RPT-Fitch affirms Horizon Funding's ABCP at 'F1sf'
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Sept 25 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has affirmed Horizon Funding Corporation's (Horizon) asset-backed commercial paper (ABCP) programme at 'F1sf'. The programme is sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, A/Stable/F1).
Horizon and BTMU increased the size of the programme to JPY900bn from JPY300bn today, with BTMU matching the expansion in the maximum commitment in credit and liquidity facilities it will provide.
Horizon is a special-purpose, bankruptcy-remote corporation organised under Cayman Islands law and is funded by proceeds from the issue of unsecured short-term notes or by loans from BTMU. Horizon purchases assets that meet the programme's credit and investment guidelines. BTMU, Hong Kong Branch serves as Horizon's administrative agent.
KEY RATING DRIVERS
To ensure the full and timely repayment of maturing commercial paper, Horizon is supported by 100% programme-wide credit and liquidity facilities provided by BTMU. Under the facilities, BTMU is required to make an advance if there are insufficient funds available to repay maturing commercial paper, unless Horizon is bankrupt.
The rating of this programme is based on the Short-Term Issuer Default Rating (IDR) of BTMU as the 100% programme-wide credit and liquidity facility provider.
A rating action on BTMU's Short-Term IDR will lead to a similar rating action on this programme.
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