Fitch Rates New Center Asset Trust Commercial Paper Program.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 has assigned ratings of 'F1', and 'F1+', to two series of commercial paper (CP) issued by New Center Asset Trust's (NCAT NCAT National Center for Appropriate Technology (Butte, MT) NCAT National Center for Asphalt Technology NCAT National Center for Academic Transformation NCAT National Center for Advanced Technologies ) $18.5 billion single-seller asset-backed commercial paper program, sponsored by General Motors Acceptance Corporation (GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance ), rated 'BB+' by Fitch, with the long-term Rating Outlook remaining Negative. NCAT's 'F1' and 'F1+' ratings are based on the quality of the receivables purchased, the transaction-specific 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 , the 100% liquidity support provided by 'F1' rated (or the equivalent) banks or financial institutions for the 'F1' CP series, the 100% liquidity support provided by 'F1+' rated (or the equivalent) banks or financial institutions for the 'F1+' CP series, the program's sound legal structure, and the execution of the program amendments as of June 13, 2005. Fitch's 'F1+' and 'F1' ratings were added to NCAT in conjunction with the execution of program amendments on June 13, 2005, which took effect on Aug. 4, 2005, when NCAT's equity certificates were redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. . NCAT is a special purpose, bankruptcy-remote Delaware statutory trust established to issue up to $18.5 billion of 3(a)(3) U.S. dollar-denominated CP and/or obtain revolving bank loans to fund the acquisition of securities rated at least 'AA' from GMAC. Specifically, NCAT purchases asset-backed notes and certificates backed by retail and wholesale auto-related receivables and retail lease-related receivables (issuer assets) originated from Capital Auto Receivables Inc. and Wholesale Auto Receivables Corp., bankruptcy remote A company within a corporate group is said to be bankruptcy remote when the solvency of that company does not affect any other company in the group, particularly any holding company or subsidiary company of the bankruptcy remote vehicle. , wholly owned special purpose subsidiaries of GMAC. NCAT also purchases issuer assets from bankruptcy-remote special purpose entities that only sell receivables as to which GMAC has made the representations and warranties or certificates evidencing 100% ownership interest in such receivables. The CP will have maturities not later than the earlier of 270 days and the fifth business day prior to the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the approved lenders' liquidity commitments. NCAT is supported by transaction-specific issuer asset credit enhancement, which provides the only form of loss protection, specifically tailored to its own risk profile, taking into account the underlying assets and the credit strength of the seller. Transaction-specific credit enhancement is structured to a minimum 'AA' rating level so that, on a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. basis, each transaction can support NCAT's 'F1+' and 'F1' CP ratings. In order to ensure timely repayment of maturing CP, NCAT is supported at all time by 100% programwide liquidity support. Liquidity support is provided by a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism of 'F1' or higher rated banks or financial institutions in the form of a refunding loan agreement. Specifically, 100% liquidity support for NCAT's 'F1' CP series will be provided by a syndicate of 'F1' (or the equivalent) rated approved lenders in the form of a refunding loan agreement, while NCAT's 'F1+' CP series are supported by 100% liquidity support from its own syndicate of 'F1+' (or the equivalent) rated approved lenders. Each liquidity lender must be rated equivalent to its corresponding CP series by the three rating agencies. Nonetheless, a liquidity lender without a rating from one of the three rating agencies will also be acceptable as an approved lender, if such liquidity provider has the necessary ratings from the remaining agencies. GMAC is NCAT's administrator and is responsible for coordinating the conduit's day to day operations, including identifying potential eligible issuer assets, ensuring that appropriate credit enhancement, liquidity support, and hedging agreements are arranged, and coordinating the issuance, sale, and timely repayment of CP. 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. |
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