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PLEASE READ AND SCROLL DOWN!

 

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Announcement:

Moody's ABCP rating actions for the seven-day period ended May 21, 2007

23 May 2007
Moody's ABCP rating actions for the seven-day period ended May 21, 2007

New York, May 23, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD MAY 15, 2007 THROUGH MAY 21, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO ALADDIN CAPITAL'S OTTIMO FUNDING ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the asset-backed commercial paper ("ABCP") issued by Ottimo Funding Ltd. ("Ottimo"), a newly established ABCP program sponsored and administered by Aladdin Capital Management LLC ("Aladdin," unrated). Deutsche Bank Trust Company Americas ("DB," Aa3/Prime-1/C) will act as program sub-administrator, collateral agent, issuing and paying agent and indenture trustee. Ottimo has a program limit of $3 billion.

Ottimo will issue Secured Liquidity Notes (SLNs), a form of extendible ABCP, and use the proceeds to invest in certain Agency-backed and Aaa-rated private label mortgage securities. In addition, Ottimo has the ability to issue variable funding notes and/or subordinate term notes in the future.

The Prime-1 rating assigned to Ottimo's SLNs is based on, among other factors, the following: (i) the credit quality of the Agency-backed and Aaa-rated private label mortgage-backed securities, (ii) credit enhancement, provided by overcollateralization, sized to cover the market value risk of liquidating the collateral over a 10 business day period, (iii) liquidity provided by the ability to extend the note maturity for an additional 30 business days if notes cannot be rolled over, and (iv) the capabilities of Aladdin as administrator and the capabilities of DB as sub-administrator, issuing and paying agent, and collateral agent.

For further details, please see Moody's press release dated May 16, 2007

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 15, 2007 THROUGH MAY 21, 2007:

LLOYDS TSB'S CANCARA ADDS EUR 100 MILLION CLO TRANSACTION

Cancara Asset Securitisation Limited ("Cancara"), a partially supported, hybrid conduit sponsored by Lloyds TSB Bank Plc ("Lloyds TSB," rated Aaa/Prime-1/B+), has added a EUR 100 million CLO transaction to its portfolio.

In this transaction, Cancara is purchasing senior Variable Funding Notes issued by a SPV and backed by a portfolio of senior and mezzanine loans and high yield bonds. The senior notes are rated Aaa. This transaction benefits from various structural protections, including a CP tenor limitation of 6 months and a cease issuance of ABCP upon the downgrade of the notes below Aa3 by Moody's or AA- by S&P. The transaction is partially supported by a liquidity facility provided by Prime-1-rated Lloyds TSB. The liquidity facility funds for the Face Amount of the notes as long as they are rated at least Caa3 by Moody's or CCC- by S&P.

With this transaction, Cancara's program-level credit enhancement was increased by 5% of its commitment. Cancara is authorized to issue up to USD 25 billion of ABCP.

COMMERZBANK'S KAISERPLATZ FUNDING ADDS GBP 205 MILLION NOTE FACILITY

Kaiserplatz Funding Limited ("Kaiserplatz Funding"), a partially supported, multiseller ABCP conduit sponsored by Commerzbank AG (Aa3/Prime-1/C+), has added a revolving GBP 205 million dual currency funding note facility to its portfolio. The note is the Class A-1 tranche issued by Glastonbury Finance 2007-1 PLC, which uses the funds to acquire a pool of CMBS notes denominated in Pound Sterling and Euro originated by Eurohypo AG.

This transaction will be deemed a "LBU" transaction within Kaiserplatz Funding and will not benefit from the conduit's programme-level credit enhancement.

With this transaction, Kaiserplatz Funding is authorized to issue up to Euro 7.4 billion of ABCP.

CALYON'S LMA ADDS EUR 220.5 MILLION TRADE RECEIVABLES TRANSACTION

LMA S.A. ("LMA," also known as Liquidites de Marche) has added one new transaction to its portfolio. This transaction refinances a pool of auto loans originated by an Italian car manufacturer for an asset purchase limit of EUR 220.5 million.

LMA is a fully supported, multiseller ABCP program sponsored and administered by Calyon (Aa1/Prime-1/C+). LMA uses the proceeds of its Billets de Tresorerie and Euro commercial paper ("Euro ABCP") to fund the purchase of FCC units, asset-backed securities and bonds issued by corporate entities.

The Prime-1 rating assigned to LMA's Billets de Tresorerie and Euro ABCP is based primarily on: (i) the full liquidity support provided by Prime-1-rated banks through transaction-specific purchase and sale agreements, which allows for timely repayment of maturing Billets de Tresorerie and Euro ABCP, (ii) the integrity of the conduit's structure, and (iii) the operational ability of Calyon as the program administrator. Currently, LMA's liquidity facility is provided by a syndicate of seven Prime-1-rated banks.

LMA is authorized to issue up to EUR 8.78 billion, USD 324.25 million and GBP 908.12 million of ABCP.

CERES CAPITAL'S MICA ADDS NEW BORROWERS TO LOAN FACILITY

Mica Funding LLC ("Mica"), a partially supported, multiseller ABCP conduit sponsored by Ceres Capital Partners, LLC (unrated, formerly named Stanfield Global Strategies) and administered by Deutsche Bank Trust Company Americas (Aa3/Prime-1/C), has added two new borrowers to an existing $10 billion loan facility. With the additional borrowers, Mica may now lend funds to six unrated loan borrowers. As the borrowers are all unrated, each loan borrower will benefit from a guaranty provided by a Aa3/Prime-1-rated financial institution. Each loan facility is structured to be fully supported.

Mica has no program-level credit enhancement; however, all but two transactions are fully supported by liquidity facilities or total rate of return swaps. Mica has a program limit of $20 billion.

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
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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