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RPT-Fitch Affirms Coral's ABCP at 'F1+sf'
2013年7月23日 / 上午11点27分 / 4 年前

RPT-Fitch Affirms Coral's ABCP at 'F1+sf'

July 23 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed Coral Capital Limited/Coral Capital LLC’s asset-backed commercial paper (CP) Short-term Rating at ‘F1+sf’ following a review of the programme.

KEY RATING DRIVERS

The affirmation is driven by the liquidity support provided by DZ Bank AG (A+/Stable/F1+).

The affirmation follows a discussion with DZ management and takes into consideration the conduit’s performance, CP issuance, portfolio composition, administrative procedures and systems as well as credit policy over the past 12 months.

The programme contained 16 transactions as of 31 May 2013, all of which benefit from fully supported liquidity provided by DZ. The fully supported liquidity means the noteholders are not exposed to the credit risk of the transactions and liquidity can be drawn to cover CP interest and principal without deductions.

RATING SENSITIVITIES

If DZ’s Short-term Rating is downgraded, this may result in the downgrade of Coral’s CP as DZ is the liquidity provider, hedging agent and sponsor. Coral’s CP rating is highly dependent on DZ’s rating.

Coral Capital Limited and Coral Capital LLC are special purpose, bankruptcy-remote corporations organised under Irish and Delaware law, respectively, which have been established to together issue up to EUR10bn ECP and USCP with a maximum tenor of 364 and 270 days, respectively. The proceeds of the CP are used to purchase interests in receivables and other financial assets, including leases, loans and trade receivables.

As of 31 May 2013, the portfolio primarily consisted of trade receivables (59% of the portfolio) and lease receivables (35%) and the total outstanding CP was EUR190m.

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