Moody's Affirms Prime-1 Rating Of Cp Issued By Ikb's<@SM>Rhineland Funding Cap Corp

The following is a press release from Moody's Investors Service:

Moody's Affirms Prime-1 Rating Of Cp Issued By Ikb's Rhineland Funding CapitalCorporation

Approximately US$ 19.6bn of debt securities affected

London, 30 July 2007 -- Kreditanstalt für Wiederaufbau (KfW), rated Aaa/Prime-1 by Moody's, has replaced IKB Deutsche Industriebank AG (IKB) in itscapacity as liquidity provider to Rhineland Funding Capital Corporation ("Rhineland"), a partially supported hybrid ABCP conduit advised by IKB.

KfW have become party to the liquidity agreements with the respectivepurchasing vehicles of the Rhineland conduit by way of novation, therebyreplacing IKB as a party to the liquidity agreements.

Rhineland has ABCP outstanding of close to US$ 19.6 bn. Liquidity support forthe conduit is syndicated, with KfW's share representing 52.28% hereof. Theremaining part of the liquidity support to the conduit is provided by severalPrime-1 rated institutions.

Copyright 2007, Moody's Investors Service, Inc. and/or its licensors andaffiliates including Moody's Assurance Company, Inc. (together, "MOODY'S"). Allrights reserved.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OFSUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHERTRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FORSUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNEROR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.All information contained herein is obtained by MOODY'S from sources believed byit to be accurate and reliable. Because of the possibility of human ormechanical error as well as other factors, however, such information is provided"as is" without warranty of any kind and MOODY'S, in particular, makes norepresentation or warranty, express or implied, as to the accuracy, timeliness,completeness, merchantability or fitness for any particular purpose of any suchinformation. Under no circumstances shall MOODY'S have any liability to anyperson or entity for (a) any loss or damage in whole or in part caused by,resulting from, or relating to, any error (negligent or otherwise) or othercircumstance or contingency within or outside the control of MOODY'S or any ofits directors, officers, employees or agents in connection with the procurement,collection, compilation, analysis, interpretation, communication, publication ordelivery of any such information, or (b) any direct, indirect, special,consequential, compensatory or incidental damages whatsoever (including withoutlimitation, lost profits), even if MOODY'S is advised in advance of thepossibility of such damages, resulting from the use of or inability to use, anysuch information. The credit ratings and financial reporting analysisobservations, if any, constituting part of the information contained herein are,and must be construed solely as, statements of opinion and not statements offact or recommendations to purchase, sell or hold any securities. NO WARRANTY,EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OROTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNERWHATSOEVER. Each rating or other opinion must be weighed solely as one factor inany investment decision made by or on behalf of any user of the informationcontained herein, and each such user must accordingly make its own study andevaluation of each security and of each issuer and guarantor of, and eachprovider of credit support for, each security that it may consider purchasing,holding or selling. MOODY'S hereby discloses that most issuers of debtsecurities (including corporate and municipal bonds, debentures, notes andcommercial paper) and preferred stock rated by MOODY'S have, prior to assignmentof any rating, agreed to pay to MOODY'S for appraisal and rating servicesrendered by it fees ranging from $1,500 to $2,400,000. Moody's Corporation (MCO)and its wholly-owned credit rating agency subsidiary, Moody's Investors Service(MIS), also maintain policies and procedures to address the independence ofMIS's ratings and rating processes. Information regarding certain affiliationsthat may exist between directors of MCO and rated entities, and between entitieswho hold ratings from MIS and have also publicly reported to the SEC anownership interest in MCO of more than 5%, is posted annually on Moody's websiteat www.moodys.com under the heading "Shareholder Relations - CorporateGovernance - Director and Shareholder Affiliation Policy." Moody's InvestorsService Pty Limited does not hold an Australian financial services licence underthe Corporations Act. This credit rating opinion has been prepared withouttaking into account any of your objectives, financial situation or needs. Youshould, before acting on the opinion, consider the appropriateness of theopinion having regard to your own objectives, financial situation and needs.

(END) Dow Jones Newswires 07-30-07 1235ET Copyright (c) 2007 Dow Jones & Company, Inc.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER