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Announcement:

Moody's ABCP rating actions for the seven-day period ended July 16, 2007

19 Jul 2007
Moody's ABCP rating actions for the seven-day period ended July 16, 2007

New York, July 19, 2007 -- MOODY'S RATED THE FOLLOWING ABCP PROGRAM PRIME-1 DURING THE PERIOD JULY 10, 2007 THROUGH JULY 16, 2007:

MOODY'S ASSIGNS PRIME-1 RATING TO GMAC MORTGAGE'S MINT I EXTENDIBLE ABCP PROGRAM

Moody's has assigned a Prime-1 rating to the secured liquidity notes ("SLNs") and a Baa2 rating to the 2007-I variable funding subordinated notes ("Subordinate Notes") issued by MINT I, LLC ("MINT I"). Mint I is a single-seller, residential mortgage loan warehouse program sponsored by GMAC Mortgage LLC ("GMACM"). MINT I will fund various types of mortgages from the proceeds of the SLNs and Subordinate Notes on a revolving basis. The conduit has an authorized program size of $25 billion.

The Prime-1 rating assigned to MINT I's SLNs is based on, among other factors, the following: (i) the expected performance of the mortgage loans based on Moody's review of both the eligibility requirements and the historical performance of similar mortgage loans, (ii) credit enhancement provided primarily by a reserve fund and the Baa2-rated Subordinate Notes, (iii) market value risk protection during liquidation of the collateral provided by three Prime-1 rated swap counterparties, (iv) liquidity provided by the extension feature of the SLNs for an additional 180 days if the SLNs cannot be rolled, during which the mortgage loans may be sold or securitized in order to repay the notes by their legal final maturity, and (v) structural protections to limit investors' risk exposure, including a requirement to cease issuing SLNs or to terminate the facility if certain events occur.

The Baa2 rating assigned to the Subordinate Notes is based primarily on the quality of the mortgage collateral and credit enhancement provided in the form of overcollateralization and a cash reserve.

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

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD JULY 10, 2007 THROUGH JULY 16, 2007:

LANDESBANK HESSEN-THÜERINGEN'S OPUSALPHA ADDS EURO 40 MILLION TRADE RECEIVABLE TRANSACTION

Opusalpha Funding Limited ("Opusalpha"), a partially supported, hybrid ABCP programme sponsored by Landesbank Hessen-Thüeringen Girozentrale ("Helaba," rated Aa2/Prime-1/C-), has added a Euro 40 million trade receivable facility to its portfolio. The underlying assets are receivables denominated in Euros and originated by a manufacturer of machine tools in the turning and milling industry. This transaction is a co-purchase with WestLB AG's Compass Securitisation Limited and Compass Securitization LLC. The total transaction size is Euro 100 million.

This transaction is fully supported by the combination of a liquidity facility and credit insurance policy. The liquidity facility is provided by Prime-1-rated Helaba and the commitment amount is sized at 102% of principal amount of ABCP. The liquidity facility funds for non-defaulted receivables, while the credit insurance provided by Coface Kreditversicherung AG (Aa3/Prime-1) covers all defaulted receivables.

With this transaction, Opusalpha is authorized to issue up to approximately Euro 1.4 billion of ABCP.

HVB'S BUFCO PURCHASES BLACK FOREST ABCP BACKED BY $200 MILLION VARIABLE FUNDING NOTE

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 a $200 million interest in a variable funding note.

The variable funding note is backed by relocation receivables originated by an unrated company. The transaction benefits from a minimum of 9% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. This transaction is partially supported by a liquidity facility provided by Prime-1-rated HVB.

BUFCO's program-level credit enhancement was increased by 8% of outstanding ABCP issued with respect to this transaction. BUFCO has $2.9 billion in total asset purchase commitments and $596.9 million in program-level credit enhancement.

LLOYDS TSB'S CANCARA ADDS EURO 52.5 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 Euro 52.5 million CLO transaction to its portfolio.

In this transaction, Cancara is purchasing Aaa-rated senior variable funding notes issued by a SPV and backed by a portfolio of senior and mezzanine loans, and high yield bonds. This transaction benefits from various structural protections including a CP tenor limitation of six months and a cease issuance of ABCP upon the downgrade of the notes below Aa3. This 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.

With this transaction, Cancara's program-level credit enhancement increased by 5% of its commitment. Cancara is authorized to issue up to USD 33 billion of ABCP.

WESTLB'S COMPASS ADDS THREE NEW TRANSACTIONS TOTALLING EURO 345 MILLION

Compass Securitisation Limited and Compass Securitization LLC (together, "Compass"), a partially supported, multiseller ABCP conduit sponsored and administered by WestLB AG (A1/Prime-1/D-), has added three transactions to its portfolio.

The first transaction is a fully supported Euro 15 million trade receivable facility originated by two German companies in the construction and stretch films industry. The liquidity facility is provided by Prime-1-rated WestLB, with a commitment amount sized at 102% of principal CP funded by Compass. Credit insurance is provided by Euler Hermes (Aa3/Prime-1). Transaction-specific credit enhancement is provided by (i) a first loss reserve, (ii) a dilution reserve, and (iii) a transaction cost reserve.

The second transaction is a Euro 80 million trade receivable facility originated in Germany by sellers in the waste management and recycling industry. The receivables are pooled into one single portfolio with transaction-specific credit enhancement in the form of a first loss reserve, dilution reserve and transaction cost reserve. The first loss reserve cross-collateralizes any defaults. This transaction is fully supported by a combination of a liquidity facility and credit insurance. The liquidity facility, sized at Euro 81.7 million, is provided by Prime-1-rated WestLB and covers all non-defaulted receivables. The credit insurance is provided by Atradius Credit Insurance NV (A2/Prime-1) and fronts for defaulted receivables in excess of the first loss reserve.

The third transaction is a Euro 250 million revolving facility for the purchase of auto loan and lease receivables originated in Germany and Benelux. This transaction was previously funded through Compass and the conduit is now increasing its interest in this facility. Transaction-specific credit enhancement is provided through a default reserve funded through excess spread and a deferred purchase price totaling 4.5%. This transaction is partially supported by a liquidity facility provided by Prime-1-rated WestLB. The liquidity facility funds for non-defaulted receivables.

With these three pool additions, Compass is authorized to issue up to USD 15.5 billion of ABCP.

SUMITOMO MITSUI'S MANHATTAN ASSET FUNDING ADDS $100 MILLION INTEREST IN VARIABLE FUNDING NOTE

Manhattan Asset Funding Company LLC ("Manhattan"), a partially supported, multiseller conduit sponsored by Sumitomo Mitsui Banking Corp. ("SMBC," rated Aa2/Prime-1/C) has added a $100 million interest in a variable funding note.

The variable funding note is backed by relocation receivables originated by an unrated company. This transaction benefits from a minimum of 9% transaction-specific credit enhancement in the form of overcollateralization, which adjusts dynamically depending upon asset performance. This transaction is partially supported by a liquidity facility provided by Prime-1-rated SMBC. With this transaction, Manhattan's program-level credit enhancement increased by 10% of its purchase commitment. Manhattan has an aggregate purchase limit of $3.53 billion and $320 million in program-level credit enhancement.

ING'S MONT BLANC AMENDS $450 MILLION INTEREST IN CREDIT CARD TRANSACTION

Mont Blanc Capital Corp. ("Mont Blanc"), a partially supported, multiseller conduit sponsored by ING Bank N.V. (Aa1/Prime-1/B), has amended its interest in a $450 million variable funding note ("VFN") issued from a private label credit card master trust.

Due to improved recent performance levels of the VFN, the transaction-specific credit enhancement on the note has been decreased to 12.5% from 14.5%. There are no changes to the liquidity structure and the transaction remains partially supported by a liquidity facility provided by Prime-1-rated ING.

Mont Blanc has $8.5 billion in total purchase commitments with $5.0 billion of outstanding ABCP and $379 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S OLD LINE ADDS FIVE NEW TRANSACTIONS

Old Line Funding LLC ("Old Line"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC," rated Aaa/Prime-1/B+), has added five new transactions to its portfolio. The transactions are as follows:

The first transaction is a $250 million credit card transaction added through an assignment from its sister conduit, Thunder Bay Funding. This transaction benefits from transaction-specific credit enhancement totaling 40%. With this transaction, Old Line increased its program-level credit enhancement by 10% of its commitment.

The second transaction is a $39.6 million interest in Class B notes issued from a credit card master trust. The Class B notes benefit from 9% transaction-specific credit enhancement. With this asset purchase, Old Line increased its program-level credit enhancement by 20% of its commitment.

The third transaction is a $500 million interest in Class A and Class B variable funding notes issued from a credit card master trust. This deal is structured with a $453.8 million Class A note, a $46.2 million Class B note, and two Class C notes totaling $27.7 million; however, only the two most senior pieces are funded by the conduit. Transaction-specific credit enhancement for the Class A note is sized at 14% in the form of subordination, while the Class B note benefits from 5.25% of transaction-specific credit enhancement. This transaction is partially supported by a liquidity facility provided by Prime-1-rated RBC. For the Class B note, CP investors benefit from a structural protection that causes the liquidity banks to purchase the asset once an excess spread trigger is breached. With this transaction, Old Line increased its program-level credit enhancement by 10% of its commitment for the Class A note and 20% for the Class B note.

The last two transactions are two notes issued from the same credit card master trust with commitments totaling $500 million. One is a $400 million variable funding note that benefits from 2% transaction-specific credit enhancement, while the other is a $100 million note that benefits from 2.5% transaction-specific credit enhancement. With the addition of these two notes, Old Line increased its program-level credit enhancement by 21.8% of its commitment.

All five transactions are partially supported by liquidity facilities provided by Prime-1-rated RBC. As an additional protection to CP investors, each of the transactions will be funded by their respective liquidity facilities in the event of a breach of the three month average excess spread trigger.

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 ORCHID PURCHASES TWO NOTES BACKED BY DIVERSIFIED PAYMENT RIGHTS

Orchid Funding Corp. ("Orchid"), a partially supported, multiseller ABCP conduit administered by ABN AMRO Bank N.V. ("ABN AMRO," rated Aa2/Prime-1/B-), has added two notes to its portfolio.

In these transactions, the purchase was made through Orchid Asset Securitization Investment Services ("OASIS"). Orchid issues asset-backed commercial paper ("ABCP") and uses the proceeds to acquire the notes issued by OASIS, which in turn uses the proceeds to purchase the underlying floating-rate notes.

The first transaction is the purchase of USD 75 million Baa2-rated notes backed by diversified payment rights flows originated by a major Turkish financial institution.

The second transaction is the purchase of approximately USD 150 million Aaa-rated and Baa2-rated notes backed by diversified payment rights. Both notes are originated by a major Turkish financial institution.

The notes are partially supported by separate liquidity facilities provided by Prime-1-rated ABN AMRO to OASIS. For the addition of the Baa2 rated notes, CP investors benefit from structural protections that allow the liquidity banks to purchase the asset once certain trigger events occur.

With these transactions, Orchid may issue up to approximately USD 3.2 billion of ABCP.

SUNTRUST'S THREE PILLARS ACQUIRES $120 MILLION INTEREST IN NOTES

Three Pillars Funding Company LLC ("Three Pillars"), a partially supported, multiseller ABCP conduit sponsored by SunTrust Bank (Aa2/Prime-1/B+), has acquired a $120 million interest in notes backed by high yield distressed corporate bonds and notes. This transaction is fully supported by a liquidity facility provided by SunTrust.

Three Pillars has $7.45 billion in total purchase commitments, with $5.19 billion in ABCP outstanding and $668.4 million in program-level credit enhancement.

ROYAL BANK OF CANADA'S THUNDER BAY AMENDS INTEREST IN THREE TRANSACTIONS

Thunder Bay Funding LLC ("Thunder Bay"), a partially supported, multiseller ABCP conduit sponsored by Royal Bank of Canada ("RBC," Aaa/Prime-1/B+), has amended its interest in three transactions. The liquidity facilities for the following transactions were amended to make them consistent with all newly added and amended transactions in RBC's conduits:

Thunder Bay has amended its interest in a $55.1 million Class B note issued from a private-label credit card master trust. This transaction will be purchased by the liquidity facility in the event of a breach of the three month average excess spread trigger.

Thunder Bay has also amended its interest in a senior note issued from a credit card master trust. This transaction benefits from a structural protection that causes the liquidity bank to purchase the note once certain trigger events occur. The liquidity funding formula has not been modified.

Finally, Thunder Bay amended its $92 million interest in Aaa-rated Class A-1 and Class A-2 notes. The liquidity facility was amended to allow for a funding condition tied solely to the bankruptcy of the conduit.

All three transactions remain partially supported by liquidity facilities provided by Prime-1-rated RBC. 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.

EUROHYPO'S TIMES SQUARE FUNDING AMENDS PROGRAM

Times Square Funding ("Times Square"), a fully supported ABCP program sponsored by Eurohypo AG, New York Branch ("Eurohypo," rated A1/Prime-1/C+), has amended its program structure.

The amendment provides for a $600 million committed repo line provided by Prime-1-rated Alpine Securitization to be available to support the liquidation of assets in certain circumstances. Securities and commercial mortgage loans will be marked-to-market on a daily basis, and haircuts will be applied to these assets in order to mitigate the conduit's exposure to market value risk during the liquidation period. Some new issuance and compliance tests have been added to accommodate the new structure; however, all original tests remain in place and Eurohypo continues to fully support the program under the repurchase agreement.

Times Square has also increased its authorized issuance limit from $5 billion to $10 billion and currently has $1.95 billion of outstanding ABCP.

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

No Related Data.
© 2019 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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