Bank of America last week launched Yorktown Funding, a multi-seller ABCP conduit structured to address consolidation criteria set by the Financial Accounting Standards Board in its Financial Interpretation No. 46 (FIN 46). This is believed to be the first conduit structured specifically with the new accounting rules in mind.

Officials at BofA declined to comment on the structure presently, but anticipate releasing a formal statement in the next week or so. Meanwhile, Moody's Investors Service and Standard & Poor's both roughly described Yorktown in their rating announcements, to which BofA officials alluded.

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