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Announcement:

Moody's ABCP rating actions for the seven-day period ended January 15, 2007

17 Jan 2007

New York, January 17, 2007 -- MOODY'S 2007 OUTLOOK FOR GERMAN ABCP MARKET

Moody's Investors Service comments on the German ABCP market in a report titled, "2006 Review and 2007 Outlook German/Austrian/Swiss Structured Finance: Stable Volume Expected in 2007 After Another Record 2006." According to the report, the German ABCP market enjoyed significant growth at the end of 2006. ABCP issuance in the German market increased by 61.4% from USD 65.8 billion in 2005 to USD 106.3 billion in 2006. Looking forward, the German ABCP market is expected to grow in 2007, but at a slower pace than 2006.

The growth in 2006 was driven by the activities of a few conduits, such as IKB's Rhineland Funding Capital Corp., Deutsche Bank's Rhein-Main Securitisation Limited and Rheingold Securitisation Limited, and Sachsen LB's Ormond Quay. All of these conduits increased their volumes by purchasing rated securities, some with a strong focus on CDOs. For 2007, the growth in the German ABCP market will most likely be driven by diverse assets, but mainly by the purchase of securities. Additionally, it is expected that some conduits may restructure their programs in 2007 to comply with the new Basel II rules.

For further details, please see Moody's press release dated January 10, 2007. The "2006 Review and 2007 Outlook German/Austrian/Swiss Structured Finance: Stable Volume Expected in 2007 After Another Record 2006" Special Report is available on Moody's website, http://www.moodys.com.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 9, 2007 THROUGH JANUARY 15, 2007:

MIZUHO CORPORATE BANK'S ADVANTAGE INCREASES INTEREST IN EXISTING VFN

Advantage Asset Securitization Corp. ("Advantage"), a partially supported, multiseller conduit sponsored by Mizuho Corporate Bank, Limited ("Mizuho," rated A1/Prime-1/D+), has increased its interest in an existing Baa1-rated variable funding note ("VFN") from $100 million to $150 million. The VFN is backed by future cash flows generated through diversified payment rights. This transaction remains fully supported by a liquidity facility provided by Mizuho.

With this transaction, Advantage has about $1.07 billion in total purchase commitments.

HVB'S BUFCO AMENDS EXISTING $100 MILLION LOAN FACILITY

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported program sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A2/Prime-1/D+), has amended its interest in the ABCP purchased from its sister conduit, Black Forest Funding Corp. ("Black Forest"). The Black Forest ABCP is backed by a $100 million revolving loan facility that finances equipment leases and loans originated by unrated finance companies. This transaction was previously fully supported through program-level credit enhancement. With this amendment, the transaction is now partially supported by a liquidity facility provided by HVB.

The loan facility benefits from a minimum of 9% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. It also benefits from 8% incremental program-level credit enhancement.

With this transaction, BUFCO has $2.47 billion in total asset purchase commitments, with $560.5 million in program-level credit enhancement.

DRESDNER'S BEETHOVEN ADDS $95 MILLION FINANCE FACILITY

Beethoven Funding Corp. ("Beethoven"), a partially supported, multiseller ABCP conduit sponsored and administered by Dresdner Bank AG ("Dresdner," rated A1/Prime-1/C), has added a $95 million transaction to its portfolio.

The transaction is an unrated future flow facility backed by future movie revenues for a subsidiary of a large U.S. film company. This transaction is fully supported by a liquidity facility provided by Dresdner.

Due to the fully supported liquidity structure, Beethoven will not increase its program-level credit enhancement with the addition of this transaction. Beethoven is now authorized to issue up to $15 billion of ABCP.

NATIONWIDE BUILDING SOCIETY'S COBBLER FUNDING RESTRUCTURES PROGRAM

Cobbler Funding Limited and Cobbler Funding LLC (together, "Cobbler"), a partially supported, securities arbitrage ABCP program administered by Nationwide Building Society (Aa3/Prime-1/B), has amended its program structure to eliminate the required match-funded feature of its asset purchases. With this amendment, the conduit will enter into hedge agreements to cover any currency and/or interest risk in the event that it finances assets denominated in a different currency than the CP issued. The ABCP proceeds that are used to finance Cobbler's purchasing companies (via purchaser demand notes) will remain match-funded; therefore, no hedging is needed.

In addition, Cobbler amended its liquidity structure by converting the individual liquidity facilities (one for each currency) into a single multicurrency liquidity line, one for each purchasing entity. Under the new liquidity facility, liquidity draws can be made in USD, Euro, Sterling or other currencies. The liquidity facilities, sized at 102% of the purchase commitment, are provided by Prime-1-rated Nationwide Building Society. There are no changes to the liquidity funding formula.

Cobbler has an authorized program limit of $4 billion, and can issue ABCP denominated in US Dollars, Euros, GBP, or other currencies. Cobbler uses the proceeds from the sale of ABCP to invest in a portfolio of highly-rated securities. Cobbler has about $2.7 billion in investments and outstanding ABCP.

BNP PARIBAS' STARBIRD FUNDING INCREASES INTEREST IN EXISTING LOAN FACILITY

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP program sponsored by BNP Paribas (Aa2/Prime-1/B+), has increased its interest in an existing loan facility from $175 million to $200 million. The facility is backed by unfunded capital commitments. The transaction is partially supported by a liquidity facility provided by BNP Paribas. Additionally, the transaction benefits from structural protections such as an ABCP tenor limitation, and a cease issuance of ABCP upon the occurrence of various trigger events.

With this transaction, Starbird's program-level credit enhancement was increased by 8% of its commitment. Starbird has about $9.23 billion in total purchase commitments and $592.7 million in program-level credit enhancement.

ROYAL BANK OF SCOTLAND'S TAGS ADDS $100 MILLION INTEREST IN EXISTING TRANSACTION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aa1/Prime-1/A-), has added a $100 million interest in an existing facility established for a U.S. rental company. This transaction is part of a $1 billion conduit facility.

Transaction-specific credit enhancement is provided by overcollateralization, a cash reserve account, and letters of credit, in aggregate sized at a minimum of 20.75%. This transaction is partially supported through a liquidity facility provided by Prime-1-rated RBS.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $18.6 billion of ABCP.

IXIS' VERSAILLES ADDS TWO CDO NOTES TOTALING $250 MILLION

Versailles Assets, LLC ("Versailles Assets"), a partially supported, multiseller ABCP conduit sponsored and administered by IXIS Financial Products ("IXIS," rated Aaa/Prime-1), has added two highly-rated CDO notes totaling $250 million to its portfolio.

Versailles Assets will finance these two notes by issuing Prime-1-rated ABCP to Versailles CDS, LLC ("Versailles CDS"). Versailles CDS, in turn, will issue Prime-1-rated ABCP to investors in the capital market to purchase the Versailles Assets ABCP. The liquidity support is at the Versailles Assets level, and covers any timing mismatch, or liquidity risk, between the underlying notes and the ABCP issued to Versailles CDS. The program-level credit enhancement is at the Versailles CDS level, and covers any credit risk.

The first transaction is a $100 million interest in a $410 million Aa2-rated Class A CDO note. The underlying assets supporting this senior floating rate term note consist of large ticket leases, prime and sub-prime RMBS loans, ABS CDOs, and other forms of collateral.

The second transaction is a $150 million interest in a Aaa-rated Class A-1 note, which is part of a $750 million CDO structure. The underlying assets supporting this senior revolving note consist of senior secured loans and up to 15% bonds.

Both transactions are supported by a liquidity facility provided by IXIS. The liquidity facilities fully support the ABCP so long as there is no missed payment of principal and interest by the legal final maturity date of the related rated note or the rating of the related note does not fall below Caa3. Given the high credit quality of the notes purchased, this liquidity structure is consistent with the Prime-1 rating of the conduit.

Due to the high credit quality of the notes, Versailles CDS is not required to provide incremental program-level credit enhancement. Versailles has $6.7 billion in purchase commitments, with $3.9 billion in ABCP outstanding and $180 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
Everett Rutan
Senior Vice President
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

Moody's ABCP rating actions for the seven-day period ended January 15, 2007
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.

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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.

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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 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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