OREANDA-NEWS. Fitch Ratings has affirmed Orchid Funding Corporation's asset-backed commercial paper Short-term Rating at 'F1sf'. The rating has simultaneously been withdrawn due to a lack of market interest.

KEY RATING DRIVERS
The affirmation is driven by the liquidity support provided by Royal Bank of Scotland (RBS; A/Negative/F1) to the transactions funded in Orchid.

Orchid had one remaining transaction as of January 2015 and remains fully wrapped by a drawn liquidity facility provided by RBS. Orchid has not issued any CP since June 2009 and Fitch has been informed that the conduit will be wound down from next month.

Orchid, launched in December 2002, is structured to issue US dollar-denominated CP up to a maximum aggregate amount of USD4bn, the proceeds of which are used to fund the acquisition of pools of assets or receivables generally located or originated in emerging markets.