Fitch Affirms Barton Capital LLC

NEW YORK--()--Fitch Ratings has affirmed the 'F1sf' rating assigned to the asset backed commercial paper (ABCP) issued by Barton Capital LLC (Barton), a partially supported multi-seller ABCP conduit sponsored by Societe Generale (SG; IDR rated 'A/F1' by Fitch).

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

Key Rating Drivers:

The rating is based on the 8% program-wide credit enhancement and 100% liquidity support provided by SG, the credit quality of the assets purchased by Barton, the managerial capabilities of SG, and the program's legal structure.

Ratings Sensitivity:

Per Fitch's Global Rating Criteria for Asset Backed Commercial Paper (November 2013): SG's rating, as liquidity provider, is a key element in determining the rating of the ABCP benefiting from its support. Given the contractual and practical relationships between conduits and the entities that provide liquidity and credit support to them (typically the sponsoring financial institution), ABCP will have short-term credit ratings not higher than the ratings of the liquidity and credit support providers. Therefore, ABCP ratings are most sensitive to changes to them. This is the case for the ratings Fitch assigns to the notes issued by both fully and partially supported conduits. Fitch's initial rating analysis as well as its surveillance process for partially supported programs involves a review of the sponsoring/administrating entity's ability to underwrite, structure, and actively manage transactions such that the support afforded them is adequate given the transactions' credit risk.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'Global Rating Criteria for Asset-Backed Commercial Paper' (November 2013);

--'Global Structured Finance Rating Criteria' (May 2013);

--'Counterparty Criteria for Structured Finance Transactions' (May 2013).

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=721566

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824081

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Contacts

Fitch Ratings
Primary Analyst
Brian Perry
Associate Director
+1-212-908-0745
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-9156
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Brian Perry
Associate Director
+1-212-908-0745
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-9156
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com