Summary: Old Line Funding Corp. May 01
- ID: 1754472
- May 2001
- Standard & Poors
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
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