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Rating Action:

Moody's Assigns a Prime-1 Rating to Hudson Castle's Foxboro Funding Ltd. and Foxboro Funding LLC Investor Option Note Program

11 Mar 2008
Moody's Assigns a Prime-1 Rating to Hudson Castle's Foxboro Funding Ltd. and Foxboro Funding LLC Investor Option Note Program

New York, March 11, 2008 -- Moody's Investors Service has assigned the Prime-1 rating to Foxboro Funding Ltd. and to Foxboro Funding LLC's (together, Foxboro Funding) segregated series of US Dollar denominated Series 2008-1 Investor Option Notes (IONs).

Foxboro Funding Ltd. is a Jersey registered, bankruptcy remote corporation owned by Foxboro Capital Ltd. (Foxboro Capital). Its co-issuer, Foxboro Funding LLC, is a bankruptcy remote Delaware limited liability company with Foxboro Capital Ltd. as its sole member. Foxboro Funding LLC will issue fully supported US Dollar denominated Prime-1-rated IONs with a final maturity date of up to 390 days and a renewal period not less than 30 days prior to the final maturity date. The proceeds of the IONs will be used to purchase inter-company funding notes issued by Foxboro Capital Ltd., a Jersey registered, bankruptcy remote, multiseller and multi-debt issuing entity sponsored by Hudson Castle Group Inc. Foxboro Capital, which itself is unrated, will in turn use the proceeds from these inter-company funding notes to acquire or make loans secured by interests in eligible collateral originated or referred by its clients as is typical of a multiseller ABCP conduit. Foxboro Capital will obtain fully supported liquidity facilities from Prime-1-rated financial institutions in order to pay, when due, the interest and principal on the IONs issued by Foxboro Funding.

Foxboro Funding's ION program has an initial authorized amount of $10 billion. Moody's will review each asset purchase entered into by Foxboro Capital.

RATING OPINION:

The Prime-1 rating assigned to Foxboro Funding's IONs is based on the following:

- the full-wrap liquidity support provided by Prime-1-rated financial institutions;

- Moody's prior review of all transactions to affirm that they are consistent with the Prime-1 rating;

- structural protections that ensure the bankruptcy remoteness of the conduit; and

- the experience and capability of Deutsche Bank Trust Company Americas in its role as administrator, issuing and paying agent, and collateral agent for the program.

CREDIT ENHANCEMENT:

There is no program level credit enhancement for Foxboro Funding since it is a fully supported program.

LIQUIDITY:

Full-wrap liquidity is provided by Prime-1-rated entities for the face amount of the IONs. For this program, the availability of the liquidity does not depend on the value or the condition of the assets held by Foxboro Capital but rather will be equal to the face amount of outstanding IONs.

IONS' RATING CORRELATED WITH RATING OF THE LIQUIDITY PROVIDERS:

The IONs' rating is directly correlated with the ratings of the liquidity providers. In addition, the IONs do not contain payment acceleration triggers tied to the downgrade of the liquidity providers. As a result, any change in the rating of a liquidity provider will likely result in a corresponding change in the IONs' rating.

PARTIES TO THE TRANSACTION:

Hudson Castle Group Inc. acts as program manager and sub-administrator for Foxboro Funding. Deutsche Bank Trust Company Americas (Aa3/Prime-1/C) acts as the administrator, issuing and paying agent, and collateral agent for Foxboro Funding. Deutsche Bank Trust Company Americas has significant prior experience in handling administrative responsibilities for several other conduits including Prime-1-rated Belmont Funding LLC, Ebbets Funding PLC, Elysian Funding LLC and Fenway Funding LLC, which are additional programs sponsored by Hudson Castle Group Inc.

FIRST ASSET PURCHASE:

Contemporaneously with executing closing documents for Foxboro Funding's ION program, Foxboro Funding also completed its first three asset purchases, which total up to $5 billion in the aggregate. The three facilities have been established to finance eligible collateral and are each fully supported by a Prime-1-rated financial institution. The financial institution guarantees the timely payment of interest and principal when due on the IONs.

New York
Monica Chau
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Everett Rutan
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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