TEXT-Fitch upgrades Coral Capital to 'F1+sf'

July 26 - Fitch Ratings has upgraded Coral Capital Limited/Coral Capital
LLC's asset-backed commercial paper (ABCP) notes' Short-term rating to 'F1+sf'
from 'F1sf' following a satisfactory review of the programme.

The upgrade reflects the rating of the liquidity and programme-wide credit
enhancement support provider DZ Bank ('A+'/Stable/'F1+') and that all
transactions within the portfolio are deemed to be commensurate with a 'F1+sf'
rating.

The review consisted of an analysis of the conduit's performance, following
on-site discussions with the management of DZ Bank in Frankfurt, which acts as
the programme sponsor, and with Deutsche Bank in London ('A+'/Stable/'F1+') as
the conduit administrator. The review covered commercial paper (CP) issuance, IT
administration systems, administrative procedures, credit policies and portfolio
composition.

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.

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.

Sources of information: Monthly performance reports from DZ Bank for Coral since
programme launch up to and including June 2012; Presentation from DZ Bank
regarding Coral during onsite review at DZ Bank's offices in Frankfurt on 18
July 2012.

Applicable criteria, "Global Structured Finance Rating Criteria", dated 6 June
2012, and "Global Rating Criteria for Asset-Backed Commercial Paper", dated 10
November 2011, are available on www.fitchratings.com.

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Global Rating Criteria for Asset-Backed Commercial Paper