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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.

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Announcement:

Moody's ABCP rating activity ending July 22, 2016

28 Jul 2016

New York, July 28, 2016 -- Moody's ABCP rating activity for the period ending July 22, 2016

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JULY 4, 2016 THROUGH JULY 22, 2016:

Moody's has reviewed the following ABCP program in conjunction with the proposed additions and amendments. At this time the additions and amendments, in and of themselves, will not result in any rating impact on the respective programs. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted. Moody's does not express an opinion as to whether the additions or amendments could have other, non-credit-related effects.

CREDIT AGRICOLE'S ATLANTIC ADDS TWO FACILITIES TO ITS PORTFOLIO

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 two facilities to its portfolio: a $275 million aircraft warehouse facility and a $120 million amortizing equipment facility. Both transactions are fully supported by a liquidity facility provided by Prime-1(cr) CA-CIB, which funds for the face amount of ABCP.

Atlantic's program-level credit enhancement was not increased given the full liquidity support for both transactions. Atlantic has $14.2 billion of purchase commitments and $9.6 billion in ABCP outstandings.

RIDGEFIELD FUNDING COMPANY LLC AMENDS PROGRAM DOCUMENTS

Ridgefield Funding Company LLC ("Ridgefield "), a prior review, fully supported commercial paper program managed by Guggenheim Treasury Services, has amended its Series A dedicated company documents. Currently Series A issues Notes and uses the proceeds to make loans to two Dedicated Companies. Each Dedicated Company has entered into separate repurchase facilities (repos) with unrated counterparties. There is a separate guarantee for each provided by a (P)Prime-1 rated bank that fully supports all obligations under the repos. Amendments were credit positive and ensure that the Series A Notes are fully supported.

Ridgefield has approximately $5.36 billion in outstandings.

CANADIAN ABCP CONDUITS AMEND INTEREST IN A RESIDENTIAL MORTGAGE FACILITY

A syndicate of Canadian ABCP programs amended and increased their commitment in an existing revolving residential mortgage facility to CAD5.25 billion from CAD4.75 billion. The amendment will allow National Housing Act Mortgage-Backed Securities ("NHA MBS") to be included in the collateral pool, in addition to the existing collateral of prime conventional and insured residential mortgage loans. Transaction-specific credit enhancement is comprised of overcollateralization and a cash reserve account that varies depending on the pool mix.

Banner Trust ("Banner"), Merit Trust ("Merit"), Prime Trust ("Prime") and Zeus Receivables Trust ("Zeus"), four partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., increased their commitment to CAD2.5 billion from CAD2 billion. This transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Banner, Merit, Prime and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

Canadian Master Trust ("CMT") and Ridge Trust ("Ridge"), two partially supported, multiseller Canadian ABCP programs administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") maintained their commitment at CAD1.25 billion. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO.

The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by CMT and Ridge. Both programs do not have any program-level credit enhancement.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

Ridge currently has CAD2.8 billion of purchase commitments and CAD2.2 billion of ABCP outstanding.

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") maintained their commitment at CAD1 billion. This transaction remains partially supported by a liquidity facility provided by Prime-1(cr) NBC. The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by Clarity and Fusion.

Clarity has CAD15 million of program-level credit enhancement. Clarity currently has CAD1.6 billion of purchase commitments and CAD1.6 billion of ABCP outstanding.

Fusion has CAD15 million of program-level credit enhancement. Fusion currently has CAD1.7 billion of purchase commitments and CAD1.3 billion of ABCP outstanding

King Street Funding Trust ("King Street") and Bay Street Funding Trust ("Bay Street"), two partially supported, multiseller ABCP programs administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank") have maintained their commitment at CAD500 million. This transaction remains partially supported by a liquidity facility provided by Prime-1(cr) Scotiabank. The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by King Street and Bay Street. Both programs do not have any program-level credit enhancement.

King Street currently has CAD2.2 billion of purchase commitments and CAD1.8 billion of ABCP outstanding.

Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of ABCP outstanding.

BMO'S CMT AND RIDGE TRUST EXTEND LIQUIDITY FACILITIES

Canadian Master Trust ("CMT") and Ridge Trust ("Ridge"), two partially supported, multiseller Canadian ABCP programs administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") have extended their respective liquidity facilities to December 2018. Program level liquidity facilities are provided by Prime-1(cr) BMO and are sized to cover 100% of the face amount of outstanding ABCP issued by CMT and Ridge.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

Ridge currently has CAD2.8 billion of purchase commitments and CAD2.2 billion of ABCP outstanding.

BMO'S CMT AMENDS A CAD250 MILLION RESIDENTIAL MORTGAGE FACILITY

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 amended an existing CAD250 million revolving residential mortgage facility in its portfolio. The amendment will allow inclusion of insured mortgages to the pool backing the facility, in addition to prime conventional mortgages. All mortgages are originated by a large Canadian mortgage finance company. Transaction-specific credit enhancement is comprised of a cash reserve account and minimum excess spread, and varies depending on the pool mix. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO. Liquidity is sized to cover 100% of the face amount of outstanding ABCP issued by CMT. CMT does not have program-level credit enhancement.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

CIBC'S SURE ADDS A CAD500 MILLION RESIDENTIAL MORTGAGE FACILITY

SURE Trust ("SURE"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), has added a CAD500 million committed facility backed by residential mortgages and National Housing Act Mortgage-Backed Securities ("NHA MBS"). The facility is a revolving securitization established for a large Canadian mortgage financing company. The collateral consists of a mix of prime conventional and insured mortgages and NHA MBS. This transaction is fully supported by the respective program level liquidity facilities, provided by Prime-1(cr) CIBC. The facilities are sized to cover 100% of the face amount of outstanding ABCP issued by SURE. SURE does not have program-level credit enhancement.

SURE has CAD1.4 billion in aggregate purchase commitments and CAD1.3 billion of ABCP outstanding.

CIBC'S SAFE, SOUND AND SURE TRUST AMEND LIQUIDITY SUPPORT

SAFE Trust ("SAFE"), SOUND Trust ("SOUND") and SURE Trust ("SURE"), three partially supported, multiseller Canadian ABCP programs sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), have amended the liquidity support available to residential mortgage deals. The amendments are credit positive and will cause liquidity to front for expected recoveries on the mortgage loans. Program level liquidity facilities are provided to each conduit by Prime-1(cr) CIBC and sized to cover 100% of the face amount of outstanding ABCP issued by SAFE, SOUND and SURE. SAFE, SOUND AND SURE do not have program-level credit enhancement.

SAFE has CAD1.8 billion in aggregate purchase commitments and CAD1.4 billion of ABCP outstanding.

SOUND has CAD2.5 billion in aggregate purchase commitments and CAD1.6 billion of ABCP outstanding.

SURE has CAD1.4 billion in aggregate purchase commitments and CAD1.3 billion of ABCP outstanding.

CIBC'S SAFE AND SOUND TRUST ADD A CAD500 MILLION RESIDENTIAL MORTGAGE FACILITY

SAFE Trust ("SAFE") and SOUND Trust ("SOUND"), two partially supported, multiseller Canadian ABCP programs sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), have added a CAD500 million committed facility backed by residential mortgages. The facility is a revolving securitization established for a wholly owned subsidiary of a large Canadian financial services company. The collateral consists of a mix of prime conventional and insured mortgages. This transaction is partially supported by the respective program level liquidity facilities, provided by Prime-1(cr) CIBC. The facilities are sized to cover 100% of the face amount of outstanding ABCP issued by SAFE and SOUND. SAFE and SOUND do not have program-level credit enhancement.

SAFE has CAD1.8 billion in aggregate purchase commitments and CAD1.4 billion of ABCP outstanding.

SOUND has CAD2.5 billion in aggregate purchase commitments and CAD1.6 billion of ABCP outstanding.

RBC's PLAZA INCREASES INTEREST IN A RESIDENTIAL MORTGAGE FACILITY

Plaza Trust ("Plaza"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Royal Bank of Canada ("RBC"), has increased its interest in an existing revolving residential mortgage facility to CAD850 million from CAD750 million. The facility was established for a large Canadian mortgage financing company. The collateral consists of a mix of prime conventional and insured mortgages. This transaction is partially supported by the program-level liquidity facility provided by Prime-1(cr) RBC, which is sized to cover 100% of the face amount of outstanding ABCP issued by Plaza. Plaza's program-level credit enhancement is required to be increased by 10% of aggregate investments.

Plaza has approximately CAD3.5 billion of purchase commitments and CAD2.1 billion in outstandings. Its program-level credit enhancement is approximately CAD187 million.

RBC'S STORM KING AMENDS AND TD'S PRIME ADDS AN AUTO LEASE FACILITY

Storm King Funding ("Storm King"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Royal Bank of Canada ("RBC"), has amended an auto lease facility for an investment-grade automotive manufacturer. Amendments include increasing Storm King's interest in the facility to CAD450 million from CAD300 million and renewing the facility until June 2017.

Prime Trust ("Prime"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., has added a CAD150 million interest in the same facility as part of the amendments.

Transaction-specific credit enhancement is comprised of non-declining overcollateralization equal to 23.5% of the initial securitization value, a 1.0% non-declining cash reserve account, and minimum excess spread of 2.25% per annum.

For Storm King's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) RBC, funding for non-terminated leases. Storm King's program-level credit enhancement is required to be increased by 10% of aggregate investments. Storm King has approximately CAD2.3 billion of purchase commitments and CAD2.0 billion in outstandings. Its program-level credit enhancement is approximately CAD199 million.

For Prime's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) TD, funding for non-defaulted leases. Prime currently has CAD4.7 billion of purchase commitments and CAD3.0 billion of ABCP outstanding.

SCOTIA'S BAY STREET INCREASES ITS INTEREST IN AN AUTO LEASE FACILITY

Bay Street Funding Trust ("Bay Street"), a partially supported, multiseller Canadian ABCP program administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank"), has increased its interest in an existing auto lease to CAD300 million from CAD200 million. The collateral is originated by a Canadian auto finance company.

The facility benefits from transaction-specific credit enhancement in the form of overcollateralization, a cash reserve and excess spread. This transaction is fully supported by a liquidity facility provided by Prime-1(cr) Scotiabank.

Bay Street does not have any program-level credit enhancement. Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of outstanding ABCP.

SCOTIA'S KING STREET AND BAY STREET EXTEND FACILITY BACKED BY A RESIDENTIAL MORTGAGE POOL

King Street Funding Trust ("King Street") and Bay Street Funding Trust ("Bay Street"), two partially supported, multiseller Canadian ABCP programs administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank"), have amended and extended an existing CAD750 million facility in their portfolios till February 2017. The amendment allows National Housing Act Mortgage-Backed Securities ("NHA MBS") to be included in the collateral backing the facility, in addition to the pool of insured residential mortgages. Both the mortgages and the NHA MBS are originated by a Canadian mortgage company. This transaction is fully supported by King Street's and Bay Street's respective liquidity facilities and provided by Prime-1(cr) Scotiabank. Both programs do not have any program-level credit enhancement.

King Street currently has CAD2.2 billion of purchase commitments and CAD1.8 billion of ABCP outstanding.

Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of ABCP outstanding.

TD'S MERIT AND PRIME INCREASE INTEREST IN A 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 increased their commitment to CAD2.25 billion from CAD2 billion in an existing co-purchase facility. The facility is backed by discrete pools of residential mortgage 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 purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion.

TD'S BANNER, MERIT AND ZEUS AMEND 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 their interest in an existing CAD1.8 billion co-purchase facility. The amendments did not impact our assessment of the facility. The facility is backed by discrete pools of insured and conventional residential mortgage loans originated by a Canadian financial institution and its wholly owned subsidiary.

This transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Banner, Merit and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

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

Banner Trust ("Banner"), Merit Trust ("Merit"), Prime Trust ("Prime") and Zeus Receivables Trust ("Zeus"), four 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 purchase facility, which is backed by discrete pools of residential mortgage loans. The committed facility size was increased to CAD1.7 billion from CAD700 million.

This 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, Prime and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

TD'S ZEUS RENEWS INTEREST IN AN 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 renewed its interest in an existing motorcycle loan transaction.

Zeus finances a CAD240 million revolving facility backed by new and used motorcycle loans. This facility is being renewed and the commitment is being extended to June 2017. Transaction-specific credit enhancement consists of 12.5% overcollateralization and a 2% cash reserve account.

This transaction continues to be partially supported by a program-level liquidity facility provided by Prime-1(cr). Liquidity will not fund for defaulted receivables. Zeus does not have any program-level credit enhancement.

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

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 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

No Related Data.
© 2019 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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