MOODY'S INVESTORS SERVICE ASSIGNED A PRIME-1 RATING TO GENERAL FUNDING LIMITED FULLY SUPPORTED ABCP PROGRAM
Moody's Investors Service has today assigned a Prime-1 rating to the billets de tr‚sorerie (BT - French CP) issued by GENERAL Funding Limited (GENERAL). These BT are backed by Aaa-rated senior units issued by Facto, a Fonds Commun de Cr‚ances (FCC). This FCC enables the securitisation of trade receivables owned by Factofrance Heller, a factoring company.
The Prime-1 rating reflects the 100% protection associated with the put option provided by Bayerische Landesbank Girozentrale - Paris (rated Aaa, P-1) to GENERAL and that can be syndicated to Prime-1 rated banks. The put option covers (i) the credit risk on the Facto units held by GENERAL and (ii) the liquidity risk associated with the rollover of BT. The option may be exercised if, for any reason, GENERAL cannot redeem all or part of the maturing BT, or if GENERAL's cash reserves fall below a certain level in relation to its expenses.
GENERAL Funding Limited is a company incorporated in Jersey and administered by Titrisation et Finance Internationales.
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