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Announcement:

Moody's ABCP rating actions for the seven-day period ended March 5, 2007

07 Mar 2007
Moody's ABCP rating actions for the seven-day period ended March 5, 2007

New York, March 07, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD FEBRUARY 27, 2007 THROUGH MARCH 5, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO RAMS HOME LOANS PTY'S RAMS FUNDING THREE LLC AND RAMS FUNDING PTY LTD'S EXTENDIBLE ABCP PROGRAM

In Sydney, Moody's has assigned a Prime-1 rating to the secured liquidity notes ("SLNs") issued by Rams Funding Three LLC ("RFTL") and Rams Funding Pty Ltd ("RFPL") on a joint and several basis. The RFTL/RFPL program is a partially supported, single-seller program sponsored by Rams Home Loans Pty Limited. The proceeds of the SLNs issued by RFTL and RFPL are used to purchase notes ("RMS Notes") issued by Rams Mortgage Securities Pty Limited, in its capacity as trustee of the RAMS Mortgage Securities Trust. The proceeds of RMS Notes, in turn, are used to provide revolving term mortgage funding to RAMS Mortgage Securities Pty Limited. The RFTL/RFPL program has an initial authorized issuance amount of USD 2.5 billion.

SLNs are a form of asset-backed commercial paper (ABCP), mainly distinguished by the potential extendibility of their maturity dates. However, unlike most ABCP, SLNs are not backed by a traditional bank liquidity facility. The SLNs issued by RFTL/RFPL are short-term debt with an original term of up to 90 days, and may be extended by the issuer up to an additional 180 days under certain conditions.

The Prime-1 rating assigned to the RFTL/RFPL's SLNs is based on, among other factors, the following: (i) liquidity support in the form of the extension feature of the SLNs, and the liquidation process and market value arrangements in respect of underlying RMS Notes, which are the assets backing the SLNs; (ii) a market value arrangement that provides protection against market value deterioration of the underlying mortgage collateral; (iii) credit enhancement provided by the mortgage insurance policies from suitably rated insurers and subordinated notes; (iv) currency and interest rate hedge provided by Prime-1 rated counterparties; (v) strong SLN issuance conditions, which include asset, income and adequacy of credit enhancement tests; (vi) structural protections built into the program, such as the bankruptcy-remoteness of RFTL and RFPL; and (vii) the ability of Lord Securities Corporation, jointly and severally with Conduit Management Corporation, as the U.S. administrator.

For further details, please see Moody's press release dated March 1, 2007. The New Issue Report for RAMS Funding Three LLC / RAMS Funding Pty Limited 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 FEBRUARY 27, 2007 THROUGH MARCH 5, 2007:

ABN AMRO'S AMSTERDAM ADDS $250 MILLION MORTGAGE WAREHOUSE FACILITY

Amsterdam Funding Corp. ("Amsterdam"), a partially supported, multiseller ABCP conduit sponsored by ABN AMRO Bank (Aa1/Prime-1/B-), has added a $250 million mortgage warehouse facility.

The $250 million mortgage warehouse facility is for loans made to individuals who are building new single family residences. Transaction-specific credit enhancement is sized at 6%, in the form of overcollateralization. The transaction is partially supported by a liquidity facility provided by Prime-1-rated RBC. In addition, the transaction benefits from a structural protection that permits liquidity to be drawn once certain trigger events occur.

With this transaction, Amsterdam's program-level credit enhancement was increased by 10% of the commitment. Amsterdam has $12.5 billion in total purchase commitments with $8.9 billion in outstanding and $1.2 billion in program-level credit enhancement.

CALYON'S LMA ADDS LOAN FACILITY TOTALING EURO 764.4 MILLION AND GBP 511.6 MILLION

LMA S.A. ("LMA," also known as Liquidites de Marche) has added a loan facility to its portfolio. The transaction is backed by a pool of loans granted by a company operating in the banking industry. There are two sub-portfolios in this transaction: one for an asset purchase limit up to Euro 764.4 million, and the other for an asset purchase limit up to GBP 511.6 million.

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 8.63 billion, USD 327.45 million and GBP 918.35 million of ABCP.

CAMBRIDGE PLACE INVESTMENT'S OLD COURT ESTABLISHES SIXTH AND SEVENTH PURCHASING ENTITIES

Old Court Funding Plc and Old Court Funding LLC (together, "Old Court"), a partially supported, credit arbitrage ABCP programme sponsored by Cambridge Place Investment Management LLP (unrated), has added its sixth and seventh purchasing entities, Torre Asset Funding Limited and Torre II Asset Funding Limited. Old Court is independently administered by QSR Management Ltd (unrated), a wholly owned subsidiary of The Bank of New York (Aaa/Prime-1/B+).

Old Court will issue ABCP and use the proceeds to finance the purchasing entities' purchase of financial assets. The repayment of the financing provided by Old Court is fully supported by a liquidity facility provided by Citibank (Aaa/Prime-1/A).

With these additional facilities, Old Court is authorized to issue up to USD 1.8 billion of ABCP.

ABN AMRO'S ORCHID ADDS TWO TRANSACTIONS

Orchid Funding Corp. ("Orchid"), a partially supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. ("ABN AMRO," rated Aa1/Prime-1/B-), has added two transactions to its portfolio.

The first transaction is a loan facility for a real estate investment trust in Singapore ("Trust"). In this transaction, Orchid issues ABCP and uses the proceeds to acquire the series certificates issued by Orchid Asset Securitization Investment Services ("OASIS"). OASIS, in turn, uses the proceeds to acquire series certificates issued by Orchid Funding (Singapore) Ltd ("OFS"). OFS then uses the proceeds to fund the loan facility granted to RBS Dexia Trust Services Singapore Limited, as the trustee of the Trust. This transaction benefits from a partially supported liquidity facility and a credit support facility provided by ABN AMRO.

Initially, the ABCP issuance amount and size of the loan facility are subject to a maximum limit of S$250 million. The ABCP is backed by a portfolio of 27 industrial properties in Singapore. As the portfolio grows, the size of the loan facility may be increased and additional ABCP may be issued. Orchid may issue up to USD equivalent of S$390 million of ABCP in order to fund the loan facility. Any subsequent change in the allowable ABCP issuance amount in excess of the initial USD equivalent of S$250 million will be reviewed by Moody's.

The second transaction is the purchase of a USD 125 million Baa2-rated floating-rate notes. The purchase was made through Orchid Asset Securitization Investment Services ("OASIS"). Orchid issues ABCP and uses the proceeds to acquire the notes issued by OASIS, which in turn is used to purchase the underlying floating-rate notes. The notes are backed by diversified payment rights flows originated by a Turkish financial institution. The Baa2-rated note is partially supported by a liquidity facility provided by ABN AMRO to OASIS. The structural protection in the underlying diversified payment rights transaction together with the construction of the partially supported liquidity facility allows the Baa2-rated notes to benefit from a draw under the liquidity facility under different scenarios.

With these transactions, Orchid may issue up to USD 2 billion of ABCP.

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 in an existing trade receivable transaction to $450 million from $350 million. The facility is established for a global carpet manufacturer and distributor. This transaction continues to benefit from 10% incremental program-level credit enhancement and is fully supported by a liquidity facility provided by SunTrust.

With this transaction, Three Pillars has about $7.9 billion in total purchase commitments and $694.2 million in program-level credit enhancement.

ABN AMRO'S TULIP ADDS TWO TRANSACTIONS

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip "), a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa1/Prime-1/B-), has added two transactions to its portfolio: a USD 200 million facility and a GBP 230 million transaction.

The first transaction is a USD 200 million facility that finances the purchase of "with-profit funds" managed by an investment fund based in Guernsey. This transaction benefits from transaction-specific credit enhancement, sized at a minimum of 25%, in the form of overcollateralisation. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility provided by Prime-1-rated ABN AMRO. The liquidity facility funds for non-defaulted assets.

The second transaction is the purchase of GBP 230 million of hire purchase agreements originated by a U.K. subsidiary of a South African Bank. This transaction benefits from 5% transaction-specific credit enhancement in the form of a subordinated loan. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the assets. This transaction is partially supported by a liquidity facility provided by Prime-1-rated ABN AMRO. The liquidity facility funds for non-defaulted assets.

With these transactions, Tulip's programme-level credit enhancement was increased by 8% of its purchase commitment for each transaction. Tulip is authorised to issue up to USD 13.6 billion of ABCP.

ROYAL BANK OF CANADA'S WHITE POINT AMENDS $50 MILLION Aaa-RATED NOTE

White Point Funding Inc. ("White Point"), a partially supported, multiseller conduit sponsored by Royal Bank of Canada ("RBC," rated Aaa/Prime-1/B+), has amended its interest in an existing $50 million Aaa-rated Class A note issued from a CDO. The CDO funds a portfolio of domestic leveraged loans and high yield bonds.

With the amendment, the liquidity support for the transaction has shifted from the conduit's feeder SPV to White Point. This means that the liquidity facility is available directly to the conduit and not to the feeder SPV, which purchased the note. This transaction remains partially supported by a liquidity facility provided by RBC.

White Point has $1.25 billion in total purchase commitments with $1.25 billion in ABCP outstanding and $125 million in program-level credit enhancement.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD FEBRUARY 27, 2007 THROUGH MARCH 5, 2007:

PATRIOT FUNDING, LLC RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of Patriot Funding, LLC, a partially supported, credit arbitrage secured liquidity note program administered by Wachovia Securities, Inc. (unrated). As of February 28, 2007, 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.
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