April 3 (The following statement was released by the rating
Fitch Ratings has upgraded Atlantis Two Funding
Corporation's (Atlantis 2) asset-backed commercial paper's (ABCP) Short-term
rating at 'F1+sf' and removed it from Rating Watch Positive.
KEY RATING DRIVERS
The upgrade follows the execution of the amendment to terminate the CDS
entered into between Atlantis Finances Companies and Rabobank Netherlands and
Rabobank USA. Subsequent to the termination of the CDS, the CP investors are no
longer exposed to the credit risk of the underlying reference portfolio. The
outstanding CP issued by Atlantis 2 is cash collateralised by funds held at
Rabobank ('AA'/Stable/'F1+'). Therefore CP investors are solely
exposed to the credit risk of Rabobank.
In January Fitch was informed by Rabobank of its intention to wind down
Atlantis 2 in an orderly and timely manner. The termination of the CDS is part
of the unwind process.
The notes are credit linked to Rabobank's Short-term Issuer Default Rating
(IDR). If this was downgraded, it would automatically result in a downgrade of
Atlantis 2 is a bankruptcy remote, special-purpose, Delaware-based
corporation established to issue up to USD0.503bn of CP with maximum maturities
of up to 95 days. At end of January 2013, the face value of the CP outstanding
to Atlantis 2 was approximately USD0.48bn with maturity up to July 2013.