Fitch Affirms European, South African, Asian, and Australian ABCP Programs

Fitch Ratings has today affirmed the ratings on European, South African, Asian, and Australian asset-backed commercial paper (ABCP) programs. The actions follow a portfolio review covering a number of multi-seller, securities-backed, and hybrid ABCP conduits. This announcement details the ABCP programs reviewed and their respective affirmed ratings. The affirmations reflect the composition of the conduits' portfolios and the credit and structural protections afforded investors in these programs. These protections include pool-specific credit enhancement and program-wide credit enhancement as well as liquidity support facilities available to fund the repayment of maturing ABCP. Each of these programs benefits from 100% liquidity support. The portfolio review assessed available credit enhancement for these Fitch-rated programs. This included applying a Vector analysis to each of the securities-backed programs and the securities portfolios of hybrid conduits. Fitch affirmed the following ABCP programs as follows: European ABCP programs Albion Capital Corporation S.A., sponsored by Bank of Tokyo Mitsubishi UFJ --CP at Short-term 'F1' Atomium Funding Corp./Atomium Funding LLC, sponsored by KBC Financial Products UK Limited --CP at Short-term 'F1+' AyT Automocion I MMC Espania, FTA --CP at Short-term 'F1+' Ayt Automocion II Cofiber E.F.C. FTA --CP at Short-term 'F1+' CentreStar Capital No.1 LLC, sponsored by National Australia Bank --CP at Short-term 'F1' Check Point Charlie, Inc., sponsored by Landesbank Berlin AG --CP at Short-term 'F1+' Coral Capital Limited/Coral Capital LLC, sponsored by DZ Bank AG --CP at Short-term 'F1' Eureka Securitisation Plc/Eureka Securitization, Inc., sponsored by Citigroup --CP at Short-term 'F1+' Elixir Funding Limited, sponsored by Natixis --CP at Short-term 'F1' German Residential Funding, sponsored by Deutsche Bank AG --CP at Short-term 'F1+' Giro Lion Funding Ltd., sponsored by Bayerische Landesbank --CP at Short-term 'F1' Orchid Funding Corp., sponsored by ABN AMRO Bank N.V. --CP at Short-term 'F1' Picaros Funding Plc, sponsored by KBC Financial Products UK Ltd. --CP at Short-term 'F1+' Rosy Blue International S.A., sponsored by KBC Bank N.V. --CP at Short-term 'F1+' Salome Funding Limited, sponsored by Bayerische Hypo- und Vereinsbank AB --CP at Short-term 'F1' Scaldis Capital Limited, sponsored by Fortis Bank S.A./N.V. --CP at Short-term 'F1+' Silver Tower Funding Ltd./Silver Tower US Funding, LLC, sponsored by Dresdner Bank AG --CP at Short-term 'F1' STIGA Plc, Series A, sponsored by The Bank of Nova Scotia --CP at Short-term 'F1+' Thesee Limited, sponsored by BNP Paribas --CP at Short-term 'F1' South Africa ABCP programmes Asset Backed Arbitrage Securities (Pty) Limited Asset Backed Arbitrage Securities Limited 1 --CP at National Short-term 'F1+(zaf)' Asset Backed Arbitrage Securities Limited 2 --CP at National Short-term 'F1+(zaf)' Blue Titanium Conduit Limited, sponsored by The Standard Bank of South Africa Limited --CP at National Short-term 'F1+(zaf)' iNdwa Investments Limited, sponsored by FirstRand Bank Limited --CP at National Short-term 'F1+(zaf)' iNkotha Investments Limited, sponsored by FirstRand Bank Limited --CP at National Short-term 'F1(zaf)' iVuzi Investment Limited, sponsored by FirstRand Bank Limited --CP at National Short-term 'F1+(zaf)' Sanlam Home Loans 102 (Pty) Limited, sponsored by ABSA Bank Limited --CP at National Short-term 'F1+(zaf)' Sanlam Personal Loans 102 (Pty) Limited, sponsored by ABSA Bank Limited --CP at National Short-term 'F1+(zaf)' Synthesis Funding Limited, sponsored by Nedbank Limited --CP at National Short-term 'F1+(zaf)' The Thekwini Warehousing Conduit (Pty) Limited, sponsored by The Standard Bank of South Africa Limited --Senior Short-term notes at National Short-term 'F1+(zaf)' --Mezzanine Short-term notes at National Short-term 'F1(zaf)' --Junior Short-term notes at National Short-term 'F2(zaf)' --Mezzanine Long-term notes at National Long-term 'A(zaf)' --Junior Long-term notes at National Long-term 'BBB(zaf)' Asian ABCP programmes Apex Funding Corp., sponsored by Bank of Tokyo-Mitsubishi UFJ --CP at Short-term 'F1' Arcadia Funding Corp., sponsored by Bank of Tokyo-Mitsubishi UFJ --CP at Short-term 'F1' Horizon Funding Corp., sponsored by Bank of Tokyo-Mitsubishi UFJ --CP at Short-term 'F1' Osprey Series 1 Company Limited, sponsored by National Housing Authority of Thailand --CP at National Short-term 'F1(tha)' Osprey Series 2 Company Limited, sponsored by National Housing Authority of Thailand --CP at National Short-term 'F1(tha)' Red Orchid Secured Assets Ltd., sponsored by DBS Bank Ltd. --CP at Short-term 'F1+' Vertex Funding Corp. Pte Ltd., sponsored by Bank of Tokyo-Mitsubishi UFJ. --CP at Short-term 'F1' Australian ABCP programs Corporate Asset Securitisation Australia Limited Inc., sponsored by Citibank North America, Inc. --CP at Short-term 'F1+' Corporate Australasian Securitisation Transactions Pty. Ltd., sponsored by Citibank North America, Inc. --CP at Short-term 'F1+' Crusade CP No 1 Pty Ltd., sponsored by St. George Bank Limited --CP at Short-term 'F1' Infiniti NZ Funding Trust No.1, sponsored by Infiniti Capital Markets Limited --CP at Short-term 'F1+' Oceania Funding Trust, sponsored by Bank of America, N.A., Sydney --CP at Short-term 'F1+' Perry Antipodes Trust No.1, sponsored by Bank of America, N.A., Sydney --CP at Short-term 'F1+' Contacts: Diana Turner, London, Tel: +44 207 XXX and Sarah Repucci, +44 (0)207 664 0075. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tun)' for National ratings in Tunisia. Specific letter grades are not therefore internationally comparable. Media Relations: Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364; Lisa Lim, Singapore, Tel: +65 6238 7301; Shivani Sundralingam, Singapore, Tel: + 65 6336 0095; Hannah Warrington, London, Tel: +44 (0) 207 417 6298. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. 101 Finsbury Pavement, London, EC2A 1RS

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