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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Announcement:

Moody's ABCP rating actions for the seven-day period ended June 4, 2007

07 Jun 2007
Moody's ABCP rating actions for the seven-day period ended June 4, 2007

New York, June 07, 2007 -- THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD MAY 29, 2007 THROUGH JUNE 4, 2007:

THREE PRIME-1-RATED ABCP CONDUITS PURCHASE INTEREST IN $705 MILLION SENIOR NOTE BACKED BY DEALER FLOORPLAN LOANS

A syndicate of banks has participated in a $705 million senior note backed by dealer floorplan loans. Each participating conduit has acquired an interest in the note. The note benefits from transaction-specific credit enhancement sized at 25.5% in the form of subordination and a reserve account.

The following Prime-1-rated ABCP conduits participated in the $705 million senior note:

• Societe Generale's Antalis S.A./Antalis U.S. Funding Corp. (together, "Antalis") purchased a Euro 235 million share of the note. Antalis increased its program-level credit enhancement by 6% of its purchase limit. This transaction is partially supported by a liquidity facility provided by Prime-1-rated Societe Generale. The liquidity facility funds for non-defaulted assets.

• ABN AMRO's Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip"), purchased a Euro 235 million share of the note. Tulip increased its program-level credit enhancement by 8% of its purchase commitment. This transaction is partially supported by a liquidity facility provided by Prime-1-rated ABN AMRO Bank. The liquidity facility funds for non-defaulted assets.

• CALYON'S LMA S.A. ("LMA," also known as Liquidites de Marche), purchased a Euro 235 million share of the note. In LMA, the transaction is fully supported by a liquidity line provided by Prime-1-rated Calyon.

SOCIETE GENERALE'S ANTALIS ADDS EURO 40 MILLION TRADE RECEIVABLE TRANSACTION

Antalis S.A./Antalis US Funding Corp. (together, "Antalis"), a partially supported, multiseller programme sponsored by Societe Generale ("SG," rated Aa1/Prime-1/B), has financed a Euro 40 million trade receivable transaction.

In this transaction, Antalis makes a deposit to fund senior notes, up to Euro 40 million. The senior notes are backed by a pool of trade receivables originated by an Italian company operating in the food industry. This transaction is partially supported by a liquidity facility provided by SG. In addition, the transaction benefits from various structural protections such as an ABCP tenor limitation of 95 days, CP cease issuance triggers based on the pool performance, and a dynamic credit enhancement.

With this transaction, Antalis' programme-level credit enhancement was increased by 6% of the commitment. Antalis has approximately Euro 238.3 million in programme-level credit enhancement and is authorized to issue approximately Euro 6.1 billion of ABCP.

LLOYDS TSB'S CANCARA ADDS USD 900 MILLION OF HIGHLY RATED BONDS BACKED BY HOME EQUITY LINES OF CREDIT

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 USD 900 million of Aa1-rated notes backed by a pool of home equity lines of credit to its portfolio.

In this transaction, Cancara is purchasing Aa1-rated notes issued by a trust and backed by a portfolio of home equity lines of credit. This transaction benefits from various structural protections including a short maximum CP tenor 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 the note principal balance as long as the notes 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 USD 45 million of its commitment. Cancara is authorized to issue up to USD 25 billion of ABCP.

IXIS CIB'S DIRECT FUNDING ADDS USD 1 BILLION CDS 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 USD 1 billion interest in a portfolio of highly rated securities.

The asset addition takes the form of a subscription by Direct Funding to a credit derivative transaction, by which it provides protection to its counterparty, IXIS, against certain credit events arising in connection with the underlying Aaa-rated securities. These credit events are linked to the bankruptcy or downgrade of the relevant security below Aa2. Investors have very limited exposure to rating transition.

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 that is purchasing credit protection.

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

Direct Funding's program-level credit enhancement has not been increased following the addition of 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 $500 MILLION NOTE BACKED BY AUTO LOAN RECEIVABLES

Market Street Funding LLC ("Market Street"), a partially supported, multiseller ABCP conduit sponsored by PNC Bank (Aa3/Prime-1/B), has acquired a $500 million note backed by an amortizing pool of sub-prime retail auto loans.

This transaction benefits from transaction-specific credit enhancement in the form of a 2% cash reserve account, overcollateralization sized at a minimum of 9%, and excess spread. This transaction is partially supported by a liquidity facility provided by PNC Bank.

With this transaction, Market Street's program-level credit enhancement was increased by 10% of its commitment. Market Street has about $6.76 billion in total purchase commitments and $635.1 million in program-level credit enhancement.

CERES CAPITAL'S MICA EURO ADDS SECOND TRANSACTION

Mica Funding Ltd. ("Mica Euro"), a fully 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 its second global swap facility. The swap facility permits Mica Euro to purchase up to $3 billion of securities. The facility is fully supported by a total return swap with a Aaa/Prime-1-rated financial institution.

Mica Euro does not have program-level credit enhancement. Mica Euro has a program limit of $20 billion and is authorized to issue ECP in multiple currencies along with USCP and SLNs through Mica Funding LLC.

FORTIS BANK'S SCALDIS ADDS USD 50 MILLION Aaa-RATED SENIOR FACILITY

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 50 million interest in a Aaa-rated senior revolving facility from a CLO. This 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 facility limit. Scaldis is authorised to issue up to USD 28 billion of ABCP.

ROYAL BANK OF SCOTLAND'S TAGS ADDS EURO 250 MILLION TRANSACTION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aaa/Prime-1/B+), has added a Euro 250 million portfolio of Spanish mortgage loans. The loans are debt consolidation mortgages originated across both the prime and non-conforming sectors and secured by first mortgages on the borrowers' primary residence. TAGS will issue ABCP to subscribe for discounted notes ("Notes") issued by a special purpose vehicle established for this transaction which will use the subscription proceeds to purchase the mortgage loans.

This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBS, whereby RBS agrees to purchase the Notes from TAGS if certain events occur. This transaction benefits from a minimum of 7% transaction-specific credit enhancement in the form of over-collateralization of the mortgage loan portfolio.

With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction. TAGS is now authorized to issue up to $21 billion of ABCP.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD MAY 29, 2007 THROUGH JUNE 4, 2007:

CDR FINANCIAL PRODUCTS' CEDAR FINANCE MASTER TRUST ABCP PROGRAM RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating of Cedar Finance Master Trust, a partially supported, multiseller ABCP program administered by the CDR Financial Products. As of May 30, 2007, the program had no ABCP outstanding.

IAT'S SUPERLUMINA FUNDING N.A., LLC ABCP PROGRAM RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating of SuperLumina Funding N.A., LLC, a partially supported, multiseller ABCP program sponsored by International Asset Transactions LLC ("IAT") and administered by the Deutsche Bank Trust Company Americas (Aa3/Prime-1/C). As of May 30, 2007, the program had no outstanding 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
Jesse DeSalvo
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

​
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