NEW YORK, Feb. 12 /PRNewswire/ -- Standard & Poor's affirmed its 'A-1'
rating on the commercial paper notes of Beethoven Funding Corp.
The rating action follows Beethoven's participation in a note purchase
program according to which the conduit will finance up to $75 million of
variable funding notes backed by a pool of fleet auto leases.
The rating on Beethoven's commercial paper program is based on liquidity
support from liquidity providers with short-term ratings commensurate with
Beethoven's 'A-1' rating and sufficient pool-specific credit enhancement.
Beethoven is a multiseller, partially enhanced asset-backed commercial
paper conduit sponsored by Dresdner Bank AG (double-'A'/'A-1'-plus).
SOURCE Standard & Poor's
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