Transaction Update: Diversified Receivables Conduit (DIRECT) Funding S.A. Aug 09

  • ID: 1723649
  • August 2009
  • Standard & Poors
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Standard & Poor's Ratings Services is publishing this transaction update as part of its review of the Diversified Receivables Conduit (DIRECT) Funding S.A. asset-backed commercial paper (ABCP) program. Following our review, our 'A-1' rating on the issuance of this program remains unchanged. DIRECT Funding was Natixis S.A.'s first multiseller ABCP conduit. Its main purpose is to refinance trade receivables and consumer loans. Our rating on DIRECT Funding's notes is based on a minimum rating of 'A-1' on the liquidity facility provider for 100% of the face amount of the CP outstanding, the pool-specific credit support, and on the bankruptcy-remote nature of the issuer. DIRECT Funding is structured as a multiseller CP program and can issue European CP (ECP) and Billets...

Companies mentioned in this report are:
- Natixis S.A.

Action: No Rating Change

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: Full Analysis

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- Natixis S.A.

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