Fitch Ratings Affirms $39B from 5 U.S. ABCP Programs.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 has affirmed the ratings on five U.S. multi-seller asset-backed commercial paper (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 ) programs totaling over $39 billion in outstanding debt. These affirmations follow Fitch's affirmations of the ratings on 57 U.S. ABCP last week. For more information on last week's affirmations, please refer to the Aug. 24 press release ('Fitch Ratings Affirms $317B from 57 U.S. ABCP Programs'), available on the Fitch Ratings web site at www.fitchratings.com. 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 collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the ) exposures for each individual conduit. The review also included a VECTOR CP 3.0 analysis of these programs if applicable. Fitch's review is ongoing, with more rating actions and detailed information on the individual programs likely to be released in the coming weeks. The review didn't include an analysis of structured investment vehicles (SIVs), market value, or CDO commercial paper programs, which are being reviewed and will be commented on separately. Fitch has affirmed the following U.S. ABCP programs: --CAFCO, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control at 'F1+' ; --CIESCO, LLC at 'F1+'; --Classic LLC at 'F1+'; --CRC Funding, LLC at 'F1+'; --Four Winds Funding Corp. at 'F1'. 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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