Fitch Affirms Pallas Capital Corporation Counterparty Rating.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 rating for Pallas Capital Corporation (Pallas Capital). This affirmation is the result of Fitch's review process and the following rating action is effective immediately: --Guaranteed Investment Contract Counterparty Rating affirmed at 'AAA/F1+'. Pallas Capital is a special purpose vehicle (SPV SPV sheeppox virus. ) that closed May 20, 2005. Pallas Capital is a Delaware special purpose corporation, which issues guaranteed investment contracts and enters into reverse repurchase agreements with eligible counterparties. Hypo Public Finance Bank (HFPB) is an eligible counterparty. Pallas Capital will also invest in short term investments of high credit quality and maintain specified minimum amounts in overnight investments. Pallas Capital's assets will be managed in accordance with specific investment restrictions and guidelines. Hypo Capital Market Inc. serves as the administrative, hedge, and referral agent, and Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. serves as the collateral agent for Pallas Capital. Overall, the deal has exhibited stable performance since closing and is currently passing all portfolio and counterparty compliance tests. Since inception, no liquidation events have occurred. As a result of the stable performance, Fitch affirms the counterparty rating at 'F1+' and 'AAA', respectively. The counterparty rating assigned is based on the quality and composition of collateral investments, maintenance of adequate liquidity amounts, diversity of GIC GIC See: Guaranteed Investment Contract GIC See guaranteed investment contract (GIC). purchasers, the ability of both Pallas Capital and its agents to satisfactorily mange mange (mānj), contagious skin disease of domestic and wild animals. The several types of mange, including follicular and sarcoptic mange, are caused by various minute parasitic mites that burrow into skin, hair follicles, or sweat glands. the portfolio, as well as legal and structural restrictions described in the documents. 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 on Fitch's web site 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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