Fitch Affirms Antalis' ABCP at 'F1sf'
KEY RATING DRIVERS
Antalis' CP is fully supported by Societe Generale (SG, A/Stable/F1) which acts as the programme's sponsor, administrator and liquidity 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. As such, the rating of the CP issued is mainly dependent on the Short-Term IDR of SG and does not rely on transaction-specific or programme-wide credit enhancement.
The affirmation follows a discussion with SG's management and takes into consideration the conduit's performance, CP issuance, portfolio composition, IT administration systems, administrative procedures and credit policies.
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 31 August 2016, the portfolio primarily consisted of trade receivables (44% of the portfolio), car loans and leases (22%) and dealer Floorplan transactions (21%). Antalis' outstanding CP was EUR4.7bn.
The rating of Antalis' ABCP is closely linked and expected to move with the Short-Term IDR of SG. Unless appropriate remedial actions are taken, a rating downgrade of SG would result in a corresponding downgrade to the rating of Antalis' ABCP.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
Fitch has checked the consistency and plausibility of the information it has received about the performance of the Antalis programme. There were no findings that affected the rating analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.
Prior to the transaction closing, 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
The information below was used in the analysis:
-Transaction reporting provided by SG as at 31 August 2016