Fitch Affirms Horizon and Vertex ABCP at 'F1sf'

Thu Jun 19, 2014 2:20am EDT

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(The following statement was released by the rating agency) TOKYO, June 19 (Fitch) Fitch Ratings has affirmed the following asset-backed commercial paper (ABCP) programmes at 'F1sf'. Both programmes are sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, A/Stable/F1). Horizon Funding Corporation (Horizon) ABCP programme affirmed at 'F1sf' Vertex Funding Corporation Pte Ltd (Vertex) ABCP programme affirmed at 'F1sf' Horizon and Vertex are special-purpose, bankruptcy-remote companies organised under Cayman Islands law and Singapore law respectively. Both are funded by proceeds from the issue of unsecured short-term notes or by loans from BTMU. They purchase assets that meet the programmes' credit and investment guidelines. BTMU's Hong Kong Branch serves as their administrative agent. KEY RATING DRIVERS The ratings of the programmes are based on the Short-Term Issuer Default Rating (IDR) of BTMU. To ensure the full and timely repayment of maturing commercial paper, Horizon and Vertex are 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 the relevant issuer is bankrupt. RATING SENSITIVITIES A rating action on BTMU's Short-Term IDR will lead to a similar rating action on the programmes. Contacts: Lead Surveillance Analyst Atsushi Kuroda Senior Director +81 3 3288 2692 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3rd Floor 4-8 Kojimachi, Chiyoda-ku, Tokyo 102-0083 Committee Chairperson Alison Ho Senior Director +852 2263 9937 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com. The source of information used to assess these ratings was The Bank of Tokyo-Mitsubishi UFJ, Ltd. Applicable criteria 'Global Structured Finance Rating Criteria', dated 20 May 2014, 'Global Rating Criteria for Asset-Backed Commercial Paper', dated 7 November 2013, 'Counterparty Criteria for Structured Finance and Covered Bonds', dated 14 May 2014, and 'Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum', dated 14 May 2014, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Structured Finance Rating Criteria here Counterparty Criteria for Structured Finance and Covered Bonds here Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum here Global Rating Criteria for Asset-Backed Commercial Paper here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. 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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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