March 22, 2013 / 10:16 AM / 5 years ago

RPT-Fitch Affirms Atlantis One Funding Corporation; Puts Atlantis Two Funding Corporation on RWP

March 22 (Reuters) - (The following statement was released by the rating agency) LONDON, March 22 (Fitch) Fitch Ratings has affirmed Atlantis One Funding Corporation’s (Atlantis 1) asset-backed commercial paper (ABCP) Short-term rating at ‘F1+sf’. The agency has also placed Atlantis Two Funding Corporation’s (Atlantis 2) ABCP ‘F2sf’ Short-term rating on Rating Watch Positive (RWP). Rating Drivers The rating actions follow the announcement by the programme sponsor Rabobank (‘AA’/Stable/‘F1+') of the termination of the CDS entered into between Atlantis Finance Companies (as defined below) and Rabobank Netherland and Rabobank USA. Subsequent to the termination of the CDS, the CP investors will no longer be exposed to the credit risk of the underlying reference portfolio. The outstanding CPs issued by Atlantis 1 and Atlantis 2 will be cash collateralised by funds held at Rabobank. Therefore CP investors are solely exposed to the credit risk of Rabobank. Consequently, Fitch has placed Atlantis 2’s ABCP ‘F2sf’ Short-term rating on RWP. In January Fitch was informed by Rabobank of its intention to wind down Atlantis 1 and Atlantis 2 in an orderly and timely manner. The proposed termination of the CDS is part of the unwind process of the programmes. Rating Sensitivities After the termination of the CDS, the notes’ rating will be credit linked to the Short-term Issuer Default Rating (IDR) of Rabobank. If the Short-term IDR of Rabobank is downgraded, this would automatically result in the downgrade of the notes. Atlantis 1 and Atlantis 2 are bankruptcy remote, special-purpose, Delaware-based corporations established to issue up to USD13.8bn and USD0.503bn of CP with maximum maturities of up to 364 and 95 days, respectively. At end-January 2013, the face value of the CP outstanding to Atlantis 1 was approximately USD13.2bn and to Atlantis 2 was approximately USD0.48bn with maturities up to July 2013.

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