Rating Assigned To Ebbets Funding $20 Billion European And U.S. ABCP Program Dec 05
- ID: 1781667
- December 2005
- Region: Europe, United States
- Standard & Poors
LONDON (Standard & Poor's) Dec. 1, 2005-Standard & Poor's Ratings Services said today that it assigned its 'A-1' credit rating to the $20 billion European and U.S. 4(2) ABCP program issued by Ebbets Funding PLC and Ebbets Funding LLC, issuer and co-issuer, respectively. Ebbets is sponsored by the New York-based Hudson Castle Group Inc. The rating is based on: - Ebbets Funding PLC's legal structure, which is intended to be bankruptcy remote; - Transaction and program-level hedging arrangements with counterparties similarly rated to the program, which will address currency and interest rate risks; - Liquidity support provided by banks and financial institution rated at least 'A-1'; - Each asset being explicitly rated or credit-enhanced to at least the 'A-1' rating...
Companies mentioned in this report are: Deutsche Bank Trust Company Americas
Action: New Rating
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