Fitch Upgrades Four Winds Funding Corp to 'F1' from 'F2'.NEW YORK New York, state, United StatesNew 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 upgraded its rating of Four Winds Funding Corp. (Four Winds Corp.), a $7.5 billion asset backed commercial paper (CP) program sponsored by Commerzbank AG (Commerzbank), to 'F1' from 'F2'. The rating action is a result of Fitch's Feb. 27, 2006 upgrade of Commerzbank's short-term rating to 'F1' from 'F2'. Four Winds Corp. issues CP and uses the proceeds to finance the purchase of financial assets Financial assets Claims on real assets. and receivables and to make corporate loans. Commerzbank serves as a primary credit and liquidity support provider to the CP issued by Four Winds Funding Corp. Commerzbank's upgrade reflects Fitch's view that the bank has been able to generate satisfactory levels of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. profitability while also improving asset quality. Commerzbank's risk profile is changing; the integration of Eurohypo AG, should further stabilize revenue streams, and aggregate exposure to the real estate sector will amount to roughly half of consolidated capital. Fitch expects Commerzbank to continue focusing on earnings generation, particularly in mid-cap and retail banking to generate internal capital. For further information regarding Commerzbank's upgrade, please see the Fitch press release dated Feb. 27, 2006, 'Fitch Upgrades Germany's Commerzbank to 'A',' available on the Fitch Ratings web site at www.fitchratings.com. 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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