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15 Dec 2003
MOODY'S ASSIGNS A3 RATING TO SECURITISED DEBT ISSUANCE OF AB BALKEN FINANS SWEDEN (PUBL)
Approximately SWK 304 Million of Debt Securities Affected.
Milan, December 15, 2003 -- Moody's Investors Service has assigned a long term definitive rating of
A3 to the SEK 304,000,000 Notes due 2038 issued by AB Balken
Finans Sweden (publ), a limited liability company incorporated in
Sweden. This represents the first public securitisation transaction
entirely structured using an orphan Swedish SPV.
The rating of the Notes are based on: (1) The credit quality of
the collateral portfolio, split between the single-family
and multi-family pools; (2) The historical performance of
the sub portfolios since 1998; (3) The protection provided to the
Notes by any available excess spread generated in the transaction,
which is entirely trapped through the cash allocation structure;
(4) The protection provided by 28.95 per cent of portfolio subordination,
either provided by the subordinated loan or by the discount at sale;
(5) The availability of a fully funded reserve fund of approx.
SEK 21.48 million or 7.06 per cent of the Notes; (6)
The representations, warranties and indemnities provided by Venantius
in the transaction, especially with regards to the nominal value
of the portfolio at the transfer date; (7) The capacity of Finans
AB Marginalen to act as servicer/administrator of the loans; (8)
The swap agreement entered into with the swap counterparty to protect
the structure against interest rate fluctuations until the loans reset
at floating rate levels; and (9) The transaction's structure and
Moody's rating addresses the expected loss posed to investors.
The ratings are expressions of opinion and not recommendations to purchase,
sell or hold securities. Moody's will monitor the ratings.
Any subsequent changes in the rating will be disseminated through Moody's
Client Service Desk.
Investors should note that Moody's initially issued prospective ratings
to another SPV AB Balken Finans (publ) on the 13th November 2003.
However, the prospective ratings were withdrawn due to further deal
restructuring. This transaction represents the restructuring,
using a different SPV AB Balken Finans Sweden (publ) with different interest
rates and step up rates on the notes. The transaction has been
arranged by SEB Merchant Banking. For additional information on
the transaction, please see Moody's forthcoming New Issue Report.
Venantius, a credit market company (owned by the Kingdom of Sweden),
supervised by the Swedish Financial Supervisory Authority sold a portfolio
of loans made to private individuals, secured by multi-family
properties and single-family properties to the Issuer AB Balken
Finans Sweden (publ). The loans are secured on pledges of pantbrev
over properties based in Sweden. The portfolio sold by Venantius
has a particularly high risk of loss compared to other RMBS portfolios
due to their relatively high LTV levels, mainly second lien status,
delinquency status of a portion of the portfolio and recorded historical
performance levels. The sale of the loan portfolio constitutes
the final divestment of the portfolio by Venantius. The transaction
is sponsored by ESCO Marginalen AB, the parent company in a privately
owned group of Swedish companies which provide various financial services
including accounting, invoicing services, debt collection
and factoring. The servicer/administrator of the loans, Finans
AB Marginalen, is a wholly owned subsidiary of ESCO.
This represents the first public securitisation transaction entirely structured
using a Swedish SPV. Indeed, AB Balken Finans Sweden (publ)
funded the purchase of this portfolio through the issue of the Notes in
the transaction and through a subordinated loan. The Issuer has
also pledged this portfolio of assets to the security agent for the benefit
of the Noteholders. As such, the structure of the transaction
envisions the one series of notes issued to be completely pass through,
with all excess spread being used to amortise down the notes in the transaction.
A reserve fund of approx. 7 per cent of the notes outstanding was
fully funded at closing in the transaction and will be used mainly as
a liquidity reserve to reinforce payments of senior expenses and interest
payments to noteholders in the transaction on a timely basis.
To obtain a copy of the Moody's report for this transaction or other transactions,
please contact Moody's client services desk in London on +44 207
772 5454 or visit our website at www.moodys.com.
For additional information on Moody's Europe, visit our web sites
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 33 1 53 43 93 78
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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