Moody's Global Credit Research

...: The student loan portfolio being securitized will consist of ###% Federal Family Education Loan Program ( FFELP) student loans, not including any FFELP consolidation loans. The FFELP loans will all have first dis- bursements before October #, ####. FFELP loans are reinsured by the U.S. Department of Education (DOE) for at least ##% of defaulted principal and accrued interest, which provides substantial loss protection to the trust. ...

Global Credit Research Credit Opinion ## APR #### Credit Opinion: Editora Abril S.A. Editora Abril S.A. Sao Paulo, Brazil Ratings Category Moody's Rating Outlook Stable Corporate Family Rating -Dom Curr Ba# NSR Corporate Family Rating...

Global Credit Research Credit Opinion ## APR #### Credit Opinion: Mac-Gray Corporation Mac-Gray Corporation Waltham, Massachusetts, United States Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# Senior Unsecured...

Global Credit Research Credit Opinion ## APR #### Credit Opinion: KLA Tencor KLA Tencor San Jose, California, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Baa# Contacts Analyst Phone Richard J. Lane/New...

...Willis Group Holdings Limited ( Willis ) (NYSE: WSH) is a major global insurance broker, developing and delivering profe ssional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world.. Willis has more than ### offices in some ### countries, with a team of approximately ##,### associates serving clients in some ### countries. The business is conducted through three segments: Global, North America and International. Global provides specialist brokerage and consulting services to worldwide clients engaged in specific industries and commercial activities. North America and International comprise mostly retail operations serving small, mid- sized and large corporate clients in parti cular regions. The retail units draw upon the expertise of the Global unit as needed. Willis generated revenues of $#.# billion an d net income of $### million in ####. Stockholders ...

...Global demand is expected to soften in the second half of ####. Prices will simultaneously moderate, but remain above historical averages ...

...Producers are, however, benefiting from improved thermal coal contract prices as they lock in #### and #### unpriced production. Benefits in #### are modest as most production has been committed at lower price levels. ...

...The Texas Water Development Board (TWDB) is a state agency created in #### and is authorized to issue state gen- eral obligation bonds for various water projects. Funding requirements for water supply, water and wastewater infra- structure, and flood protection projects are significant in Texa s: during the next ## years, the state has identified $##.# billion in water-related capital projects. Constitutional and statutory changes over the years have expanded the types of water projects eligible for TWDB assistance. The TWDB issues both self-supporting state general obligation bonds (approximately $### million out- standing) and non-self supporting general obligation bonds ($### million outstanding) to benefit several programs, including the Economically Distressed Areas Program, the St ate Participation Program, and the Agricultural Water Conservation Program. In ####, the legislature created the Water Infrastructure Fund (WIF) to finance loans and grants to political subdivisions...

Global Credit Research Credit Opinion ## JUL #### Credit Opinion: Partner Communications Company Ltd. Partner Communications Company Ltd. Rosh Haayin, Israel Ratings Category Moody's Rating Outlook Stable Corporate Family Rating Baa#...

Global Credit Research Credit Opinion ## JUN #### Credit Opinion: Tokyo (Metropolis of) Tokyo (Metropolis of) Ratings Category Moody's Rating Outlook Stable Issuer Rating -Fgn Curr Aaa Issuer Rating -Dom Curr Aa# Bonds -Fgn Curr Aaa...

... The provisional pool of assets ( Cover Pool ) is composed of first and consecutive ranking mortgage loans with an average current loan-to-value ratio (LTV) of approximately ##.#%. All the loans are secured b yresidential properties. - Moody s measures the credit quality of the Cover Pool by the Collateral Score the lower the score the better the credit quality of the Cover Pool. For this transaction, Moody s has calculated a Collateral Score of #.#%. - ...

...The ratings on the above-mentioned cer tificates are based on the following: The origination and underwriting ability of Bayview Lending Group and its affiliates; The servicing ability and oversight provided by M&T Bank Corporation; The special servicing ability of Bayview Loan Servicing; The master servicing ability and oversight provided by Wells Fargo Bank, N.A.; The quality of the collateral, which co nsists of fully amortizing, fixed-rate (##.##%) or hybrid adjustab le-rate (##.##%) mortgage loans with full recourse to the borrower and secured by first lie ns on commercial real estate with a weighted average LTV of ##.##% at closing; ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) Moody's CPR calculation = #-(#-(Current Period Unscheduled Principal Payments divided by Current Period Outstanding Pool Balance plus Unscheduled Principal Payments))^[reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) Moody's CPR calculation = #-(#-(Current Period Unscheduled Principal Payments divided by Current Period Outstanding Pool Balance plus Unscheduled Principal Payments))^[reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

...Number of Deals : ### The Vintage Indices shown for each year are the calculated averages of the deals that closed within the vi ntage calendar year for each respective deal type. The Market Indices represent the averages of all deals in each respective deal type, irrespectiv e of specific vintage. Deal count currently reflects public ratings only. Deal count is expected to increase with the addition o f private rating deals. ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure # Residual tranches are not considered for any of the total amount or total % calculations. Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) Moody's CPR calculation = #-(#-(Current Period Unscheduled Principal Payments divided by Current Period Outstanding Pool Balance plus Unscheduled Principal Payments))^[reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #For the Class A# Tranche, due to a technical issue, currently both a short-term and long-term rating is being shown, please disregard. Footnotes - Capital Structure A#, A#c: USD - GBP = #.#### A#b, B#b, C#b: EUR - GBP = #.#### Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) # TRR (Total Redemption Rate) Moody's TRR calculation = #-(#-(Current Period Total Principal Payments divided by Current Period Outstanding Pool Balance plus Total Principal Payments))^ [reporting frequency] where reporting frequency equals (monthly reporting=##, quarterly reporting=#, semi-annual=#, annual=#). Footnotes - Trigger Description Delinquencies - Reserve Fund - Increase: The reserve fund increases to #.##% through the capture of excess spread, when delinquencies >## days exceed #% (The First Loss Fund). Delinquencies - Other: Liquidity...

...* The tests operate sequentially. If the Collected Rent / Gross Rent test fails (i.e. falls below ##%) then the second test is considered. Action is only required should the second test also fail: i.e. the ratio of Collected Rent less provisions for Management, Maintenance and Ser vice Costs to Annual Debt Service falls below ###% ...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary #For the Class A# Tranche, due to a technical issue, currently both a short-term and long-term rating is being shown, please disregard. Footnotes - Capital Structure A#, A#c: USD - GBP = #.#### A#b, B#b, C#b: EUR - GBP = #.#### Footnotes - Portfolio and Performance Data # CPR (Constant Prepayment Rate) ...