info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

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.​​​

I AGREE
Announcement:

Moody's ABCP rating activities ending April 27, 2015

30 Apr 2015

New York, April 30, 2015 -- Moody's ABCP rating activities for the seven day period ending April 27, 2015

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD APRIL 21, 2015 THROUGH APRIL 27, 2015:

Moody's has reviewed the following ABCP programs in conjunction with the proposed additions and amendments, as applicable. At this time the additions and amendments, in and of themselves, will not result in any rating impact on their respective program. Moody's does not believe they will 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 additions and amendments could have other, non-credit-related effects.

SYNDICATE OF ABCP CONDUITS AMEND INTEREST IN AN AUTO SECURITIZATION

Amendments were made to an existing auto securitization facility established for a non-investment-grade-rated financial services firm in the automotive industry. The facility was increased by $1 billion to $12.5 billion, and consists of two separate SPVs: a $4.5 billion facility and an $8.0 billion facility. Each SPV issues unrated variable funding notes (VFNs). The underlying collateral include auto loans, auto leases and auto dealer floorplan receivables originated by two different asset originators. Participating conduits and banks have a pro-rata share in the VFNs issued by each SPV. The VFNs benefit from their own transaction-specific credit enhancement. Liquidity fully supports all assets funded through the conduits.

The following ABCP conduits participate in the securitization:

JPMorgan's Chariot Funding LLC and Jupiter Securitization Company LLC have combined commitments totaling $1.225 billion.

Citibank's CAFCO, LLC, CHARTA, LLC, CIESCO, LLC, and CRC Funding, LLC, have combined purchase commitments of $1.225 billion.

Barclays Bank PLC's Salisbury Receivables Company, LLC has a $1.1 billion commitment.

Credit Agricole CIB's Atlantic Asset Securitization, LLC has an $900 million commitment.

Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $900 million.

Scotiabank's Liberty Street Funding, LLC has a $775 million commitment.

Société Générale's Barton Capital, LLC has a $775 million commitment.

Lloyds' Cancara Asset Securitisation Limited has a $725 million commitment.

Bank of Montreal's Fairway Finance Company, LLC has a $350 million commitment.

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

SOCIETE GENERALE'S BARTON RENEWS INTEREST IN EXISTING SYNDICATED AUTO SECURITIZATION

Barton Capital, LLC ("Barton"), a partially supported, multiseller ABCP program sponsored and administered by Societe Generale ("SG," rated A2/Prime-1), has renewed its $200 million interest in an existing $3.0 billion syndicated auto securitization established for an investment grade-rated automotive manufacturer. The securitization is comprised of a revolving auto loan facility and a revolving auto lease facility. The participating conduits hold two Aaa (sf)-rated variable funding notes (VFNs), one collateralized by retail installment contracts and the related vehicles (auto loans); and the other collateralized by retail auto lease contracts and the related leased vehicles (auto leases).

The VFN collateralized by auto loans benefits from transaction-specific credit enhancement in the form of overcollateralization (with a floor of 3.5% of the highest principal balance since the last securitization take-out date), a 0.50% reserve account, and excess spread. The VFN collateralized by auto leases benefits from transaction-specific credit enhancement in the form of overcollateralization (with a floor of 20% of the securitization value of the residual amount), a 0.50% reserve account, and excess spread (minimum of 2.50%).

The transaction remains partially supported by a liquidity facility provided by Prime-1 SG.

Barton has $6.3 billion of purchase commitments and its program-level credit enhancement remains at the $500 million floor.

NEW RENTAL CAR TERM ISSUANCE HAS NO IMPACT TO BMO, RBC AND SCOTIABANK'S ABCP PROGRAMS

Canadian Master Trust ("CMT"), Plaza Trust ("Plaza"), and Bay Street Funding Trust ("BSFT" together with CMT and Plaza, the "Conduits"), are three partially supported, multiseller Canadian ABCP programs sponsored and administered, respectively, by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal ("BMO" rated Aa3/Prime-1), Royal Bank of Canada ("RBC," rated Aa3/Prime-1), and Scotiabank (rated Aa2/Prime-1). The Conduits fund an existing unrated CAD450 million variable funding note (VFN) backed by a fleet of rental cars for a non-investment grade rental car company ("Conduit Transaction"). Each Conduit has a CAD150 million interest in the VFN.

The VFN issuer has completed a new term note issuance. The new issuance does not impact the rating of the ABCP issued by each Conduit to fund its obligations under the Conduit Transaction.

The Conduit Transaction remains partially supported by a liquidity facility provided by Prime-1 BMO, RBC, and Scotiabank in support of their respective Conduit.

Plaza's program-level credit enhancement is required to be increased by 10% of aggregate investments. Plaza has approximately CAD1.97 billion of outstandings and its program-level credit enhancement is approximately CAD200 million.

CMT has approximately CAD1.47 billion of outstandings and purchase limits of CAD2.3 billion.

BSFT has approximately CAD1.4 billion of outstandings and purchase limits of CAD2.2 billion.

CIBC'S SOUND TRUST AMENDS INTEREST IN EXISTING EQUIPMENT LOAN AND LEASE FACILITY

SOUND Trust ("SOUND"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC," rated Aa3/Prime-1), has amended its interest in an existing CAD250 million equipment loan and lease securitization. The collateral is comprised of leases and loans originated by a non-investment grade rated leasing company. The securitization is structured as a two-year revolving facility and has been in SOUND's portfolio since March 2013. SOUND is an uncommitted purchaser and its commitment is in the form of an unrated note issued out of an existing trust.

The amendments include extending the revolving facility's expiration date to March 2017 and amending SOUND's commitment to include a one-time increase to CAD400 million. The transaction-specific credit enhancement remains unchanged and 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 remains partially supported by a liquidity facility provided by Prime-1 CIBC.

SOUND has CAD2.5 billion in aggregate purchase commitments and CAD1.5 billion in outstanding Series 1998-1 Senior Short Term Notes.

RBC'S PLAZA TRUST AMENDS TWO FACILITIES BACKED BY CREDIT CARD RECEIVABLES AND TRADE RECEIVABLES

Plaza Trust ("Plaza"), a partially supported, multiseller ABCP program sponsored and administered by Royal Bank of Canada ("RBC," rated Aa3/Prime-1), has amended an existing CAD500 million commitment in a credit card receivables facility for an unrated financial institution company and an existing CAD110 million trade receivables facility.

For the credit card receivables facility, an amendment was made to remove certain accounts pursuant to the transaction's documents. Transaction-specific credit enhancement is comprised of a 9% letter of credit and excess spread.

For the trade receivables facility, the deal was renewed and the commitment date was extended. Additionally, minor amendments were made that were credit neutral. Transaction-specific credit enhancement is in the form of dynamic overcollateralization sized based on historical defaults.

Each transaction remains partially supported by a liquidity facility provided by Prime-1 RBC.

Plaza's program-level credit enhancement is required to be increased by 10% of aggregate investments. Plaza has approximately CAD1.97 billion of outstandings and its program-level credit enhancement is approximately CAD200 million.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in March 2015. 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 updated performance information, which is published quarterly in the Performance Overviews. All publications are available on www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Valerie F. 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

Lisa B Singman
VP - Senior Credit Officer
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 activities ending April 27, 2015
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

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.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 $2,700,000. 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 JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​
Moodys.com