Moody's ABCP rating actions for the seven-day period ending December 3, 2012
NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS DURING THE PERIOD NOVEMBER 27, 2012 THROUGH DECEMBER 3, 2012:
Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. The amendments, in and of themselves and at this time, will not result in any rating impact on the respective programs. For the mentioned programs, Moody's believes that the amendments do not 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 amendment could have other, non-credit-related effects.
SYNDICATE OF ABCP CONDUITS AMEND EXISTING FUTURE FLOW SECURITIZATION FACILITY
A syndicate of banks has amended an existing future flow securitization facility. The collateral consists of certain assets, including future payment rights from the company's service business. The two material amendments include (i) increasing the facility size to $5.5 billion and (ii) amending certain concentration limits. The existing notes were repaid and two new notes were issued. The new facility includes a Class A Note for $4.825 billion, scheduled to be repaid by December 2017, and a Class B Note for $675million scheduled to be repaid by September 2013. This transaction is financed by six ABCP conduits and four non-conduit lenders.
The liquidity facility for each participating conduit is sized at 100% (plus all CP interest) or 102% of its respective commitment.
The following ABCP conduits participate in the facility:
o Credit Agricole'sAtlantic Asset Securitization LLC has a $400 million interest in the Class A Note and its program-level enhancement increased by 10% of purchase limits.
o Barclays Capital'sSheffield Receivables Corp. has a $500 million interest in the Class A Note and its program-level credit enhancement increased by 10% of this commitment level.
o Citibank's CAFCO, LLC and CIESCO, LLC have combined commitments of $500 million in the Class A Note. CIESCO and CAFCO's program-level credit enhancement increased by 8% of funded assets.
o The Bank of Nova Scotia'sLiberty Street has a $450 million interest in the Class A Note and its program-level credit enhancement increased by 10% of this commitment level.
o Lloyds's TSB Bank Plc'sCancara Asset Securitization Ltd has a $400 million interest in the Class A Note and its program-level credit enhancement is $850 million.
Four non-conduit lenders provide the remaining commitments.
SOCIETE GENERALE'S BARTON COMPLETES PROGRAM AMENDMENT
Barton Capital LLC ("Barton"), a partially supported, multiseller ABCP program administered by Societe Generale ("SG," A2/Prime-1/C-), has amended its program structure to include the ability to issue puttable notes and puttable/callable notes. These notes are in addition to the existing callable notes.
While callable notes may be redeemed (in whole) at the option of Barton, the puttable notes may be redeemed (in whole or in part) at the option of the investors. In addition, Barton has the ability to issue puttable/callable notes, which are notes subject to both a call option and a put option. The puttable/callable notes may be redeemed (in whole), and the call option by Barton will take priority over the put option by the investor. The terms of the callable notes, puttable notes, and puttable/callable notes (collectively, "variable maturity notes") are reflected in the pricing supplement delivered to the investor. The variable maturity notes may be issued (i) at a discount, (ii) on an interest-bearing basis with a fixed-rate, or (iii) on an interest-bearing basis with a floating rate of interest based on LIBOR plus a spread.
Barton is a well diversified conduit with 32 individual transactions across 9 different asset categories. Barton has $6.3 billion of purchase commitments and its program-level credit enhancement remains at the $500 million floor.
The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in May 2012. 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 monthly updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.
Valerie Oliveri Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Everett Rutan Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
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Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.
This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.
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