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Article: Brahms Funding Corp. Remains on Rating Watch Evolving by Fitch.
- Article from:
- Business Wire
- Article date:
- March 11, 2003
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Business Editors
NEW YORK--(BUSINESS WIRE)--March 11, 2003
Brahms Funding Corp. (Brahms) secured liquidity notes' (SLNs) 'F1' rating remains on Rating Watch Evolving following Fitch's downgrade of Dresdner Bank AG's (Dresdner) short-term rating to 'F2' from 'F1' on February 14, 2003. Fitch is currently in discussions with Dresdner, as administrative agent for Brahms, to modify the program's structural support. According to its program documentation, Brahms is permitted a 30-day grace period following the downgrade of a market value swap counterparty to take action to at least maintain the 'F1' rating of Brahms. The grace period is scheduled to expire on ...