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TEXT - Fitch affirms Corelux S.A. rating
November 28, 2012 / 4:22 PM / 5 years ago

TEXT - Fitch affirms Corelux S.A. rating

(The following statement was released by the rating agency)

Nov 28 - Fitch Ratings has affirmed Corelux SA/Corelux LLC’s (collectively, Corelux) asset-backed commercial paper at ‘F1+sf’. The affirmation follows an onsite discussion with the management of Bayerische Landesbank (BLB, ‘A+'/Stable/‘F1+'), which acts as the programme sponsor and main liquidity provider. The affirmation also takes into consideration the conduit’s performance, commercial paper (CP) issuance, IT administration systems, administrative procedures, credit policies and portfolio composition which were all found to be satisfactory. Corelux is a multi-seller ABCP programme structured to issue euro and US dollar commercial paper (CP) with a maximum tenor of 270 days to fund the purchase of eligible assets up to a maximum programme limit of EUR3bn. Assets funded by Corelux are fully supported by transaction-specific liquidity provided by BLB. As at end-September 2012, Corelux had EUR154.16m of CP outstanding. (Caryn Trokie, New York Ratings Unit)

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