Fitch Affirms Consumers Funding LLC

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms the Consumers Funding LLC Series 2001-1 U.S. utility tariff bond transaction as follows:

-- Class A-6 at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS:

The transaction is performing within expectations, with levels of outstanding principal amounts in-line with their targeted amortization schedules. The true-up mechanism is performing as expected, providing adequate credit support for the transaction. Additionally, the current tariff as a percentage of the residential customer bill remains well below the 20% threshold consistent with 'AAAsf' ratings.

RATING SENSITIVITIES:

As part of Fitch's initial rating sensitivity, Fitch conducted a 'break the bond' case which provides an alternative means by which to measure the potential effects of rapid, significant declines in power consumption while capping the residential securitization charges at 20% of the total customer bill. This analysis determines the maximum level of forecasted energy decline that would cause a default in required payments on the securitizations or cause the tariff charges to exceed 20% of the total residual customer bill. Despite this severe decline in consumption, due to the true-up mechanisms, the tariff charges are able to pay cover all debt service by the legal final maturity date.

For further detail on the rating sensitivity analysis for Utility Tariff Bonds, please refer to Fitch's criteria titled 'Rating Criteria for U.S. Utility Tariff Bonds' available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

-- 'Global Structured Finance Rating Criteria' March 31, 2015;

-- 'Rating Criteria for U.S. Utility Tariff Bonds' Dec. 23, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Rating Criteria for U.S. Utility Tariff Bondshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=829808

Additional Disclosure

Solicitation Statushttp://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983439

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings, Inc.
Primary Analyst
Andrew Tinari, +1-312-368-3127
Analyst
70 West Madison Street
Chicago, IL 60602
or
Secondary Analyst
Du Trieu, +1-312-368-2091
Senior Director
or
Committee Chairperson
Bradley Sohl, +1-212-908-0792
Senior Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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