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Preliminary Rating Assigned To FCC Retail ABS Finance Compartiment Noria 2008 Issuance May 08 Product Image

Preliminary Rating Assigned To FCC Retail ABS Finance Compartiment Noria 2008 Issuance May 08

  • ID: 1827886
  • May 2008
  • Standard & Poors

Abstract
PARIS (Standard & Poor's) May 20, 2008Standard & Poor's Ratings Services said today that it has assigned preliminary credit ratings to the floating-rate notes to be issued by FCC Retail ABS Finance Compartiment Noria 2008 (see list below). The originator is Cetelem, one of the leading consumer loan lenders in France. Cetelem is a wholly owned subsidiary of BNP Paribas (AA+/Stable/A-1+). The purpose of the transaction is to securitize a portfolio of consumer, auto, and equipment loans originated in France. This transaction will be similar to the Noria 2005 transaction. The main changes for this transaction are: - The inclusion of auto loans and equipment loans; - The inclusion of a limited bucket of personal loans, which went into an...

Companies mentioned in this report are:
- BNP Paribas
- BNP Paribas Personal Finance

Action: Preliminary Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- BNP Paribas
- BNP Paribas Personal Finance

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