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The sweep account represents an omnibus account in the name of DBTCA as trustee/agent for the benefit of its clients, with the daily transfer amount determined on a net basis across all SF issuers.
It believes that such arrangements sufficiently mitigate the risk of commingling structured finance issuers' cash with that of DBTCA, which does not meet the direct counterparty criteria.
Fitch no longer views DBTCA as the issuer account bank - a direct support counterparty - in affected SF transactions, and therefore, DBTCA is no longer subject to the SF counterparty rating requirements for direct support counterparties.
The issuer's account-holder, Deutsche Bank Trust Company Americas (DBTCA, rated 'A-/F1'/Stable Outlook), satisfies the minimum expected ratings threshold for a direct support counterparty under the exposure draft framework.
DBTCA's long-term rating does not meet this expectation.
Deutsche Bank AG (NYSE: DB) (DBK.DE) has said that its New York Branch, Deutsche Bank New York (DBNY), and its subsidiary Deutsche Bank Trust Company Americas (DBTCA) have increased their prime lending rate from 4.00 percent to 4.25 percent, effective June 15, 2017.
The issuer's account holder, Deutsche Bank Trust Company Americas (DBTCA, rated 'A-/F1'/Stable), satisfies the minimum expected ratings threshold for a direct support counterparty under the exposure draft framework.
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