(The following statement was released by the rating agency)
6 - Fitch Ratings has affirmed Orchid Funding Corporation's (Orchid) asset-backed commercial paper (ABCP) notes at Short-term 'F1sf' following a satisfactory review of the programme and the underlying portfolio.
The affirmation follows Fitch's onsite discussion with the management of The Royal Bank of Scotland plc ('A'/Stable/'F1'), which acts as the programme sponsor and main liquidity provider. The affirmation takes into consideration the conduit's performance, commercial paper (CP) issuance, IT administration systems, administrative procedures, credit policies and portfolio composition.
Orchid, launched in December 2002, is structured to issue USD-denominated CP up to a maximum aggregate amount of USD4bn, the proceeds of which are used to fund the acquisition of pools of assets or receivables generally located or originated in emerging markets.
As at end-June 2012, Orchid had no CP outstanding.
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