Fitch Ratings assigned an ‘F1sf’ rating to the asset-backed commercial paper issued by Windmill Funding Corp., a partially supported multi-seller ABCP conduit sponsored by The Royal Bank of Scotland.
Windmill’s primary purpose is to issue ABCP to purchase and make loans secured by interests in various financial assets and other eligible securities. It plans to issue commercial paper with maturities up to 297 days.
The program is structured with 100% transaction-specific liquidity coverage provided by the ‘F1’ rated RBS. RBS also provides a general program wide liquidity facility as an alternate source of same-day funding to the transaction specific liquidity facilities.
