Transaction Update: Arabella Finance Ltd.
Standard & Poors, August 2010
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
Abstract
Standard & Poor's Ratings Services is publishing this transaction update as part of its ongoing surveillance process of the Arabella Finance Ltd. asset-backed commercial paper (ABCP) conduit. The conduit sponsor, UniCredit Bank AG, has made no major structural changes to the conduit since our last transaction update on July 31, 2009. This update also considers that Arabella's former conduit sponsor-Bayerische Hypo und Vereinsbank AG-has been merged into UniCredit. We understand that this has not affected the contractual relationship between Arabella and its sponsor bank. The 'A-1' rating on this program remains unchanged following our review. The following factors support our 'A-1' rating, among other things: Liquidity is provided through a liquidity facility agreement, which allows the issuer to redeem total...
Companies mentioned in this report are: Arabella Finance Ltd.
Action: No Rating Change
Arabella Finance Ltd.
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