSF is available to all new and existing series funded by Orchid.

ABN AMRO is the initial CSF provider, but new CSF providers can be added in the future. The CSF provider is required to maintain a Prime-1 rating. Upon a ratings downgrade, the downgraded CSF provider must be replaced or other remedial action will be required in order to maintain Orchid's Prime-1 rating.

In addition to the amendment, Orchid has funded a $100 million unrated floating-rate note backed by remittance receivables under diversified payment rights to Turkey. The note is backed by diversified payment rights flows, and is supported by a partially supported liquidity facility provided by ABN AMRO to OASIS. The construction of a partially supported liquidity facility allows the note to draw on the liquidity facility under different scenarios, which enables Orchid to maintain its Prime-1 rating. With this transaction, Orchid is authorized to issue up to $1.5 billion of ABCP.

ROYAL BANK OF CANADA'S WHITE POINT ADDS EURO 75 MILLION Aaa-RATED CLO NOTE

White Point Funding Inc. ("White Point"), a partially supported, multiseller conduit sponsored by Royal Bank of Canada ("RBC," rated Aa2/Prime-1/B+), has added a Euro 75 million Aaa-rated Class A-2 note issued from a CDO to its portfolio. The CDO is comprised of first and second lien loans, mezzanine loans, and high yield debt.

This transaction is funded through White Point Capital ("WPC"), a bankruptcy-remote feeder special purpose vehicle. This transaction is partially supported by liquidity. A liquidity facility, sized at 102% of the transaction, is provided by RBC at the WPC level.

Despite the high credit quality of the note, White Point has increased its program-level credit enhancement by 10% of its commitments for this transaction. With this transaction, White Point has $1 billion in total purchase commitments with $1 billion in outstanding and $100 million in program-level credit enhancement.

MERRILL LYNCH'S ZANE FUNDING PURCHASES $50 MILLION NOTE BACKED BY CONTAINER FINANCE RECEIVABLES

Zane Funding, LLC ("Zane"), a partially supported, multiseller ABCP program sponsored and administered by Merrill Lynch Bank USA ("MLBUSA," rated Aa3/Prime-1/B-), has added a $50 million interest in a $200 million warehouse facility backed by notes collateralized by a pool of intermodal marine containers that are leased or rented out to shipping companies.

The note issued under the warehouse facility is rated Aaa, based on a financial guaranty insurance policy provided by Aaa-rated MBIA. The liquidity facility will fund for the face amount of ABCP until the surety provider defaults under its obligations, or if its rating falls below Caa3.

Despite the high credit quality of the note, Zane increased its program-level credit enhancement by 8% of outstandings for this transaction. With this transaction, Zane has $1.214 billion of outstanding investments and $97 million of 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.
© 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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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.”

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 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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