Report title: Rating Guidelines for Commercial Paper Note Programs Issued with External Support
from Fitch Research
4 page (2421 word) report published Nov 03, 2009

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...This report outlines Fitch Ratings' guidelines for rating commercial paper notes (CP, or the notes) issued with external support either in the form of an irrevocable direct-pay letter of credit (LOC) or a liquidity facility, typically in the form of a revolving credit agreement (RCA). CP is a short-term instrument that matures anywhere from one to 270 days and is assigned a short-term rating. When CP is supported by a LOC, the rating assigned is based solely on the short-term rating of the bank providing the support. When CP is supported by a RCA, the short- term rating will reflect the lower of the short-term rating of the bank or the implied short-term rating related to the long-term unenhanced debt rating of the issuer, as will be discussed in further detail. Ratings for banks providing such facilities are assigned by Fitch's Financial Institutions group, which continually monitors the bank's credit and liquidity strength. Any rating action on the short-term rating of the financial institution...

Report Type: Criteria Report
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