Fitch Rates Citi's CHARTA, LLC Asset Backed Commercial Paper 'F1sf'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'F1sf' rating to the asset backed commercial paper (ABCP) issued by CHARTA, LLC (CHARTA), a partially supported multi-seller ABCP conduit sponsored by Citibank, N.A. (Citibank) (IDR rated 'A/F1' by Fitch).

The rating is based on the credit quality of the assets purchased by CHARTA, the credit and liquidity support provided by Citibank, the managerial capabilities of Citibank, and the program's legal structure.

CHARTA is a multiseller, ABCP conduit program established in September 1997 by Citibank. The conduit is structured as a special purpose, bankruptcy-remote, Delaware limited liability 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. CHARTA issues CP with a maximum tenor of 397 days.

Citibank serves as the administrative agent and IPA and is responsible for managing the day-to-day operations of the conduit. Citibank'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. Citibank is currently CHARTA's sole liquidity and PWCE provider. Additional liquidity coverage may be provided by other diversified sources.

As a bankruptcy-remote entity, CHARTA 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 Liquidity Agreements and other incidental amounts permitted under the organizational documents. All parties contracting with CHARTA have agreed not to file or join in filing bankruptcy proceedings against CHARTA until one year and one day after all outstanding CP is paid in full.

Citibank 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 14, 2011.

Applicable Criteria and Related Research:

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

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