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

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