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S&P Global Ratings Notifies U.S. ABCP Sponsors And Issuers Of An Update To Its ABCP Ratings Process

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S&P Global Ratings Notifies U.S. ABCP Sponsors And Issuers Of An Update To Its ABCP Ratings Process

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.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

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lisa.ardolina@spglobal.com
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radhika.kalra@spglobal.com
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jeff.sexton@spglobal.com

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