Fitch Affirms and Withdraws Grand Central Funding's Liquidity Facility Rating at 'A+sf'

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings affirms and simultaneously withdraws the 'A+sf' rating assigned to the liquidity facility supporting Grand Central Funding Corporation (Grand Central) guaranteed investment contract (GIC) program. The facility is no longer considered by Fitch to be relevant to Fitch's coverage. Note that Fitch maintains the ratings assigned Grand Central's GIC obligations at 'AAAsf/F1+sf'.

Grand Central is a bankruptcy-remote, special purpose Delaware limited liability company sponsored by UniCredit Bank AG (UniCredit, currently rated 'A+/F1+' by Fitch). Grand Central may issue up to $5 billion in GIC's (rated 'AAAsf' by Fitch) to eligible investors. The proceeds from the issuance of GICs are used to make advances to UniCredit under repurchase agreements.

The rating on the liquidity facility is no longer considered by Fitch to be relevant to Fitch's coverage and Fitch will no longer provide a rating or analytical coverage on it.

Additional information is available at 'www.fitchratings.com'.

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