Last week Moody's Investors Service downgraded Receivables Structured Trust 2001-Calpoint to Baa2 from Baa1, based on the corporate downgrade of Qwest Communications, which had guaranteed cashflows of the transaction.

That deal, which closed early last fall, securitizes contractual monthly payments due to Calpoint from Qwest (see ASR 10/8/01). The debt financing was derived from a transaction between Calpoint and Qwest, where Qwest had agreed to purchase, for the next five years, at least $10 million per month worth of Calpoint's "managed wavelength services," which Qwest will then offer as part of its existing product line. Via the proceeds of the securitization, Calpoint was said to have purchased approximately $300 million worth of equipment from Qwest.

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