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21 Dec 2006
Moody's Assigns Prime-1 rating to Tempo Finance Ltd and Tempo Finance Corp, a new ABCP programme sponsored by Rabobank International
Maximum programme amount of US$ 10 billion
London, 21 December 2006 -- Moody's has assigned a Prime-1 rating to the asset-backed
commercial paper (ABCP) issued by Tempo Finance Limited and Tempo Finance
Corporation (together "Tempo"). Tempo is a newly established,
partially supported credit-arbitrage programme sponsored by Rabobank
International ("Rabobank", rated Aaa/Prime-1/A). Tempo
has a maximum programme limit of Euro 10 billion, and has the ability
to issue ABCP in the U.S. and European markets.
PROGRAMME STRUCTURE: Tempo will issue USCP, EuroCP and Extendible
Notes and use the proceeds to purchase highly rated securities.
To qualify for purchase under the programme, the proposed investments
must have a Moody's rating of at least Aa3. Holders of Tempo's
ABCP have the benefit of a security interest in the portfolio of securities.
CREDIT ENHANCEMENT: Credit enhancement is provided on a programme-wide
basis, based on the credit risk inherent in the rated securities
acquired by Tempo. Credit enhancement is available on a dynamic
basis, with a floor of 3%, calculated according to
a matrix approved by Moody's, to protect ABCP note holders
from deterioration of the asset portfolio. There is no requirement
to provide credit enhancement for the Securities portfolio for:
Assets rated Aaa
Up to 80 assets rated Aa1
Up to 40 assets rated Aa2
Up to 8 securities rated Aa3
There is a formula for determining required credit enhancement when any
of these numbers are exceeded or in case any assets held are downgraded
below Aa3. The required credit enhancement is recalculated each
time a security is acquired, sold, matures, is redeemed
prior to its maturity, becomes subject to a rating action.
If Tempo Finance Limited fails to maintain the required levels of credit
enhancement, it must cease issuing ABCP. As the tenor of
ABCP to purchase securities is limited to 270 days, the risk to
investors is that a security migrates from Aa3 (when it does not need
to be enhanced) to below Caa3 (when liquidity will no longer fund for
such security) within 270 days. Moody's considers this risk
to be commensurate with Prime-1.
LIQUIDITY SUPPORT: Timely repayment of Tempo Finance Limited's
ABCP will be supported by a liquidity facility provided by Prime-1
rated Rabobank. The liquidity borrowing base will fund for 102%
of the principal amount of outstanding assets which are not defaulted
i.e. which are rated Caa3 or lower.
The liquidity bank's obligation to fund will be conditioned upon
the absence of bankruptcy of Tempo Finance Limited or illegality on the
part of the liquidity bank to continue to provide the liquidity funding.
PROGRAMME ADMINISTRATOR: The functions of conduit administration
will be split between Rabobank, London and Global Securitization
Services, a specialist third-party administrator providing
administration services to a number of ABCP conduits located in New York,
Rabobank in London will provide all risk and credit management functions
for Tempo as well as double-checking data sent by Global Securitization
Services. Moody's conducted an administration review of Rabobank's
ability to manage this additional ABCP conduit.
Global Securitization Services will provide operations and settlements
services, as well as accounting, reporting and trade data
capture services. Their capabilities have been tested by Rabobank
through their other vehicles, and by Moody's.
RATING OPINION: The Prime-1 rating assigned to Tempo's ABCP
is based on, among other factors, the following:
(i) the high credit quality of its underlying assets,
(ii) the dynamic nature of the credit enhancement provided according to
Moody's credit enhancement matrix,
(iii) the liquidity support to the Issuer with Prime-1 rated Rabobank
with a funding basis of non-defaulted assets, and
(iv) the adequate ABCP yield and expense coverage through a total return
swap provided by Prime-1 rated Rabobank.
The performance of assets funded by Tempo Finance Limited will be noted
in Moody's ABCP MARKET SUMMARY and MONTHLY PERFORMANCE OVERVIEWS.
Furthermore, Moody's will provide detailed up-dates
about Tempo Finance Limited through its MARKET REVIEW. All the
above research will be available on moodys.com.
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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