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Announcement:

Moody's ABCP rating actions for the seven-day period ended May 14, 2007

17 May 2007
Moody's ABCP rating actions for the seven-day period ended May 14, 2007

New York, May 17, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD MAY 8, 2007 THROUGH MAY 14, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO LIBERTY HAMPSHIRE'S SARATOGA SPRINGS CAPITAL

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

Saratoga Springs manages a portfolio of financial assets and from time to time enters into additional transactions with originators of assets. The Notes issued by Saratoga Springs to fund these transactions are supported by liquidity facilities provided by Prime-1-rated institutions and credit enhancement, if any.

The Prime-1 rating assigned to Saratoga Springs is based primarily on the full liquidity support provided by Prime-1-rated institutions and structural protections which ensure the bankruptcy-remoteness of Saratoga Springs. Liberty Hampshire is the manager of the program, and Deutsche Bank Trust Company Americas (A1/Prime-1/C) is the securities intermediary and issuing and paying agent.

For further details, please see Moody's press release dated May 10, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 8, 2007 THROUGH MAY 14, 2007:

HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY TWO TRANSACTIONS TOTALING $300 MILLION

Bavaria Universal Funding Corp. ("BUFCO"), a partially supported program sponsored by Bayerische Hypo- und Vereinsbank AG ("HVB," rated A1/Prime-1/C-), has purchased ABCP from its sister conduit, Black Forest Funding Corp. ("Black Forest"). The Black Forest ABCP is backed by two transactions.

The first transaction is a $200 million interest in an existing Aa2-rated real estate construction loan facility. The facility finances senior interests in a revolving pool of residential builder and developer loans. The transaction benefits from a minimum of 22% transaction-specific credit enhancement, which adjusts dynamically depending upon asset performance. This transaction is partially supported by a liquidity facility provided at the Black Forest level. With this transaction, Black Forest's program-level credit enhancement increased by 8% of outstanding ABCP.

The second transaction is a $100 million revolving loan facility that finances amortizing unsecured consumer loans. The transaction is fully supported through program-level credit enhancement, in the form of a letter of credit provided by HVB, at the Black Forest level.

With these transactions, BUFCO has $2.72 billion in total asset purchase commitments and $553.15 million in program-level credit enhancement.

PARAMAX'S CATAPULT ADDS SECOND SECURITY UNDER EXISTING $2 BILLION GLOBAL SWAP FACILITY

Catapult-PmX Funding LLC ("Catapult"), a fully supported, multiseller ABCP conduit sponsored by Paramax Capital Markets, LLC (unrated) and administered by LaSalle Bank N. A. (Aa3/Prime-1/B-), has added another security under an existing total return swap facility which permits Catapult to purchase up to $2 billion of securities. This security is a $375 million Aaa-rated variable funding note. The facility remains fully supported by the total return swap provided by a Prime-1-rated financial institution.

Catapult has no program-level credit enhancement; however, all transactions must be fully supported by liquidity facilities or total rate of return swaps. Catapult has a program limit of $10 billion.

IXIS CIB'S DIRECT FUNDING ADDS EURO 90 MILLION LEASE TRANSACTION

DIRECT Funding S.A. ("Direct Funding"), a partially supported, multiseller ABCP conduit sponsored by IXIS CIB ("IXIS," rated Aa2/Prime-1/C+), has added a Euro 90 million interest in a total return swap backed by French equipment leases.

The asset addition takes the form of a subscription by Direct Funding to a credit derivative transaction, by which it provides protection to IXIS (as counterparty) against certain credit events arising in connection with the underlying leases receivables. This transaction benefits from various structural protections to ensure that investors are protected upon deterioration in the performance of the assets.

Direct Funding will use the proceeds from its ABCP issuance to fund a cash collateral account, which is pledged to the benefit of the party buying credit protection.

The affirmation of the conduit's Prime-1 rating is also based on the rating of IXIS, as credit derivative counterparty and liquidity provider, through its commitment to release the cash collateral associated with the credit derivative, when required.

Direct Funding's program-level credit enhancement was not increased for this transaction. Direct Funding is authorized to issue up to Euro 5 billion of ABCP, and its program-level credit enhancement remains at Euro 1 million.

PNC BANK'S MARKET STREET ADDS TWO VFNS TOTALING $400 MILLION

Market Street Funding LLC ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (Aa3/Prime-1/B), has added two transactions totaling $400 million to its portfolio.

The first transaction is a $250 million interest in a Aaa-rated senior secured variable funding note primarily backed by senior secured loans.

The second transaction is a $150 million interest in a Aaa-rated variable funding note backed by an investment portfolio comprised of leveraged loans, high yield bonds, subordinated loans and senior unsecured loans.

Both transactions are partially supported by liquidity facilities provided by PNC Bank. The liquidity facilities will fund for maturing ABCP so long as the notes are rated at least Caa2.

With these transactions, Market Street has about $6.1 billion in total purchase commitments and $556.6 million in program-level credit enhancement.

FORTIS BANK'S SCALDIS ADDS USD 1 BILLION VARIABLE FUNDING NOTE

Scaldis Capital Limited and Scaldis Capital LLC (together, "Scaldis"), a partially supported, hybrid ABCP conduit sponsored by Fortis Bank S.A./N.V. (Aa2/Prime-1/B-), has added a USD 1 billion variable funding note backed by highly rated securities. The variable funding note refinances a pool of securities wrapped by Aaa-rated insurers. The transaction is partially supported by a liquidity facility provided by Fortis Bank.

With this transaction, Scaldis' programme-level credit enhancement was increased by 5% of the purchase commitment. Scaldis is authorised to issue up to USD 28 billion of ABCP.

THE RATING OF THE FOLLOWING ABCP PROGRAM WAS WITHDRAWN DURING THE PERIOD MAY 8, 2007 THROUGH MAY 14, 2007:

NEWCASTLE CERTIFICATE PROGRAM RATING WITHDRAWN

At the issuer's request, Moody's has withdrawn the Prime-1 rating of Newcastle Certificate Program, a partially supported, single-seller ABCP program administered by Morgan Stanley(Aa3/Prime-1). Since November 11, 2005, all outstanding ABCP has been repaid in full. The rating of the program was withdrawn on May 11, 2007 and 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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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 JPY250,000,000.

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

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