OREANDA-NEWS. March 25, 2016. Fitch Ratings has affirmed 17 U.S. asset-backed commercial paper (ABCP) programs following the completion of its annual portfolio review.

Fitch's review of 17 U.S. ABCP programs, totaling approximately \\$102 billion in outstandings, was based on December 2015 issuer information. The rating actions are based on a review of the conduits' portfolio compositions and the vehicles' liquidity, credit, and structural protections.

In its review of the portfolio compositions, Fitch primarily analyzed exposures to, and major shifts in, asset allocation, financial guarantors and other counterparties.

In addition to this formal annual review of all programs, Fitch actively monitors all ABCP counterparty exposures on a daily basis and each program's underlying portfolio dynamics on a monthly basis.

KEY RATING DRIVERS

The ratings are based on each conduit's liquidity and credit support provider ratings, the sponsor's managerial capabilities, the credit quality of the funded portfolios, and the programs' legal structures.

RATING SENSITIVITIES
Given the contractual and practical relationships between conduits and the entities that provide liquidity and credit support to them (typically the sponsoring financial institution), ABCP will have short-term credit ratings not higher than the ratings of the liquidity and credit support providers. Therefore, ABCP ratings are most sensitive to changes to them. This is the case for the ratings Fitch assigns to the notes issued by both fully and partially supported conduits. Fitch's initial rating analysis as well as its surveillance process for partially supported programs involves a review of the sponsoring/administrating entity's ability to underwrite, structure, and actively manage transactions such that the support afforded them is adequate given the transactions' credit risk..

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following U.S. ABCP program ratings:

--Atlantic Asset Securitization LLC at 'F1sf';
--Autobahn Funding Co. LLC at 'F1+sf';
--Barton Capital, LLC at 'F1sf';
--CAFCO, LLC at 'F1sf';
--CHARTA, LLC at 'F1sf';
--CIESCO, LLC at 'F1sf';
--CRC Funding, LLC at 'F1sf';
--Dealers Capital Access Trust (DCAT, LLC) at 'F1sf';
--Gotham Funding Corp. at 'F1sf';
--Hannover Funding Company LLC at 'F1sf';
--Jupiter Securitization Company at 'F1+sf';
--Old Line Funding, LLC at 'F1+sf';
--Sheffield Receivables Company LLC at 'F1sf';
--Thunder Bay Funding, LLC at 'F1sf';
--Versailles Commercial Paper LLC at 'F1sf';
--Victory Receivables Corporation at 'F1sf';
--Working Capital Management Co. L.P. at 'F1sf'.