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17 Dec 2003
MOODY'S ASSIGNS DEFINITIVE RATINGS TO NOTES ISSUED BY GELDILUX-TS-2003-1 S.A.
Approximately EUR 1.4 Billion of Debt Securities Affected.
Frankfurt, December 17, 2003 -- Moody's Investors Service has assigned the following definitive ratings
to the debt issuance of Geldilux-TS-2003-1 S.A.:
- Aaa to the EUR 3,500,000 Class A1 Liquidity Notes
due in June 2007;
- Aaa to the EUR 1,332,100,000 Class A Floating
Rate Credit Linked Notes due in June 2009;
- A2 to the EUR 18,900,000 Class B Floating Rate Credit
Linked Notes due in June 2009;
- Baa2 to the EUR 23,100,000 Class C Floating Rate
Credit Linked Notes due in June 2009;
- Ba1 to the EUR 7,000,000 Class D Floating Rate Credit
Linked Notes due in June 2009.
The Notes have their scheduled maturity date in June 2007. These
definitive ratings address timely payment of interest and ultimate payment
of principal on or prior the legal final maturity date of the Notes in
June 2009 (June 2007 for the Class A1 Notes). On each interest
payment date falling after December 2006, but prior to June 2007,
the issuer may sell all performing loans using the proceeds thereof for
the payment of interest and principal on the Notes. The definitive
ratings do not reflect potential losses resulting from an early termination
of the transaction, nor any market risk associated with the transaction.
The Class A1 Notes serve to initially fund the Issuer Interest Reserve
Account. Such Class of Notes will amortise on each interest payment
date out of available interest distribution amount only. The Class
A1 Notes are not subject to any allocation of loan losses.
Moody's definitive ratings for Geldilux-TS-2003-1
are based primarily on: (1) Monthly write-off and loan loss
provisioning data for the eligible Euro-Loan portfolio; (2)
The composition of the loan portfolio with respect to debtors, industry
sectors and regions; (3) The Issuer Interest Reserve Account in an
amount of EUR 3.5 Mio; (4) The rating of Bayerische Landesbank
(Aaa/P-1/D+) as Credit Support Provider under the Interest
Swap Agreement; (5) The sequential order with regard to amortisations,
starting with the Class A Notes; and (6) The reverse sequential order
with respect to the allocation of loan losses, starting with the
unrated Class E Notes.
This is the first true sale securitisation of loans extended under the
Euro-Loan Programme of HVB Banque Luxembourg S.A.
Under this programme short-term financing is offered to certain
private and commercial customers resident in Germany. The loans
are arranged by branch offices of HypoVereinsbank AG and Vereins-und
Westbank AG in Germany, but extended by HVB Banque Luxembourg S.A.
on the basis of a master loan agreement. Origination, monitoring
and servicing of these particular loans remains with HypoVereinsbank AG
and Vereins-und Westbank AG.
This transaction benefits, among others, from several positive
features: (1) Historical loan loss performance of the eligible portion
of the Euro-Loan book shows only five write-offs over the
last seven years and so far neither the two redeemed nor the two outstanding
Geldilux transactions have recorded any loan losses or defaults;
(2) Considerable degree of diversification across borrowers and industry
sectors (the latter except for the real estate sector as defined by HypoVereinsbank):
(3) The Issuer Interest Reserve Account and the first demand payment guarantee
provided by Bayerische Landesbank (in its capacity as credit support provider)
will help to cover possible interest and margin shortfalls on the Notes.
Less favourable features and their mitigants are, inter alia:
(1) Regional concentration in Bavaria, Hamburg and Schleswig-Holstein
which in turn reflects HVB's and VuW's respective business core areas;
(2) HVB Banque Luxembourg as swap counterparty does not satisfy the Moody's
required ratings of A1 and Prime-1 which is mitigated by procuring
Bayerische Landesbank as credit support provider; (3) Except for
accessory securities loan collateral will not be transferred to the issuer,
but instead held, administered and enforced by the originators.
Therefore Moody's has applied stresses (depending on the targeted rating
for a Class of Notes) to its usual recovery rate assumption; (4)
The revolving nature of the portfolio implies that investors rely heavily
on the correct application of the random selection process and the eligibility
criteria whereas for non-eligible loans HVB Banque Luxembourg will
have to pay so-called deemed collections (= principal amount
of non-eligible loans plus accrued interest thereon) to the issuer.
For further information and in order to receive the New Issue Report,
please visit www.moodys.com or contact Moody's Client Desk
in London at +44-20-7772 5454.
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78
SUBSCRIBERS: 44 20 7772 5454
Asst Vice President - Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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