Fitch Affirms 72 US Asset-Backed Commercial Paper Programs.

NEW YORK -- Following a recently completed portfolio review of 72 US asset-backed commercial paper (USABCP) programs Fitch Ratings has affirmed the ratings on 72 USABCP programs that are authorized to issue ABCP (CP), callable notes (CNs), certificates, euro-denominated CP (ECP), euro-denominated medium-term notes (EMTNs), medium-term notes (MTNs)and secured liquidity notes (SLNs). The portfolio review included a Vector CP analysis of multiseller and securities-backed programs rated by Fitch. Fitch expects to publish results of the Vector CP analysis as an update to last year's report titled, 'VECTOR CP Study: Is U.S. Multiseller ABCP Risk Lower Than You Think?'. This release details the ABCP programs and their respective affirmed ratings.

Fitch has affirmed the following US ABCP programs as follows:

Alpine Securitization Corp.

--CP at 'F1+'.

APRECO, LLC 

--CP at 'F1+'.

Aspen Funding Corp.

--CP at 'F1+'.

Asset One Securitization, LLC

--CP at 'F1'.

Atlantic Asset Securitization LLC

--CP at 'F1'.

Autobahn Funding Co. LLC

--CP at 'F1'.

BA Credit Card Trust Class A 2001-Emerald Notes

--CP at 'F1+'.

Bavaria TRR Corporation

--CP at 'F1'.

Belmont Funding, LLC

--CP at 'F1'.

Bennington Stark Capital Company, LLC

--CP at 'F1'.

Bishops Gate Residential Mortgage Trust

--CP at 'F1',

--Series 1999-1 MTNs at 'AAA',

--Series 2001-2, Class A2 MTNs at 'AAA'.

Breeds Hill Capital Limited

--CN at 'F1',

--CP at 'F1',

--EN at 'F1'.

CAFCO, LLC

--CP at 'F1+',

Capital One Multi-Asset Execution Trust Card Series Class A (2004-Nova)

--EN at 'F1+'.

CCN (Independence IV) LLC

--CNs at 'F1+'.

CCN (Orchard Park) LLC

--CN at 'F1+'.

Cedar Springs Capital Company, LLC

--CP at 'F1',

--ECP at 'F1'.

CIESCO, LLC

--CP at 'F1+',

--MTNs at 'AAA'.

Citibank Credit Card Issuance Trust, Dakota Notes Class 2001-A3

--EN at 'F1'.

Concord Minutemen Capital Company

--Series A CP at 'F1';

--Series B CNs at 'F1';

--Series C ENs at 'F1'.

Cooperative Association of Tractor Dealers, Inc.

--CP at 'F1+'.

CRC Funding, LLC

--CP at 'F1+'.

Crown Point Capital Company, LLC

--Series A CP at 'F1',

--Series B CNs at 'F1',

--Series C ENs at 'F1'.

Dealers Capital Access Trust

--CP at 'F1'.

Deer Valley Funding Limited/Deer Valley Funding LLC

--CP at 'F1+'

--EN at 'F1+'

Dollar Thrifty Funding Corp.

--CP at 'F1'.

Elysian Funding LLC

--CP at 'F1'.

Falcon Asset Securitization Company LLC

--CP at 'F1+'.

Four Winds Funding Corp.

--CP at 'F1'.

Galaxy Funding, Inc.

--CP at 'F1+'.

Giro Balanced Funding Corporation

--CP at 'F1'.

Giro Funding US Corporation

--CP at 'F1+',

--ECP at 'F1+'.

Gotham Funding Corp.

--CP at 'F1'.

Govco, LLC

--CP at 'F1'.

--MTNs at 'AAA'.

Greyhawk Funding LLC

--CP at 'F1+'.

HSBC Real Estate (USA) Funding Trust

--CNs at 'F1+',

--CP at 'F1+',

--SLNs at 'F1+',

Jupiter Securitization Company LLC

--CP at 'F1+',

--ECP at 'F1+'.

Kitty Hawk Funding Corp.

--CP at 'F1+'.

La Fayette Asset Securitization LLC

--CP at 'F1'.

Lexington Parker Capital Company, LLC

--CP at 'F1'.

Liberty Lighthouse Company Co., LLC

--CP at 'F1',

--EMTNs at 'AAA',

--MTNs at 'AAA'.

Lockhart Funding LLC

--CP at 'F1'.

Manhattan Asset Funding Co., LLC

--CP at 'F1'.

Mermaid Funding Corp.

--CP at 'F2'.

Morrigan TRR Funding LLC

--CP at 'F1',

--SLNs at 'F1'.

Neptune Funding Corp.

--CP at 'F1'.

New Center Asset Trust

--CP at 'F1+',

--CP at 'F1".

Newport Funding Corp.

--CP at 'F1+'.

Nieuw Amsterdam Receivables Corp.

--CP at 'F1'.

North Lake Capital Funding Program/IndyMac Bank F.S.B.

--CNs at 'F1+';

--SLNs at 'F1+'.

Old Line Funding, LLC

--CP at 'F1+'.

Panterra Funding , LLC

--CP at 'F1'.

Park Avenue Receivables Company LLC

--CP at 'F1',

--SLNs at 'F1'.

Perry III Funding Corp.

--CP at 'F1+'.

Perry Funding Corp.

--CP at 'F1+'.

Perry Global Funding Ltd.

--Series A CP at 'F1+'.

Perry Global Funding Ltd.

--Series B CP at 'F1'.

Ranger Funding Company, LLC

--CP at 'F1+'.

Sunbelt Funding Corporation

--CP at 'F1'.

Three Rivers Funding Corp.

--CP at 'F1'.

Thunder Bay Funding, LLC

--CP at 'F1'.

Tiger Peg Capital Corp.

--CP at 'F1'.

Times Square Funding, LLC

--CP at 'F1',

--ENs at 'F1'.

Tucson Funding LLC

--SLN at 'F1'.

Valcour Bay Capital Company, LLC

--CNs at 'F1',

--CP at 'F1',

--ENs at 'F1'.

Vehicle Services of America, Ltd.

--CP at 'F1+'.

Victory Receivables Corp.

--CP at 'F1'.

Voyager Funding Corporation

--CP at 'F1'.

White Point Funding, Inc.

--CP at 'F1'.

Working Capital Management Co. L.P.

--CP at 'F1'.

Yorktown Capital, LLC

--CP at 'F1+'.

Yum! Capital LLC

--CP at 'F1'.

Zane Funding, LLC

--CN at 'F1'

--CP at 'F1'

--EN at 'F1'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.