02:59 Jun 6, 2018
English to English translations [PRO]
Bus/Financial - Finance (general) / Securitization
English term or phrase: prefunding
Prefunding and Revolving Periods
Additionally, transactions that have long prefunding or revolving periods or where the prefunding amounts are considered significant may not be rateable or may be subject to a rating cap. These structural features expose noteholders to additional risks with respect to a longer risk horizon. In particular, there is an increased risk of being subject to negative evolution in the credit profile of a collateral portfolio, particularly in the run up to the peak of a cycle, with the risk of increased losses during a subsequent downturn.
The text above is from Fitch's rating criteria for structured finance (or asset securitization). What can "prefunding" mean in this context? (I'm afraid I cannot give more information on the context, as the quoted text is all the author provides about "prefunding".)
Karen Zeng
Local time: 03:37

Discussion entries: 3


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