info

Yes No
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
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
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”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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 July 3, 2015

08 Jul 2015

New York, July 08, 2015 -- Moody's ABCP rating activities for the week ending July 3, 2015

MOODY'S UPDATES ABCP QUERY

Moody's has published its ABCP Query product with information as of March 31, 2015. All U.S., European and Canadian programs are complete through March 2015. This report is published monthly and can be found with Moody's other ABCP research products at www.moodys.com

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JUNE 29, 2015 THROUGH JULY 3, 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 the 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.

CIBC'S SAFE TRUST RENEWS INTEREST IN EXISTING AUTO DEALER FLOORPLAN FACILITY

SAFE Trust ("SAFE"), a partially supported, multiseller Canadian ABCP program administered by Canadian Imperial Bank of Commerce ("CIBC"), has renewed its interest in an existing CAD200 million auto dealer floorplan facility. The facility is secured by a revolving pool of dealer floorplan loans originated by an investment-grade rated Canadian auto finance company. The transaction is structured as a two-year revolving facility. SAFE holds an unrated note issued out of a master trust.

This transaction has been in SAFE's portfolio since 2012 and has performed well over the years. The transaction-specific credit enhancement is comprised of a cash reserve account sized at 1% of the funded amount and overcollateralization (with a minimum O/C of 23.50% of total receivables). The reported 3-month average principal payment rate is 50.5%. The transaction continues to be partially supported by a liquidity facility provided by Prime-1(cr) CIBC. SAFE has a single program-level liquidity facility that is used to support its notes.

SAFE has CAD1.9 billion in aggregate purchase commitments and CAD1.5 billion in outstanding Series 1996-1 Senior Short Term Notes.

JPMORGAN'S CHARIOT AND JUPITER AMEND PROGRAMS

Jupiter Securitization Company LLC ("Jupiter") and Chariot Funding LLC ("Chariot"), two partially supported, multiseller ABCP programs administered by JPMorgan Chase Bank, have amended their program-level documents to comply with the Volcker Rule. Jupiter and Chariot now rely on the exclusion from registration under the Investment Company Act of 1940 as set forth in Rule 3a-7.

As of June 30, 2015, Jupiter had $13.6 billion in total purchase commitments, $8.1 billion in outstanding ABCP, and $1.0 billion in program-level credit enhancement. The conduit's authorized program size is $30 billion.

As of June 30, 2015, Chariot had $13.5 billion in total purchase commitments, $8.5 billion in outstanding ABCP, and $1.0 billion in program-level credit enhancement. The conduit's authorized program size is $30 billion.

NATIONAL BANK'S FUSION AND CLARITY AMEND AN EXISTING RESIDENTIAL MORTGAGE FACILITY

Fusion Trust ("Fusion") and Clarity Trust ("Clarity"), two partially supported, multiseller Canadian ABCP programs sponsored and administered by National Bank Financial Inc. ("NBF"), a wholly owned subsidiary of National Bank of Canada ("NBC"), have amended an existing CAD850 million residential mortgage facility. Fusion and Clarity have a CAD350 million and CAD500 million commitment, respectively. The facility was amended to include conventional mortgages with dynamic credit enhancement, in addition to insured mortgages.

Fusion has CAD1.4 billion of purchase commitments, CAD1.0 billion of ABCP, and benefits from program-level credit enhancement of CAD15 million.

Clarity has CAD1.6 billion of purchase commitments, CAD1.0 million of ABCP, and benefits from program-level credit enhancement of CAD15 million.

NATIONAL BANK'S CLARITY ADDS ASSETS TO AN EXISTING RESIDENTIAL MORTGAGE FACILITY

Clarity Trust ("Clarity"), a partially supported, multiseller Canadian ABCP program sponsored and administered by National Bank Financial Inc. ("NBF"), a wholly owned subsidiary of National Bank of Canada ("NBC"), has added a pool of assets to an existing CAD600 million residential mortgage facility.

Clarity has CAD1.6 billion of purchase commitments, CAD1.0 billion of ABCP outstanding, and benefits from program-level credit enhancement is CAD15 million.

RABOBANK'S NIEUW AMSTERDAM ADDS TRADE RECEIVABLES FACILITY

Nieuw Amsterdam Receivables Corporation B.V. ("Nieuw Amsterdam"), a partially supported, multiseller program sponsored by Rabobank Nederland ("Rabobank"), has added a AUD75MM trade receivables facility for an unrated agricultural company.

Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 15%. The overcollateralization fluctuates depending on asset performance. Nieuw Amsterdam's commitment is partially supported by a liquidity facility provided by Prime-1(cr) Rabobank, funding for non-defaulted assets.

With this transaction, Nieuw Amsterdam's program-level credit enhancement is required to be increased by 7% of purchase commitments. As of April 30, 2014 Nieuw Amsterdam had $5.15 billion of commercial paper notes outstanding and $274 million of program-level credit enhancement.

20 GATES' MOUNTCLIFF FUNDING AMENDS TWO FACILITIES

Mountcliff Funding LLC ("Mountcliff"), a fully supported, multiseller ABCP program sponsored by 20 Gates Management LLC, has amended two existing facilities: a $55 million timeshare facility and a $125 million trade receivables facility. Amendments include the addition of two separate stand-alone liquidity commitments for each facility. Prior to the amendment there was a master liquidity agreement, provided by Prime-1-rated entities, that fully supported several deals in Mountcliff's portfolio, including these two facilities. Liquidity remains fully supported for the existing master liquidity and new stand-alone liquidity facilities.

Mountcliff has approximately $1.75 billion of outstanding ABCP and a maximum program limit of $10 billion.

TORONTO DOMINION'S ZEUS AMENDS INTEREST IN EXISTING MOTORCYCLE LOAN TRANSACTION

Zeus Receivables Trust ("Zeus"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., has amended and renewed an existing motorcycle loan transaction.

Zeus finances a revolving facility backed by new and used motorcycle loans. This facility is being renewed at an increased amount of CAD240 million and the commitment is being extended to June 2016. Transaction-specific credit enhancement consists of 12.5% overcollateralization and a 2% cash reserve account.

The transaction continues to be partially supported by a program-level liquidity facility provided by Prime-1(cr) TD. The liquidity will not fund for defaulted receivables.

Zeus does not have any program-level credit enhancement. Zeus has approximately CAD3.12 billion in outstanding ABCP

TORONTO DOMINION'S PRIME TRUST AMENDS AN EXISTING FLEET LEASE TRANSACTION

Prime Trust ("Prime"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., has amended and renewed a CAD200 million existing fleet lease facility to June 2017. The amendment is credit neutral and not material to our analysis.

Pool specific credit enhancement is in the form of two Letters of Credit (LOCs) provided by a Prime-1(cr) rated entity equal to 10%.

The transaction remains partially supported by a program-level liquidity facility provided by Prime-1(cr) TD.

Prime does not have any program-level credit enhancement. Prime has CAD2.82 billion in outstanding ABCP.

THE FOLLOWING RATING ACTIONS HAVE OCCURRED DURING THE PERIOD JUNE 29, 2015 THROUGH JULY 3, 2015:

Antalis ABCP Ratings Unaffected by Program Amendments

For further details, please see the following Moody's press release dated July 3, 2015.

https://www.moodys.com/research/Moodys-Antalis-ABCP-Ratings-Unaffected-by-Program-Amendments--PR_329376

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 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 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 July 3, 2015
No Related Data.
© 2023 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.

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 credit 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 $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, Inc. 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 — Charter Documents - 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.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomePesquisa e RatingsProdutos e SoluçõesNotícias e Eventoscarreiras na Moody’s
Ajuda e SuporteContate-nosApresente uma reclamação
Termos de UsoPolítica de PrivacidadeDireitos Autorais
© 2023 Moody's Investors Service, Inc., Moody’s Analytics, Inc. e/ou afiliadas e licenciadas. Todos os direitos reservados.