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Rating Action:

A Moody's Investors Service atribuiu o rating preliminar Aaa.br às quotas sênior, denominadas em reais, do Chemical Fundo de Investimento em Direitos Creditórios Série 2003-1, uma operação de securitização lastreada por direitos creditórios brasileiros.

10 Nov 2003
A Moody's Investors Service atribuiu o rating preliminar Aaa.br às quotas sênior, denominadas em reais, do Chemical Fundo de Investimento em Direitos Creditórios Série 2003-1, uma operação de securitização lastreada por direitos creditórios brasileiros. -- O Chemical Fundo de Investimento em Direitos Creditórios é um fundo criado para adquirir direitos creditórios originados pela Braskem, uma grande corporação química e petroquímica com extensivas operações na América Latina, e para emitir quotas sênior e subordinada lastreadas pelos pagamentos de tais recebíveis.

O rating preliminar Aaa.br, na Escala Nacional Brasileira da Moody's e o rating Baa2, na Escala Global de Moeda Local, de acordo com Brigitte Posch, analista sênior da Moody's, refletem, principalmente, o baixo risco de crédito das quotas sênior que lastreiam a operação relativamente à outras dívidas emitidas no Brasil. O rating também considera o credit enhancement mínimo da operação de 12%; os fortes critérios de elegibilidade requeridos para que recebíveis possam ser incluídos na operação; a ressonante qualidade creditícia dos ativos, como indicado pelo índice de atraso médio de 60 dias de apenas 1,9%; e a estrutura jurídica da operação.

Esta operação também tem vários eventos de avaliação e de liquidação (triggers). Caso sejam acionados, requer-se que o Emissor pare de comprar recebíveis. Certos eventos podem provocar a liquidação antecipada do Fundo e, portanto, são considerados mais sérios. Nesta operação, os seguintes procedimentos serão adotados na ocorrência de evento de liquidação antecipada: (i) os quotistas serão comunicados do evento, (ii) uma assembléia de quotistas definirá os procedimentos a serem adotados a fim de proteger seus interesses, (iii) todos os pagamentos de direitos creditórios, incluindo recuperações, serão utilizados para pagar os quotistas, (iv) a amortização de enhancement, caso esteja em curso, será "congelada" e, como resultado, um volume maior de caixa será alocado para os quotistas sênior, e (v) o pagamento aos quotistas sênior será feito mediante dação em pagamento dos direitos creditórios, caso o Fundo não disponha de recursos para honrar o pagamento integral das quotas sênior.

Outro ponto muito positivo nesta operação, de acordo com Posch, é que não há risco de fungibilidade de recursos, uma vez que todos os fluxos de pagamento oriundos dos clientes são enviados diretamente para uma conta segregada.

Ao atribuir o rating, a Moody's também considerou fatores específicos à operações de direitos creditórios (tais como: giro da carteira, volume de vendas, históricos de devoluções de mercadorias, de inadimplência e de atrasos), bem como fatores específicos do mercado brasileiro (por exemplo, a possibilidade de um aumento das taxas de juros locais que venha a prejudicar segmentos de mercado no quais os originadores atuam, causando descasamento entre ativos e passivos), disse Posch.

Esta é uma operação revolvente, na qual os rendimentos são pagos semestralmente com amortização soft. Adicionalmente, o índice médio máximo de giro de carteira (dos direitos creditórios) não pode ser maior que 50 dias.

A forte capacidade do Banco Itaú S.A. (Aaa.br), um dos líderes no mercado brasileiro de prestação de serviços de cobrança e custódia, como o custodiante da operação também foi considerada, de acordo com Posch.

A Braskem é a maior companhia petroquímica da América Latina, e uma das cinco maiores companhias industriais do Brasil. A empresa emprega diretamente mais de 2.800 pessoas. A Baskem integra a primeira e a segunda gerações da cadeia petroquímica. Após receber a nafta das refinarias de petróleo, a Braskem o transforma em matérias primas utilizadas na fabricação de uma vasta gama de produtos de consumo usados no dia a dia.

A Braskem possui um portfólio de produtos químicos bem diversificado, larga escala de produção e foco estratégico em termoplásticos. Sua produção representou 45% do volume total de petroquímicos básicos e solventes e 37% do volume total de termoplásticos produzidos no Brasil durante 2002.

A Braskem é o resultado de um processo de reestruturação societária que integrou as operações de 6 companhias petroquímicas: Copene Petroquímica do Nordeste (sua predecessora), OPP Química, Trikem, Proppet, Nitrocarbono e Polialden Petroquímica. A integração das operações dessas 6 companhias, que formaram a Braskem, resultou em benefícios significativos, e a empresa espera que continue a gerar substanciais economias e sinergias em relação a tributos, fornecedores e despesas de logística, despesas gerais e administrativas, bem como despesas operacionais.
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