NEW YORK (S&P Global Ratings) Oct. 7, 2024--S&P Global Ratings is notifying sponsors and issuers of rated U.S. asset-backed commercial paper (ABCP) and market participants of a recent update to how S&P Global Ratings labels and identifies rated U.S. ABCP notes in our publications and other disclosures.
Starting in December 2023, S&P Global Ratings issued new ratings for ABCP as a single issue "ABCP notes" rating [and for each series (if applicable)] without any distinction by note type (i.e., standard, callable, puttable, puttable/callable, etc.). To date, S&P Global Ratings has assigned ABCP ratings under this new process to six new ABCP issuers and one new series. This approach does not reflect any change in S&P Global Ratings' credit ratings or criteria on the subject ABCP and is solely an administrative update.
Previously, S&P Global Ratings issued separate issue ratings in the U.S. that corresponded to the various ABCP note types that could be issued by the ABCP conduit (i.e., standard, callable, puttable, puttable/callable, etc.). Consistent with this update, S&P Global Ratings has consolidated and relabeled all existing ABCP ratings to align with our new process. This update is now reflected in the "Related Credit News and Research" section for each ABCP issuer on spglobal.com.
Examples Of The Ratings Process Update
Tables 1 and 2 are examples of the update to the ratings process.
Table 1
Ratings process update (one series issued) | ||||
---|---|---|---|---|
Pre-update label | Post-update label | |||
CP standard notes | ABCP notes | |||
CP callable notes | ||||
CP puttable notes | ||||
CP puttable/callable notes | ||||
CP--Commercial paper. ABCP--Asset-backed commercial paper. |
Table 2
Ratings process update (multiple series issued) | ||||
---|---|---|---|---|
Pre-update label | Post-update label | |||
Series A | ||||
Series A CP standard notes | Series A ABCP notes | |||
Series A CP callable notes | ||||
Series A CP puttable notes | ||||
Series A CP puttable/callable notes | ||||
Series B | ||||
Series B CP standard notes | Series B ABCP notes | |||
Series B CP callable notes | ||||
Series B CP puttable notes | ||||
Series B CP puttable/callable notes | ||||
CP--Commercial paper. ABCP--Asset-backed commercial paper. |
Affected Issuers
Affected issuers | ||||||||
---|---|---|---|---|---|---|---|---|
Total ABCP issuers | Issuer name | Pre-update grouping | Post-update grouping | |||||
1 |
Alinghi Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Alinghi Funding Co. LLC |
Callable CP notes | |||||||
2 |
Aquitaine Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Aquitaine Funding Co. LLC |
Callable CP notes | |||||||
Aquitaine Funding Co. LLC |
Puttable CP notes | |||||||
Aquitaine Funding Co. LLC |
Puttable/callable CP notes | |||||||
3 |
Armada Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Armada Funding Co. LLC |
Callable CP notes | |||||||
Armada Funding Co. LLC |
Puttable CP notes | |||||||
Armada Funding Co. LLC |
Puttable/callable CP notes | |||||||
4 |
Atlantic Asset Securitization LLC |
Standard CP notes | ABCP notes | |||||
Atlantic Asset Securitization LLC |
Callable CP notes | |||||||
Atlantic Asset Securitization LLC |
Puttable CP notes | |||||||
Atlantic Asset Securitization LLC |
Puttable/callable CP notes | |||||||
5 |
Autobahn Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
6 |
Barton Capital S.A. |
Standard CP notes | ABCP notes | |||||
Barton Capital S.A. |
Callable CP notes | |||||||
Barton Capital S.A. |
Puttable CP notes | |||||||
Barton Capital S.A. |
Puttable/callable CP notes | |||||||
7 |
Bay Square Funding LLC |
Standard CP notes index linked | ABCP notes | |||||
Bay Square Funding LLC |
Standard CP notes non-index linked | |||||||
Bay Square Funding LLC |
Callable CP notes | |||||||
Bay Square Funding LLC |
Puttable CP notes | |||||||
Bay Square Funding LLC |
Puttable/callable CP notes | |||||||
Bay Square Funding LLC |
Extendible CP notes | |||||||
8 |
Bedford Row Funding Corp. |
Standard CP notes | ABCP notes | |||||
Bedford Row Funding Corp. |
Callable CP notes | |||||||
Bedford Row Funding Corp. |
Puttable CP notes | |||||||
Bedford Row Funding Corp. |
Extendible CP notes | |||||||
9 |
Bennington Stark Capital Co. LLC |
Standard CP notes | ABCP notes | |||||
Bennington Stark Capital Co. LLC |
Callable CP notes | |||||||
Bennington Stark Capital Co. LLC |
Puttable CP notes | |||||||
Bennington Stark Capital Co. LLC |
Puttable/callable CP notes | |||||||
10 |
Britannia Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
11 |
Cabot Trail Funding LLC |
Standard CP notes | ABCP notes | |||||
Cabot Trail Funding LLC |
Standard index linked CP notes | |||||||
Cabot Trail Funding LLC |
Callable CP notes | |||||||
Cabot Trail Funding LLC |
Puttable CP notes | |||||||
Cabot Trail Funding LLC |
Puttable/callable CP notes | |||||||
Cabot Trail Funding LLC |
Extendible CP notes | |||||||
12 |
CAFCO LLC |
Standard CP notes | ABCP notes | |||||
13 |
Chariot Funding LLC |
Standard CP notes | ABCP notes | |||||
Chariot Funding LLC |
Callable CP notes | |||||||
Chariot Funding LLC |
Puttable CP notes | |||||||
14 |
CHARTA, LLC |
Standard CP notes | ABCP notes | |||||
15 |
CIESCO, LLC |
Standard CP notes | ABCP notes | |||||
16 |
Collateralized Commercial Paper Flex Co. LLC |
Standard CP notes | ABCP notes | |||||
Collateralized Commercial Paper Flex Co. LLC |
Callable CP notes | |||||||
Collateralized Commercial Paper Flex Co. LLC |
Puttable CP notes | |||||||
Collateralized Commercial Paper Flex Co. LLC |
Puttable/callable CP notes | |||||||
Collateralized Commercial Paper Flex Co. LLC |
Extendible CP notes | |||||||
17 |
Collateralized Commercial Paper III Co. LLC |
Loan A Reg S CP notes | ABCP notes | |||||
Collateralized Commercial Paper III Co. LLC |
Loan B Reg S CP notes | |||||||
Collateralized Commercial Paper III Co. LLC |
Loan A U.S. CP notes | |||||||
Collateralized Commercial Paper III Co. LLC |
Loan B U.S. CP notes | |||||||
18 |
Collateralized Commercial Paper V Co. LLC |
Standard CP notes | ABCP notes | |||||
Collateralized Commercial Paper V Co. LLC |
Callable CP notes | |||||||
Collateralized Commercial Paper V Co. LLC |
Puttable CP notes | |||||||
Collateralized Commercial Paper V Co. LLC |
Puttable/callable CP notes | |||||||
Collateralized Commercial Paper V Co. LLC |
Extendible CP notes | |||||||
19 |
Columbia Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
20 |
Concord Minutemen Capital Co. LLC |
Series A standard CP notes | Series A ABCP notes | |||||
Concord Minutemen Capital Co. LLC |
Series A callable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series A puttable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series A puttable/callable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series B standard CP notes | Series B ABCP notes | ||||||
Concord Minutemen Capital Co. LLC |
Series B callable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series B puttable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series B puttable/callable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series C standard CP notes | Series C ABCP notes | ||||||
Concord Minutemen Capital Co. LLC |
Series C callable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series C puttable CP notes | |||||||
Concord Minutemen Capital Co. LLC |
Series C puttable/callable CP notes | |||||||
21 |
CRC Funding, LLC |
Standard CP notes | ABCP notes | |||||
22 |
DCAT, LLC |
CP notes | ABCP notes | |||||
23 |
Endeavour Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Endeavour Funding Co. LLC |
Callable CP notes | |||||||
24 |
Fairway Finance Co. LLC |
Standard CP notes | ABCP notes | |||||
Fairway Finance Co. LLC |
Callable CP notes | |||||||
25 |
GIFLS Capital Co. LLC |
Class B standard certificates | Class B certificates | |||||
GIFLS Capital Co. LLC |
Class B callable certificates | |||||||
GIFLS Capital Co. LLC |
Class B puttable certificates | |||||||
GIFLS Capital Co. LLC |
Class B puttable/callable certificates | |||||||
26 |
Gotham Funding Corp. |
CP notes | ABCP notes | |||||
27 |
GTA Funding LLC |
Standard CP notes | ABCP notes | |||||
GTA Funding LLC |
Callable CP notes | |||||||
GTA Funding LLC |
Puttable CP notes | |||||||
GTA Funding LLC |
Puttable/callable CP notes | |||||||
GTA Funding LLC |
Index-linked CP notes | |||||||
GTA Funding LLC |
Extendible CP notes | |||||||
28 |
Institutional Secured Funding (Jersey) Ltd. |
Standard CP notes | ABCP notes | |||||
Institutional Secured Funding (Jersey) Ltd. |
Standard Euro CP notes | |||||||
Institutional Secured Funding (Jersey) Ltd. |
Callable CP notes | |||||||
Institutional Secured Funding (Jersey) Ltd. |
Puttable CP notes | |||||||
Institutional Secured Funding (Jersey) Ltd. |
Puttable/callable CP notes | |||||||
Institutional Secured Funding (Jersey) Ltd. |
Extendible CP notes | |||||||
29 |
Jupiter Securitization Co. LLC |
Standard CP notes | ABCP notes | |||||
Jupiter Securitization Co. LLC |
Callable CP notes | |||||||
Jupiter Securitization Co. LLC |
Puttable CP notes | |||||||
30 |
La Fayette Asset Securitization LLC |
Standard CP notes | ABCP notes | |||||
La Fayette Asset Securitization LLC |
Callable CP notes | |||||||
La Fayette Asset Securitization LLC |
Puttable CP notes | |||||||
La Fayette Asset Securitization LLC |
Puttable/callable CP notes | |||||||
31 |
Legacy Capital Co. LLC |
Standard CP notes | ABCP notes | |||||
Legacy Capital Co. LLC |
Callable CP notes | |||||||
Legacy Capital Co. LLC |
Puttable CP notes | |||||||
Legacy Capital Co. LLC |
Puttable/callable CP notes | |||||||
32 |
Lexington Parker Capital Co. LLC |
Series A standard CP notes | Series A ABCP notes | |||||
Lexington Parker Capital Co. LLC |
Series A callable CP notes | |||||||
Lexington Parker Capital Co. LLC |
Series A puttable CP notes | |||||||
Lexington Parker Capital Co. LLC |
Series A puttable/callable CP notes | |||||||
Lexington Parker Capital Co. LLC |
Series B standard CP notes | Series B ABCP notes | ||||||
Lexington Parker Capital Co. LLC |
Series B callable CP notes | |||||||
Lexington Parker Capital Co. LLC |
Series B puttable CP notes | |||||||
Lexington Parker Capital Co. LLC |
Series B puttable/callable CP notes | |||||||
33 |
Liberty Street Funding LLC |
Standard CP notes | ABCP notes | |||||
Liberty Street Funding LLC |
Callable CP notes | |||||||
Liberty Street Funding LLC |
Puttable CP notes | |||||||
Liberty Street Funding LLC |
Puttable/callable CP notes | |||||||
Liberty Street Funding LLC |
Extendible CP notes | |||||||
34 |
Lime Funding LLC |
Standard CP notes | ABCP notes | |||||
Lime Funding LLC |
Callable CP notes | |||||||
Lime Funding LLC |
Puttable CP notes | |||||||
Lime Funding LLC |
Puttable/callable CP notes | |||||||
Lime Funding LLC |
Extendible CP notes | |||||||
35 |
Mackinac Funding Co. LLC |
CP notes | ABCP notes | |||||
36 |
Manhattan Asset Funding Co. LLC |
Euro standard CP notes | ABCP notes | |||||
Manhattan Asset Funding Co. LLC |
U.S. standard CP notes | |||||||
37 |
Mountcliff Funding LLC |
Standard CP notes | Series A ABCP notes | |||||
Mountcliff Funding LLC |
Callable CP notes | |||||||
Mountcliff Funding LLC |
Puttable CP notes | |||||||
Mountcliff Funding LLC |
Puttable/callable CP notes | |||||||
38 |
Old Line Funding LLC |
Standard CP notes | ABCP notes | |||||
Old Line Funding LLC |
Callable CP notes | |||||||
Old Line Funding LLC |
Puttable CP notes | |||||||
Old Line Funding LLC |
Puttable/callable CP notes | |||||||
Old Line Funding LLC |
Extendible CP notes | |||||||
39 |
Overwatch Alpha Funding LLC |
Standard CP notes | ABCP notes | |||||
Overwatch Alpha Funding LLC |
Callable CP notes | |||||||
Overwatch Alpha Funding LLC |
Puttable CP notes | |||||||
Overwatch Alpha Funding LLC |
Puttable/callable CP notes | |||||||
40 |
Podium Funding Trust |
Standard CP notes | ABCP notes | |||||
Podium Funding Trust |
Callable CP notes | |||||||
Podium Funding Trust |
Puttable CP notes | |||||||
Podium Funding Trust |
Puttable/callable CP notes | |||||||
Podium Funding Trust |
Extendible CP notes | |||||||
41 |
Pure Grove Funding |
Series 1 standard CP notes | Series 1 ABCP notes | |||||
Pure Grove Funding |
Series 1 callable CP notes | |||||||
Pure Grove Funding |
Series 1 puttable CP notes | |||||||
Pure Grove Funding |
Series 1 puttable/callable CP notes | |||||||
Pure Grove Funding |
Series 1 Extendible CP notes | |||||||
41 |
Regatta Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Regatta Funding Co. LLC |
Puttable CP notes | |||||||
Regatta Funding Co. LLC |
Callable CP notes | |||||||
Regatta Funding Co. LLC |
Puttable/callable CP notes | |||||||
43 |
Resolute Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Resolute Funding Co. LLC |
Callable CP notes | |||||||
Resolute Funding Co. LLC |
Puttable CP notes | |||||||
Resolute Funding Co. LLC |
Puttable/callable CP notes | |||||||
44 |
Ridgefield Funding Co. LLC (Series A) |
Standard CP notes | Series A ABCP notes | |||||
Ridgefield Funding Co. LLC (Series A) |
Callable CP notes | |||||||
Ridgefield Funding Co. LLC (Series A) |
Puttable CP notes | |||||||
Ridgefield Funding Co. LLC (Series A) |
Puttable/callable CP notes | |||||||
45 |
Salisbury Receivables Co. LLC |
Standard CP notes | ABCP notes | |||||
Salisbury Receivables Co. LLC |
Euro standard CP notes | |||||||
Salisbury Receivables Co. LLC |
Callable CP notes | |||||||
Salisbury Receivables Co. LLC |
Puttable CP notes | |||||||
Salisbury Receivables Co. LLC |
Puttable/callable CP notes | |||||||
46 |
Saugatuck Funding Co. LLC |
Standard CP notes | ABCP notes | |||||
Saugatuck Funding Co. LLC |
Callable CP notes | |||||||
Saugatuck Funding Co. LLC |
Puttable CP notes | |||||||
Saugatuck Funding Co. LLC |
Puttable/callable CP notes | |||||||
47 |
Sheffield Receivables Co. LLC |
Standard CP notes | ABCP notes | |||||
Sheffield Receivables Co. LLC |
Callable CP notes | |||||||
Sheffield Receivables Co. LLC |
Puttable CP notes | |||||||
Sheffield Receivables Co. LLC |
Puttable/callable CP notes | |||||||
Sheffield Receivables Co. LLC |
Global standard CP notes | |||||||
48 |
Starbird Funding Corp. |
Standard CP notes | ABCP notes | |||||
Starbird Funding Corp. |
Callable CP notes | |||||||
Starbird Funding Corp. |
Puttable CP notes | |||||||
Starbird Funding Corp. |
Puttable/callable CP notes | |||||||
Starbird Funding Corp. |
Extendible CP notes | |||||||
49 |
Sunderland Receivables S.A. |
Standard CP notes | ABCP notes | |||||
Sunderland Receivables S.A. |
Callable CP notes | |||||||
Sunderland Receivables S.A. |
Puttable CP notes | |||||||
Sunderland Receivables S.A. |
Puttable/callable CP notes | |||||||
Sunderland Receivables S.A. |
Euro standard CP notes | |||||||
50 |
Thunder Bay Funding LLC |
Standard CP notes | ABCP notes | |||||
Thunder Bay Funding LLC |
Callable CP notes | |||||||
Thunder Bay Funding LLC |
Puttable CP notes | |||||||
Thunder Bay Funding LLC |
Puttable/callable CP notes | |||||||
Thunder Bay Funding LLC |
Extendible CP notes | |||||||
51 |
Versailles Assets LLC |
Standard CP notes | ABCP notes | |||||
Versailles Assets LLC |
Callable CP notes | |||||||
Versailles Assets LLC |
Puttable CP notes | |||||||
Versailles Assets LLC |
Puttable/callable CP notes | |||||||
52 |
Versailles Commercial Paper LLC |
Standard CP notes | ABCP notes | |||||
Versailles Commercial Paper LLC |
Callable CP notes | |||||||
Versailles Commercial Paper LLC |
Puttable CP notes | |||||||
Versailles Commercial Paper LLC |
Puttable/callable CP notes | |||||||
53 |
Victory Receivables Corp. |
Standard CP notes | ABCP notes | |||||
Victory Receivables Corp. |
Callable CP notes | |||||||
Victory Receivables Corp. |
Puttable CP notes | |||||||
Victory Receivables Corp. |
Puttable/callable CP notes | |||||||
54 |
Washington Morgan Capital Co. LLC |
Series A standard CP notes | Series A ABCP notes | |||||
Washington Morgan Capital Co. LLC |
Series A callable CP notes | |||||||
Washington Morgan Capital Co. LLC |
Series A puttable CP notes | |||||||
Washington Morgan Capital Co. LLC |
Series A puttable/callable CP notes | |||||||
55 |
Welsh Road Funding LLC |
Standard CP notes | ABCP notes | |||||
Subtotal | 209 | 58 | ||||||
ABCP conduits that are already following new ratings process | ||||||||
56 |
Brigantine Funding Co. LLC |
ABCP notes | ABCP notes | |||||
57 |
Overwatch Bravo Funding LLC |
ABCP notes | ABCP notes | |||||
58 |
Ionic Funding LLC |
Series III class A notes | Series III class A notes | |||||
Ionic Funding LLC |
Series III class B certificates | Series III class B certificates | ||||||
Ionic Funding LLC |
Series MCP I class A notes | Series MCP I class A notes | ||||||
Ionic Funding LLC |
Series MCP I class B certificates | Series MCP I class B certificates | ||||||
59 |
Paradelle Funding LLC |
ABCP notes | ABCP notes | |||||
Existing program |
Concord Minutemen Capital Co. LLC |
Series D ABCP notes | Series D ABCP notes | |||||
60 |
Falcon Asset Funding LLC |
ABCP notes | ABCP notes | |||||
61 |
Intrepid Funding Co. LLC |
ABCP notes | ABCP notes | |||||
Total | 219 | 68 | ||||||
CP--Commercial paper. ABCP--Asset-backed commercial paper. |
This report does not constitute a rating action.
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