ABCG2

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ABCG2

A gene on chromosome 4q22, which encodes a xenobiotic transporter protein of the ATP-binding cassette (ABC) superfamily, White subfamily. It plays a major role in multi-drug resistance to chemotherapeutics, and is highly expressed in the placenta, but its role there is unknown.
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Europe means that bank risk is still a prominent factor for the ABCP
The rating reduction on the ABCP programmes follows the downgrade to A-1 from A-1+ of the short-term rating of Barclays Bank on 29 November 2011 after the agency applied its new rating criteria for banks.
The corporation confirmed it is in compliance with all of its financial covenants at present and claimed, based on current information, it does not expect the problems affecting the ABCP market to have a material, adverse impact on its business or ongoing compliance with financial covenants.
According to program sponsors, the threshold minimum working capital demand for cost-effective access to the ABCP market is $20 million.
While the non-traditional market value and extendible ABCP structures fell by the way side, traditional multiseller ABCP proved resilient and performed very well from a ratings perspective.
Commenting on rating trends for European ABCP sponsors, Oscar Heemskerk,
ABCP outstandings were down 26% ($520 billion) from the beginning of 2009 and off 57% from their July 2007 high-water mark of $1.
Over the past two years Fitch has also noted a significant falloff in ABCP conduit exposure to riskier assets such as residential mortgage backed securities (RMBS), collateralized debt obligations (CDOs), and certain auto-related transactions.
ABCP programs to them since their inception, and displaying their utilization over time.
dollar denominated ABCP with maturities of up to 397 days.
The affirmation of the 'F1+' and 'F1' ABCP ratings is based on the credit quality of the underlying assets as well as the liquidity support provided by highly rated counterparties.
For additional details on the features of the Semiannual Update report, please see the March 18, 2009 press release ('Fitch Launches the ABCP Semiannual Update Report').