First Union Securities recently placed $283.9 million worth of shipping container receivables originated by Seaco Containers Ltd. into its Variable Funding Capital Corp. ABCP conduit.

According to a release from Moody's Investors Service, the collateral was rated triple-A based on a wrap from Ambac. While Seaco is servicer on the transaction, the company has been conducting its marine container leasing operations through GE Seaco, a joint venture formed by GE Capital Corp. and Seaco Containers in 1998.

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