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Announcement:

Moody's ABCP rating actions for the seven-day period ended March 19, 2007

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 U.S. Central,

(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 16, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 13, 2007 THROUGH MARCH 19, 2007:

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 Calyon.

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 guarantors.

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 counterparty.

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.

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.
© 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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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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