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Announcement:

Moody's ABCP rating actions for the seven-day period ended January 8, 2007

10 Jan 2007
Moody's ABCP rating actions for the seven-day period ended January 8, 2007

New York, January 10, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JANUARY 1, 2007 THROUGH JANUARY 8, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO NEW CENTURY FINANCIAL CORP.'S ST. ANDREW FUNDING TRUST EXTENDIBLE ABCP PROGRAM AND Baa2 RATING TO THE SUBORDINATE NOTES

Moody's has assigned a Prime-1 rating to the secured liquidity notes ("SLNs") and a rating of Baa2 to the subordinate notes ("Sub Notes") issued by St. Andrew Funding Trust ("St. Andrew"). St. Andrew is a single-seller mortgage loan warehouse facility sponsored by New Century Financial Corporation ("New Century"). St. Andrew has a program limit of $1.05 billion.

St. Andrew will provide mortgage warehouse financing to HOME123 Corporation ("HOME123"), a wholly-owned subsidiary of New Century, through the issuance of up to $1.03 billion in SLNs. The SLNs will have an expected maturity of up to 180 days and a legal final maturity of 120 days thereafter. St. Andrew will also issue $25.295 million of Sub Notes prior to the issuance of SLNs.

The SLNs and Sub Notes are backed by agency conforming and jumbo first-lien residential prime and Alt-A mortgage loans, closed-end second lien loans, and HELOCs. St. Andrew purchases these loans on a revolving basis and in compliance with certain loan-eligibility criteria and portfolio concentration limits.

The Prime-1 rating assigned to St. Andrew's SLNs is based on, among other factors, the following: (i) credit enhancement provided by $25.295 million Sub Notes, a 0.95% funded reserve account, and 0.25% excess spread, (ii) the liquidity support for non-delinquent collateral through an interest rate and market value swap provided by Prime-1-rated ABN Amro Bank N.V., (iii) the capability of New Century in its role as the servicer for this portfolio, (iv) the termination and wind-down procedures of the program if certain trigger events occur, and (v) the structural protections, including a requirement to cease issuing SLNs if the portfolio is not in compliance with aging guidelines or if the credit enhancement is not at the required level.

The Baa2 rating assigned to St. Andrew's Sub Notes is based primarily on the credit enhancement supporting the Sub Notes, which is provided in the form of a 0.95% funded reserve account and 0.25% minimum excess spread requirement.

For further details, please see Moody's press release dated January 4, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 1, 2007 THROUGH JANUARY 8, 2007:

GLENCORE INTERNATIONAL'S ALBIS CAPITAL AMENDS PROGRAMME STRUCTURE

Albis Capital Corp. ("Albis"), a partially supported, single-seller ABCP programme sponsored by Glencore International AG (Baa3/Prime-3), has made the following amendments to the programme structure: (i) increase the maximum programme size from $1.5 billion to $2 billion, and (ii) reduce the liquidity coverage from 25% of ABCP outstanding to 20%.

The affirmation of the Prime-1 rating assigned to Albis' ABCP is based primarily on: (i) the quality of the trade receivables generated by Glencore and purchased by the programme; (ii) the dynamic credit enhancement in the form of over-collateralisation sized to cover the risk of default and dilution, and to cover the cost of financing; (iii) the historical short turnover of the receivables pool and the adequacy of the 37 days day sales outstanding trigger, compared to the 180 days extension period (it should be noted that an extension of the extendible ABCP triggers a cease purchase of receivables); (iv) the 89 days maximum payment terms for eligible receivables (with a 2% limit for receivables with 90 days payment terms); (v) the conservative nature of the yield reserve calculation; (vi) the adequate mitigation of commingling risk; (vii) the ability and experience of Glencore as the servicer; (viii) the oversight provided by the conduit's administrator and the trustee; and (ix) the bankruptcy-remote nature of Albis and the purchasing SPV, M&M Finance Company Limited.

Moody's Prime-1 rating addresses the likelihood of payment of principal at the legal final maturity date, as well as the timely payment of interest during of the 180 day extension period (but not payment at the expected maturity date or the likelihood of an extension). Albis is the first European extendible ABCP conduit to rely primarily on asset collections to repay investors at the end of the extension period without 100% liquidity coverage.

In Moody's opinion, the reduction in the size of the liquidity facility has no effect on the Prime-1 rating assigned to Albis' extendible ABCP. Rather, the Prime-1 rating is based on (i) the fast turnover of the receivables pool and the day sales outstanding trigger set at 37 days (compared with the 180 days extension period), (ii) the combination of a restriction on maximum payment terms (89 days) and the 90 days past due definition of defaulted receivables, and (iii) the strong structural protections against commingling risk.

SOCIETE GENERALE'S ANTALIS AMENDS PROGRAMME STRUCTURE AND ADDS TWO TRANSACTIONS TOTALING EURO 545 MILLION

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), a partially supported, multiseller programme sponsored by Societe Generale ("SG," rated Aa2/Prime-1/B+), has amended its programme structure to include: (i) a change in the level of its programme-level credit enhancement, (ii) a change in the structure of the liquidity agreements of two transactions, and (iii) the possibility for Antalis to make loans to foreign entities.

Antalis' programme-level credit enhancement provided in the form of a letter of credit, with a minimum floor of Euro 100 million, has been reduced from Euro 276 million to Euro 221 million. The decrease is due to the reduction of the support percentage associated with each pool addition from 8% to 6%. Highly-rated securities are excluded from the calculation, and the level of programme enhancement for the securities remains on a case by case basis (typically lower than 6%).

Moody's considers the new level of programme-level credit enhancement consistent with the Prime-1 rating of Antalis based on the stand-alone credit quality of each pool addition, the partial support provided by liquidity facilities, and the well diversified overall portfolio. Antalis currently has 27 pools in different industries. Antalis programme will remain as a prior review programme whereby each new asset pool will be reviewed by Moody's before its inclusion.

The second change to the programme was the amendment to the liquidity structure of two existing transactions. The liquidity arrangement for the transactions changed from subrogation agreements or asset purchase agreements to pure liquidity agreements, in which there will be no transfer of assets. Under the new structure, drawings under a credit facility will be provided by Societe Generale.

The third amendment to the programme structure was to allow for the granting of loans to foreign entities.

In addition to the programme level amendments, Antalis has financed two transactions totaling Euro 545 million.

The first transaction is the refinancing of Class A and Class B senior notes issued by a Dutch SPV. The notes are backed by a pool of residential mortgage loans originated by a Dutch bank. The notes are not rated and can reach a maximum size of Euro 400 million. The transaction benefits from various structural protections including an ABCP tenor limitation of 35 days and a cease issuance of ABCP upon the occurrence of a trigger on realised losses. The transaction is partially supported by a liquidity facility provided by SG. With this transaction, Antalis' programme-level credit enhancement was increased by 0.25% of the outstanding amount of the notes.

In the second transaction, Antalis makes a deposit to fund FCC units, up to Euro 145 million, backed by a pool of trade receivables. The receivables are originated by a French company operating in the buildings and construction industry. The transaction is partially supported by a liquidity facility provided by SG. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation of 95 days, cease issuance triggers based on the pool performance, dynamic credit enhancement and a credit insurance of the receivables.

With this transaction, Antalis' programme-level credit enhancement was increased by 6% of the FCC units.

With the two new transactions, Antalis has Euro 221 million in programme-level credit enhancement and is authorized to issue Euro 6 billion of ABCP.

DZ BANK'S CORAL ADDS EURO 150 MILLION TRADE RECEIVABLE TRANSACTION

Coral Capital Limited/Coral Capital LLC ("CORAL"), a partially supported multiseller ABCP programme sponsored by DZ Bank (A2/Prime-1/C-), has added a Euro 150 million trade receivable facility to its portfolio. In the transaction, CORAL makes advances to a purchasing vehicle, which finances 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 partially 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 covers all amounts payable by Euler Hermes under the insurance policy.

CORAL has a maximum programme amount of Euro 10 billion.

NATIXIS' ELIXIR ADDS TWO TRANSACTIONS TOTALING EURO 86 MILLION

Elixir Funding Limited ("Elixir") has added two new transactions totaling Euro 86 million of FCC units (French ABS) to its portfolio. Elixir is a partially supported, multiseller ABCP programme sponsored by Natixis (Aa2/Prime-1/C) and administered by Deutsche Bank AG (Aa3/Prime-1/B-).

In the first transaction Elixir uses the proceeds of its Billets de Tresorerie (French ABCP) to fund the purchase of Euro 16 million of FCC units backed by a portfolio of trade receivables originated by two French companies operating in the pharmaceutical industry. A liquidity facility provided by Natixis fully supports this transaction.

In the second transaction Elixir uses the proceeds of its Billets de Tresorerie to fund the purchase of Euro 70 million of FCC units backed by a portfolio of trade receivables originated by an Italian company operating in the auto parts manufacturing industry. This transaction is fully supported by a liquidity facility provided by Natixis.

With these transactions, Elixir owns eight asset pools backed by trade receivables. Elixir is authorized to issue up to Euro 1.1 billion of Billets de Tresorerie and has Euro 20 million in programme-level credit enhancement.

NORDLB'S HANNOVER ADDS TWO TRANSACTIONS

Hannover Funding Company LLC ("Hannover"), a hybrid ABCP conduit sponsored by Norddeutsche Landesbank GZ ("NordLB," rated Aa3/Prime-1/C-), has added two transactions to its portfolio.

The first transaction is a Euro 300 million revolving note facility. The notes are backed by vehicles and vehicle lease receivables originated by an unrated German finance company. The transaction-specific enhancement is dynamic, and determined by type of vehicle, lessee and lease transaction. This transaction is partially supported by a liquidity facility provided by NordLB.

The second transaction is a $90 million trade receivable facility. The receivables are originated by an unrated supplier of cranes and food service equipment. The transaction benefits from a minimum of 15% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. This transaction is partially supported by a liquidity facility provided by NordLB.

With these transactions, Hannover's program-level credit enhancement was increased by 10% of its commitments. Hannover has about $3.29 billion in total purchase commitments and $160 million in program-level credit enhancement.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING INCREASES INTEREST IN EXISTING TRANSACTION AND ADDS TWO TRANSACTIONS

Manhattan Asset Funding Company LLC ("Manhattan"), a partially supported, multiseller conduit sponsored by Sumitomo Mitsui Banking Corp. ("SMBC," rated A1/Prime-1/D+) has increased its interest in an existing trade receivable transaction, and added two new transactions: (i) a $1 billion revolving loan facility and (ii) a $50 million interest in a variable funding note.

In the first transaction, Manhattan increased its interest in an existing trade receivable facility from $175 million to $225 million. The receivables are originated by an unrated company that purchases and sells marine bunker fuel. The transaction benefits from a minimum of 6% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. This transaction remains partially supported by a liquidity facility provided by SMBC. Manhattan's program-level credit enhancement was increased by 10% of its purchase commitment in this transaction.

The second transaction is a $1 billion revolving loan facility used to finance transactions acquired by an unrated special purpose limited liability company. This transaction is fully supported by a liquidity facility provided by SMBC.

The third transaction is a $50 million interest in a variable funding note backed by relocation receivables originated by an unrated company. The transaction benefits from a minimum of 8% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. This transaction is partially supported by a liquidity facility provided by SMBC. Manhattan's program-level credit enhancement was increased by 10% of its purchase commitment in this transaction.

With these transactions, Manhattan has an aggregate purchase limit of $3.51 billion and $320 million in program-level credit enhancement.

PNC BANK'S MARKET STREET INCREASES INTEREST IN EXISTING AUTO LEASE FINANCING FACILITY

Market Street Funding LLC ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (A1/Prime-1/B-), has increased its interest in an existing auto loan facility to $55 million from $50 million. The facility is backed by automobile fleet leases originated by a subsidiary of an unrated financing company. This transaction has a minimum of 10% transaction-specific credit enhancement, in the form of overcollateralization that adjusts dynamically depending upon the asset performance. The transaction is partially supported by a liquidity facility provided by PNC Bank.

With this increase, Market Street's program-level credit enhancement was increased by 10% of its commitment. Market Street has about $5.66 billion in total purchase commitments and $567.8 million in program-level credit enhancement.

ABN AMRO'S ORCHID PURCHASES $150 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 USD 150 million of Baa2-rated floating-rate notes. The purchase was made through Orchid Asset Securitization Investment Services ("OASIS"). Orchid issues ABCP and used the proceeds to acquire the notes issued by OASIS, which in turn used the proceeds to purchase the underlying floating-rate notes.

The notes are backed by diversified payment rights flows originated by one of the major Turkish financial institutions. The Baa2-rated 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 partially supported liquidity facility allows the Baa2-rated notes to benefit from a draw on the liquidity facility under different scenarios.

With this transaction, Orchid may issue up to approximately USD 1.65 billion of ABCP.

SUNTRUST'S THREE PILLARS INCREASES INTEREST IN EXISTING TRANSACTION AND ACQUIRES $150 MILLION INTEREST IN EXISTING TRANSACTION

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has increased its interest in an existing variable funding note and acquired a $150 million interest in a vehicle auction floorplan facility.

The first transaction is a Aaa-rated variable funding note ("VFN") that is supported by a financial guaranty insurance policy provided by Aaa-rated MBIA Insurance Corp. Three Pillars increased its interest in the VFN from $150 million to $200 million. The VFN is backed by a revolving pool of intellectual property and related contractual rights in drug patents from universities, investors and biotech companies that are responsible for manufacturing and marketing the biopharmaceutical products. A liquidity facility provided by SunTrust funds for outstanding ABCP unless MBIA is bankrupt or fails to make a required payment under the insurance policy.

In the second transaction, Three Pillars has acquired a $150 million interest in a $900 million facility that finances vehicle auction floorplan receivables originated by an unrated finance company. The transaction is fully supported by a liquidity facility provided by SunTrust.

With these transactions, Three Pillars' program-level credit enhancement was increased by 10% of its purchase commitment. Three Pillars has $7.89 billion in total purchase commitments and $697.8 million in program-level credit enhancement.

MELLON BANK'S THREE RIVERS ADDS $150 MILLION LOAN FACILITY

Three Rivers Funding Corp. ("Three Rivers"), a partially supported, multiseller ABCP conduit sponsored by Mellon Bank (Aa3/Prime-1/B), has added a $150 million revolving loan facility to its portfolio. The facility is established for an unrated insurance company, and is backed by pledged securities. The level of transaction-specific enhancement is contingent on the rating and type of pledged securities. This transaction is partially supported by liquidity.

With this transaction, Three Rivers' program-level credit enhancement was increased by 8% of its commitment. Three Rivers has about $3.2 billion in total purchase commitments and $163 million in program-level credit enhancement.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD JANUARY 1, 2007 THROUGH JANUARY 8, 2007:

ARTH CAPITAL CORP. RATING WITHDRAWN

At the request of the issuer, Moody's has withdrawn the Prime-1 rating of Arth Capital Corp., a single-seller program administered by Glencore International AG (Baa3/P-3). As of December 20, 2006, all outstanding ABCP was repaid in full and no further ABCP will be issued under this programme.

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.

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