S&P Credit Research



Title:

Liberty Sirius Series Assigned Preliminary Rating, Sirius Trust Preliminary Rating Withdrawn

Price:$100.00
Publication Date:Apr 27, 2008
Report Type:News
Abstract:MELBOURNE (Standard&Poor's) April 28, 2008--Standard&Poor's Ratings Services today assigned a 'A-1+' preliminary rating to the A$400 million Liberty Sirius Series asset-backed commercial paper (Liberty CP) to be issued by Liberty Funding Pty Ltd. (Liberty Funding). At the same time, Standard&Poor's withdrew the 'A-1+' preliminary rating on asset-backed CP to be issued by Secure Funding Pty Ltd. as trustee for the Sirius Trust (Sirius CP). The rating was withdrawn due to the transaction being restructured from a single-tier to a two-tier structure. In this transaction, Liberty Funding will use the proceeds of the Liberty CP to purchase the Sirius CP. Liberty Funding is a special purpose, bankruptcy-remote company established for the purposes of issuing commercial
Issuer:Liberty Funding Pty Ltd. - Liberty Sirus Series
Sector:Structured Finance, Asset-Backed Commercial Paper
Country:Australia
Region:Pacific
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S&P Credit Research

S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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