Standard & Poor's Ratings Services has assigned its 'A-1' rating to Argento Variable Funding's (the conduit) asset backed commercial paper (ABCP) program. The conduit replicates many of the features of Lloyds TSB Bank PLC's existing conduitCancara Asset Securitisation Ltd.,which it established in 2002 (see "Related Research And Criteria"). The maximum amount of ABCP that the program may issue is $10 billion. The program is fully supported through liquidity. Lloyds TSB Bank will be the initial liquidity provider and will also carry out the majority of the required administrative roles, using its existing conduit management infrastructure. The conduit will be a hybrid, in that it will purchase and manage pools of rated and unrated assets. The initial transfer of assets will...
Companies mentioned in this report are:
- Lloyds Bank PLC
Action: New Rating
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Research Type: Full Analysis