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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions for the seven-day period ended January 22, 2007

24 Jan 2007
Moody's ABCP rating actions for the seven-day period ended January 22, 2007

New York, January 24, 2007 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JANUARY 16, 2007 THROUGH JANUARY 22, 2007:

CALYON'S ATLANTIC ADDS $130 MILLION TRADE RECEIVABLE FACILITY

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller conduit sponsored by Calyon (Aa2/Prime-1/C), has added a $130 million trade receivable facility to its portfolio. The seller is an investment-grade-rated industrial company.

Transaction-specific credit enhancement is based on a dynamic formula that responds to changes in both defaults and dilution, with a floor of 12%. This transaction is partially supported by a liquidity facility provided by Calyon.

With this transaction, Atlantic's program-level credit enhancement increased by 10% of its purchase commitment. Atlantic has $9.75 billion in purchase commitments and $808 million in program-level credit enhancement.

SOCGEN'S BARTON ADDS $1 BILLION AUTO LEASE FACILITY

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program sponsored by Societe Generale ("SG," rated Aa2/Prime-1/B+), has added a $1 billion auto lease facility to its portfolio. The facility is established for an unrated finance subsidiary of an auto manufacturer, and secured by an amortizing closed-end pool of retail auto leases

The transaction benefits from 18% transaction-specific credit enhancement in the form of subordination. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SG.

With this transaction, Barton's program-level credit enhancement was increased by 8% of the commitment. Barton is now authorized to issue up to $20.96 billion of ABCP, and has $1.61 billion in program-level credit enhancement.

BAYERISCHE LANDESBANK'S GIRO BALANCED ADDS $1 BILLION RETAIL AUTO LOAN FACILITY

Giro Balanced Funding Corp. ("Giro Balanced"), a partially supported, multiseller conduit sponsored by Bayerische Landesbank ("BayernLB," rated Aaa/Prime-1/D+), has added a $1 billion amortizing retail auto loan facility to its portfolio. The receivables are originated by an investment-grade-rated auto manufacturer.

The transaction benefits from 5.5% overcollateralization and 2.7% excess spread, which is guaranteed through a fixed-to-floating swap with BayernLB. A liquidity facility provided by BayernLB funds for non-defaulted receivables and recoveries on defaulted receivables.

With this transaction, Giro Balanced's program-level credit enhancement was increased by 10% of its commitment. Giro Balanced is authorized to issue up to $12.5 billion of ABCP and has $640 million in program-level credit enhancement.

CALYON'S LMA REFINANCES FIVE NEW TRANSACTIONS TOTALING EURO 802.4 MILLION AND USD 71.9 MILLION

LMA S.A. ("LMA," also known as Liquidites de Marche) has added five transactions to its portfolio. All five transactions are fully supported by liquidity facilities provided by Calyon.

The transactions are as follows:

(i) a Euro 242 million trade receivable facility originated by a French company working in the metals industry;

(ii) a Euro 187.4 million and USD 71.9 million transaction that constitutes two sub pools of a consumer loans transaction originated by a Dutch Bank over French debtors;

(iii) a Euro 145 million trade receivable facility originated by an Italian company operating in the ecological industry;

(iv) a Euro 120 million trade receivable facility originated by an Italian company specialised in high-technology bioengineering; and

(v) a Euro 108 million transaction backed by loans granted to French agricultural co-operatives.

LMA is a fully supported, multiseller ABCP program 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.

The Prime-1 rating assigned to LMA's Billets de Tresorerie and Euro ABCP is based primarily on: (i) the full liquidity support provided by Prime-1-rated banks through transaction-specific purchase and sale agreements, which allows for timely repayment of maturing Billets de Tresorerie and Euro ABCP, (ii) the integrity of the conduit's structure, and (iii) the operational ability of Calyon as the program administrator. Currently, LMA's liquidity facility is provided by a syndicate of seven Prime-1-rated banks.

LMA is authorized to issue up to Euro 8.5 billion, USD 419.9 million and GBP 395.5 million of ABCP.

RABOBANK'S NIEUW AMSTERDAM ADDS $100 MILLION Aaa-RATED NOTE AND $100 MILLION Aa2-RATED NOTE

Nieuw Amsterdam Receivables Corp. ("Nieuw Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by Rabobank Nederland (Aaa/Prime-1/A), has added two transactions to its portfolio. The first transaction is a $100 million Aaa-rated Class A-1 note, and the second transaction is a $100 million Aa2-rated Class A note. The notes are issued by two different special purpose entities, and are supported by two partially supported liquidity facilities.

With this transaction, Nieuw Amsterdam is authorized to issue up to $5.3 billion of ABCP and has $400 million in program-level credit enhancement.

BNP PARIBAS' STARBIRD ACQUIRES $150.5 MILLION INTEREST IN Aaa-RATED NOTES

Starbird Funding Corp. ("Starbird"), a partially supported, multiseller ABCP program sponsored by BNP Paribas (Aa2/Prime-1/B+), has acquired a $150.5 million interest in Aaa-rated notes. The Aaa-rated notes are primarily backed by senior secured loans. A liquidity facility provided by BNP Paribas will fund for the face amount of maturing ABCP so long as the notes are not rated Caa1 or lower.

With this transaction, Starbird has $9.5 billion in total purchase commitments and $590.2 million in program-level credit enhancement.

SUNTRUST'S THREE PILLARS INCREASES 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 from $150 million to $200 million in an existing revolving mortgage warehouse facility. The facility finances commercial mortgage loans primarily to multi-family property investors. This transaction benefits from 10% incremental program-level credit enhancement and is fully supported by a liquidity facility provided by SunTrust.

With this transaction, Three Pillars has $7.93 billion in total purchase commitments and $697.8 million in program-level credit enhancement.

THE RATINGS OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD JANUARY 16, 2007 THROUGH JANUARY 22, 2007:

ASAP FUNDING LIMITED RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of ASAP Funding Limited, a fully supported securities arbitrage program administered by AllianceBernstein L.P. (A2/Prime-1). As of December 20, 2006, all outstanding ABCP had been repaid in full. There will be no further issuance under this program.

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

No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

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