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Summary: Old Line Funding Corp. May 01 Product Image

Summary: Old Line Funding Corp. May 01

  • ID: 1754472
  • May 2001
  • Standard & Poors

FEATURED COMPANIES

  • Old Line Funding LLC
  • Royal Bank of Canada
  • MORE

Abstract
The rating on Old Line Funding Corp.'s asset-backed commercial paper program is based on: Pool-specific, minimum 'AA' equivalent, credit support for each receivables pool or ABS as a layer of first loss protection; Substantial programwide credit enhancement as second loss coverage; Committed liquidity support fom a syndicate of 'A-1+' rated banks covering 100% of Old Line's investment in nondefaulted receivables and ABS; Structural provisions at the pool and program level that protect investors from deteriorating asset quality by triggering an augmentation of reserve levels, a forced sale to the liquidity asset purchase agreement banks, discontinuation of asset investment and/or prevention of commercial paper issuance; and Old Line's legal structure as a bankruptcy-remote entity. Sponsored by Royal Bank of Canada (Royal...

Companies mentioned in this report are:
- Old Line Funding LLC
- Royal Bank of Canada

Action: Review

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 READ MORE >

- Old Line Funding LLC
- Royal Bank of Canada

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