Moody's Global Credit Research

...All amounts in USD million Information as of: Contacts Originator: Trafigura Beheer B.V.,Trafigura A.G., Trafigura Pte Ltd....

International Structured Finance Performance Overview Europe, Middle East, Africa Nitro International Securitisation Company # PLC ABS - Other / SOUTH AFRICA Contacts Durga Bhavani, +####-####-####, Durga.Bhavani@moodys.com Ariel Weil,...

...All amounts in USD million Information as of: Contacts Originator: Vitol S.A., Vitol Energy S.A., Vitol Asia Pte Ltd...

... Yuezhen Wang, +##-##-#####-###, Yuezhen.Wang@moodys.com Client service Desk London: +##-##-####-####, csdlondon@moodys.com Monitoring Monitor.ABS@moodys.com Reporting as of: All amounts in EUR million...

...H.M. Government acting through Secretary of State for Education and Skills The outstanding balance on the PDL must be less than £# million Current...

... Asia-Pacific Client Desk +###-####-#### clientservices.asia@moodys.com Europe C lient Desk +## (#) ###-###-#### clientservices.europe@moodys.com Japan Client Desk +##-#-####-#### clientservices.japan@moodys.com EMEA C lient Desk + ##-##-####-#### clientservices.emea@moodys.com...

...This report updates "Moody's Lowers Investment Rate Assumptions for Housing Bond Cash Flows", July #### (######)...

...Name of Issuer State Issuer Long- Term Rating as of Publication Date Outlook as of Publication Date Required Reporting Cycle Last Reporting Date Daily VRDOs Supported by Self Liquidity Weekly VRDOs Supported by Self Liquidity Authorized Amount of Commercial Paper Programs Supported by Self Liquidity Outstanding Amount of Commercial Paper Supported by Self Liquidity Maximum Amount of Long Mode Put Bonds that Could be Tendered in # Day Period over the Next ## Months Combined Amount of Long Mode Put Bonds that Could be Tendered within the Next ## Months Discounted Amount of Assets with Daily Liquidity, Excluding Hybrid Lines of Credit Combined Amount of Hybrid Lines of Credit Adventist Health System FL A# positive monthly #/##/## # ### # # ### ### #,### # Advocate Health Care IL Aa# stable quarterly #/##/## # # # # ### ### ### # Ascension Health...

...This report is our fourth annual publication of medians for U.S. government-owned toll roads. Our medians for financial and operating indicators are based on fiscal year (FY) #### financial data and statistics drawn from ## government-owned toll roads and bridges with public ratings. The report also includes seven additional years of selected historical medians. In #### Moody's maintained ratings on approximately $## billion in toll revenue-secured debt, up from $## billion in ####. The report also provides a brief discussion of selected key medians as well as a comparison of medians for the two primary classes of toll roads: established, multi- asset systems and start-ups, which are typically single-asset systems. Key financial ratios such as debt service coverage and days cash on hand weakened in FY ####, reflecting slower traffic growth due to the onset of the economic recession as well higher debt issuance: The sector overall saw a decline in tolled transactions, with a median year-...

...The Structured Finance CDO Ratings Surveillance Brief is a quarterly publication that provides a review of the rating actions taken by Moody's during the previous quarter. The Brief focuses primarily on global Collateralized Debt Obligations backed by pools of structured finance assets (SF CDO...

...% of Current % of Current Amount at Pool at Loan Current Origination Number of Loan Name Closing Closing Amount Pool Date...

...Footnotes - Trigger Description PDL - Reserve Fund - Reduction: The reserve fund starts amortising when PDL is zero. Delinquencies - Reserve Fund - Reduction: The reserve fund starts amortising when delinquencies >## days do not exceed ##.#% of aggregate balance of all loans. Losses - Reserve Fund - Reduction: The reserve fund starts amortising when principal losses are less than #.##% of the initial mortgage balance. PDL - Other: Liquidity facility amortises when PDL is zero. Reserve Fund - Other: Liquidity facility amortises when the reserve fund is at its required level. Delinquencies - Other: Liquidity facility amortises when delinquencies >## days do not exceed ##.#% of aggregate balance of all loans. Losses - Other: Liquidity facility amortises when principal losses are less than #.##% of the initial mortgage balance. PDL - Switch to pro rata: Amortisation is switched to pro rata when PDL is zero. Losses - Switch to pro rata: Amortisation is switched to pro rata when principal losses...

...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....

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

...Footnotes - Trigger Description PDL - Reserve Fund - Reduction: Reserve fund amortises provided the PDL = # Delinquencies - Reserve Fund - Reduction: Reserve fund amortises provided the loans > ## days in arrears do not exceed ##.#% of aggregate balance of all loans Losses - Cumulative - Reserve Fund - Reduction: Reserve fund amortises provided that prinicpal losses are lower than #.##% of the initial mortgage balance. PDL - Other: Liquidity will amortise provided PDL balance = #. Delinquencies - Other: Liquidity facility amortises provided that loans > ## days in arrears do not exceed ##.#% of aggregate balance of all loans. Losses - Other: Liquidity facility amortises provided that principal losses are lower than #.##% of the initial mortgage balance. PDL - Switch to pro rata: Amortisation is switched to pro rata when the PDL is equal to zero. Delinquencies - Switch to pro rata: Amortisation is switched to pro rata when delinquencies ##+ days are less than ##.#%. Losses - Switch to pro...

...All Amounts in EUR Closing Date Information as of: Programme Name: Lake Constance Funding Limited, Lake Constance Funding LLC Sponsor/Administrator: Landesbank Baden-Württemberg (Aa#/P-#/C-) Contacts Type: Hybrid...

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

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 Assumption Expected Loss (EL) and Milan...

...# 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 Defaults - Cumulative - Stop Substitution: if the cumulative net defaults are greater than ##.#% for two consecutive periods stop substitution Delinquencies - Stop Substitution: if delinquencies ratio is higher than ##% for two consecutive periods stop substitution...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure...

...Footnotes - General Information # Date format throughout report is DD/MM/YYYY. Footnotes - Rating Opinion and General Commentary Footnotes - Capital Structure...

...All Amounts in EUR Information as of: ##-August-#### Contacts Programme Name: Kaiserplatz Funding Limited &...

Global Credit Research Announcement # NOV #### Announcement: Moody's Fully Supported Municipal & IRB Deals New York, November ##, #### -- ASSIGNMENTS Barclay's Capital Trust (Muni. Deriv.) Floating Rate Trust Receipts US$ ##.##M Ser....

...By Daniel Coker The recent rapid acceleration in food deflation is increasing risk in the supermarket industry and is likely to drive bonds, CDS, and equity to further underperform....

... Publication, editorial and executive offices, # World Trade Center at ### Greenwich Street, New York, NY #####. Reproduction of material appearing in Moody's Global Short-Term Market Record permitted only on written permission from Moody's Investors Service. Postage paid at second class circulation rates at New York, NY and additional mailing offices. POSTMASTER: Please send change of address to Moody's Short-Term Market Record, # World Trade Center at ### Greenwich Street, New York, NY #####....

...November #### Sector Comment Moody's Corporate Finance ­ October's comparable store sales: A hopeful sign for the Holidays...

Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk.

...The challenges currently facing most local governments across the country are significant. For many, spiking unemployment rates, falling housing prices coupled with rising foreclosures, and tightened credit markets have translated into an extremely challenging financial operating environment. Declining property, sales and income tax revenues have forced many local governments to make drastic mid-year adjustments including layoffs, implementation of furlough days and reserve raiding to address budget gaps. However, pressures associated with the currently distressed economic climate have not impacted all local governments equally. Municipalities in Iowa, Nebraska, North Dakota and South Dakota (the Central Plains States) have shown a greater than average degree of resiliency and stability throughout the recession and are showing signs that they may have already entered the recovery phase of the economic cycle (see Figure # below)....

...The subject transaction is a static cash securitisation of prime mortgage loans extended to obligors located in Spain. The portfolio comprises mortgage loans secured by residential properties....

...· As of October ##, ####, MetLife Short Term Funding LLC had $#.## billion in outstanding ABCP and investment amounts totaling $#.## bil- lion under the funding agreements....

...· Non payment of Storm King's obligations under the program · Storm King breaches any representation and war- ranty or covenant · Any event of default under any series of notes occurs · Bankruptcy of Storm King · Use of more than ##% of the PWCE for a period of greater than five consecutive days...

...Tandem Funding Limited and Tandem Funding LLC (together, "Tandem") is a prior review, fully sup- ported, ABCP program sponsored by Institutional Credit Partners LLC ("ICP", unrated) and adminis- tered by QSR Management Limited ("QSR", unrated). Tandem Funding Limited (Tandem Ltd.) is a limited liability company under Cayman Islands, while Tandem Funding LLC (Tandem LLC) is a lim- ited liability company organized under Delaware law. Tandem Ltd. and Tandem LLC are co-issuers in the program and together can issue up to $## billion of asset-backed commercial paper ("CP"), secured liquidity notes ("SLNs") and Euro CP (together, "program notes") in both the U.S. and Euro market. Tandem is structured with the ability to issue dis- count and interest bearing CP, SLNs and Euro CP. The U.S. CP issued by Tandem has maturity dates up to ### days, while the U.S. SLNs have expected maturity dates up to ### days and final maturity dates up to ### days from initial issuance. The Euro CP has slightly shorter...

...· Aggregate amount available to pay ABCP on any day or two business days thereafter is less than the face amount of such ABCP · The amount of program credit enhancement drawn is more than ##% of the required amount for ## consecutive calendar days November #, ####...

...Rosy Blue International (Rosy Blue) is a fully sup- ported, single-seller ABCP program administered by JPMorgan Chase Bank, London Branch. Rosy Blue issues Euro ABCP to fund the purchase of trade receivables that are generated from the sale of wholesale diamonds and jewelry by four unrated diamond jewelry and manufacturing companies. Rosy Blue is authorized to issue up to US$### mil- lion of Euro ABCP. Rosy Blue's Bankruptcy-Remoteness Rosy Blue International S.A. is a societe anonyme incorporated in Luxembourg with a limited corpo- rate purpose. It has been structured to be bank- ruptcy-remote and has limited its activities only to those described in the transaction documents. Liquidity Funds Up To The Commitment Amount Liquidity support is in the form of a loan agreement from KBC Bank N.V. (Aa#/Prime-#/C+) that pro- vides funds to ensure timely repayment of maturing ABCP. Liquidity providers bear all of the risks of nonpayment of the underlying assets by providing non-recourse loans to...

...· Victory becomes bankrupt · The principal amount of draws under the cash col- lateral account exceeds ##% of the required credit commitment for more than two consecutive busi- ness days...

...Gotham owned ## transactions as of August ##, ####, with an aggregate $#.## billion purchase limit. The portfolio is well diversified by originator, having ## pools with purchase limits of at least $### million. Thirty five sell- ers are investment-grade-rated while two are non-investment-grade-rated. Eight sellers are not rated by Moody's. November #, ####...

...At the end of August ####, Alpine's had $#.# bil- lion in ABCP outstanding consisting of $#.# bil- lion of USCP and the remaining in Euro CP. Alpine's has ## asset pools in its portfolio with total purchase commitments of $#.# billion, which is a #% declined from end of May ####. At the end of August ####, #% of Alpine's funded transactions are fully supported under its CAPA, while the remaining ##% is fully supported under the GAPA. Although, Alpine is classified as a par- tially supported ABCP program, its portfolio has been fully supported for the past year....

...Reserve Fund - Switch to sequential: Amortisation is switched to sequential when, amongst others, the cash reserve account is not equal to the required cash reserve account. Principal - Switch to sequential: Amortisation is switched to sequential when, amongst others, Class A has not amortised ##% of its initial balance. Defaults - Net Cumulative - Interest deferral: The interest payments to Class B, C, D, E notes are deferred when the net cumulative defaults exceeds ##% of the outstanding balance of the mortgage assets as at the collateral determination date and the Class A Notes have not been repaid in full. Delinquencies - Arrears Reserve - Increase: The cash reserve is increased to the required amount when the delinquencies of more than ## days exceed #.#% of the aggregate outstanding balance of the mortgage loans on the collateral determination date. Delinquencies - Arrears Reserve - Release: The reserve fund amoritsation is stopped when, amongst others, the delinquencies of more than...

...# 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 - Redraw - Purchase: Following a Redraw - Stop purchase trigger Redraws can only be purchased when Arrears greater # instalments (# instalments for subsidised home loans) does not exceed #.#% of the initial home loan portfolio. Delinquencies - Redraw - Stop Purchase: Redraws are no longer purchased when Arrears greater # instalments (# instalments for subsidised home loans) calculated as the balance of loans in arrears divided by the initial pool balance exceeds #.#% of the initial home loan portfolio. Delinquencies - Arrears Reserve - Increase: Arrears reserve is funded when Arrears greater # instalments (# instalments for subsidised...

...All Amounts in EUR Information as of: Contacts Programme Name: Landale Funding Limited, Landale Funding LLC...

...All Amounts in EUR Information as of: Contacts Programme Name: Landale Funding Limited, Landale Funding LLC...

...All Amounts in EUR Closing Date Information as of: Programme Name: Lake Constance Funding Limited, Lake Constance Funding LLC Sponsor/Administrator: Landesbank Baden-Württemberg (Aa#/P-#/C-) Contacts Type: Hybrid...

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

...Delinquencies - Reserve Fund - Reduction: The reserve fund starts amortising when delinquencies >## days do not exceed ##.#% of aggregate balance of all loans. Losses - Cumulative - Reserve Fund - Reduction: The reserve fund starts amortising when principal losses are less than #.##% of the initial mortgage balance. PDL - Other: Liquidity facility amortises when PDL is zero. Delinquencies - Other: Liquidity facility amortises when delinquencies >## days do not exceed ##.#% of aggregate balance of all loans. Losses - Cumulative - Other: Liquidity facility amortises when principal losses are less than #.##% of the initial mortgage balance. PDL - Switch to pro rata: Amortisation is switched to pro rata when PDL is zero. Losses - Cumulative - Switch to pro rata: Amortisation is switched to pro rata when principal losses are less than #.##% of the initial mortgage balance. Delinquencies - Switch to pro rata: Amortisation is switched to pro rata when delinquencies >## days do not exceed ##.#%...

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

...Moody's assigns a bank financial strength rating (BFSR) of C to Al Rajhi Bank (Al Rajhi). The rating is supported by the bank's strong and defendable domestic franchise and sound core financial performance. Al Rajhi is the largest fully fledged Shari'ah-compliant financial institution globally and one of the very few mass-market banks in Saudi Arabia: as such, it has a strong, stable and loyal customer base, particularly as regards the collection of non-remunerated deposits. Such a competitive advantage in terms of very low funding costs, as well as its deep-rooted entrenchment in the lucrative retail-banking line of business largely explains why Al Rajhi has outperformed domestic and regional peers in terms of profitability in the long term....

...The C- bank financial strength rating (BFSR) of Kuwait Finance House (KFH) translates into a Baseline Credit Assessment of Baa#. KFH's rating continues to be supported by its strong business franchise, particularly in customer deposits where its market share is greater than ##%. In particular, KFH enjoys franchise leadership in auto and real estate financing in its domestic market, and is well known and respected in regional and international markets. The bank has the reputation of one of the premier Shari'ah-compliant institutions in the Islamic world. The bank's franchise and bottom line results are enhanced by its complementary domestic and foreign chain of affiliates (that originate and service Islamic-based financial products). KFH is one of the most profitable financial institutions in Kuwait, with good fee and commission-generating ability, but relatively low operating efficiency compared to its domestic peers. We expect KFH's cost base to remain higher than peers', in light of charges...

...Standard Chartered Bank (Hong Kong) Ltd (SCBHK) is one of the five largest banks in Hong Kong, offering commercial banking, investment and other financial services to retail, corporate and institutional customers. The bank operates mainly in Hong Kong, where as of June ##, #### it held a market share of #.#% based on total consolidated assets of HKD###.# billion (US$##.# billion). The bank has operated in Hong Kong since #### and has been issuing Hong Kong banknotes since ####. On July #, ####, the bank completed the local incorporation of its Hong Kong businesses, namely the Hong Kong branch of Standard Chartered Bank, Manhattan Card Company Limited, Standard Chartered Finance Limited, Standard Chartered International Trade Products Limited and Chartered Capital Corporation Limited. SCBHK is a wholly owned subsidiary of London-based Standard Chartered PLC, which ranks among the top ## companies in the FTSE-### by market capitalization. As of June ##, ####, Standard Chartered PLC reported...

...Headquartered in Rome, Italy, Poste Italiane S.p.A. ("PI", rated Aa#/Prime- #/stable) is the country's leading postal service operator, providing delivery of mail, as well as express courier, parcel and logistics services in Italy (SDA Express Courier), mass mail printing (Postel) and philately. The company has a Universal Service Obligation (USO) to provide comprehensive postal services. It operates a branch network of nearly ##,### post offices and is the largest employers in Italy, with in excess of ###,### employees. In addition to its mail operations, the group is a leading financial provider of both banking and insurance services. The financial services activities are carried out by its BancoPosta division, which is a leading retail banking services provider in Italy. The insurance activities are carried out by Posta Vita Spa (a ###% PI subsidiary), which is the largest provider of life policies in Italy. Other minor activities of the group, which represent around #.#% of consolidated...

...Las calificaciones de emisor de A#.mx (Escala Nacional de México) y Ba# (Escala Global, moneda local) asignadas al Estado de Guerrero reflejan resultados financieros relativamente equilibrados a través de los años y bajos niveles de deuda, compensados por una flexibilidad financiera limitada y una estrecha base económica. Como reflejo de resultados financieros relativamente equilibrados­Guerrero generó superávits financieros entre #### y #### equivalentes, en promedio, a #.#% de los ingresos totales--el estado ha mantenido niveles de deuda relativamente bajos. En ####, la deuda directa e indirecta neta fue de #.#% de los ingresos totales, un nivel bajo, mientras que los costos por el servicio de la deuda consumieron #.#% de los ingresos totales. Las calificaciones también toman en cuenta los adecuados niveles de liquidez y las recientes iniciativas para incrementar la recaudación de ingresos propios....

...Introduction Purpose of the Seller Share Factors which can change Funding and Seller share proportions Seller Share as Credit Enhancement Related Research Appendix ­ Master Trust Comparison...

...MONITORAMENTO: ## de setembro de #### DATA DE INÍCIO DO FUNDO: ## de maio de #### AUTORES: Johann Grieneisen AVP/Analyst Structured Finance Group (##) ##-####-#### Johann.Grieneisen @moodys.com CONTATOS: Maria Muller Senior Vice President Structured Finance Group (###) ###-#### Maria.Muller@moodys.com Linda Stesney Managing Director Structured Finance Group (###) ###-#### Linda.Stesney@moodys.com MOODY'S CLIENT SERVICES: New York +#-###-###-#### Tokyo +##-#-####-#### London +##-##-####-#### Hong Kong +###-####-#### Sydney +##-#-####-#### Singapore +##-####-#### WEBSITE: www.moodys.com www.moodys.com.br Emissor: FURNAS II - FIDC Tipo de Veículo Emissor: FIDC fechado multi-série Tipo de Ativo: Cessão de direitos creditórios, com a co-obrigação da Cedente, oriundos dos seguintes instrumentos jurídicos: (i) R$ ### milhões referente ao Contrato Particular de Cessão de Crédito para refinanciamento da dívida da Centrais Elétricas de Goiás S.A. - CELG; (ii) R$ ## milhões referente ao Contrato de...

...# 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=#)....

...www.moodys.com Issuer: Furnas II - FIDC Type of Trust: Closed-ended receivables' investment fund (FIDC) Asset Type: Receivables arising from existing loan agreements entered between the originator and the following obligors : (i) The Brazilian Federal Government, acting through its National Treasury Office - R$ ###MM (Original); (ii) Centrais Elétricas do Norte do Brasil S.A. (Eletronorte) - R$ ##MM (Original); (iii) Centrais Elétricas de Goiás S.A. (CELG) - R$ ###MM (Original); (iv) Companhia Energética de Brasília (CEB) - R$ ###MM (Original); and (v) Eletrobrás Termonuclear S.A. (Eletronuclear) - R$ ###MM (Original) Currency: Brazilian Reais Pool Reporting Frequency: Monthly Originator, Servicer, Seller: Furnas Centrais Elétricas S.A. (Aa#.br on Brazilian national scale & Ba# on the global local currency scale) Trustee: BEM DTVM Ltda (Fully owned by Banco Bradesco - Aaa.br bank deposit ratings on the Brazilian national scale and A# on the global local currency scale) External Auditor:...

...% of Current % of Current Amount at Pool at Loan Current Origination Number of Loan Name Closing Closing Amount Pool Date...

...% of Current % of Current Amount at Pool at Loan Current Origination Number of Loan Name Closing Closing Amount Pool Date...

...#.#% ##.#% #.#% ##.#% ##.#% ##.#% #.#% #.#% #.#% #.#% ##.#% ##.#% ##.#% ##.#% ##.#% ##.#% ##.#% Direct claim against supranational Direct claim against sovereign Claim with guarantee of sovereign Direct claim against region/federal state Claim with guarantee of region/federal state Direct claim against municipality Claim with guarantee of municipality Others...

...% of Notes % CE % of Notes % CE Rating ###.# ###.# Maturity Original Legal Final June #### leokadia.szalkiewicz- zaradzka@moodys.com Balance...

... Sebastian Hoepfner, ####-####-####, Sebastian.Hoepfner@moodys.com Olimpia da Silva, ####-####-####, Olimpia.DaSilva@moodys.com Client Service Desk London: ####-####-####, csdlondon@moodys.com Monitoring Monitor.ABS@moodys.com...

Global Credit Research Announcement # NOV #### Announcement: Supplement to Moody's worldwide rating actions for November #, #### New York, November ##, #### -- Moody's Investors Service has issued press releases on the following rating...

...The Aa# issuer and long-term bond ratings and the P-# short-term rating for the Land of Nordrhein-Westfalen (North-Rhine Westphalia (NRW)) reflect a number of factors, including strong systemic support, as well as NRW's strength as the largest regional economy and most populous Land in Germany. The ratings also factor in progress in budgetary consolidation until ####, the overall still strained budgetary position, high debt levels, risks arising from contingent liabilities, low fiscal flexibility and high fixed costs. The still positive economic development in #### provided an opportunity for further progress on budgetary consolidation for NRW, as the Land was able to substantially reduce net new borrowings. For ####, however, net new borrowings should increase dramatically, driven by a combination of revenue shortfalls and higher expenditure....

...Our outlook for the U.S. apparel industry is negative. This outlook expresses our expectations for fundamental credit conditions in the industry over the next ## to ## months. Our outlook is negative because we expect apparel sales will continue to weaken through the year-end holidays and into ####, as consumers hold off on discretionary purchases in a still-difficult economy. We don't expect that holiday #### will be as promotional as holiday ####, because inventories this year should be better aligned with expected demand. However, the consumer has learned that it pays to wait for higher markdowns, and that could pressure retailers to mark down prices more than expected. For ####, we expect retailers will continue to pare back inventory through the first half of the year. This will pressure apparel sales even if consumer demand begins to stabilize. The consumer continues to show evidence of trading down to more- moderate price points, another headwind for the industry. Apparel companies...

...On # November, the UK Treasury announced that it had reached agreements with the country's two largest nationalised banking groups (Royal Bank of Scotland and Lloyds), with respect, in particular, to their participation in the government's Asset Protection Scheme. Lloyds will not participate in the scheme, while Royal Bank of Scotland (RBS) will do so to a lesser extent than initially envisaged. However, both banks will benefit from a further injection of capital from the government. Moody's considers that the effect of these agreements on the government's balance sheet and the government's credit, while positive in principle, is limited. Their main consequence is to shift the exposure of the government to the performance of the banks and their assets across its balance sheet, from the (contingent) liability side towards the asset side....

...Standard Chartered First Bank Korea Limited (SC First Bank) is a nationwide commercial bank operating in South Korea and is the sixth largest in terms of assets among the ## local commercial banks. The bank is a wholly owned subsidiary of Standard Chartered PLC, a UK-based but internationally focused banking group. SC First Bank provides retail and business banking, and trust services to individuals, SMEs, corporations, and financial institutions mainly in South Korea. As of June ##, ####, SC First Bank reported total unconsolidated assets of KRW##.# trillion (US$##.# billion). Founded in #### as Chosun Savings Bank, the bank has undergone several ownership and name changes but was acquired by Standard Chartered PLC in ####. As of June ##, ####, the bank's immediate holding company is Standard Chartered Korea Limited....

Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk.

...Available Liquidity Facility ##.# ##.#% Next Liquidity Facility Renewal Date: Classes subject to Available Funds Cap (AFC): Class H Sequential payment trigger hit: N AFC triggered last IPD: N Liquidity draw last IPD: N Amount of Liquidity draw -...

...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....

Pool A Chart #: Delinquencies, Cum Defaults and Portfolio O/S ... [lhs] ##+/CB [lhs] Cum Defaults/OB [lhs] Portfolio Outstanding...

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT...

...Cumulative Recovery Rate WA Balloon Payment Mean net expected loss rate: Cumulative Net Loss (% of OB) Pool Factor Class Name Original Note Subordination Legal Final Maturity Current Stated Amount Current Note Subordination Current Rating Currency Outstanding Amount (AUD) # of Loans Cumulative Gross Loss (% of OB) Period Arrears ##-## days Volatility of the mean default rate: CNH Capital Australia Pty Ltd Societe Generale Australia Branch CNH Capital Australia Pty Ltd Arranger: Custodian: Initial Rating CNH Capital Australia Pty Ltd Current Invested Amount Australia and New Zealand Banking Grp Ltd (ANZ)...

... finance lease and hire purchase agreement receivables secured by small-ticket commercial equipment. Client Service Desk Reporting Date: September ####...

...AUD ###,###,### Interest Rate Swap Provider: Arranger: Standby Interest Rate Swap Provider: Current Aggregate Stated Note Balance: Bank of Queensland Ltd...

...Client Service Desk Contacts: Pool Factor Sydney: +##-#-#### ####, SydneyClientDesk@moodys.com Monitoring: Reporting Date: Period WA Interest Rate Original Aggregate Note Balance: Current Aggregate Stated Note Balance: Mean default rate: Original Pool Balance: Seller/Originator: Arranger:...

...WA Interest Rate Original Balance Original Note Subordination Legal Final Maturity (a wholly ownded subsidiary of Macquarie Group Ltd) Issuer: Trustee: Perpetual Trustee Company Ltd Macquarie Leasing Pty Ltd Perpetual Trustee Company Ltd Servicer: Current Pool Balance: Current Aggregate Stated Note Balance: Note: The Moody's expected loss curves have been adjusted to take into account seasoning of the assets at closing of the transaction. Arrears ##-## days...

... Monitoring Monitor.Sydney@moodys.com Client Service Desk Reporting Date: WA Balloon Payment WA Seasoning...

...Period ##/##/#### Westpac Banking Corporation Interest Rate Swap Provider: Arranger: Original Net Book Value (AUD)...

...Deal Closing Date: ##/##/#### Reporting Date: September #### Collateral Summary: Australian financial lease, novated lease, hire purchase agreement, and chattel mortgage receivables secured by motor vehicles. Monitoring Monitor.Sydney@moodys.com Backup Analyst: Monitoring Analyst: Client Service Desk Sydney: +##-#-#### ####, SydneyClientDesk@moodys.com...

...Australia Monitoring Analyst: Client Service Desk Sydney: +##-#-#### ####, SydneyClientDesk@moodys.com...

...Balance % of CB Balance Balance Cumulative Net Loss (% of OB) Cumulative Recovery Rate WA Interest Rate Arrears ##-## days Arrears ##-## days WA Seasoning WA Balloon Payment Issuer: Trustee: Macquarie Leasing Pty Ltd Seller/Originator: Macquarie Leasing Pty Ltd Perpetual Trustee Company Ltd Perpetual Trustee Company Ltd Interest Rate Swap Provider: Currency Swap Provider: Macquarie Bank Ltd The Royal Bank of Scotland plc...

...Interest Rate Swap Provider: Arranger: Custodian: ##/##/#### Collateral Summary: Australian consumer finance, goods mortgage, hire purchase and financial lease receivables secured by motor vehicles....

...Contacts: Lead Analyst: Australian financial lease, novated lease, hire purchase agreement, and chattel mortgage receivables secured by commercial plant and equipment and motor vehicles. Monitoring Monitor.Sydney@moodys.com...

...Initial Rating Currency Legal Final Maturity Custodian: Current Stated Amount Current Note Subordination Class Name Original Note Subordination Macquarie Leasing Pty Ltd Macquarie Bank Ltd...

Global Credit Research Announcement # NOV #### Announcement: Moody's: Ohio Gambling Legalization to Tighten Competition for Neighboring States New York, November ##, #### -- Ohio voters have green-lighted a referendum that legalizes...

Global Credit Research Rating Update # NOV #### Rating Update: Mesa (City of) AZ CORRECTION TO SUBHEADLINE AND TEXT, OCTOBER ##, #### RELEASE: MOODY'S ASSIGNS A# RATING TO THE CITY OF MESA, ARIZONA'S $## MILLION HIGHWAY PROJECT ADVANCEMENT...

Global Credit Research Rating Update # NOV #### Rating Update: Mercy Medical Center, OH MOODY'S UPGRADES TO Aa#/VMIG # FROM Baa#/VMIG # THE RATINGS OF SPECIAL CARE FACILITIES FINANCING AUTHORITY OF THE CITY OF DAPHNE \'## VILLA MERCY...

Global Credit Research Rating Update # NOV #### Rating Update: Northshore Harbor Center District, LA MOODY'S HAS UPGRADED TO A# FROM A#/POSITIVE OUTLOOK THE GOULT RATING ON THE NORTHSHORE HARBOR CENTER DISTRICT A# RATING AFFECTS $##,###,###...

Global Credit Research Rating Update # NOV #### Rating Update: Wellspan Health, PA MOODY'S AFFIRMS Aaa/VMIG # RATING ON THE GENERAL AUTHORITY OF SOUTHCENTRAL PENNSYLVANIA REVENUE BONDS, SERIES ####D (WELLSPAN HEALTH OBLIGATED GROUP)...

Global Credit Research Rating Update # NOV #### Rating Update: Del Mar College District, TX MOODY'S WITHDRAWS RATING DUE TO CANCELLED SALE OF DEL MAR COLLEGE DISTRICT'S (TX) GENERAL OBLIGATION LIMITED TAX BONDS SERIES #### DISTRICT'S...

Global Credit Research Rating Update # NOV #### Rating Update: Nationwide Life Tax Credit Partners, LLC MOODY'S DOWNGRADES ENHANCED RATING TO A# FROM Aa# FOR THE NATIONWIDE LIFE TAX CREDIT PARTNERS, LLC, TAX CREDIT PARTNERSHIP ####...

Global Credit Research Rating Update # NOV #### Rating Update: Tacoma (City of) WA Electric Enterprise MOODY'S AFFIRMS TACOMA POWER'S Aa# RATING. OUTLOOK IS STABLE. Approximately $### million of debt securities affected Electric Utilities...

Global Credit Research Rating Update # NOV #### Rating Update: Livonia (City of) MI Water and Sewer Ent. MOODY'S AFFIRMS A# RATING ON THE CITY OF LIVONIA'S (MI) WATER SUPPLY AND WASTEWATER SYSTEM REVENUE BONDS A# AFFIRMATION APPLIES...

Global Credit Research Rating Update # NOV #### Rating Update: UTHC-Holly Haven,StonehedgeI,Vill.Sq.Ser.'##A MOODY'S PLACES UTAH HOUSING CORPORATION COLLATERALLIZED MORTGAGE REVENUE BONDS (HOLLY HAVEN, STONEHEDGE I & VILLAGE SQUARE...

Global Credit Research Announcement # NOV #### Announcement: Carlisle Castle Funding Group Limited, Series ####-C Moody's updates on credit impact of originator insolvency on UK credit card master trust transactions London, ## November...

Global Credit Research Announcement # NOV #### Announcement: Moody's: Acquisition of Structured Finance Notes by Originators May Cause Conflict of Interests but Low Likelihood of Rating Impact for Notes Used as Repo Collateral London,...

Global Credit Research Announcement # NOV #### Announcement: Moody's enhances transparency of EMEA ABS and RMBS performance overviews Frankfurt, November ##, #### -- Moody's Investors Service announced today that it has introduced...

Global Credit Research Announcement # NOV #### Announcement: Moody's worldwide rating actions for November #, #### New York, November ##, #### -- Moody's Investors Service has issued press releases on the following rating actions:...

Global Credit Research Rating Action # NOV #### Rating Action: Insurance Note Capital RLII ####-# Moody's withdraws ratings of Genworth insurance-linked securities New York, November ##, #### -- Moody's Investors Service has withdrawn...

Global Credit Research Announcement # NOV #### Announcement: Newfoundland and Labrador, Province of Moody's Issues Annual Report on Newfoundland and Labrador Toronto, November ##, #### -- In its annual report on Newfoundland and Labrador,...

Global Credit Research Rating Action # NOV #### Rating Action: Cleco Corporation Moody's downgrades Cleco Power to Baa# Approximately $# billion of debt rated New York, November ##, #### -- Moody's Investors Service downgraded the...