Fitch Upgrades Four Winds Funding Corp to 'F1' from 'F2'.
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 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.
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