Fitch Assigns Versailles CDS LLC & Versailles Assets LLC CP Issues 'F1+'.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 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. has assigned an 'F1+' rating to U.S. commercial paper (USCP USCP United States Capitol Police USCP Unicos Station Call Processor USCP United States Commercial Paper USCP University Short Course Programme ), European commercial paper (ECP (Enhanced Capabilities Port) See IEEE 1284. 1. ECP - Engineering Change Proposal. 2. ECP - Enhanced Capabilities Port. 3. ECP - Extended Capabilities Port. 4. ECP - Extended Concurrent Prolog. ) and secured liquidity notes (SLNs) issued by Versailles CDS LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Versailles CDS) and Versailles Assets LLC (Versailles Assets). Together, Versailles CDS and Versailles Assets form a $20 billion partially supported, multiseller program sponsored by Natixis Financial Products Inc. (Natixis FP), rated 'AA/F1+'. USCP may be issued with maturity dates of up to 270 days from issuance and ECP may have maturities of up to 183 days from issuance. SLNs may be issued with expected maturity dates of up to 260 days and a final maturity date of 270 days from the date of issuance. Versailles Assets issues short-term notes exclusively to Versailles CDS and uses the proceeds from such issuance to purchase eligible financial assets. Versailles CDS purchases short-term notes from Versailles Assets by issuing its own short-term notes. The short-term notes issued by Versailles Assets and Versailles CDS are match-funded. Versailles CDS enters into credit default swaps (CDS) with Versailles Assets to cover any defaults on the underlying assets held by Versailles Assets. Obligations of Versailles CDS under the CDS are covered by a credit facility provided by Natixis FP, which functions as program-wide credit enhancement. The credit facility is sized at 10% of the outstanding Versailles CDS short-term notes excluding any portion funding highly rated assets (equivalent to at least 'AA'), subject to a floor of $100 million. 100% liquidity support for the program is provided through transaction-specific loan agreements provided to Versailles Assets by Natixis FP. Natixis FP serves as the program administrator. Deutsche Bank Trust Company Americas serves as the issuing and paying agent and the collateral trustee. Global Securitization Services LLC is appointed as program manager. 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.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 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion