Market Overview

Fitch Rates RBS's Amsterdam Funding Corp. Asset Backed Commercial Paper 'F1sf'

Share:
NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has assigned an 'F1sf' rating to the asset backed commercial paper (ABCP) issued by Amsterdam Funding Corporation (Amsterdam), a partially supported multi-seller ABCP conduit sponsored by The Royal Bank of Scotland PLC (RBS) (IDR rated 'A/F1' by Fitch).

The rating is based on the credit and liquidity support provided by RBS, the credit quality of the assets purchased by Amsterdam, the managerial capabilities of RBS, and the program's legal structure.

Amsterdam is a multi-seller, ABCP conduit program established in 1996 by RBS. The conduit is structured as a special purpose, bankruptcy-remote, Delaware corporation. Its sole purpose is to issue 4(2) ABCP and use the proceeds to purchase and finance securitized receivables pools, loans, future revenue transactions and other financial assets. Amsterdam issues CP with a maximum tenor of 397 days.

RBS serves as the administrative agent and is responsible for managing the day-to-day operations of the conduit. RBS's responsibilities include negotiating and structuring all asset purchases, monitoring asset performance, arranging for the issuance and payment of CP, arranging transaction-specific credit and liquidity facilities, entering into hedge agreements, and making funding requests under the applicable liquidity and credit agreements, if necessary. RBS is currently Amsterdam's sole liquidity and PWCE provider. Additional liquidity coverage may be provided by other diversified sources. Liquidity is available to fund for 100% the face amount of ABCP outstanding and PWCE is sized at 8% of outstanding CP.

As a bankruptcy-remote entity, Amsterdam may not incur any indebtedness other than the issuance of ABCP, requisite hedging obligations, draws pursuant to the liquidity agreements, the irrevocable LOC, borrowings under the swingline and other incidental amounts permitted under the organizational documents. All parties contracting with Amsterdam have agreed not to file or join in filing bankruptcy proceedings against Windmill until one year and one day after all outstanding CP is paid in full.

RBS will provide Fitch with monthly reporting on the conduit. Fitch monitors the conduit regularly and as warranted by events.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Asset-Backed Commercial Paper' (Nov. 10, 2011);

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011).

Applicable Criteria and Related Research:

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667929

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Helen Anagnostos
Associate Director
+1-212-908-0876
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Kevin Corrigan
Director
+1-212-908-0156
or
Committee Chairperson
Michael Dean
Managing Director
+1-212-908-0556
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com

View Comments and Join the Discussion!
 
Lightning Fast
Market News Service
$199 Free 14 Day Trial