Standard & Poor's affirmed the ratings of five asset-backed commercial paper (ABCP) multiseller conduits, for the period of April 2-13, 2001 (see table). These rating actions were based on Standard & Poor's review of the transactions before they entered the conduits. Financing limits for these transactions totaled $1.05 billion. The commercial paper that the conduits issued was backed by equipment leases, residential mortgage loans, credit cards, and trade receivables. Year-to-date, including this week's additions, Standard & Poor's has affirmed ratings based on 82 transactions entering 27 conduits of 23 program administrators. Year-to-date, Standard & Poor's has affirmed ratings on transactions totaling approximately $14.59 billion in financing limits. Of this total, 28% were 'A-1+' rating affirmations and 72% were 'A-1' rating...
Companies mentioned in this report are:
- Credit Lyonnais
- Portigon AG (Unsolicited Ratings)
- Chase Manhattan Bank Ltd.
- Atlantic Asset Securitization LLC
- Natixis Financial Products LLC
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues. SHOW LESS READ MORE >