Fitch IBCA ABCP Rating Activity for October 1999.NEW YORK--(BUSINESS WIRE)--Nov. 1, 1999-- New Ratings for October 1999 FOUR WINDS FUNDING CORP. $5.0 BN ABCP ABCP Asset-Backed Commercial Paper ABCP Associação Brasileira de Cimento Portland (Brazil) ABCP Associação Brasileira de Ciência Política ABCP American Board of Cardiovascular Perfusion ABCP Associate Business Continuity Planner PROGRAM RATED `F1+' BY FITCH IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals Fitch IBCA assigned an `F1+' rating to Commerzbank Aktiengesellschaft's (Commerzbank) $5.0 billion 4(2) asset-backed commercial paper vehicle Four Winds Funding Corporation (Four Winds). The rating is based on the high quality of the assets, the 100% liquidity support provided by Commerzbank and other financial institutions, and the programwide credit support supplied by Commerzbank and AMBAC Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. (AMBAC AMBAC American Municipal Bond Assurance Corporation AMBAC Active Mass Balance Auto-Control (Gundam anime) ). The conduit's sound legal structure and Commerzbank's strong administrative capabilities also support the program's rating. Commerzbank is rated `AA-/F1+', and AMBAC is rated `AAA' by Fitch IBCA. EMINENT FUNDING I ABCP PROGRAM RATED `F1' BY FITCH IBCA Fitch IBCA assigned an `F1' rating to TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Funds Management's $648.8 million market-value, asset-backed commercial paper vehicle Eminent Funding (Eminent) based on the quality of the investment policies, restrictions, and guidelines of the issuer, the 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 provided by overcollateralization, and the 25% liquidity support. Eminent will use the proceeds of the CP and the class A mortgage index linked notes (rated `AAA' by Fitch IBCA) to purchase a diversified investment portfolio, consisting primarily of US dollar denominated, intermediate duration, government, mortgage- related, or asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. . TCW Funds Management, Inc. serves as the program's investment manager. Other Rating Actions for October 1999 OLD LINE FUNDING ADDS $425MM AGRICULTURAL LOAN TRANSACTION Fitch IBCA affirmed the `F1+' rating for Royal Bank of Canada's partially-supported, multi-seller ABCP program Old Line Funding following the addition of a $425 million transaction of amortizing agricultural loans. EIFFEL FUNDING LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control AMENDS PROGRAM TO ALLOW INVESTMENT IN NOTES Fitch IBCA affirmed the `F1' rating for CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Financial Product's (CDCFP) Eiffel Funding asset-backed commercial paper program after approving amendments to its Administration Agreement. Fitch IBCA reviews and approves all transactions funded through the program prior to close. ASSET PORTFOLIO FUNDING CORP. ADDS $100 MM SENIOR SECURED VARIABLE FUNDING RATE NOTES Fitch IBCA affirmed the `F1+' rating of JP Morgan's Asset Portfolio Funding Corp. following the addition of $100 million of Senior Secured Variable Funding Rate Notes secured by a managed, diversified portfolio of senior secured bank loans, debt securities, unsecured bank loans, synthetic investments and structured finance obligations. The notes are rated `AA' by Fitch IBCA. HOLLAND LIMITED ADDS $150MM AUTO FINANCE COMPANY TRANSACTION Fitch IBCA affirmed the `F1' rating of ING's Holland Limited following the addition of a $150 million variable funding note secured by auto loan receivables. AUTOBAHN FUNDING CO. ADDS $100MM INSURANCE PREMIUM LOAN RECEIVABLES FACILITY & $200MM AUTO FINANCE COMPANY TRANSACTION Fitch IBCA affirmed the `F1' rating of DG Bank's partially supported, multi-seller program Autobahn Funding Co. following its purchase of a $100 million interest in a revolving pool of automobile insurance premium loan receivables. Fitch IBCA affirmed the `F1' rating of DG Bank's Autobahn Funding Co. following the addition of a $200 million variable funding note secured by auto loan receivables. GREYHAWK FUNDING INCREASE PROGRAM SIZE, ADDS SWINGLINE FACILITY Swingline facility Bank borrowing facility to provide finance while the firm replaces US commercial paper with eurocommercial paper. & AMENDS CONCENTRATION LIMITS Fitch IBCA affirmed the `F1+' rating of Westdeutsche Landesbank Girozentrale's (WestLB) Greyhawk Funding LLC following a program increase from $5 billion to $8 billion. In addition, the program added a $150 million uncommitted swing-line facility, provided by WestLB. Fitch IBCA also approved several amendments to the program's investment policy that relate to the program's obligor The individual who owes another person a certain debt or duty. The term obligor is often used interchangeably with debtor. obligor (ah-bluh-gore) n. concentration limits. APEX FUNDING CORP. EXTENDS LIQUIDITY FACILITY Fitch IBCA affirmed the `F1' rating of Bank of Tokyo-Mitsubishi Ltd.'s Apex Funding Corp. following the extension of the program's liquidity commitment to October 13, 2000. |
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