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05 Dec 2003
MOODY'S ASSIGNS PROSPECTIVE RATINGS TO NOTES ISSUED BY GELDILUX-TS-2003-1 S.A.
Moody's Investors Service has assigned the following prospective ratings to the debt issuance of Geldilux-TS-2003-1 S.A.:
- (P)Aaa to the EUR 3,500,000 Class A1 Liquidity Notes due in June 2007;
- (P)Aaa to the EUR 1,332,100,000 Class A Floating Rate Credit Linked Notes due in June 2009;
- (P)A2 to the EUR 18,900,000 Class B Floating Rate Credit Linked Notes due in June 2009;
- (P)Baa2 to the EUR 23,100,000 Class C Floating Rate Credit Linked Notes due in June 2009;
- (P)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 prospective 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 prospective 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 prospective 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 7 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.
Moody's issues prospective ratings in advance of the final sale of securities, but these ratings represent only Moody's preliminary credit opinions only. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings to the Notes. A definitive rating may differ from a prospective rating. A rating is not a recommendation to purchase, sell or invest in any securities.
For further information and in order to receive the Pre-Sale Report, please visit www.moodys.com or contact Moody's Client Desk in London at +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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