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Announcement:

Moody's ABCP rating activities ending June 12, 2015

18 Jun 2015

New York, June 18, 2015 -- Moody's ABCP rating activities for the week ending June 12, 2015

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JUNE 8, 2015 THROUGH JUNE 12, 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.

BANK OF MONTREAL'S CMT EXTENDS COMMITMENT FOR EXISTING AUTO FLOORPLAN FACILITY

Canadian Master Trust ("CMT"), is a partially supported, multiseller Canadian ABCP program sponsored and administered by BMO Nesbitt Burns Inc., a subsidiary of Bank of Montreal ("BMO"). CMT currently finances a CAD200 million facility backed by auto floorplan receivables for an investment grade Canadian auto manufacturing company. The facilities commitment was extended for two years to May 2017. No other changes were made to the facility.

Pool-specific credit enhancement is equal to 31.7% of outstandings and their are currently no defaults. The transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO.

CMT has approximately CAD1.67 billion of outstandings and purchase limits of CAD2.28 billion.

BNP PARIBAS' MATCHPOINT ADDS EURO 400 MILLION AUSTRIAN AUTO LEASE TRANSACTION

Matchpoint Finance PLC ("Matchpoint"), a fully supported, multiseller program sponsored and administered by BNP Paribas, has added a Euro400 million facility backed by Austrian auto lease receivables. The transaction was previously funded by Scaldis Capital Ltd/Scaldis Capital (Ireland) Ltd, a conduit sponsored by BNP Paribas Fortis SA/NV.

The transaction is fully supported by a liquidity facility provided by Prime-1(cr) BNP Paribas Fortis and BNP Paribas. Under the liquidity agreement BNP Paribas Fortis, as the primary liquidity provider, will make any requested liquidity advance in the first instance. BNP Paribas is providing additional support in its role as secondary liquidity provider and on a same day basis will make liquidity advances in circumstances where BNP Paribas Fortis would fail to do so.

With this addition, Matchpoint has a total authorized programme limit of Euro5.2 billion.

NATIXIS' VERSAILLES AMENDED AND RENEWED AN EXISTING EQUIPMENT AND TRADE SECURITIZATION

Versailles Assets, LLC ("Versailles Assets"), a partially supported, multiseller ABCP program sponsored and administered by Natixis, New York Branch ("Natixis," rated (P)A2/Prime-1), amended and renewed an existing facility backed by equipment loans and leases, and trade receivables.

Amendments to the credit enhancement for the equipment loan and leases were made. Enhancement was reduced from 20% to 18% for the portion of equipment loans financed and increased from 36% to 41% for the portion of equipment leases financed. The enhancement for the trade receivables remains at 27% or eligible receivables. Additionally, the revolving period has been extended 3 years.

Liquidity, provided by Prime-1-rated Natixis is partially supported, funding for non defaulted receivables. Versailles has $5 billion in purchase commitments and outstandings of $2.8 billion. Current program-level credit enhancement is $295 million.

NORD/LB'S HANNOVER AMENDS PROGRAM

Hannover Funding Company LLC ("Hannover"), a fully supported, ABCP program sponsored and administered by Norddeutsche Landesbank GZ ("NORD/LB", A3/Prime-2), has amended its program. Prior to the amendment Hannover was considered a hybrid program, funding both assets for Nord/LB's commercial clients, as well as securities. All securities have been removed from Hannover. Therefore, Hannover was amended to be a multiseller conduit and will continue to fund the assets for NORD/LB's commercial clients. Hannover has also amended its program to allow deals to be added on a post review basis so long as the assets are supported by a fully supported liquidity facility reviewed by Moody's. Lastly, Hannover added Deutsche Bank Trust Company Americas, as Collateral Trustee in order to comply with the Volcker Rule. Hannover now relies on the exclusion from registration under the Investment Company Act of 1940 set forth in Rule 3a-7.

Hannover remains a fully supported program through liquidity provided by Prime-2-rated NORD/LB and a guarantee provided by the states of Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania (rated Prime-1). The guarantee is set to expire as of June 30, 2015.

As of April 30, 2015, Hannover had $1.87 billion of commercial paper notes outstanding and a program limit of $5 billion.

RABOBANK'S NIEUW AMSTERDAM ADDS NEW TRADE RECEIVABLES FACILITY

Nieuw Amsterdam Receivables Corporation ("Nieuw Amsterdam"), a partially supported, multiseller ABCP program sponsored and administered by Rabobank Nederland ("Rabobank"), has added a $125MM trade receivables facility to its portfolio. The receivables are originated by an unrated metals trading company.

Transaction-specific credit enhancement is in the form of credit insurance and reserves. Nieuw Amsterdam's commitment is fully supported by a liquidity facility provided by Prime-1(cr) Rabobank which funds for the face amount of commercial paper..

Nieuw Amsterdam's program-level credit enhancement is required to be increased by 7% of purchase commitments, excluding those assets fully supported by liquidity. Nieuw Amsterdam has approximately $5.5 billion of outstandings, $7.8 billion in purchase limits and $250 million program-level credit enhancement.

SCOTIABANK'S LIBERTY STREET AMENDS PROGRAM

Liberty Street Funding LLC ("Liberty Street"), a fully supported, multiseller ABCP program sponsored and administered by Bank of Nova Scotia ("Scotiabank"), has amended its program. All of the changes were non-credit related.

Liberty Streets remains a fully supported conduit. Liquidity is in the form of four master liquidity agreements provided by Prime-1(cr) Scotiabank.

Liberty Street has $10.1 billion in purchase limits and $5.6 billion in outstandings. Although Liberty Street is fully supported by liquidity there is program-level credit enhancement equal to $1.01 billion.

SOCIETE GENERALE'S BARTON ADDS $500 MILLION AUTO LEASE TRANSACTION

Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program sponsored and administered by Societe Generale ("SG,"), has added a $500 million amortizing auto lease securitization to its portfolio. The facility is established for a unrated financial institution.

The transaction-specific credit enhancement is comprised of overcollateralization (with a floor of 10% of the pool balance) and 2.5% minimum excess spread. The transaction is partially supported by a liquidity facility provided by Prime-1(cr) SG.

With this transaction, Barton's program-level credit enhancement increased by 8% of the invested amount. Barton has $6.4 billion of purchase commitments, $4.3 billion in outstandings and its program-level credit enhancement is at its $500 million floor.

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 June 12, 2015
No Related Data.
© 2021 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.

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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.

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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 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 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 JPY550,000,000.

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

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