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Announcement:

Moody's ABCP rating actions for the seven-day period ended July 9, 2007

12 Jul 2007

New York, July 12, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JULY 3, 2007 THROUGH JULY 9, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO MORGAN STANLEY'S WHITE CANYON ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the extendible notes ("ENs") issued by White Canyon Funding LLC ("White Canyon"). White Canyon is a newly established, single-seller ABCP program sponsored by Morgan Stanley Bank ("MSB," rated Aa3/Prime-1/B). White Canyon will use the proceeds of ABCP to invest in repurchase agreements collateralized by structured finance assets. The program has an authorized issuance amount of $10 billion.

MSB is the seller of assets under the repurchase agreements. The assets include securitized products, such as, residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities supported by home equity, auto, credit card and student loans, CDOs and others. The ratings of the assets will be A3 or higher.

The Prime-1 rating assigned to White Canyon's ENs is based on, among other factors, the following: (i) the credit quality of the underlying collateral financed under the repurchase agreements, which must be rated A3 or higher; (ii) credit enhancement in the form of overcollateralization sized to cover the market value risk of selling the collateral over the liquidation period and maintained by a daily marked-to-market process; (iii) liquidity support provided by the extension feature of the ENs for 60 days; and (iv) the capabilities of MSB as administrator and Deutsche Bank Trust Company Americas (Aa3/Prime-1/C) as the issuing and paying agent and collateral agent.

For further details, please see Moody's press release dated July 3, 2007.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 3, 2007 THROUGH JULY 9, 2007:

ROYAL BANK OF SCOTLAND'S TAGS, JPMORGAN'S CHARIOT AND JUPITER, AND BARCLAYS' SHEFFIELD PARTICIPATE IN GBP 1.65 BILLION TRANSACTION

Thames Asset Global Securitization No.1, Inc. ("TAGS"), Chariot Funding LLC ("Chariot"), Jupiter Securitization Corp. ("Jupiter"), and Sheffield Receivables Corp. ("Sheffield"), have co-purchased GBP 1.65 billion of Class A and Class B discounted notes backed by a portfolio of U.K. credit card receivables and master trust interests. The receivables are from credit card accounts originated in the U.K. (England, Wales, Scotland and Northern Ireland), and comprise three sub-portfolios originated or acquired and serviced by the U.K. affiliate of an investment-grade U.S. bank. The master trust interests comprise of the originator's rights to certain cash flows from its U.K. credit card master trust program.

TAGS, a partially supported, multiseller conduit sponsored by The Royal Bank of Scotland plc (Aaa/Prime-1/B+), has financed a GBP 550 million interest in the transaction. With this transaction, TAGS was required to increase its program-level credit enhancement by 5% of outstanding ABCP issued with respect to this transaction.

Chariot and Jupiter are partially supported, multiseller ABCP programs sponsored by JPMorgan Chase Bank, N.A. ("JPM," rated Aaa/Prime-1/B+). Each conduit has financed a GBP 275 million interest in the transaction. With this transaction, Chariot increased its program-level credit enhancement by 5% of outstanding ABCP issued, and Jupiter has increased its program-level credit enhancement by 10% of outstanding ABCP issued.

Sheffield, a partially supported, multiseller ABCP program sponsored by Barclays Bank PLC ("Barclays," rated Aa1/Prime-1/B+), has financed a GBP 550 million interest in the transaction. With this transaction, Sheffield increased its program-level credit enhancement by 10% of its commitment.

This transaction benefits from a minimum of 6% transaction-specific credit enhancement (for Classes A and B combined) in the form of over-collateralization/subordination of junior note classes. The Class B notes are subordinated to Class A; the Class C notes, which are not funded by the conduits, are subordinated to both senior classes. There is also a cash reserve sized at a minimum of 1%. For each of TAGS, Chariot, Jupiter and Sheffield, the transaction is partially supported through liquidity facilities provided by RBS (in the case of TAGS), JPM (in the case of Chariot and Jupiter), and Barclays (in the case of Sheffield). Each Prime-1-rated liquidity bank agrees to purchase the notes from the relevant ABCP conduit if certain events occur.

With this transaction, TAGS is now authorized to issue up to $21 billion of ABCP, while Chariot and Jupiter are authorized to issue up to $21.6 and $18.85 billion of ABCP, respectively. Sheffield is authorized to issue up to $32.5 billion of ABCP.

BUNGE ASSET FUNDING CORP. AMENDS PROGRAM

Bunge Asset Funding Corp. ("BAFC"), a fully supported, single-seller conduit sponsored by Bunge International Limited (not rated), has amended its program documents to extend the liquidity facility and modify the credit enhancement requirements. With this amendment, the conduit remains fully supported through a liquidity facility provided by a syndicate of Prime-1-rated banks.

Credit enhancement, in the form of a letter of credit provided by three Prime-1-rated banks, is sized accordingly by the long-term debt rating of the guarantors. The letter of credit is for the benefit of the liquidity banks and may be drawn to reimburse the liquidity banks for their outstanding liquidity loans. The letter of credit is currently sized at 12.5% of the program facility amount.

BAFC is authorized to issue up to $600 million of ABCP and currently has $383.8 million of ABCP outstanding.

REDWOOD TRUST'S MADRONA AMENDS PROGRAM

Madrona Residential Funding LLC ("Madrona"), a partially supported, single-seller residential mortgage warehouse facility sponsored by Redwood Trust (unrated), has amended the portfolio seasoning criteria in its program documents.

The amendment expands the seasoning criteria for prime-quality (Group A) and Alt-A quality (Group B) mortgage loans, effectively removing seasoning limitations on the loans. These loans may now remain in the facility as long as they are current. In addition, Madrona has tightened the eligibility criteria of loans that may be sold into the portfolio.

The credit enhancement levels remain unchanged; the program-level credit enhancement remains sized at $5.4 million in the form of a subordinate note. Madrona is authorized to issue up to $294.6 million of extendible notes.

ING'S MONT BLANC PURCHASES $200 MILLION INTEREST IN Aaa-RATED NOTE

Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multiseller conduit sponsored by ING Bank N.V. (Aa1/Prime-1/B), has purchased a $200 million interest in a Aaa-rated secured floating-rate note.

This note is backed by a pool of auto loans originated by a South Korean automotive manufacturer. This transaction benefits from 16.4% of transaction-specific credit enhancement in the form of a subordinate note. The liquidity facility funds for the principal amount of the note plus CP interest. Liquidity will not fund if the rating of the note falls to below Caa2, or if the conduit is insolvent.

Due to the high credit quality of the note, Mont Blanc is not required to increase its program-level credit enhancement with the addition of this transaction. Mont Blanc has $8.5 billion in total purchase commitments with $5.0 billion outstanding and $379 million in program-level credit enhancement.

ABN AMRO'S NIGHTWATCH ADDS $750 MILLION DEALER FLOORPLAN TRANSACTION

Nightwatch Funding LLC ("Nightwatch"), a reduced liquidity, multiseller extendible ABCP program sponsored by ABN AMRO Bank N.V. ("ABN AMRO," rated Aa2/Prime-1/B-), has added a $750 million variable funding note to its portfolio. The note is backed by dealer floorplan receivables originated by a Japanese automotive manufacturer.

This deal benefits from transaction-specific credit enhancement totaling 13.31%. This transaction is partially supported by a 5% external liquidity facility provided by Prime-1-rated ABN AMRO. An additional liquidity facility sized at 1% is available for the payment of interest during the extension period due to timing mismatches. Liquidity will not fund if the subordinate notes are depleted or if the conduit is bankrupt. The transaction also benefits from structural protections that result in an amortization event once certain triggers are breached.

With this transaction, Nightwatch's program-level credit enhancement increased by 5% of the commitment. Nightwatch currently has $2.77 billion in purchase commitments, with $1.0 billion in ABCP outstanding and $37.5 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S OLD LINE AND THUNDER BAY PURCHASE TWO TRANSACTIONS

Old Line Funding LLC ("Old Line") and Thunder Bay Funding LLC ("Thunder Bay"), both partially supported, multiseller ABCP conduits sponsored by Royal Bank of Canada ("RBC," Aaa/Prime-1/B+), have added two new transactions. The transactions are as follows:

The first transaction is a GBP 522.2 million interest in Class A and Class B variable funding notes funded through a purchasing vehicle. The underlying collateral consists of a revolving pool of auto loan contracts. Old Line's commitment in the Class A piece is GBP 320 million, while Thunder Bay has taken a GBP 180 million interest. Old Line will also finance the entire GBP 22.2 million Class B subordinate note. Transaction-specific credit enhancement is in the form of dynamically sized subordination, a cash reserve account, and excess spread. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBC. The program-level credit enhancement for each conduit was increased by 10% of its investment in the Class A piece, and a 20% increase for Old Line's investment in the Class B piece.

The second transaction is a $1 billion auto loan facility. Transaction-specific credit enhancement is in the form of overcollateralization, excess spread, and a reserve account totaling not less than 6.75%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBC. The transaction also benefits from a structural protection that causes the liquidity bank to purchase the asset once certain trigger events are breached. Program-level credit enhancement will be increased by 10% of each conduit's commitment.

Thunder Bay has $8.4 billion in total purchase commitments, with $5.8 billion in outstanding ABCP and $889 million in program-level credit enhancement. Old Line has $14.4 billion in total purchase commitments, with $9.1 billion in outstanding ABCP and $1.5 billion in program-level credit enhancement.

ABN AMRO'S TULIP AND LANDESBANK HESSEN-THÜRINGEN'S OPUSALPHA FINANCE AUTO LEASE TRANSACTION

Tulip Funding Corp. and Tulip Euro Funding Corp. (together, "Tulip "), and Opusalpha Funding Limited ("Opusalpha"), have financed auto lease receivables originated by a German savings bank. The total programme amount is Euro 100 million which can be increased to a maximum of Euro 300 million, with an equal share for each purchaser.

Tulip, a partially supported, multiseller ABCP programme sponsored by ABN AMRO Bank N.V. (Aa2/Prime-1/B-), has financed a Euro 50 million interest of the securitised portfolio. Opusalpha, a partially supported, hybrid ABCP programme sponsored by Landesbank Hessen-Thüringen Girozentrale ("Helaba," rated Aa2/Prime-1/C-), has also financed a Euro 50 million interest in the pool.

In Tulip, the transaction benefits from 2.5% transaction-specific credit enhancement in the form of overcollateralisation and a subordinated loan. In addition, the transaction has various structural protections to ensure that investors are protected upon deterioration in the performance of the facility. This transaction is partially supported by a liquidity facility, provided by Prime-1-rated ABN AMRO Bank, that funds for non-defaulted assets. Tulip's programme-level credit enhancement was increased by 8% of the purchase limit for this transaction.

In Opusalpha, the transaction also benefits from 2.5% transaction-specific credit enhancement in the form of overcollateralisation and a subordinated loan. It is partially supported by a liquidity facility, provided by Prime-1 rated Helaba, that funds for non-defaulted assets. In addition, the transaction benefits from various structural protections such as cease issuance triggers based on the pool performance which results in a draw of the liquidity in case of a breach, and transaction-specific credit enhancement. Opusalpha's programme-level credit enhancement was increased by 5% of the purchase limit for this transaction.

With this transaction, Tulip is authorised to issue up to Euro 11 billion of ABCP and Opusalpha is authorised to issue up to Euro 1.5 billion of ABCP.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD JULY 3, 2007 THROUGH JULY 9, 2007:

NEW CENTURY'S VON KARMAN ABCP PROGRAM RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating on the asset-backed commercial paper and the A2 and Baa2 ratings on the subordinate notes of Von Karman Funding LLC, a fully supported, single-seller ABCP program administered by the New Century Mortgage Corporation. As of May 30, 2007, the program had no outstanding notes.

NEW CENTURY'S ST. ANDREW ABCP PROGRAM RATING WITHDRAWN

Moody's has withdrawn the Prime-1 rating on the asset-backed commercial paper and the Baa2 rating on the subordinated notes of St. Andrew Funding Trust, a single-seller mortgage loan warehouse facility sponsored by New Century Financial Corporation. As of May 30, 2007, the program had no outstanding notes.

For a more detailed description of these ABCP programs, see Moody's website at http://www.moodys.com.

New York
Everett Rutan III
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Wanda Lee
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions for the seven-day period ended July 9, 2007
No Related Data.
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