...Fitch Ratings Concludes ABCP Annual Review: On March 25, 2014, Fitch affirmed 25 U.S. ABCP programs following the completion of its annual portfolio review. The rating actions were based on a review of the conduits' portfolio compositions and the vehicles' credit and structural protections such as transaction-specific and programwide credit enhancement and liquidity support. U.S. ABCP Outstandings Trend: Outstandings for the 25 Fitch-rated ABCP programs included in the review as of Dec. 31, 2013 were approximately $106 billion, down from $124 billion a year earlier. The decrease is consistent with the decline in total market outstandings, and is largely a result of further program consolidation and the wind-down of both Straight-A Funding, LLC (Straight-A) and Market Street Funding, LLC. U.S. ABCP market outstandings are at approximately $250 billion. Predictable Changes in Portfolio Composition: Traditional asset classes including autos, trade receivables, credit cards and student loans...
