(Repeat for additional subscribers)
July 8 (The following statement was released by the rating agency)
Fitch Ratings says Rosy Blue International S.A.'s (Rosy
Blue) commercial paper has been fully redeemed and paid in full.
The agency has received confirmation from Standard Chartered Bank
(AA-/Stable/F1+), Rosy Blue's liquidity and hedge provider and account bank,
that the Rosy Blue programme will be terminated during 2014 and that no further
CP will be issued.
Rosy Blue currently finances trade receivables arising from the sale of rough
and polished diamonds originated by Rosy Blue N.V. through drawings on the
funding loan available through a liquidity line. The trade receivables may also
be financed through CP issuance; however, the last issue was in November 2010
and repaid in December 2010.
Rosy Blue is a fully supported, single-seller conduit established to issue
USD-denominated CP up to an aggregate amount of USD125m. The Bank of New York
Mellon (AA-/Stable/F1+) is the administrator. The rating of Rosy Blue's CP is
linked to the Short-term Issuer Default Rating of Standard Chartered. As of
end-June 2014, total assets were USD153m and total CP outstanding was zero.