Fitch Rates Washington Lee Capital Company, LLC CP Notes 'F1sf'

NEW YORK--()--Fitch Ratings has assigned an 'F1sf' rating to the commercial paper notes (notes) to be issued by Washington Lee Capital Company, LLC (Washington Lee), a fully supported single-seller asset backed commercial paper (ABCP) conduit. Washington Lee is an indirect wholly-owned finance subsidiary of Guggenheim Capital, LLC (Guggenheim). Guggenheim Treasury Services, LLC (Guggenheim Treasury) manages all activities of Washington Lee.

The rating is based on the terms and conditions of related liquidity agreements which are entered into with 'F1' or better rated financial institutions, Guggenheim Treasury's managerial capabilities, and the program's legal structure.

Washington Lee is a bankruptcy-remote, Delaware company established to issue U.S. dollar-denominated notes with maturities of up to 270 days. The proceeds of the note issuances will be used by Washington Lee to fund the purchase of various financial assets.

The full and timely payment of the notes issued by Washington Lee is ensured by the related liquidity facilities. Liquidity agreements, provided by banks and/or financial institutions rated 'F1' or higher, are sized to cover the face amount (plus any interest payable thereon) of all outstanding notes plus any associated rate-hedging obligations entered into by Washington Lee.

Guggenheim Treasury serves as Washington Lee's manager, and is responsible for the day-to-day operations of the program, including coordinating note issuance, sale and timely repayment of notes; maintaining all books, records and accounts; monitoring available liquidity support and daily cash flow projections; ensuring that each liquidity agreement conforms with the program requirements; drawing upon liquidity agreements to repay maturing notes; and investing any excess funds in cash equivalents. In addition to Washington Lee, Guggenheim Treasury also manages several other CP note programs. Guggenheim is a diversified financial services company focusing on capital markets activities and wealth and investment management.

Deutsche Bank Trust Co. Americas, rated 'A+/F1+' serves as the depositary.

As a bankruptcy-remote entity, Washington Lee may not incur any indebtedness other than the issuance of notes, requisite hedging obligations, draws pursuant to the liquidity agreements, and other incidental amounts permitted under the organizational documents. All parties contracting with Washington Lee have agreed not to file or join in filing bankruptcy proceedings against the vehicle until one year and one day after all outstanding notes are paid in full.

Guggenheim Treasury will provide Fitch with monthly reporting on the conduit including a list of liquidity provider counterparties. Fitch will monitor the conduit regularly and as warranted by events.

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

Applicable Criteria and Related Research:

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

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 2014).

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

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=840280

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Contacts

Fitch Ratings
Primary Analyst
Helen Anagnostos
Director
+1-212-908-0876
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Brian Perry
Associate Director
+1-212-908-9142
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-0156
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Helen Anagnostos
Director
+1-212-908-0876
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Brian Perry
Associate Director
+1-212-908-9142
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-0156
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com