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New Issue: Managed and Enhanced Tap (Magenta) Funding SAT Mar 10 Product Image

New Issue: Managed and Enhanced Tap (Magenta) Funding SAT Mar 10

  • ID: 1753141
  • March 2010
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'A-1' credit rating to the new asset-backed commercial paper (ABCP) program, Managed and Enhanced Tap (Magenta) Funding SAT (Magenta Funding), which Natixis S.A. (A+/Stable/A-1) established. Natixis provides a liquidity facility that will fund regardless of asset quality, which means that it will fully support transactions funded via Magenta Funding. It should be noted that we do not necessarily rate the underlying securities or FCT units. Magenta Funding is a "Société de Titrisation" based in France, which we understand is bankruptcy remote under French law. Natixis expects to finance mainly trade receivables and consumer assets via the Magenta Funding structure. Magenta Funding will issue both French commercial paper (Billets de Trésorerie; BT) and European...

Companies mentioned in this report are:
- Managed and Enhanced Tap (Magenta) Funding SAT
- Natixis S.A.

Action: New Rating

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

- Managed and Enhanced Tap (Magenta) Funding SAT
- Natixis S.A.

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