ECA loan backed bond rating withdrawn

(Reuters, London, 30 July 2007) - Fitch Ratings said on Monday it had withdrawn the rating on a $1 billion sale of bonds led by ABN AMRO and backed by loans made by guaranteed export credit agencies. The SovRisk BV offering uses securitisation techniques to provide importers and exporters with a more efficient source of funding. Traditionally, banks would fund ECA loans based on their balance sheets. However, their own credit ratings are significantly below the AAA-rating of the loan assets and SovRisc eliminates this discrepancy.