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Bulletin: Rating Unchanged On Diversified Receivables Conduit (DIRECT) Funding's ABCP Program Following Review Aug 09
Standard & Poors, Aug 2009
Abstract
OVERVIEW Following our review, the 'A-1' rating on DIRECT Funding's ABCP program remains unchanged. DIRECT Funding was Natixis' first multiseller ABCP conduit. PARIS (Standard & Poor's) Aug. 13, 2009--Standard & Poor's Ratings Services said today that following its review, the 'A-1' rating on the Diversified Receivables Conduit (DIRECT) Funding S.A. asset-backed commercial paper (ABCP) program remains unchanged. DIRECT Funding is structured as a multiseller CP program and can issue European CP and Billets de Tr-sorerie (BT; French CP). Currently, DIRECT Funding only issues BT, there are no ECP issuances. DIRECT Funding provides protection to Natixis S.A., through a credit default swap, against losses on the portfolios or notes it purchases from the originator. DIRECT Funding's performance is stable and the...
Companies mentioned in this report are: Diversified Receivables Conduit (DIRECT) Funding S.A.,Natixis S.A.
Action: Bulletin
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.
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