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Beethoven Funding Corp. ABCP Notes 'A-1 (sf)' Rating Placed On CreditWatch Negative Dec 11
Standard & Poors, Dec 2011
Abstract
NEW YORK (Standard & Poor's) Dec. 14, 2011--Standard & Poor's Ratings Services today placed its 'A-1 (sf)' rating on Beethoven Funding Corp.'s (Beethoven's) asset-backed commercial paper (ABCP) notes on CreditWatch with negative implications. Beethoven is a multiseller ABCP conduit administered by Commerzbank AG (A/Watch Neg/A-1). The rating on the ABCP notes is dependent on the liquidity and credit support provided by Commerzbank AG. Today's rating action reflects the Dec. 7, 2011, placement of our 'A-1' rating on Commerzbank AG on CreditWatch negative (see 'Commerzbank 'A/A-1' Ratings Placed On Watch Negative Following Sovererign Rating Action,' published Dec. 7, 2011). RELATED RESEARCH Commerzbank 'A/A-1' Ratings Placed On Watch Negative Following Sovererign Rating Action, published Dec. 7, 2011. Global Structured Finance Scenario And...
Companies mentioned in this report are: Beethoven Funding Corporation
Action: On CreditWatch:Negative
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.
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