Standard & Poor's has assigned an 'A-1' credit rating to the new ABCP program called Churchill Loan Asset Securitization Program that was set up by Royal Bank of Scotland

Transactions funded via Churchill will be fully supported by liquidity provided by RBS, which will fund regardless of asset quality. They will exclusively fund assets originated by RBS.

Churchill will issue ABCP in the U.S. and European markets up to a maximum program limit of US$ 40 billion.
 
The rating agency said the 'A-1' rating on the Churchill program reflects the fully supported liquidity offered by RBS, which is equal to at least 100% of CP outstanding,  the foreign exchange hedging mechanism designed to eliminate any currency exchange risks, and the bankruptcy-remote nature of Churchill as issuer.

Moody’s Investors Service has assigned a definitive rating of 'Prime-1' to the transaction.

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