S&P Rates York Funding Ltd. $860M Asset BackedNotes York Funding Ltd.

NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 6/26/98--Standard & Poor's today assigned its double-'A' senior secured rating to York Funding Ltd.'s $788 million class I notes and its single-'A' subordinated secured rating to the company's $21 million class II notes.

Standard

York Funding Ltd. is a limited liability company incorporated under the laws of the Cayman Islands. The asset-backed notes have a scheduled maturity of June 2005. The notes are secured by $1 billion of credit linked notes issued by Credit Suisse Financial Products, and owned by York. Payments on the credit-linked notes are linked to certain reference credits. The face amount of the credit linked notes will be reduced as a result of defaults of those reference credits.

The ratings reflect Credit Suisse Financial Product's ability to meet its payment obligations as issuer of the credit linked notes and level of credit enhancement provided by subordination. The ratings also reflect protection provided by various early amortization triggers of the credit linked notes, the quality of the reference credits, and Credit Suisse Financial Product's commitment to follow strict guidelines established for maintenance of the reference pool, Standard & Poor's said.---CreditWire

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