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22 Mar 2007
Moody's ABCP rating actions for the seven-day period ended March 19, 2007
New York, March 22, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD
MARCH 13, 2007 THROUGH MARCH 19, 2007:
MOODY'S ASSIGNS PRIME-1 RATING TO U.S. CENTRAL
FEDERAL CREDIT UNION'S SANDLOT FUNDING LLC EXTENDIBLE ABCP PROGRAM
Moody's has assigned a Prime-1 rating to the secured liquidity
notes ("SLNs") issued by Sandlot Funding LLC ("Sandlot"). Sandlot
is a newly established, credit arbitrage ABCP program sponsored
and administered by U.S. Central Federal Credit Union ("U.S.
Central," rated Aa1/Prime-1). Sandlot can issue up
to $10 billion of SLNs.
Sandlot's SLNs have expected maturity dates up to 270 days, and
final maturity dates of 365 days from initial issuance. Sandlot
uses the proceeds from the sale of SLNs to invest in a portfolio of highly
rated ABS and MBS securities. All assets must be rated at least
Aa3 at the time of purchase and must meet the criteria set forth under
the investment policy, which also includes credit, asset type,
and geographical concentration limits.
The Prime-1 rating assigned to Sandlot's SLNs is based on,
among other factors, the following: (i) the high credit quality
of the securities purchased, as required by the investment guidelines,
(ii) the credit enhancement based on the credit quality of the portfolio,
consistent with Moody's Prime-1 credit enhancement levels,
(iii) structural protections to maintain the credit quality of the portfolio,
such as a requirement to cease issuing ABCP if the program credit enhancement
is not at the required level, and an event of default trigger if
the portfolio is not in compliance with the investment guidelines for
more than 10 business days, (iv) liquidity support through the extension
feature of the SLNs and a market value swap provided by Prime-1-rated
(v) a fully supported, match-funded repurchase subfacility
with U.S. Central as the repurchase counterparty,
(vi) the capabilities of U.S. Central as program administrator,
swap and repurchase counterparty, letter of credit provider and
swing line agent, and (vii) structural protections to preserve the
bankruptcy remoteness of Sandlot.
For further details, please see Moody's press release dated March
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD MARCH 13, 2007 THROUGH MARCH 19,
CALYON'S ATLANTIC ADDS $1 BILLION LOAN FACILITY
Atlantic Asset Securitization LLC ("Atlantic"), a partially supported,
multiseller ABCP conduit sponsored by Calyon (Aa2/Prime-1/C),
has added a $1 billion loan facility to its portfolio. The
loan facility is established for an investment funding vehicle comprised
of several limited partnership funds ("Funds"). The Funds deal
with investments pertaining to leveraged buyouts, capital investments,
leveraged build-ups, and recapitalizations and distressed
securities. The loan facility provides permanent leverage and interim
financing for the Funds' investments and is secured by the uncalled capital
commitments of the Funds' investors.
This transaction benefits from 10% transaction-specific
credit enhancement in the form of reserves. In addition,
the transaction has various structural protections to ensure that investors
are protected upon deterioration in the performance of the facility.
This transaction entails structured liquidity provided by Prime-1-rated
With this transaction, Atlantic's program-level credit enhancement
was increased by 10% of its purchase commitment. Atlantic
currently has about $10.1 billion in purchase commitments
and $867.9 million in program-level credit enhancement.
TITRISATION ET FINANCE INTERNATIONALES' GENERAL FUNDING ADDS EURO
88.1 MILLION ASSET-BACKED NOTES
General Funding Limited ("GENERAL"), a partially supported,
multiseller French ABCP program sponsored by Titrisation et Finance Internationales
(unrated), has added up to Euro 88.1 million of asset-backed
notes. The notes are backed by a portfolio of trade receivables
originated by a French company operating in the industrial equipment distribution
industry. This transaction is fully supported by a Prime-1-rated
Credit Industriel et Commercial, through an asset-specific
purchase and sale agreement.
With this transaction, GENERAL is authorized to issue up to Euro
268.1 of ABCP.
CNAI'S GOVCO ISSUES Aaa-RATED MEDIUM TERM NOTES
Moody's has assigned a Aaa rating to the medium term notes ("MTNs")
issued by Govco Incorporated ("Govco"). Govco is a fully supported,
multiseller program sponsored by Citicorp North America, Inc.
("CNAI"), an affiliate of Citibank, N.A. ("Citibank,"
rated Aaa/Prime-1/A). In addition, Moody's has affirmed
the Prime-1 rating of the asset-backed commercial paper
(ABCP) of Govco. Govco's authorized program amount is $10
billion, and its MTNs may be issued in an amount up to $5
billion of the overall program size.
Govco extends or purchases loans guaranteed by either the Export-Import
Bank of the United States, Overseas Private Investment Corporation,
or the Secretary of Transportation acting by and through the Maritime
Administrator. It also extends or purchases loans guaranteed by
the Export Credit Guarantee Department ("ECGD") of the UK government,
La Compagnie Francaise d'Assurance pour le Commerce Exterieure (France),
and Euler Hermes Kreditversicherungs-AG (Germany). Recently
added guarantors are the Netherland's Nederlandse Financierings -
Maatschappij Voor Ontwikkelingslanden N.V. and Finland's
Finnvera plc. Both have full support and backing from their respective
governments; both governments are rated Aaa, as are the existing
All assets purchased are supported by committed liquidity facilities provided
by Citibank and other Prime-1-rated institutions.
These liquidity facilities provide funds in advance of the guarantor's
payment, except in the event of the bankruptcy of Govco.
Govco is authorized to issue up to $10 billion of ABCP.
Govco may also issue up to $5 billion of Aaa-rated MTNs,
under the $10 billion program limit.
FORTIS BANK'S SCALDIS ADDS USD 75 MILLION MORTGAGE LOAN TRANSACTION
Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"),
a partially supported, hybrid ABCP conduit sponsored by Fortis Bank
NV (Aaa/Prime-1/B-), has added a USD 75 million mortgage
loan transaction to its portfolio. Scaldis is purchasing a senior
variable funding note (VFN), which refinances a pool of mortgage
loans originated by various U.S. mortgage originators and
is initially funded and serviced by a U.S. mortgage warehouse
provider. The VFN purchased by Scaldis will fund the mortgage loans
prior to their ultimate sale to an approved investor. This transaction
is partially supported by a liquidity facility provided by Fortis Bank
and further supported by a market value swap with a Prime-1-rated
With this transaction, Scaldis' programme-level credit enhancement
was increased by 5% of the facility limit. Scaldis is authorised
to issue up to USD 27 billion of ABCP.
THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD
MARCH 13, 2007 THROUGH MARCH 19, 2007:
MAIN STREET WAREHOUSE FUNDING TRUST RATING WITHDRAWN
At the issuer's request, Moody's has withdrawn the Prime-1
rating of Main Street Warehouse Funding Trust, a partially supported,
single-seller ABCP program sponsored by Ameriquest Mortgage Company
(unrated). As of January 24, 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.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
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