(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)