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Fitch Lwrs Four Winds Funding Corporation To `F1' From `F1+'.

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Fitch's rating of Four Winds Funding Corporation, an $7.5 billion asset-backed commercial paper program, sponsored by Commerzbank AG, was lowered to `F1' from `F1+'. The rating action is a result of Fitch's July 26, 2000, downgrade of Commerzbank, a liquidity and credit support provider to Four Winds, to `F1' from `F1+'. The bank's downgrade follows their announcement that merger negotiations with Dresdner Bank had ended. Commerzbank, in conjunction with several other highly rated investment-grade financial institutions, continues to provide liquidity and credit support to Four Winds Funding Corporation.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.
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Publication:Business Wire
Geographic Code:4EXRU
Date:Aug 4, 2000
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