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
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Research Type: Full Analysis