Aquitaine Funding Co. LLC Standard ABCP Notes Assigned Short-term Rating

NEW YORK (S&P Global Ratings) Nov. 20, 2020--S&P Global Ratings today assigned its short-term 'A-1 (sf)' rating to Aquitaine Funding Co. LLC's U.S. dollar-denominated standard (non-redeemable) asset-backed commercial paper (ABCP) notes. The rating reflects: The program's legal structure, including Aquitaine's intended bankruptcy-remote status; The global master securities lending agreement (GMSLA) with Societe Generale ('A/A-1'); The hedge agreements in the form of total return swaps (hedge agreements) with counterparties rated at least 'A-1'; The amounts received from the GMSLA and hedge agreements are sufficient to pay the outstanding standard ABCP notes on or before their respective payment dates; ABCP note issuance tests that restrict the amounts to no greater than amounts that can be fully supported by a hedge agreement (or

...November 20, 2020 NEW YORK (S&P Global Ratings) Nov. 20, 2020--S&P Global Ratings today assigned its short-term 'A-1 (sf)' rating to Aquitaine Funding Co. LLC's U.S. dollar-denominated standard (non-redeemable) asset-backed commercial paper (ABCP) notes. The rating reflects: - The program's legal structure, including Aquitaine's intended bankruptcy-remote status; - The global master securities lending agreement (GMSLA) with Societe Generale ('A/A-1'); - The hedge agreements in the form of total return swaps (hedge agreements) with counterparties rated at least 'A-1'; - The amounts received from the GMSLA and hedge agreements are sufficient to pay the outstanding standard ABCP notes on or before their respective payment dates; - ABCP note issuance tests that restrict the amounts to no greater than amounts that can be fully supported by a hedge agreement (or similar instrument) and GMSLA (or similar instrument); and - Deutsche Bank Trust Co. Americas' ability to carry out their duties as...

Ratings Action