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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,
HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY TWO TRANSACTIONS TOTALING
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
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
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
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
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
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.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
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