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Bay Square Funding LLC ABCP Notes Assigned Short-Term Ratings


  • 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

Related Research

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;
Secondary Contact:Joshua C Saunders, Chicago + 1 (312) 233 7059;

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