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Announcement:

Moody's ABCP rating activity ending December 18, 2015

23 Dec 2015

New York, December 23, 2015 -- Moody's ABCP rating activity for the week ending December 18, 2015

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM DECEMBER 14, 2015 THROUGH DECEMBER 18, 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.

SYNDICATE OF ABCP CONDUITS ADD INTEREST IN TWO $1.5 BILLION VFNs BACKED BY FLEET LEASE RECEIVABLES

A syndicate of banks and ABCP conduits have added two $1.5 billion revolving variable funding notes (VFNs) issued out of the same master trust. The bank and conduit lenders hold two series of unrated Class A notes backed by vehicle fleet lease receivables. The Class A notes benefits from overcollateralization and a reserve fund. Interest rate swaps are in place to mitigate any funding cost risks associated to the fixed-rate leases.

The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of its respective commitment.

The following ABCP conduits participated in the securitization:

• JPMorgan's Chariot Securitization Company LLC has a $266 million commitment. Chariot has $12.44 billion of purchase commitments, $9.4 billion in outstandings and its program-level credit enhancement is approximately $1.0 billion.

• Royal Bank of Canada's Old Line Funding, LLC has a $266 million commitment. Old Line's commitment is fully supported by a liquidity facility provided by Prime-1(cr) RBC. Old Line has approximately $15.6 billion of purchase commitments and $11.2 billion in outstandings. Its program-level credit enhancement is approximately $1.39 billion with a $300 million floor.

• Credit Agricole Corporate and Investment Bank's Atlantic Asset Securitization LLC has a $266 million commitment. Atlantic's commitment is fully supported by a liquidity facility provided by Prime-1(cr) CA-CIB. Atlantic has $11 billion of purchase commitments and $7.1 billion in outstandings.

• BNP Paribas' Starbird Funding Corporation has a $266 million commitment. Starbird's commitment is fully supported by a liquidity facility provided by Prime-1(cr) BNP. Starbird has approximately $5.85 billion of purchase commitments and $3.01 billion in outstandings. Its program-level credit enhancement is approximately $468 million with a $150 million floor.

• Bank of Montreal's Fairway Finance Company, LLC has a $62 million commitment. Fairway's commitment is fully supported by a liquidity facility provided by Prime-1(cr) BMO. Fairway has $5.4 billion of purchase commitments and $4 billion in outstandings.

• HSBC's Regency Market's has a $154 million commitment.

• The Bank of Tokyo-Mitsubishi UFJ, Ltd.'s Gotham Funding Corporation has a $266 million commitment. Gotham's commitment is fully supported by a liquidity facility provided by Prime-1(cr) Bank of Tokyo-Mitsubishi UFJ, Ltd. Gotham has $12.3 billion of purchase commitments and $7.1 billion in outstandings.

Other non-conduit lenders provided the remaining commitments.

CANTOR FITZGERALD'S ISF REDUCES COMMITMENT TO AN EXISTING SERVICER ADVANCE FACILITY AND ADDS A COMMERICAL LEASE FACILITY

Institutional Secured Funding (Jersey) Limited ("ISF"), a fully supported, multiseller ABCP program sponsored and administered by Cantor Fitzgerald Investment Advisors, L.P., an affiliate of Cantor Fitzgerald & Co. ("Cantor Fitzgerald"), has reduced the commitment of an existing servicer advance transaction from $413.8 million to $225 million and has added a $147.5 million note backed by a portfolio of triple net leases on commercial properties.

Liquidity, provided by the unrated branch of a Prime-1(cr) financial institution, is fully supported, funding for the face amount of ABCP. Although Moody's does not assign a rating to the relevant unrated branch, Moody's has concluded that the obligations of the branch are consistent with the Prime-1 (sf) rating assigned to the short-term notes issued by ISF.

ISF does not have program-wide credit enhancement. ISF currently has roughly $3.8 billion of outstandings.

BNP'S STARBIRD AMENDS PROGRAM

Starbird Funding Corporation ("Starbird"), a partially supported, multiseller ABCP program sponsored and administered by BNP Paribas ("BNP"), has amended its program. The amendments include obtaining post review status for fully supported transactions as well as transferring all rights, duties, and obligations under the global liquidity asset purchase agreement from BNP Paribas acting through a New York branch to BNP Paribas.

Starbird had approximately $5.85 billion of purchase commitments and $3.01 billion in outstanding ABCP. Its program-level credit enhancement is approximately $468 million with a $150 million floor.

CREDIT AGRICOLE'S ATLANTIC ADDS $175 MILLION TRADE RECEIVABLES SECURITIZATION

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller ABCP program sponsored and administered by Credit Agricole Corporate and Investment Bank, New York Branch ("CA-CIB"), has added a $175 million trade receivables securitization to its portfolio. The securitization is established for a company in the regulated electric and gas utility industry. This transaction is fully supported by a liquidity facility provided by Prime-1(cr) CA-CIB. The liquidity facility funds for the face amount of ABCP.

Atlantic's program-level credit enhancement was not increased given the full liquidity support for this transaction. Atlantic has $11 billion of purchase commitments and $7.1 billion in ABCP outstandings.

RBC'S PLAZA TRUST AMENDS AN INSURANCE PREMIUM FINANCING FACILITY

Plaza Trust ("Plaza"), a partially supported, multiseller ABCP program sponsored and administered by Royal Bank of Canada ("RBC"), has amended the liquidity facility for an existing CAD160 million insurance premium financing facility. The insurance premiums are originated and serviced by an unrated financing company. Transaction-specific credit enhancement is comprised of a minimum of 17% overcollateralization and excess spread. Liquidity, provided by Prime-1(cr) RBC is being amended from fully supported to partially supported liquidity, and will fund for non-defaulted assets.

Plaza's program-level credit enhancement is required to be increased by 10% of aggregate investments. Plaza has CAD2.7 billion of purchase commitments and CAD1.7 billion of ABCP outstanding. Its program-level credit enhancement is approximately CAD169 million.

RBC'S OLD LINE ADDS A $220 MILLION AUTO LOAN FACILITY

Old Line Funding, LLC ("Old Line"), a partially supported, multiseller ABCP program sponsored and administered by Royal Bank of Canada, New York Branch ("RBC"), has added a $220 million note backed by auto loans. The loans are originated and serviced by a non-investment grade automotive company. Transaction-specific credit enhancement is comprised of overcollateralization, a reserve account and excess spread. Liquidity, provided by Prime-1(cr) RBC, provides partially supported liquidity that funds for non-defaulted receivables.

Program-level credit enhancement is required to be increased by 10% of outstanding ABCP. Old Line has approximately $15.6 billion of purchase commitments and $11.2 billion in outstanding ABCP. Its program-level credit enhancement is approximately $1.39 billion with a $300 million floor.

RABOBANK'S NIEUW AMSTERDAM ADDS A EUR45 MILLION TRADE RECEIVABLES FACILITY

Nieuw Amsterdam Receivables Corporation B.V. ("Nieuw Amsterdam"), a partially supported, multiseller ABCP program sponsored and administered by Rabobank Nederland ("Rabobank"), has added a EUR45 million trade receivables facility originated by an unrated beverage manufacturer. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 1%. The amount fluctuates depending on asset performance. Nieuw Amsterdam's commitment is fully supported by a liquidity facility provided by 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 $5.3 billion of commercial paper notes outstanding, $8 billion in purchase limits and $275 million of program-level credit enhancement.

BTMU'S VICTORY INCREASES PROGRAM SIZE TO $19 BILLION

Victory Receivables Corporation ("Victory"), a partially supported multiseller ABCP program sponsored by Bank of Tokyo-Mitsubishi ("BTMU") has increased its maximum program size to $19 billion from $15 billion. Additionally, Victory Credit Enhancer, who is the current support provider of the program-level credit enhancement (PCE) is being removed. PCE is in the form of a fully funded cash collateral account through loans made by Victory Credit Enhancer, which is, in turn funded by non-recourse loans from BTMU. Going forward BTMU will be funding the cash collateral account directly. The required amount is not changing.

Victory is required to increase its PCE by 7.5% of outstanding ABCP, excluding Aaa rated assets. Victory currently has aggregate purchase limits of $14.1 billion and $9.3 million in outstandings. It's PCE is $698 million.

BANK OF MONTREAL'S CANADIAN MASTER TRUST AMENDS EXISTING AUTO LEASE SECURITIZATION

Canadian Master Trust ("CMT"), a partially supported, multiseller Canadian ABCP program administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") has increased its interest in a revolving auto lease securitization facility to CAD400 million and has extended it for one more year to September 2017. CMT also amended the facility to allow 60 month leases to be included in the securitized lease pool. The auto leases are originated by an investment-grade rated auto finance company. CMT holds an unrated single-class note issued out of a master trust. Transaction-specific credit enhancement is comprised of non-declining overcollateralization (sized at 20%), a 1.0% non-declining cash reserve account, and minimum excess spread. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO. CMT has a single program-level liquidity facility that is used to support its notes.

CMT currently has CAD2.5 billion of purchase commitments and CAD1.9 billion of ABCP outstanding.

BANK OF MONTREAL'S RIDGE TRUST AMENDS EXISTING EQUIPMENT FINANCE FACILITY

Ridge Trust ("Ridge"), a partially supported, multiseller Canadian ABCP program administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") has amended and extended its interest in a $400 million revolving equipment finance securitization for one more year to December 2017. The equipment finance contracts are originated by a non-investment grade rated equipment finance company. Transaction-specific credit enhancement is comprised of overcollateralization equal to 5% of the pool balance and cash reserve account sized at 3% of the note balance. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO. Ridge has a single program-level liquidity facility that is used to support its notes.

Ridge currently has CAD2.5 billion of purchase commitments and CAD1.7 billion of ABCP outstanding.

TD'S MERIT AND PRIME AMEND EXISTING RESIDENTIAL MORTGAGE TRANSACTION

Merit Trust ("Merit") and Prime Trust ("Prime"), two partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities, have amended and extended their commitment in an existing $2 billion co-purchase facility for one year till November 30, 2016. The amendments are not material to our credit assessment. The facility consists of discrete pools of residential mortgages loans and remains fully supported by a program-level liquidity facility provided by Prime-1 (cr) TD.

Merit and Prime do not have any program-level credit enhancement. Merit has CAD2.9 billion in outstanding ABCP and CAD3.1 in purchase limits, while Prime has CAD2.6 billion in outstanding ABCP and CAD3.3 in purchase limits.

TD'S ZEUS AMENDS INTEREST IN AN EXISTING FLEET LEASE TRANSACTION

Zeus Receivables Trust ("Zeus"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities, has amended its interest in an existing fleet lease transaction. Zeus currently finances a CAD155 million portfolio of vehicle fleet lease and sign/billboards lease receivables originated by an unrated Canadian company. A new pool for CAD43 million consisting of vehicle fleet lease and sign/billboard receivables will be added. The characteristics of the new pool are almost identical to the existing pool. Transaction-specific credit enhancement will remain the same and consists of overcollateralization, an LOC and a cash reserve totalling in aggregate 12.5% of the outstanding notes. The transaction continues to be partially supported by a program-level liquidity facility provided by Prime-1(cr) TD.

Zeus does not have any program-level credit enhancement. Zeus currently has CAD3 billion of purchase commitments and CAD2.5 billion of ABCP outstanding.

TD'S BANNER, MERIT AND ZEUS INCREASE AN INTEREST IN A RESIDENTIAL MORTGAGE POOL

Banner Trust ("Banner"), Merit Trust ("Merit") and Zeus Receivables Trust ("Zeus"), three partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., have amended and increased their commitment in an existing co-purchase facility. The facility, which consists of discrete pools of residential mortgage loans, was increased to CAD1.4 billion after the purchase of a CAD360 million pool of residential mortgage loans. The transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Therefore, the amendment was not material to our analysis.

Banner, Merit and Zeus do not have any program-level credit enhancement. Banner has purchase commitments of CAD2.8 billion and ABCP outstanding of CAD2.5 billion. Merit has purchase commitments of CAD3.1 billion and ABCP outstanding of CAD2.9 billion. Zeus has purchase commitments of CAD3.0 billion and ABCP outstanding of CAD2.5 billion.

MOODY'S ABCP RESEARCH PRODUCTS:

MOODY'S PUBLISHES ITS 2016 ABCP GLOBAL OUTLOOK

Bank Credit Quality Supports Strong ABCP Conduits Globally

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1011313

MOODY'S UPDATES ABCP QUERY

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

THE RATING OF THE FOLLOWING ABCP PROGRAMS WERE WITHDRAWN DURING THE PERIOD DECEMBER 14, 2015 THROUGH DECEMBER 18, 2015:

Rhein-Main Securitisation Ltd

For further details, please see Moody's press release dated December 18, 2015

https://www.moodys.com/research/Moodys-withdraws-the-Prime-2-sf-Rating-of-ABCP-issued--PR_341373

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in July 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 - Sr Credit Officer/Manager
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 activity ending December 18, 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.

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