Overview
- Bay Square Funding LLC is a bankruptcy-remote, special-purpose vehicle established to issue U.S. dollar-denominated short-term notes that can be issued at a discount or bear interest at a fixed or floating rate.
- We assigned our 'A-1 (sf)' short-term ratings to the asset-backed commercial paper notes: the non-index linked (or standard), callable, puttable, puttable/callable, index-linked, and extendible notes.
- The ratings reflect our view of the program's legal structure, the full credit and liquidity support provided by the master liquidity agreement, Canadian Imperial Bank of Commerce as the program administrator, and certain note issuance tests, among other factors.
NEW YORK (S&P Global Ratings) Sept. 6, 2023--S&P Global Ratings today assigned its short-term 'A-1 (sf)' ratings Bay Square Funding LLC's (Bay Square) U.S. dollar-denominated non-index linked, callable, puttable, puttable/callable, index-linked, and extendible asset-backed commercial paper (ABCP) notes (see list).
The 'A-1 (sf)' short-term ratings reflect:
- The program's legal structure, including Bay Square's intended bankruptcy-remote status;
- The full credit and liquidity support provided by the master liquidity agreement for all transactions funded in the program;
- Certain note issuance tests; and
- The experience and ability of Canadian Imperial Bank of Commerce (A+/Stable/A-1) as program administrator to carry out day-to-day operational services to the program, which include adding new sellers, monitoring seller performance, managing and monitoring maturities of notes, and drawing on the liquidity facilities to repay notes on a timely basis.
Related Criteria
- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Criteria | Structured Finance | General: Global Framework For Payment Structure And Cash Flow Analysis Of Structured Finance Securities, Dec. 22, 2020
- Criteria | Structured Finance | Legal: U.S. Structured Finance Asset Isolation And Special-Purpose Entity Criteria, May 15, 2019
- Criteria | Structured Finance | General: Counterparty Risk Framework: Methodology And Assumptions, March 8, 2019
- Criteria | Structured Finance | ABCP: Global Methodology For Analyzing Liquidity Funding Outs And Limitations In ABCP Transactions, Oct. 27, 2014
- Criteria | Structured Finance | General: Global Framework For Assessing Operational Risk In Structured Finance Transactions, Oct. 9, 2014
- Criteria | Structured Finance | ABCP: Global Methodology And Assumptions For Calculating Programwide Credit Enhancement In Multiseller ABCP Conduits, Feb. 14, 2013
- General Criteria: Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012
- Criteria | Structured Finance | ABCP: Asset-Backed Commercial Paper Issued By Multiseller Conduits: Classification And Timing Of Reviews For New-Seller Transactions, April 18, 2011
- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
- Criteria | Structured Finance | ABCP: S&P Global Ratings' Analysis Of ABCP Ratings Following Changes To Ratings On Support Providers, Dec. 18, 2008
- Criteria | Structured Finance | ABCP: Global Asset-Backed Commercial Paper Criteria, Sept. 29, 2005
Related Research
- New Issue: Bay Square Funding LLC, Sept. 6, 2023
- Global Credit Conditions Q3 2023: Higher For Longer Will Fuel Ratings Divergence, June 29, 2023
- Credit Conditions North America Q3 2023: Risks vs. Resilience, June 27, 2023
- Inside Global ABCP: Alternative Financing Arrangements Support Issuance Growth, April 27, 2023
- Global Structured Finance 2023 Outlook, Jan. 11, 2023
- Global Structured Finance Scenario and Sensitivity Analysis 2016: The Effects Of The Top Five Macroeconomic Factors, Dec. 16, 2016
- Global ABCP Programwide Credit Enhancement Model, April 2, 2014
- Standard & Poor's Clarifies Its Approach To Requests For Rating Agency Confirmation On Structured Finance Transactions, May 18, 2012
- Assessing Credit Quality By The Weakest Link, Feb. 13, 2012
- Standard & Poor's Requests Transaction Performance Metrics From Sponsors Or Administrators Of Global ABCP Conduits, Jan. 12, 2012
Ratings Assigned
Bay Square Funding LLC(i)
- Non-index linked or standard notes: A-1 (sf)
- Callable notes: A-1 (sf)
- Puttable notes: A-1 (sf)
- Puttable/callable notes: A-1 (sf)
- Index-linked notes: A-1 (sf)
- Extendible notes: A-1 (sf)
(i)The ABCP notes can be issued at a discount or interest-bearing basis at either a fixed or floating rate. The ABCP is denominated in U.S. dollars. ABCP--Asset-backed commercial paper.
Primary Credit Analyst: | Courtney Reopelle, Austin 303 721 4513; courtney.reopelle@spglobal.com |
Secondary Contact: | Joshua C Saunders, Chicago + 1 (312) 233 7059; joshua.saunders@spglobal.com |
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