ABCP Rating Activity For May 2000.Business Editors NEW YORK--(BUSINESS WIRE)--June 8, 2000 Fitch released the following asset-backed rating actions for May New Ratings: Discover's Newcastle Certificates Rated `F1+' By Fitch Fitch assigned an `F1+' rating to the $8.0 billion extendable short-term Newcastle Certificates Program, Series 2000-A, issued from the Discover Card Master Trust I. The rating is based on credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided in the form of subordination of collateral interest, the 33% liquidity facility, an interest funding account sized to cover interest on certificates maturing during the interim period between distribution dates, the program's amortization triggers, Discover's strong servicer capabilities, and the program's sound legal structure. Stellar Funding Group, Inc. Rated `F1+' By Fitch Stellar Funding Group, Inc., a $6.0 billion dollar asset- backed commercial paper (CP) program sponsored by Firstar Bank, N.A., is rated `F1+' by Fitch. The rating is based on the quality of the loans to be purchased by Stellar, the dynamic programwide credit enhancement, the 100% liquidity support (for loans with maturities in excess of 270 days), Firstar's strong administrative capabilities, and the program's sound legal structure. Galaxy Funding, Inc. Rated `F1+' By Fitch Galaxy Funding, Inc., a $10.0 billion dollar asset-backed commercial paper (CP) program sponsored by Firstar Bank, N.A., is rated `F1+' by Fitch. The rating is based on the high quality of the assets to be purchased, the dynamic programwide credit enhancement, the 100% liquidity support, Firstar's strong administrative capabilities, and the program's sound legal structure. Nuveen Funding, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Rated `F1+' By Fitch Nuveen Funding, LLC's (Nuveen Funding) $155 million asset- backed commercial paper program is rated `F1+' by Fitch. The rating is based on the 103% liquidity support, the initial 368% asset coverage ratio Asset Coverage Ratio A test that determines a company's ability to cover debt obligations with its assets after all liabilities have been satisfied. It is calculated as the following: , the Investment Company Act of 1940 (40 Act) regulations, the increasing liquidity and low volatility in the loan market, and the structural integrity of the program. Check Point Charlie, Inc. $2.65B ABCP ABCP Asset-Backed Commercial Paper ABCP Associação Brasileira de Cimento Portland (Brazil) ABCP Associação Brasileira de Ciência Política ABCP American Board of Cardiovascular Perfusion ABCP Associate Business Continuity Planner Program & Subordinated Notes Rated `F1+'/`AA' By Fitch Check Point Charlie, Inc.'s (CP Charlie) $2.65 billion asset-backed commercial paper program, sponsored by Bankgesellschaft Berlin AG, (BGB BGB Bürgerliches Gesetzbuch (German: Code of Civil Law) BGB British Gaming Blog BGB Barcelona Guide Bureau BGB Brilliant Green Bile (microbiological water testing) BGB Big Girls Blouse AG), is rated `F1+' by Fitch. Additionally, the $25,000,000 subordinated asset- backed floating rate notes due Dec. 31, 2016, are rated `AA'. BGB AG is rated `AA-'/`F1+' by Fitch. Eagle I CBO CBO See: Collateralized Bond Obligation. , Ltd.'s ABCP Rated `F1' By Fitch Fitch assigned an `F1' rating to Federated Connected and treated as one. See federated database and federated directories. Investment Counseling's (Federated) $365 million market value, asset- backed commercial paper vehicle Eagle I CBO, Ltd. (Eagle). The `F1' rating is based on the high quality and liquidity of Eagle's assets, the investment policies, restrictions, and guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. of the issuer, the credit enhancement provided by overcollateralization, and the 25% liquidity support. Federated Investment Counseling serves as the program's investment manager. Other Rating Actions For May 2000: Asset Portfolio Funding Corp. Adds $100M Variable Funding Note Fitch affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the `F1+' rating of JP Morgan's Asset Portfolio Funding Corp. following the addition of a $100 million variable funding note secured by a diversified portfolio of senior secured bank loans. Eiffel Funding LLC Amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an Program To Allow Multi-Currency Notes Fitch affirmed the `F1' rating for CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Financial Product's partially supported multi-seller program, Eiffel Funding LLC, following the amendment of its program documents to allow the issuance of multi-currency notes. Autobahn Funding Co. LLC adds Insurance Premium Transaction Fitch affirmed the `F1' rating of DG Bank's Autobahn Funding Company LLC, following the addition of a $80 million transaction secured by insurance premium finance receivables. Dynamic Funding Corporation Extends Liquidity Commitment Fitch affirmed the `F1' rating for Fuji Bank's Dynamic Funding Corporation following the extension of its liquidity facility. United Airlines First Funding Corp. Adds Syndicate Bank Syndicate Bank, established in 1925 in Udupi (in Karnataka, India) by Upendra Ananth Pai, Vaman Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India. Fitch affirmed the `F1' rating for United Airlines First Funding Corporation following the addition of an `F1+' rated syndicate bank. Fitch Withdraws Ratings For FP Funding & FP Funding II Fitch withdrew its `F1' ratings for Sumitomo Bank's FP Funding Corporation and FP Funding II Corporation following the termination of both programs on May 31, 2000. Astro Capital Corporation Extends Liquidity & Credit Commitments Fitch affirmed the `F1' rating for The Industrial Bank of Japan's Astro Capital Corporation following the extensions to its liquidity and credit agreements. Apex Funding Corporation Extends Liquidity & Credit Commitments Fitch affirmed the `F1' rating for The Bank of Tokyo- Mitsubishi's Apex Funding Corporation following the extensions to its liquidity and credit agreements. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in over 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Banks, Corporations, Structured Finance, Insurance, Sovereigns and Public Finance Markets worldwide. |
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