Market Street Funding LLC a partially supported multiseller ABCP conduit sponsored by PNC Bank, added a $400 million revolving loan facility to its portfolio.
The loan facility is backed by prime auto loans originated by a Moody's Investors Service 'Ba3'-rated auto financing company.
This transaction is partially supported by a liquidity facility provided by Prime-1-rated PNC Bank. The liquidity facility is sized at 102% of the loan facility.
"With this transaction, Market Street's program-level credit enhancement increased by 10% of purchase commitments related to the transaction," explained Moody's analysts.
Market Street has $5.65 billion in total purchase commitments and $566m in program-level credit enhancement.