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Beethoven Funding Corp. 'A-1 (sf)' Rating Affirmed And Removed From Watch Negative Feb 12
Standard & Poors, Feb 2012
Abstract
NEW YORK (Standard & Poor's) Feb. 6, 2012--Standard & Poor's Ratings Services today affirmed its 'A-1 (sf)' rating on the asset-backed commercial paper (ABCP) notes issued by Beethoven Funding Corp. (Beethoven). We removed this rating from CreditWatch, where we placed it with negative implications on Dec. 14, 2011. Beethoven is a multiseller, asset-backed commercial paper (ABCP) conduit administered by Commerzbank AG ('A/A-1'). The rating on the ABCP notes issued by Beethoven is dependent on the liquidity and credit support Commerzbank AG provides. Today's rating action reflects the Jan. 25, 2012, affirmation of the 'A-1' rating on Commerzbank AG and its removal from CreditWatch negative (see ' Commerzbank and Subsidiaries Ratings Affirmed, Off Watch Neg After Sovereign Rating Actions; Outlook Negative')....
Companies mentioned in this report are: Beethoven Funding Corporation
Action: Affirmed
Action: Removed From CreditWatch
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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