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'A-1+' Rating on Direct Funding S.A.'s BT and European CP Program Affirmed
Standard & Poors, July 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
PARIS (Standard & Poor's) July 1, 2002--Standard & Poor's said today that it affirmed its 'A-1+' rating on Diversified Receivables Conduit (DIRECT) Funding S.A.'s ('Direct Funding') -580 million euro-denominated 'billets de tresorerie' (BT) and European CP program. The conduit was rated in May 2002. Direct Funding is a multiseller conduit designed to sell credit protection, via the use of credit derivatives, on the rated assets or on the portfolios of trade receivables acquired by CDC Ixis Capital Markets (AAA/Stable/A-1+). In this, the first of two transactions so far in the conduit, Direct Funding provides protection on the rated assets purchased by CDC Ixis Capital Markets, and is supported by a unique liquidity mechanism. Claire Robert, ratings analyst at Standard &...
Companies mentioned in this report are: Diversified Receivables Conduit (DIRECT) Funding S.A.
Action: Affirmed
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