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Announcement:

Moody's ABCP rating activity ending July 29, 2016

03 Aug 2016

New York, August 03, 2016 -- Moody's ABCP rating activity for the period ending July 29, 2016

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JULY 25, 2016 THROUGH JULY 29, 2016:

Moody's has reviewed the following ABCP programs 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.

A SYNDICATE OF ABCP CONDUITS AMEND AN INTEREST IN AN AUTO SECURITIZATION

Amendments were made to an existing auto securitization facility established for an investment grade-rated automotive manufacturer. Concentration limits and certain inputs into the credit enhancement calculation were adjusted to align with current performance. The $6 billion facility is comprised of a revolving auto loan and lease facility (up to 100% of the facility limit may consist of auto leases). Transaction-specific credit enhancement for the auto loans is comprised of dynamic overcollateralization and excess spread. The overcollateralization is equal to a minimum of 6% and is sized based on the pool composition. Transaction-specific credit enhancement for the auto leases is comprised of dynamic overcollateralization and 1% required excess spread. The overcollateralization has a floor that ranges from 18.75% to 22.75%.

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

The following ABCP conduits participate in both facilities:

• JPMorgan's Chariot Funding LLC and Jupiter Securitization Company, LLC have combined commitments totaling $500 million and their program-level credit enhancement remains at 10% of outstanding ABCP.

• Citibank's CAFCO, LLC, CHARTA, LLC, CIESCO, LLC and CRC Funding LLC have combined commitments totaling $625 million. CHARTA and CRC's program-level credit enhancement remain at 10% of outstanding assets, while CAFCO and CIESCO's program-level credit enhancement remain at 8% of outstanding assets.

• Barclays' Sheffield Receivables Co. LLC has a $625 million commitment and its program-level credit enhancement remains at 10% of purchase limits.

• The Bank of Tokyo-Mitsubishi UFJ's Gotham Funding Corp. has a $500 million commitment. Gotham is a fully supported conduit and does not have program-level credit enhancement.

• BNP Paribas' Starbird Funding Corp. has a $500 million commitment and its program-level credit enhancement remains at 8% of commitments.

• Royal Bank of Canada's Old Line Funding, LLC and Thunder Bay Funding, LLC have combined commitments of $500 million and their program-level credit enhancement remains at 10% of outstanding ABCP.

• Credit Agricole's Atlantic Asset Securitization, LLC has a $500 million commitment and its program-level credit enhancement remains at 10% of commitments (excluding highly rated and fully supported transactions).

• Société Générale's Barton Capital S.A. has a $625 million commitment and its program-level credit enhancement remains at 8% of the invested amount. Barton is a fully supported conduit and does not have program-level credit enhancement.

The remaining commitments are from non-conduit purchasers.

GUGGENHEIM-MANAGED PROGRAMS AMEND DOCUMENTS

Bennington Stark Capital Company, LLC, Cedar Springs Capital Company, LLC, Concord Minutemen Capital Company, LLC, Crown Point Capital Company, LLC, Legacy Capital Company, LLC, Lexington Parker Capital Company, LLC, and Ridgefield Funding Company LLC (collectively the "Guggenheim Programs"), are fully supported commercial paper programs owned and sponsored by The Liberty Hampshire Company, LLC ("Liberty Hampshire") and administered by Guggenheim Treasury Services, LLC ("Guggenheim Treasury"), an indirect wholly owned subsidiary of Guggenheim Partners, LLC. The Guggenheim Programs have amended their program documents to permit the use of various forms of liquidity, including repurchase agreements, swaps and securities lending agreements. Amendments are credit positive and ensure that the commercial paper notes issued under the Guggenheim Programs are fully supported through liquidity.

GUGGENHEIM'S CROWN POINT CAPITAL COMPANY ADDS A NEW FACILITY

Crown Point Capital Company, LLC ("Crown Point"), a fully supported commercial paper program owned and sponsored by The Liberty Hampshire Company, LLC ("Liberty Hampshire") and administered by Guggenheim Treasury Services, LLC ("Guggenheim Treasury"), an indirect wholly owned subsidiary of Guggenheim Partners, has added a repurchase (repo) facility to its portfolio. The facility is fully supported by a Prime-1-rated bank that is required to repurchase securities under the repo at any time needed to repay ABCP. The commitment under the repo can never be less than the face amount of commercial paper plus all rate hedging obligations associated with such commercial paper.

As of June 2016, Crown Point had $3.54 billion of commercial paper outstanding.

GUGGENHEIM'S LEGACY CAPITAL COMPANY ADDS A NEW FACILITY

Legacy Capital Company, LLC ("Legacy"), a fully supported commercial paper program owned and sponsored by The Liberty Hampshire Company, LLC ("Liberty Hampshire") and administered by Guggenheim Treasury Services, LLC ("Guggenheim Treasury"), an indirect wholly owned subsidiary of Guggenheim Partners, has added a new swap facility to its portfolio. The facility is fully supported by a Prime-1-rated bank that is required to pay amounts under the swap at any time needed to repay ABCP. The commitment under the swap can never be less than the face amount of commercial paper plus all rate hedging obligations associated with such commercial paper.

As of June 2016, Legacy had $522 million commercial paper outstanding.

NORD/LB'S HANNOVER FUNDING AMENDS PROGRAM

Hannover Funding Company LLC ("Hannover"), a fully supported ABCP program sponsored and administered by Norddeutsche Landesbank GZ ("NORD/LB"), has amended its program documents. The amendments are credit neutral and have no impact on the current rating. Hannover remains a fully supported program through liquidity provided by NORD/LB which is currently Prime-1 (cr) on watch for possible downgrade. Hannover has approximately $1.02 billion of commercial paper notes outstanding and a program limit of $5 billion.

RABOBANK'S NIEUW AMSTERDAM AMENDS THREE EXISTING FACILITIES

Nieuw Amsterdam Receivables Corporation B.V. ("Nieuw Amsterdam"), a partially supported, multiseller ABCP program sponsored and administered by Rabobank Nederland ("Rabobank"), has amended three existing facilities. The first transaction is a $148 million trade receivables facility that was renewed for three years. No other material changes have been made. Transaction-specific credit enhancement is in the form of asset overcollateralization equal to a minimum of 13%. The amount is dynamic and sized based on historical loss and dilution performance.

The second transaction is a farming operating loans facility for an unrated commercial financing company. The existing facility has been refinanced into a new facility comprised of both operating loans and trade receivables and the commitment has increased to $375 million from $150 million. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 16%. The overcollateralization fluctuates depending on asset performance.

Both facilities are fully supported by separate liquidity facilities provided by Prime-1(cr) Rabobank, which funds for the face amount of commercial paper.

The third transactions is a trade receivables facility originated by a Ba1-rated steel manufacturing company. The facility was extended and the commitment has increased to $75 million from $50 million. Transaction-specific credit enhancement is in the form of dynamic overcollateralization equal to a minimum of 13%. The overcollateralization fluctuates depending on asset performance. Nieuw Amsterdam's commitment is partially supported by a liquidity facility provided by Prime-1(cr) Rabobank, which funds for non-defaulted assets.

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 $5.2 billion of commercial paper notes outstanding and purchase commitments of $8.1 billion. Program-level credit enhancement is approximately $238 million.

RBC'S OLD LINE FUNDING ADDS A $600 MILLION AUTO LEASE 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 $600 million revolving auto lease facility originated and serviced by an investment-grade automotive captive. Transaction-specific credit enhancement is in the form of a minimum of 19.50% overcollateralization, a 1% cash reserve account and excess spread. The facility is partially supported through liquidity provided by Prime-1(cr) RBC, which funds for non-defaulted assets.

Program-level credit enhancement is required to be increased by 10% of outstanding ABCP. Old Line has approximately $15.4 billion of purchase commitments and $10.8 billion in outstanding ABCP. Program-level credit enhancement is approximately $862 million with a $300 million floor.

NATIONAL BANK OF CANADA'S CLARITY AND FUSION INCREASE FUNDING IN EXISTING RESIDENTIAL MORTGAGE FACILITY

Clarity Trust ("Clarity") and Fusion Trust ("Fusion"), 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 provided additional funding to an existing residential mortgage facility. Facility advances, collateralized by a pool of insured and conventional mortgages, increased to CAD894 million from CAD805 million after the purchase of CAD89 million of eligible residential mortgage loans. The mortgages were originated by a wholly owned subsidiary of a large Canadian financial services company. Transaction-specific credit enhancement is provided through a cash reserve, which consists of a minimum of 3% for conventional mortgages and 0.25% to 2% for insured mortgages, depending on the insurers' ratings. This transaction is partially supported by the respective liquidity facilities and provided by Prime-1(cr) NBC. The committed amount of the liquidity facilities is 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.

SCOTIA'S KING STREET AND BAY STREET INCREASE AUTO LOAN SECURITIZATION

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 increased their interest to CAD950 million from CAD550 million in an existing auto loan securitization facility. The auto loans are originated by an investment-grade rated auto finance company. Transaction-specific credit enhancement is comprised of non-declining overcollateralization (sized at 5.91% of the discounted pool), a fully funded cash reserve account (sized at 1.07% of the initial discounted pool) and minimum excess spread. This transaction is partially 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.

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.
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