Fitch Defines Rating Watch Negative To Deutsche Bank's Aspen ABCP

Fitch Ratings has placed on Rating Watch Negative the 'F1+' short term rating assigned to the asset backed commercial paper (ABCP) issued by Aspen Funding Corp. (Aspen). Aspen is a multi seller ABCP program sponsored by Deutsche Bank AG (DB,

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Fitch Ratings has placed on Rating Watch Negative the ‘F1+’ short-term rating assigned to the asset-backed commercial paper (ABCP) issued by Aspen Funding Corp. (Aspen).

Aspen is a multi-seller ABCP program sponsored by Deutsche Bank AG (DB, rated ‘AA-/F1+’; Rating Watch Negative).

The rating action follows Fitch’s placement of Deutsche Bank AG’s ‘AA-/F1+’ ratings on Rating Watch Negative. DB acts as a put counterparty and liquidity provider to the conduit, therefore, the conduit’s ABCP ratings are capped at DB’s ratings.

Aspen is a bankruptcy-remote, special purpose Delaware corporation established to issue ABCP, the proceeds of which are used to acquire ‘AA’ or higher or ‘F1+’ rated asset backed securities and mortgage backed securities, purchase assets subject to repurchase agreements, or make loans secured by assets. Aspen may issue ABCP with maturities of up to 270 days.

L.D.

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