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Rating Action:

MOODY'S ASSIGNS PROSPECTIVE RATINGS OF (P)A3 TO FIRST SWEDISH PUBLIC SECURITISATION OF AB BALKEN FINANS (PUBL)

13 Nov 2003
MOODY'S ASSIGNS PROSPECTIVE RATINGS OF (P)A3 TO FIRST SWEDISH PUBLIC SECURITISATION OF AB BALKEN FINANS (PUBL)

Approximately SEK 317.0 Million of Debt Securities Affected.

Milan, November 13, 2003 -- Moody's Investors Service has assigned a prospective rating of (P)A3 to the SEK [317,000,000] Notes due 2038 to be issued by AB Balken Finans (publ), a limited liability company incorporated in Sweden. This represents the first public securitisation transaction entirely structured using a Swedish SPV.

Moody's ratings address the timely payment of interest and ultimate payment of principal on or before the final legal maturity date in 2038. Moody's issues prospective ratings in advance of the final sale of securities and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final pool of assets and the final documentation, Moody's will endeavour to assign a definitive rating to the Notes. A final rating may differ from a prospective rating.

The ratings of the Notes are based on: 1) The credit quality of the collateral portfolio, split between the single-family and multi-family; 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 additional protection provided by approx. 27 per cent of portfolio subordination, either provided by the subordinated loan or by the discount at sale. 5) The representations, warranties and indemnities provided by Venantius in the transaction, especially with regards to the portfolio value at closing; 6) The capacity of Finans AB Marginalen to act as Servicer/Administrator of the loans; 7) 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 8) The transaction structure and legal features.

Venantius, a credit market company (owned by the Kingdom of Sweden), supervised by the Swedish Financial Supervisory Authority will sell a portfolio of loans made to private individuals, secured by multi-family properties ("multi-family") and single-family properties ("single-family") to the Issuer AB Balken Finans (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.

This represents the first public securitisation transaction entirely structured using a Swedish SPV. Indeed, AB Balken Finans will fund the purchase of this portfolio through the issue of the Notes in the transaction and through a subordinated loan. The issuer will also pledge this portfolio of assets to the security trustee for 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 will be constituted at closing in the transaction, and will be used mainly as a liquidity reserve to guarantee payments of senior expenses and interest payments to Noteholders in the transaction on a timely basis.

Futher information on this transaction is available on www.moodys.com.

Frankfurt
Detlef Scholz
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

Milan
Alex Cataldo
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.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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