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Fitch Affirms Hannover Funding's ABCP Rating at 'F1'
May 9th, 2010
Fitch Ratings affirms the 'F1' rating assigned to asset-backed commercial paper (ABCP) issued by Hannover Funding Company, LLC (Hannover). Hannover is a multi-seller ABCP program sponsored by Norddeutsche Landesbank Girozentrale (NordLB, currently rated 'A'/'F1' by Fitch). Criteria described in 'Global Rating Criteria for Asset-Backed Commercial Paper' (Oct. 22, 2009) and 'Global Structured Finance Rating Criteria' (Sept. 30, 2009) were used for the rating review.
Each transaction entered into by Hannover is fully supported by a master liquidity asset purchase agreement (LAPA) provided by NordLB and other entities rated at least 'F1', which covers for the full and timely...
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Source: Marketing Business Weekly (2010-05-09)