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Article: Fitch Places Deutsche Bank's Newport Funding ABCP on Rating Watch Negative.
- Article from:
- Investment Weekly News
- Article date:
- February 28, 2009
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Fitch Ratings has placed Newport Funding Corp.'s (Newport) 'F1+' rated asset-backed commercial paper (ABCP) on Rating Watch Negative. Newport is a multi-seller ABCP program sponsored by Deutsche Bank AG (DB; rated 'AA-/F1+' and on Rating Watch Negative by Fitch).
The rating action follows Fitch's placement of DB's 'AA-/F1+' ratings on Rating Watch Negative. More information on this action is available in Fitch's Jan. 16 press release ('Fitch Places Deutsche Bank's 'AA-' on Rating Watch Negative'), which is available at www.fitchratings.com. DB acts as a put counterparty and liquidity provider to the conduit, therefore, the conduit's ABCP ratings are capped at ...