Apex Funding's 'F1' Commercial Paper Affirmed By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--March 13, 2002 Fitch Ratings-New York-March 12, 2002: Fitch affirms the 'F1' rating of Apex Funding Corporation's (Apex) 4(2) commercial paper (CP) program sponsored by The Bank of Tokyo-Mitsubishi, Ltd. (BTM BTM See: Book to market. ), following the increase of the program size from 1 trillion-Yen (JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to JPY 1.3 trillion. The liquidity facility provided by BTM will accordingly increase to JPY 1.3 trillion. BTM is rated 'A/F1' by Fitch. Apex is a special purpose, bankruptcy-remote corporation organized under Cayman Island law, whose primary purpose is the issuance of Japanese yen-denominated CP, the proceeds of which are used to purchase assets that meet the program's credit and investment guidelines. Apex is permitted to acquire trade receivables pools of diversified receivables denominated in Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. , U.S. dollars, and other currencies of OECD OECD: see Organization for Economic Cooperation and Development. . Apex may also purchase investment-grade ABS. Apex is partially supported by program-wide 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 in the form of a credit facility supplied by BTM. The size of program-wide credit enhancement is dynamic and depends on the credit quality, number, and type of transactions funded under the program. BTM also provides 100% program-wide liquidity support to ensure timely repayment of maturing CP. BOT Lease Co., Ltd. based in Japan, serves as Apex's operating agent and depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. agent for the yen-denominated CP. As of Dec. 31, 2001, Apex's outstanding CP is JPY 622 billion. |
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