London, 23 June 2012 -- Moody's Investors Service has today confirmed the P-1 (sf) rating of the asset-backed commercial paper (ABCP) notes issued by Cancara Asset Securitisation Limited and Cancara Asset Securitisation LLC (together, Cancara) and by Argento Variable Funding Company Limited and Argento Variable Funding Company LLC (together, Argento). The rating action follows the confirmation of the P-1 ratings of the programs' support providers, Lloyds TSB Bank plc (LTSB; A2/P-1/C-) and Bank of Scotland plc (BOS; A2/P-1/D+).
Issuer: Argento Variable Funding Co Ltd/Argento Variable Funding Co LLC....ECP CP Program, Confirmed at P-1 (sf); previously on Feb 16, 2012 P-1 (sf) Placed Under Review for Possible Downgrade
....USCP CP Program, Confirmed at P-1 (sf); previously on Feb 16, 2012 P-1 (sf) Placed Under Review for Possible Downgrade
Issuer: Cancara Asset Securitisation Limited / Cancara Asset Securitisation LLC
....ECP CP Program, Confirmed at P-1 (sf); previously on Feb 16, 2012 P-1 (sf) Placed Under Review for Possible Downgrade
....USCP CP Program, Confirmed at P-1 (sf); previously on Feb 16, 2012 P-1 (sf) Placed Under Review for Possible Downgrade
Cancara is a prior review, partially supported multi-seller ABCP conduit sponsored and administered by LTSB. Argento is a prior review, fully supported hybrid ABCP conduit also sponsored and administered by LTSB.
For additional information on Structured Finance ratings, please refer to the webpage containing Moody's related announcements: http://www.moodys.com/eusovereign
Today's rating action follows Moody's confirmation of the P-1 short-term ratings of both LTSB and BOS on 21 June 2012.
The ratings of Cancara and Argento are directly correlated with the short-term ratings of both LTSB and BOS, the liquidity providers to the programs. In addition, LTSB plays a variety of roles in each program, including program administrator, investment advisor, liquidity agent and hedging counterparty.
Please refer to the press release, "Moody's downgrades Lloyds TSB Bank to A2; outlook negative" dated 21 June, 2012 on Moodys.com for more details.
As of 31 May 2012, Cancara had $6.488 billion of ABCP outstanding and Argento had $4.152 billion of ABCP outstanding.
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.
No models, loss and cashflow analysis or simulation of stress scenarios have been used in our analysis; the rating action is based solely on the rating actions with respect to LTSB's and BOS' short-term rating.
For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
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Eli Laius Asst Vice President - Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Sophie Berthelon Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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