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Announcement:

Moody's ABCP rating actions for the seven-day period ended March 26, 2007

29 Mar 2007
Moody's ABCP rating actions for the seven-day period ended March 26, 2007

New York, March 29, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAMS PRIME-1 DURING THE PERIOD MARCH 20, 2007 THROUGH MARCH 26, 2007:

MOODY'S ASSIGNS PROVISIONAL RATINGS TO THE DEBT PROGRAMMES OF AXON FINANCIAL FUNDING

In London, Moody's has assigned ratings to the debt programmes of Axon Financial Funding Ltd. ("Axon") and Axon Financial Funding LLC as follows:

(i) a provisional short-term credit rating of (P)Prime-1 to the Euro commercial paper programme;

(ii) a provisional long-term credit rating of (P)Aaa and a provisional short-term credit rating of (P)Prime-1 to the Euro Medium Term Note programme;

(iii) a provisional short-term credit rating of (P)Prime-1 to the U.S. commercial paper program;

(iv) a provisional long-term credit rating of (P)Aaa and a provisional short-term credit rating of (P)Prime-1 to the U.S. Medium Term Note program; and

(v) a provisional long-term credit rating of (P)A1 to the U.S. Mezzanine Note program.

Axon is a structured investment vehicle for the purpose of investing in a diversified portfolio of eligible investment grade assets with the proceeds of the Senior Notes. The Mezzanine Notes and Capital Notes issued by Axon provide additional funds for investment and credit enhancement for investors. The structure relies on the ability of Axon to sell or restructure the portfolio of assets, should it prove necessary to restrict the vehicle's investment and funding activities and allow for the repayment of Senior Notes. Axon can issue up to USD 20 billion of debt securities.

Axon Financial Funding LLC is a wholly-owned subsidiary of Axon, incorporated under the laws of the State of Delaware, USA. The sole business of Axon Financial Funding LLC is the co-issuance with Axon of U.S. Medium Term Notes and U.S. Commercial Paper.

For further details, please see Moody's press release dated March 23, 2007. The New Issue Report for Axon Financial Funding Ltd. and Axon Financial Funding LLC is available on

Moody's website, http://www.moodys.com.

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S STONY POINT CAPITAL, LLC ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper, callable notes and extendible notes (collectively, the "Notes") issued by Stony Point Capital Company, LLC ("Stony Point"). Stony Point is an asset-backed note program sponsored by The Liberty Hampshire Company, LLC.

Stony Point manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The Notes issued by Stony Point to fund these transactions are supported by liquidity facilities provided by Prime-1-rated institutions and credit enhancement, if any. Therefore, Note holders are insulated from risks associated with the underlying transactions financed through Stony Point.

The Prime-1 rating assigned to Stony Point's Notes is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections which ensure the bankruptcy-remoteness of Stony Point.

The Liberty Hampshire Company, LLC is the manager and Deutsche Bank Trust Company Americas (A1/Prime-1/C) is the issuing and paying agent for Stony Point.

For further details, please see Moody's press release dated March 22, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MARCH 20, 2007 THROUGH MARCH 26, 2007:

WESTLB'S COMPASS ADDS EURO 1.0 BILLION AUTO LOAN FACILITY

Compass Securitisation Limited and Compass Securitisation LLC (together, "Compass"), a partially supported, multiseller ABCP conduit administered by WestLB AG (A1/Prime-1/D-), has added a pool of auto loan receivables to its portfolio, in the amount of Euro 1.0 billion. The receivables are originated by a leading European consumer finance bank located in Germany. The underlying borrowers are individual residents of Germany and the portfolio shows a broad diversification.

Transaction-specific credit enhancement is provided in the form of excess spread, which amounts to 2.91% based on the weighted average portfolio yield of 6.89% less protection through an interest rate swap fixed at 3.98% between the purchasing company and WestLB. Furthermore, there is a second loss reserve of 2.3% in place, namely a reserve that is funded by a subordinated loan provided from a third party and a default guarantee provided by the seller. This transaction is partially supported by a liquidity facility provided by WestLB.

The transaction benefits from 8% programme-level credit enhancement. With this transaction, Compass is authorized to issue up to USD 8.2 billion of ABCP.

ABN AMRO'S ORCHID PURCHASES USD 150 MILLION NOTES BACKED BY DIVERSIFIED PAYMENT RIGHTS

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 purchased USD 150 million of 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 uses the proceeds to purchase the underlying floating-rate notes.

The notes are backed by diversified payment rights flows originated by one of the major Turkish financial institutions. The Baa2-rated tranche is partially supported by a separate liquidity facility provided by ABN AMRO to OASIS. The structural protection in the underlying diversified payment rights transaction together with the partially supported liquidity facility allows the Baa2-rated notes to benefit from a draw on the liquidity facility under different scenarios.

With this transaction, Orchid may issue up to approximately USD 2 billion of ABCP.

FORTIS BANK'S SCALDIS ADDS EURO 600 MILLION AUTO LOAN AND LEASE TRANSACTION

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, hybrid ABCP conduit sponsored by Fortis Bank S.A./N.V. (Aaa/Prime-1/B-), has added a Euro 600 million auto loan and lease warehouse transaction to its portfolio. In this transaction, Scaldis is acquiring revolving pools of auto loans and leases originated by the financing subsidiary of a German car manufacturer. The transaction has a facility limit of Euro 600 million and is fully supported by a liquidity facility sized at 102% of the facility limit.

With this transaction, Scaldis' programme-level credit enhancement was increased by 5% of the facility limit. Scaldis is authorized to issue up to USD 27 billion of ABCP.

ABN AMRO'S TULIP ADDS USD 50 MILLION INVENTORY FINANCING TRANSACTION

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 a USD 50 million diamond inventory financing transaction to its portfolio. In this transaction, Tulip lends the CP proceeds to the purchaser to finance the purchase of an unrated revolving note issued by a special purpose vehicle based in Luxembourg. The transaction is backed by diamond inventory, receivables and cash.

Transaction-specific credit enhancement is in the form of over-collateralisation and subordination. The transaction is partially supported by a liquidity facility provided by Prime-1-rated ABN AMRO.

Tulip added 8% programme-level credit enhancement in respect of this transaction. Tulip is authorised to issue up to USD 14.6 billion of ABCP.

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.

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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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.”

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.

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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