NEW YORK?(BUSINESS WIRE)?
Fitch Ratings has assigned an ?F1sf? rating to the asset backed commercial paper (ABCP) issued by Windmill Funding Corporation (Windmill), a partially supported multi-seller ABCP conduit sponsored by The Royal Bank of Scotland PLC (RBS; IDR rated ?A/F1? by Fitch).
The rating is based on the credit and liquidity support provided by RBS, the credit quality of the assets purchased by Windmill, the managerial capabilities of RBS, and the program?s legal structure.
Windmill is a multiseller, ABCP conduit program established in 1993 by RBS. The conduit is structured as a special purpose, bankruptcy-remote, Delaware corporation. Its sole purpose is to issue 4(2) ABCP and use the proceeds to purchase and finance securitized receivables pools, loans, future revenue transactions and other financial assets. Windmill issues CP with a maximum tenor of 397 days.
RBS serves as the administrative agent and is responsible for managing the day-to-day operations of the conduit. RBS?s responsibilities include negotiating and structuring all asset purchases, monitoring asset performance, arranging for the issuance and payment of CP, arranging transaction-specific credit and liquidity facilities, entering into hedge agreements, and making funding requests under the applicable liquidity and credit agreements, if necessary. RBS is currently Windmill?s sole liquidity and PWCE provider. Additional liquidity coverage may be provided by other diversified sources. Liquidity is available to fund for 100% of the face amount of ABCP outstanding and PWCE is sized at 8% of outstanding CP.
As a bankruptcy-remote entity, Windmill may not incur any indebtedness other than the issuance of ABCP, requisite hedging obligations, draws pursuant to the liquidity agreements, the irrevocable LOC, borrowings under the swingline and other incidental amounts permitted under the organizational documents. All parties contracting with Windmill have agreed not to file or join in filing bankruptcy proceedings against Windmill until one year and one day after all outstanding CP is paid in full.
RBS will provide Fitch with monthly reporting on the conduit. Fitch monitors the conduit regularly and as warranted by events.
Additional information is available at www.fitchratings.com . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
??Global Rating Criteria for Asset-Backed Commercial Paper? (Nov. 10, 2011);
??Global Structured Finance Rating Criteria? (Aug. 4, 2011);
??Counterparty Criteria for Structured Finance Transactions? (March 12, 2012.
Applicable Criteria and Related Research:
Global Rating Criteria for Asset-Backed Commercial Paper
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance Transactions
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Tags: Structured
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