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Announcement:

Moody's ABCP rating actions for the seven-day period ending March 25, 2013

03 Apr 2013

New York, April 03, 2013 -- Moody's ABCP rating actions for the seven-day period ending March 25, 2013

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD MARCH 19, 2013 THROUGH MARCH 25, 2013:

Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not have an adverse effect on the credit quality of the securities such that the Moody's ratings are impacted. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

CIBC'S SOUND TRUST ADDS C$250 MILLION EQUIPMENT LOAN AND LEASE FACILITY

SOUND Trust ("SOUND"), a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1/C+), has added a C$250 million equipment loan and lease securitization to its portfolio. The collateral is comprised of leases and loans (including true leases, lease purchase contracts, operating lease contracts, conditional sales contracts) originated by non-investment grade rated leasing company. The securitization is structured as an two-year revolving facility. SOUND is an uncommitted purchaser and its commitment is in the form of an unrated note issued out of an existing trust.

Transaction-specific credit enhancement is comprised of a 2% cash account, overcollateralization sized at 7.25% of the highest pool balance, and minimum excess spread of 4.25%. This transaction is partially supported by a liquidity facility provided by Prime-1 rated CIBC. SOUND has a single program-level liquidity facility that is used to support its notes.

As of January 2013, SOUND had C$1.47 billion in aggregate purchase commitments and C$867 million in outstanding Series 1998-1 Senior Short Term Notes.

SYNDICATE OF ABCP CONDUITS AMENDS INTEREST IN $11 BILLION AUTO SECURITIZATION

A syndicate of banks has amended its interest in existing auto securitization established for a non-investment-grade-rated financial services firm in the automotive industry. The assets in the securitization are originated by two different asset originators. The $11 billion (reduced from $15 billion) securitization is comprised of a $2.5 billion facility and a $8.5 billion facility. Each facility contains auto loans, auto leases, and dealer floorplans. Each participating conduit or conduit bank has taken a pro-rata share in the combined securitization. The $2.5 billion facility is structured as a 15-month revolver, while the $8.5 billion facility is a 2-year revolver.

The conduits continue to hold various unrated VFNs issued by two different SPVs. Each VFN benefits from its own transaction-specific credit enhancement. This transaction is fully supported by all of the participating conduits.

The following ABCP conduits participated in the securitization:

• JPMorgan's Chariot Funding LLC and Jupiter Securitization Company LLC have combined commitments totaling $1.025 billion.

• Citibank's CAFCO, LLC, CHARTA, LLC, CIESCO, LLC, and CRC Funding, LLC, have combined purchase commitments of $1.025 billion.

• Barclays Bank's Salisbury Receivables Company LLC has a $900 million commitment.

• Credit Agricole CIB's Atlantic Asset Securitization LLC has an $800 million commitment.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $700 million.

• Bank of Nova Scotia's Liberty Street Funding LLC has a $700 million commitment.

• Société Générale's Barton Capital LLC has a $700 million commitment.

• Lloyds' Cancara Asset Securitisation Limited has a $600 million commitment.

• Bank of Montreal's Fairway Finance Co. LLC has a $162.5 million commitment.

• PNC Bank's Market Street Funding LLC has a $325 million commitment.

• Natixis' Versailles Assets, LLC has a $125 million commitment.

The remaining commitments are from non-conduit purchasers or non-Moody's rated conduits.

RIDGEFIELD FUNDING AMENDS PROGRAM

Ridgefield Funding Company, LLC ("Ridgefield"), a fully supported multiseller ABCP program sponsored and managed by Guggenheim Treasury Services LLC, has added the ability to issue callable, puttable and callable/puttable commercial paper notes. Similar to the conduit's regular commercial paper, these redeemable notes may be issued at a discount or on an interest-bearing basis.

Ridgefield has approximately $1.528 billion in purchase commitments, with $1.530 billion in ABCP outstanding.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have monthly updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.

Valerie Oliveri
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Everett Rutan
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's ABCP rating actions for the seven-day period ending March 25, 2013
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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