相關產業分類
Fitch Ratings-Hong Kong/Taipei/Singapore-09 August 2007: Fitch Ratings has today affirmed the ratings on the commercial paper (CP) issued by Taishin Collateralised Bond Obligation Special Purpose Trusts 1 to 5 as follows:
- NTD3.0 billion Taishin CBO SPT-1 CP (CP program maturity in November 2012) at 'F2(twn)';
- NTD4.0bn Taishin CBO SPT-2 CP (CP program maturity in November 2012) at 'F2(twn)';
- NTD2.6bn Taishin CBO SPT-3 CP (CP program maturity in November 2012) at 'F2(twn)';
- NTD4.0bn Taishin CBO SPT-4 CP (CP program maturity in December 2011) at 'F2(twn)'; and
- NTD3.0bn Taishin CBO SPT-5 CP (CP program maturity in December 2012) at 'F2(twn)'.
The affirmations reflect the adequate credit quality of the purchased financial assets, the appropriate ratings of the transaction counterparties and the continuation of the liquidity support in the form of the 100% purchase commitment (on each CP issued throughout the CP programme) provided by the sufficiently credit-worthy underwriters. The affirmed ratings also reflect the appropriate liquidity arrangement that mitigates cashflow timing mismatch, as well as the appropriate hedging agreements that mitigate interest rate risks and exchange rate risks. Lastly, the ratings address the timely payment of interest and the ultimate payment of principal by the CP's legal final maturity.
Each Taishin CBO SPT is a bankruptcy-remote special purpose trust, established in November-December 2005 to issue New Taiwan Dollar-denominated CP via an asset-backed CP programme. The programme aims to address the liquidity risks arising from large holdings of illiquid structured notes (notes with inverse floating coupons) held by Taiwanese institutional investors (mainly bond funds). The proceeds from the CP for each SPT were used to fund the one-time purchase of Taiwan Dollar-denominated structured notes (half of the asset pool), and a USD single tranche synthetic CDO issued by Beryl Finance Limited (another half of the asset pool). The asset pool is static for the life of the transaction.
Contacts: Kate Lin, Hong Kong, +852 2263 9912; April Chen, Taiwan, +8862 2514 7164 ext 7300; Jackie Lee, Taiwan, +8862 2514 7290.
Media Relations: Lisa Lim, Singapore, Tel: +65 6238 7301.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
