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Announcement:

Moody's ABCP rating activity ending May 27, 2016

02 Jun 2016

New York, June 02, 2016 -- Moody's ABCP rating activity for the period ending May 27, 2016

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM MAY 23, 2016 THROUGH MAY 27, 2016:

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.

RABOBANK'S NIEUW AMSTERDAM AMENDS EXISTING 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 amended an existing $250 million trade receivables facility originated by a Ba1-rated global agribusiness company.

Transaction-specific credit enhancement is in the form of a dynamic overcollateralization with a minimum of 8%. The amount fluctuates depending on asset performance. Nieuw Amsterdam's commitment is partially supported by a liquidity facility provided by Prime-1(cr) Rabobank, and is available to fund for non-defaulted receivables.

Nieuw Amsterdam is required to increase its program-level credit enhancement by 7% of purchase limits, excluding those commitments backed by fully supported assets. Nieuw Amsterdam has approximately $5.07 billion of ABCP outstanding, $7.6 billion in purchase limits and $239 million of program-level credit enhancement.

CITI'S CAFCO, CHARTA, CIESCO AND CRC FUNDING AMEND PROGRAM

CAFCO, LLC ("CAFCO"), CHARTA, LLC ("CHARTA"), CIESCO, LLC ("CIESCO") and CRC Funding, LLC ("CRC"), four partially supported, multiseller ABCP programs sponsored and administered by Citibank, N.A., have amended their programs to be 3a-7 compliant. In order to achieve an investment company exemption under section 3a-7 of the Investment Company Act of 1940, CAFCO, CHARTA, CIESCO and CRC added Deutsche Bank Trust Company Americas, as Trustee.

CAFCO, CHARTA, CIESCO and CRC are partially supported programs with liquidity provided by Prime-1(cr) Citbank, N.A.

CAFCO is required to increase its program-level credit enhancement by 8% of outstandings. CAFCO has approximately $5.5 billion of commercial paper notes outstanding, its purchase limit is approximately of $8.6 billion, and its program-level credit enhancement is $438 million.

CHARTA is required to increase its program-level credit enhancement by 10% of outstandings. CHARTA has approximately $5.4 billion of commercial paper notes outstanding, its purchase limit is approximately $9.6 billion, and its program-level credit enhancement is $542 million.

CIESCO is required to increase its program-level credit enhancement by 8% of outstandings. CIESCO has approximately $5.3 billion of commercial paper notes outstanding, its purchase limit is $8.2 billion, and its program-level credit enhancement is $426 million.

CRC is required to increase its program-level credit enhancement by 10% of oustandings. CRC has approximately $5.6 billion of commercial paper notes outstanding, its purchase limit is $8.4 billion, and its program-level credit enhancement is $562 million.

NATIONAL BANK OF CANADA'S FUSION AND CLARITY AMEND AN EXISTING RESIDENTIAL MORTGAGE FACILITY

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"), have amended an existing CAD850 million residential mortgage facility originated by a large Canadian mortgage financing company. The amendments to the facility did not have any credit impact.

This transaction is fully supported by the respective liquidity facilities of Clarity and Fusion, 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, CAD1.6 billion of purchase commitments and CAD1.2 billion of ABCP outstanding.

Fusion has CAD15 million of program-level credit enhancement, CAD1.7 billion of purchase commitments and CAD1.1 billion of ABCP outstanding.

TD'S MERIT, BANNER AND ZEUS ADD CAD250 MILLION HELOC FACILITY

Merit Trust ("Merit"), Banner ("Banner") 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 added a CAD250 million home equity line of credit facility. The facility is backed by a pool of conventional home equity lines secured by residential properties and originated by an unrated regulated Canadian financial institution.

The transaction is fully supported by program-level liquidity facilities provided by Prime-1(cr) TD.

Merit, Banner and Zeus do not have any program-level credit enhancement.

Merit has purchase commitments of CAD3.3 billion and ABCP outstanding of CAD3.1 billion.

Banner has purchase commitments of CAD2.7 billion and ABCP outstanding of CAD2.7 billion.

Zeus has purchase commitments of CAD3.3 billion and ABCP outstanding of CAD2.7 billion.

MOODY'S ABCP RESEARCH PRODUCTS:

MOODY'S PUBLISHES MULTISELLER SNAPSHOT

Moody's has published the ABCP research report "ABCP Market at a Glance: Multiseller Market Snapshot." This report gives detailed information on the multiseller segment of the ABCP market, with data as of December 31, 2015. This quarterly report can be found on Moodys.com with Moody's other ABCP research products, which is available here:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1019945

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

Moody's ABCP rating activity ending May 27, 2016
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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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.”

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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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