Fitch Affirms Grand Central Funding Corporation.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 -- Fitch affirms the counterparty risk Counterparty Risk The risk to each party of a contract that the counterparty will not live up to their contractual obligations. Notes: In most financial contracts, counterparty risk is known as default risk. rating assigned to Grand Central Funding Corporation (the company). This affirmation is the result of Fitch's review process and is effective immediately: --$5,000,000,000 Grand Central Funding Corporation affirmed at 'AAA/F1+'. The company, a Delaware special purpose corporation, issues guaranteed investment contracts Guaranteed investment contract (GIC) A pure investment product in which a life company agrees, for a single premium, to pay at a maturity date the principal amount of a predetermined annual crediting (interest) rate over the life of the investment. and invests the proceeds in a portfolio of high-quality eligible investments. Bayerische Hypo-und Vereinsbank AG, New York Branch (HVB HVB Hervey Bay, Queensland, Australia (Airport Code) HVB Hawaii Visitors Bureau HVB Central-European International Bank (Hungary) HVB High Volume Breeder (puppy mill) ) is able to purchase and sell all investments for the portfolio on behalf of the company and manages the portfolio in accordance with specific investment restrictions and guidelines. The rating assigned is based on the quality and composition of collateral investments and the ability of both the company and HVB to satisfactorily manage the portfolio, as well as legal and structural restrictions described in the company documents. Since closing, the deal has exhibited stable performance and is in compliance with all covenants. Fitch currently rates HVB 'A' with a Positive Outlook. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006 and also available at www.derivativefitch.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.derivativefitch.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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. Fitch means Fitch, Inc., Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
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