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23 Mar 2011
New York, March 23, 2011 -- Moody's Investors Service has determined that the termination by William
Street Commitment Corporation ("WSCC") and William Street
Funding Corporation ("WSFC") of WSFC's standby funding
obligations to WSCC via their entry into a Termination Agreement ,
dated March 22, 2011 (the "Termination Agreement") will
not, in and of itself, cause the current Moody's counterparty
ratings (long-term and short-term) of WSCC or the ratings
of the liquidity funding notes issued by WSFC to be suspended, reduced
or withdrawn at this time. Moody's does not express an opinion
as to whether the termination of these obligations through the Termination
Agreement could have non-credit-related effects.
Goldman Sachs Group, Inc. ("GS Group") established
WSCC to provide loan commitments primarily to investment-grade
companies. To fund draw requests under specified commitments,
WSCC entered into an arrangement with WSFC under which WSFC provided WSCC
with standby funding for a specified amount of draw requests in exchange
for ongoing fees. To satisfy these obligations, WSFC is capitalized
with a liquidity portfolio purchased from the proceeds of various series
of liquidity funding notes rated by Moody's and other obligations.
In addition, WSCC can enter into commitments that are not supported
by WSFC. For these commitments, WSCC relies on the standby
funding obligation of Goldman Sachs Credit Partners L.P.
("GSCP"), which has the benefit of a guarantee by GS
Group for obligations of GSCP arising out of its agreement with WSCC.
Further, WSCC relies on GS Group as the payor of fees under referral
fee agreements for loan commitments which have been supported by the liquidity
of both GS Group and WSFC.
The program structure has allowed WSCC to enter into commitments that
exceed the total liquidity available from WSFC. However,
the amount of commitments that could be extended and supported by WSFC
has been calculated dynamically and determined by a liquidity model.
The liquidity model incorporates an analysis of the likelihood and magnitude
of draws by borrowers on their commitments as well as their repayment
probabilities. The sizing of available liquidity resources has
been evaluated under static pool scenarios with simulated ratings transitions,
and stressed draw and repayment probabilities. There are also portfolio
guidelines including those related to borrower eligibility and diversification
The counterparty ratings of WSCC, which reflect the risk to borrowers
of committed lines of credit with WSCC, consider (1) liquidity support
from GSCP, which has the benefit of a guarantee by GS Group,
for those commitments not supported by WSFC and which arise out of its
agreements with WSCC, as well as (2) the likelihood of amounts drawn
under commitments supported by WSFC exceeding WSFC's liquidity resources.
The ratings on the liquidity funding notes issued by WSFC reflect the
expected loss to noteholders of the ultimate payment of interest and the
repayment of principal according to the terms of the notes.
Immediately prior to the execution of the Termination Agreement,
WSFC had approximately $3.7 billion of available liquidity
resources supporting approximately $3.08 billion of commitments
consisting primarily of a portfolio of investment-grade borrowers.
Concurrent with execution of the Termination Agreement, the outstanding
funding commitments covered by the WSFC standby funding arrangement are
being designated by WSCC for funding by GSCP under their standby funding
Under the WSCC's and WSFC's governing documents, any
termination of the standby funding arrangement WSFC provides to WSCC requires
confirmation that the termination will not cause the counterparty ratings
of WSCC or the ratings on the liquidity funding notes issued by WSFC to
be suspended, reduced or withdrawn. In assessing the credit
impact of the Termination Agreement, Moody's considered that
the designation of WSFC's funding commitments by WSCC to GSCP is
occurring concurrently with the execution of the Termination Agreement
and will not impact the liquidity support provided to WSCC by GSCP.
Therefore, the execution of the Termination Agreement will only
decrease the obligations of WSFC and will not diminish the ability of
WSFC to make payments to its current noteholders.
Other methodologies and factors that may have been considered in the process
of rating the Notes issued by the Issuer can also be found in the Rating
Methodologies sub-directory on Moody's website. Moody's
will continue monitoring the ratings. Any change in the ratings
will be publicly disseminated by Moody's through appropriate media.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's determines that termination of standby funding arrangements will not negatively impact ratings of William Street Commitment Corporation or William Street Funding Corporation
250 Greenwich Street
New York, NY 10007
No Related Data.
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