Fitch Concludes U.S. ABCP Portfolio Review; Affirms 25 Programs, Totaling $106 Billion

NEW YORK--()--Fitch Ratings has affirmed 25 U.S. ABCP programs following the completion of its annual portfolio review.

Fitch's review of 25 U.S. ABCP programs, totaling approximately $106 billion in outstandings, was based on December 2013 issuer information. The rating actions are based on a review of the conduits' portfolio compositions and the vehicles' credit and structural protections such as transaction-specific and program-wide credit and liquidity support.

In its review of the portfolio compositions, Fitch primarily analyzed exposures to, and major shifts in, asset allocation, financial guarantors and other counterparties.

In addition to this formal annual review of all programs, Fitch actively monitors all ABCP counterparty exposures on a daily basis and each program's underlying portfolio dynamics on a monthly basis.

Fitch has affirmed the following U.S. ABCP programs:

--Alpine Securitization Corp. at 'F1sf';

--Aspen Funding Corp. at 'F1+sf';

--Atlantic Asset Securitization LLC at 'F1sf';

--Autobahn Funding Co. LLC at 'F1+sf';

--Barton Capital, LLC at 'F1sf';

--CAFCO, LLC at 'F1sf';

--CHARTA, LLC at 'F1sf';

--CIESCO, LLC at 'F1sf';

--CRC Funding, LLC at 'F1sf';

--Dealers Capital Access Trust (DCAT, LLC) at 'F1sf';

-- Gemini Securitization Corp., LLC at 'F1+sf';

--Gotham Funding Corp. at 'F1sf';

--Govco, LLC at 'F1sf';

--Hannover Funding Company LLC at 'F1sf';

--Jupiter Securitization Company at 'F1sf';

--Newport Funding Corp at 'F1+sf';

--Old Line Funding, LLC at 'F1+sf';

--Plaza Trust at 'F1+sf';

--Storm King Funding at 'F1+sf';

--Thunder Bay Funding, LLC at 'F1sf';

--Versailles Commercial Paper LLC at 'F1sf';

--Victory Receivables Corporation at 'F1sf';

--White Plains Capital Company, LLC at 'F1sf';

--White Point Funding, Inc. at 'F1sf';

--Working Capital Management Co. L.P. at 'F1sf'.

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

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all ABCP programs initially rated on or after Sept. 26, 2011 at www.fitchratings.com.

Applicable Criteria and Related Research :

--'Global Rating Criteria for Asset-Backed Commercial Paper' dated Nov. 7, 2013;

--'Counterparty Criteria for Structured Finance and Covered Bonds' dated May 13, 2013;

--'Global Structured Finance Rating Criteria' dated May 24, 2013.

Applicable Criteria and Related Research:

Global Rating Criteria for Asset-Backed Commercial Paper

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825011

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Contacts

Fitch Ratings
Brian Perry, +1-212-908-0142
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Kevin Corrigan, +1-212-908-9156
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Brian Perry, +1-212-908-0142
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Kevin Corrigan, +1-212-908-9156
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com