The rating on Newport Funding Corp.'s commercial paper program is based on the bankruptcy-remote nature of Newport Funding Corp. and the rating on Deutsche Bank AG as liquidity provider, put provider, and repurchase agreement provider. Newport Funding Corp., a special-purpose, bankruptcy-remote entity, is authorized to issue up to $5 billion in commercial paper notes. The proceeds of the notes will be used to purchase a portfolio of highly rated long- and short-term securities that are insured by MBIA Insurance Corp. and to offer loans and repurchase agreements. The portfolio of securities is supported by a liquidity agreement and a repurchase agreement from Deutsche Bank AG. Deutsche Bank AG provides liquidity to the issuer in the form of a liquidity facility...
Companies mentioned in this report are:
- Deutsche Bank AG
- MBIA Insurance Corp.
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