Programwide credit enhancement (PWCE) is an essential component in the analysis of global ABCP programs, according to a new Fitch Ratings report.

The rating agency stressed the importance of the availability of PWCE for traditional ABCP programs, along with liquidity protection and sponsor quality. The rating agency believes that this level of credit enhancement has played a major role in the sector's relative resiliency in the current challenging credit and funding environment.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.