OREANDA-NEWS. Fitch Ratings has affirmed the following asset-backed commercial paper (ABCP) programmes at 'F1sf'. Both programmes are sponsored by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU; A/Stable/F1).

Horizon Funding Corporation (Horizon) ABCP programme affirmed at 'F1sf'
Vertex Funding Corporation Pte Ltd (Vertex) ABCP programme affirmed at 'F1sf'

Horizon and Vertex are special-purpose, bankruptcy-remote companies organised under Cayman Islands law and Singapore law, respectively. Both are funded by proceeds from the issue of unsecured short-term notes or by loans from BTMU. They purchase assets that meet the programmes' credit and investment guidelines. BTMU's Hong Kong Branch serves as their administrative agent.

KEY RATING DRIVERS

The ratings of the programmes are based on the Short-Term Issuer Default Rating (IDR) of BTMU.

To ensure the full and timely repayment of maturing commercial paper, Horizon and Vertex are supported by 100% programme-wide credit and liquidity facilities provided by BTMU. Under the facilities, BTMU is required to make an advance if there are insufficient funds available to repay maturing commercial paper, unless the relevant issuer is bankrupt.

RATING SENSITIVITIES
A rating action on BTMU's Short-Term IDR will lead to a similar rating action on the programmes.

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

DATA ADEQUACY
BTMU is rated by Fitch. Fitch has relied on the practices of the relevant Fitch groups to assess the entity information.

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