OREANDA-NEWS. Fitch Ratings has affirmed Weinberg Capital Limited/Weinberg Capital LLC's (Weinberg) asset-backed commercial paper (CP) at Short-term Rating 'F1sf' following a review of the programme.

KEY RATING DRIVERS

Weinberg's CP is fully supported by Landesbank Baden-Wurttemberg (LBBW, (A-/Stable Outlook/F1) which is the programme's sponsor, administrator, liquidity provider and hedge provider. LBBW's commitment under the transaction's liquidity agreements ensures the full and timely repayment of all maturing CP notes if Weinberg has insufficient funds on any CP maturity date. The CP rating is therefore linked to LBBW's Short-Term Issuer Default Rating (IDR) of 'F1'.

The affirmation follows a discussion with LBBW's conduit management team and takes into consideration the conduit's performance, strategy, CP issuance, portfolio composition, IT administration systems, administrative procedures and credit policies.

Weinberg is a fully-supported, multi-seller ABCP programme structured to issue US CP and ECP to fund the purchase of eligible assets up to a programme limit of EUR5bn. The maximum tenor for ECP and US CP is 364 days and 270 days, respectively.

As of 30 April 2016, the portfolio comprised trade receivables (56%), equipment loans and leases (25%), and auto loans and leases (19%). Most assets were EUR-denominated (92.3%) and most debtors were concentrated in Germany (73%). Weinberg's outstanding ECP was EUR1.93bn while assets funded in the programme totalled EUR1.95bn.

RATING SENSITIVITIES

A change to LBBW's Short-Term IDR would also be reflected in a change to the rating of Weinberg's CP.

DUE DILIGENCE USAGE

Fitch was not provided with due diligence information from any third party due diligence provider.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the ABCP programme. There were no findings that were material to this analysis. Fitch did not review the results of a third party assessment conducted on the asset portfolio information.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

-Weinberg investor reports provided by LBBW at 30 April 2016

-Discussions with LBBW on 12 June 2016