Fitch Ratings Affirms $317B from 57 U.S. ABCP Programs.

NEW YORK -- Fitch Ratings has affirmed the ratings on 57 U.S. asset-backed commercial paper (ABCP) programs totaling over $317 billion in outstanding debt. The actions follow a review of a number of Fitch rated U.S. multiseller, securities backed, and single seller ABCP conduits.

The affirmations are based on a review of the conduits' portfolio compositions and the credit and structural protections afforded investors in these programs. These protections include pool-specific credit enhancement and program-wide credit enhancement, if applicable, as well as committed liquidity support facilities available to fund the payment of maturing ABCP.

In its review of the portfolio compositions, Fitch analyzed exposures to subprime and Alt A residential mortgages as well as CDO exposures for each individual conduit. The analysis also included a Vector CP 3.0 analysis of multiseller and securities-backed programs rated by Fitch.

The review is ongoing and Fitch expects to release more rating actions and detailed information on the individual programs over the coming weeks. The review didn't include an analysis of structured investment vehicles (SIVs), Market Value, or collateralized debt obligation (CDO) commercial paper programs, which are being reviewed and will be commented on separately.

Fitch has affirmed the following U.S. ABCP programs:

Multi-seller

--Alpine Securitization Corp. at 'F1+';

--APRECO, LLC at 'F1+';

--Aspen Funding Corp at 'F1+';

--Asset One Securitization, LLC at 'F1';

--Atlantic Asset Securitization LLC at 'F1';

--Autobahn Funding Co. LLC at 'F1';

--Bavaria TRR Corporation at 'F1';

--Belmont Funding, LLC at 'F1';

--Cedar Springs Capital Company, LLC at 'F1';

--Concord Minutemen Capital Company at 'F1';

--Crown Point Capital Company, LLC at 'F1';

--Elysian Funding LLC at 'F1';

--Falcon Asset Securitization Corp. at 'F1+';

--Giro Balanced Funding Corp at 'F1';

--Gotham Funding Corp. at 'F1';

--Govco, LLC at 'F1+';

--Jupiter Securitization Corp. at 'F1+';

--Kitty Hawk Funding Corp. at 'F1+';

--La Fayette Asset Securitization LLC at 'F1';

--Lexington Parker Capital Co. at 'F1';

--Liberty Lighthouse Company, LLC at 'F1';

--Mermaid Funding Corp. at 'F2';

--Morrigan TRR Funding LLC at 'F1';

--Neptune Funding Corp. at 'F1';

--Newport Funding Corp at 'F1+';

--Nieuw Amsterdam Receivables Corp. at 'F1';

--Old Line Funding, LLC at 'F1+';

--Panterra Funding , LLC at 'F1';

--Park Avenue Receivables Company, LLC at 'F1';

--Ranger Funding Company LLC at 'F1+';

--Stony Point Capital Company, LLC at 'F1';

--Thunder Bay Funding, LLC at 'F1';

--Valcour Bay Capital Company, LLC at 'F1';

--Victory Receivables Corp. at 'F1';

--Voyager Funding Corporation at 'F1';

--White Point Funding, Inc. at 'F1';

--Working Capital Management Co. L.P. at 'F1';

--Yorktown Capital, LLC at 'F1+';

--Zane Funding , LLC at 'F1'.

Securities-Backed

--Deer Valley Funding Limited/Deer Valley Funding LLC at 'F1+';

--Giro Funding US Corporation at 'F1+';

--Lockhart Funding LLC at 'F1';

--MAST Funding Trust I at 'F1+';

--New Center Asset Trust (NCAT) at 'F1+/F1';

--Perry Funding Corp. at 'F1+';

--Perry Global Funding Ltd.- Series A & B at 'F1+/F1';

--Perry III Funding Corp. at 'F1+'.

Single-seller

--BA Credit Card Trust Class A (2001-Emerald) at 'F1+/F1';

--Capital One Multi-Asset Execution Trust Card Series Class A (2004-Nova) at 'F1+';

--Citibank Credit Card Issuance Trust, Dakota Notes Class 2001-A3 at 'F1';

--Cooperative Association of Tractor Dealers, Inc. - Series B at 'F1+';

--Dealers Capital Access Trust at 'F1';

--Dollar Thrifty Funding Corp. at 'F1';

--North Lake Capital Funding at 'F1+';

--Tiger Peg Capital Corp. at 'F1';

--Yum! Capital LLC at 'F1';

--Vehicle Services of America, Ltd. at 'F1+';

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.