New York, April 08, 2015 -- Moody's ABCP rating activities for the fourteen-day period ending
March 30, 2015
MOODY'S UPDATES ABCP QUERY
Moody's has published its ABCP Query product with information as of December
31, 2014. All U.S., European and Canadian
programs are complete through December 2014. 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 DURING THE PERIOD MARCH
17, 2015 THROUGH MARCH 30, 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 there could be other,
non-credit-related effects.
RABOBANK'S NIEUW AMSTERDAM ADDS TWO NEW FACILITIES BACKED BY AUTO LEASES
AND TRADE RECEIVABLES AND AMENDS AN EXISTING TRADE RECEIVABLES FACILITY
Nieuw Amsterdam Receivables Corporation ("Nieuw Amsterdam"), a partially
supported, multiseller ABCP program sponsored and administered by
Rabobank Nederland ("Rabobank", Aa2/Prime-1), has added
two new facilities to its portfolio - a EUR216.25 million
auto lease facility and a EUR27.5 million trade receivables facility.
Additionally they amended its liquidity support for an existing $350
million trade receivables facility.
The auto lease facility consists of three unrated tranches of notes,
a EUR75 million Class A1 Note, a EUR100 million Class A2 Note and
a EUR41.25 million Class B Note. Transaction-specific
credit enhancement is in the form of subordination. For the Class
A1 and Class A2 Note the subordination is equal to 30% of eligible
leases; for the Class B Note the subordination is equal to 13.5%
of eligible leases. Nieuw Amsterdam's commitment is partially supported
by a liquidity facility provided by Prime-1 Rabobank.
For the trade receivable facility, Nieuw Amsterdam's liquidity
is fully supported by Prime-1 Rabobank, and will fund for
the face amount of ABCP.
Nieuw Amsterdam amended its liquidity support for an existing $350
million trade receivables facility. Currently liquidity,
provided by Prime-1 Rabobank, is partially supported -
funding for non-defaulted receivables plus interest accrued on
the ABCP through maturity. Amendments were made to fully support
100% of its commitment.
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 $4.7 billion of outstanding CP and its program-level
credit enhancement is $265 million
RBC'S PLAZA TRUST AMENDS C$400 MILLION COMMITMENT IN AN AUTO LEASE
FACILITY
Plaza Trust ("Plaza"), a partially supported, multiseller
ABCP program sponsored and administered by Royal Bank of Canada ("RBC,"
rated Aa3/Prime-1), has amended a C$400 million commitment
in an auto lease facility for an investment grade automotive manufacturer.
Transaction-specific credit enhancement is comprised of 20%
overcollateralization, a 1.0% cash reserve account,
and excess spread. Liquidity, provided by Prime-1
RBC is being amended from fully supported to partially supported liquidity.
Plaza's program-level credit enhancement is required to be
increased by 10% of aggregate investments. Plaza has C$2.77
billion of purchase commitments and its program-level credit enhancement
is C$222.39 million.
RBC'S STORM KING FUNDING TRUST ADDS C$501 MILLION COMMITMENT IN
AN AUTO LOAN FACILITY
Storm King Funding Trust ("Storm King"), a partially supported,
multiseller ABCP program sponsored and administered by Royal Bank of Canada
("RBC," rated Aa3/Prime-1), has acquired a C$501
million commitment in an auto loan facility for an investment grade automotive
manufacturer.
Transaction-specific credit enhancement is comprised of 4.5%
overcollateralization, a 1.0% cash reserve account,
and excess spread. This transaction is partially supported by a
liquidity facility provided by Prime-1 RBC.
Storm King's program-level credit enhancement is required
to be increased by 10% of aggregate investments. Storm King
has C$2.48 billion of purchase commitments and its program-level
credit enhancement is C$207.86 million.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE PLACED UNDER REVIEW FOR
POSSIBLE DOWNGRADE DURING THE PERIOD MARCH 17, 2015 THROUGH MARCH
23, 2015:
Moody's takes rating actions on three U.S. ABCP Programs
Gemini Securitization Corp LLC
Cedar Springs Capital Company, LLC
Multi-Borrower Funding LLC
For further details, please see Moody's press release dated
March 20, 2015.
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_321138
Moody's takes rating actions on six European ABCP programmes
Anglesea Funding PLC / Anglesea Funding LLC
Arabella Finance Limited / Arabella Finance LLC
Chesham Finance Limited / Chesham Finance LLC
Corelux S.A. / Corelux LLC
Ebury Finance LLC / Ebury Finance Limited
Silver Tower Funding Limited / Silver Tower US Funding, LLC
For further details, please see Moody's press release dated
March 20, 2015.
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320158
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 monthly updated performance information,
which is published 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 March 30, 2015