OREANDA-NEWS. Fitch Ratings says the recent restructuring of the Antalis programme (Antalis) will not affect the 'F1sf' Short-term rating of the asset-backed commercial paper (CP) issued under the programme.

Based on discussions with the programme's sponsor, Societe Generale (SG, A/Stable/F1), Fitch understands that the changes have been made to streamline the programme's structure and to allow Antalis to issue CP with additional features. We are of the opinion that none of these changes is detrimental to the CP's rating.

Post restructuring, Antalis SA will become the sole issuer of CP and Antalis US will be wound down. Additionally, liquidity support will be provided through two master agreements. The liquidity asset purchase agreement will be replaced either by a master subrogation agreement or a liquidity facility agreement on a transaction basis. Under the new documentation, Antalis will also be able to issue callable CP, puttable CP, puttable-callable CP and extendible CP.

As a result, Antalis' CP continues to be fully supported by SG, which acts as the programme's sponsor, administrator, liquidity provider and hedge provider. SG's commitment under the transaction's liquidity agreements and the indemnity letter ensures the full and timely repayment of CP principal on any maturity date and of interest on any payment date if Antalis has insufficient funds. The CP rating is therefore linked to SG's 'F1' Short-term Issuer Default Rating.

Antalis is a multi-seller ABCP programme structured to issue BT, ECP and US CP. All transactions in the conduit are fully supported. As of 30 May 2015, the portfolio primarily consisted of trade receivables (49% of the portfolio), car loans & leases (24%) and dealer floorplan transactions (17%). Antalis' outstanding CP was EUR4.8bn.