Fitch Ratings has published a presale report on five money market investor funding facility related (MMIFF) ABCP programs.

As detailed in the report, Fitch expects to assign an 'F1' rating to each of five ABCP programs that have been created in conjunction with the MMIFF. This Federal Reserve Board initiative is designed to provide liquidity to U.S. money market investors by facilitating the sales of money market instruments in the secondary market. The five programs are structurally identical and differ only with respect to each one's unique list of approved obligors.

The rating agency's analysis of the programs focused on a review by Fitch's global financial institutions group of each obligor in each of the five programs. This analysis considered Fitch's current short-term rating of the obligor and the evolving level of sovereign financial intervention in the obligor's jurisdiction. This analysis confirmed the very low level of default risk consistent with the high ratings expected to be assigned to the programs.

The ABCP will be issued by the following (collectively, the programs): Hadrian Funding Co., LLC (Hadrian), $220 billion; Trajan Funding Co., LLC (Trajan), $150 billion; Aurelius Funding Co., LLC (Aurelius), $140 billion; Antoninus Funding Co., LLC (Antoninus), $70 billion; Nerva Funding Co., LLC (Nerva), $20 billion.

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