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Rating Action:

MOODY'S AMERICA LATINA ATRIBUIU O RATING Aaa.br AS QUOTAS SENIORES EMITIDAS PELO FUNDO BONSUCESSO, SERIE 2004-1, UMA OPERACAO DE SECURITIZACAO LASTREADA POR EMPRESTIMOS PESSOAIS ORIGINADOS PELO BANCO BONSUCESSO

15 Dec 2004
MOODY'S AMERICA LATINA ATRIBUIU O RATING Aaa.br AS QUOTAS SENIORES EMITIDAS PELO FUNDO BONSUCESSO, SERIE 2004-1, UMA OPERACAO DE SECURITIZACAO LASTREADA POR EMPRESTIMOS PESSOAIS ORIGINADOS PELO BANCO BONSUCESSO

Aproximadamente R$38,5 milhões de quotas seniores classificadas.

Sao Paulo, December 15, 2004 -- Moody's America Latina (Moody's) atribuiu o rating Aaa.br, na Escala Nacional Brasileira e o rating Baa2, na Escala Global de Moeda Local, para as quotas seniores a serem emitidas pelo Fundo Bonsucesso de Direitos Creditórios -- Emprestimos com Consignacão em Folha -- Serie 2004-1 (Fundo), uma operacão de securitizacão lastreada por emprestimos pessoais originados pelo Banco Bonsucesso.

Os ratings da Moody's baseiam-se, principalmente, nos seguintes fatores:

(i) nivel minimo de 23% de subordinacão;

(ii) relacão minima de 2,63 entre as taxas ponderadas dos ativos e as taxas poderadas dos passivos do Fundo;

(iii) reserva de caixa equivalente a um mês de fluxo de caixa do fundo reserva de caixa equivalente a um mês de fluxo de caixa do fundo para cobrir riscos de fungibilidade no caso de insolvência do Banco Bonsucesso como agente cobrador da operacão;

(iv) criterios rigidos de elegibilidade para a cessão de direitos creditórios (os quais incluem limites de concentracão e de inadimplência nas esferas federais, estaduais e municipais) e de aprovacão de credito (o qual possui prazo maximo para os emprestimos);

(v) a qualidade de credito dos ativos que lastreiam as quotas seniores, os quais são 100% compostos de emprestimos a funcionarios públicos que gozam de estabilidade funcional; e

(vi) a estrutura juridica da operacão, incluindo a falência remota do Fundo.

Os emprestimos pessoais incluidos na carteira securitizada são oferecidos pelo Banco Bonsucesso exclusivamente a funcionarios públicos que gozam de estabilidade funcional, cujos pagamentos são descontados diretamente em folha pelo órgão público e enviados ao Banco Bonsucesso. O pagamento de principal e de rendimento das quotas seniores advem do fluxo de caixa resultante da securitizacão dos emprestimos consignados.

O ORIGINADOR

Sediado em Belo Horizonte, o Banco Bonsucesso S.A. (Bonsucesso) e uma das principais instituicões financeiras no pais especializadas na concessão de emprestimos consignados para funcionarios públicos. Em termos de ativos o banco e o quarto maior dentre os bancos regionais sediados no Estado. Fundado em 1992, o Bonsucesso e 100% controlado pela Bonsucesso Participacões e Empreendimentos S.A. (BPE), um grupo de capital fechado e de controle familiar. Em 30 de junho de 2004 o banco tinha ativos de R$215 milhões, situando-se entre as 120 maiores instituicões financeiras no Brasil. A carteira de emprestimos do banco representa 66% da sua base de ativos, e e constituida de 70% de emprestimos pessoais.

ESTRUTURA DA OPERAÇÃO

O Fundo e um FIDC multi-series constituido sob a forma de condominio fechado, sendo autorizado a emitir diversas series de quotas seniores e quotas subordinadas, lastreadas por um portfólio comum de direitos creditórios com base em emprestimos consignados a funcionarios públicos. A Serie 2004-1 foi a primeira emissão do programa multi-serie. Enquanto o Fundo tem um prazo de duracão de dez anos (Outubro 2014), as series a serem emitidas podem ter prazos de duracão variados, observando-se o prazo maximo de dez anos. A Serie 2004-1 tera prazo de duracão de três anos e com pagamentos ocorrendo em oito amortizacões trimestrais iguais, após um periodo de carência de 15 meses. O Fundo utilizara os valores captados pela Serie 2004-1 para fazer compras revolventes de direitos creditórios oriundos de emprestimos pessoais originados pelo Banco Bonsucesso. A remuneracão dos quotistas seniores esta prevista a 109% do CDI.

As quotas subordinadas serão compradas pelo originador, e o nivel minimo de subordinacão esta estabelecido em 23%. As quotas serão lastreadas por fluxos de caixa mensais em Reais derivados de aproximadamente 61.139 devedores ativos no fechamento da operacão. Devido ao fato da taxa do CDI ser variavel, e importante frisar que os ratings da Moody's têm como premissa basica o fato de que, numa situacão de estresse, a variacão maxima do CDI futuro incorporado nos modelos de simulacão de risco seria 120%, disse Watanabe.

Os emprestimos consignados devem atender a criterios rigidos de elegibilidade para que possam ser cedidos ao Fundo. Por exemplo, o mutuario devera ser exclusivamente um funcionario público que tenha estabilidade funcional. Adicionalmente, os niveis de concentracão por esferas, os quais são definidas como federal, estadual ou municipal, serão limitados de acordo com a capacidade da jurisdicão fazer pagamento pontuais de salarios, e transferir os recursos consignados ao Fundo Bonsucesso pontualmente. Finalmente, o criterio de elegibilidade tambem leva em conta o grau de seguranca e automacão das folhas de pagamento e dos processos de averbacão dos emprestimos consignados nos órgãos públicos, a fim de evitar fraudes e erros de calculo da margem consignavel, complementou Watanabe.

Detalhes da analise da Moody's podem ser encontrados no Relatório de Nova Emissão do Fundo Bonsucesso -- Serie 2004-1.

SUMÁRIO DE RATING

Quotas Seniores Fundo Bonsucesso de Direitos Creditórios -- Emprestimos com Consignacão em Folha -- Serie 2004-1 -- Aaa.br, na Escala Nacional Brasileira e Baa2, na Escala Global de Moeda Local.

New York
Susan Knapp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Sao Paulo
Roberto Watanabe
Asst Vice President - Analyst
Structured Finance Group
Moody's America Latina Ltda.
55-11-3443-7444

No Related Data.
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