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14 Apr 2005
MOODY'S ASSIGNS SQ2 RATING TO BANCA DI CREDITO COOPERATIVO DI ALBA AS PRIMARY SERVICER
Milan, April 14, 2005 -- Moody's Investors Service has today assigned an SQ2 servicer quality
rating to Banca di Credito Cooperativo di Alba, Langhe e Roero ("BCC
Alba") as a Primary Servicer of residential mortgage loans.
This is the first SQ rating assigned by Moody's to a primary servicer
The SQ rating reflects BCC Alba's strengths in terms of management,
staff, professional operations, as well as administration
of performing and slightly delinquent loans, with the bank's
small size allowing it to maintain a streamlined organisation and to offer
a superior service in its local territory. However, the rating
also takes account of the bank's limited experience in servicing
non-performing residential mortgage loans given the relatively
small size of its residential mortgage loan pool.
BCC Alba is a relatively small local co-operative credit bank based
in Alba, in the province of Cuneo in the northern Italian region
of Piedmont. Formed in 1998 from the merger of three smaller institutions,
BCC Alba has a strong traditional local presence and client base that
comprises private individuals and small and medium-sized enterprises.
BCC Alba has 342 employees.
The bank offers a wide range of traditional banking services to its clients.
It grants short-, medium- and long-term loans
and leases through Banca Agrileasing, rated A3/P-2/C-
(a member of the ICCREA Banking Group). BCC Alba also has the following
business lines, 1) guarantees to individuals and entities ,
2) consultancy services to SMEs, 3) trades with various financial
instruments, 4) bonds issuance, 5) mutual funds management
and other investment products, 6) distribution of insurance policies
issued by Compagnia Assimoco and Assimoco Vita.
BCC Alba has been one of the originators in three securitisation transactions
(Credico Finance S.p.A., Credico Finance 2
S.r.l. and Credico Finance 3 Srl) structured on behalf
of several co-operative credit banks that are all part of the ICCREA
system. In each deal, a substantial part of the securitised
mortgage loan portfolios had been originated by BCC Alba. The bank's
mortgage portfolio has been growing substantially over the past eight
Overall, Moody's found BCC Alba's servicing guidelines
to be of a high standard and satisfactorily applied, with good-quality
control practices. It benefits from a very experienced, effective
and dynamic management team, appropriately skilled staff with a
relatively low turnover rate, a streamlined organisation and a strong
local presence and in-depth knowledge of its clients. It
also enjoys the co-ordination and support provided by the ICCREA
Banking Group to all co-operative credit banks.
However, despite an efficient loan administration process and adequate
loss mitigation procedures, BCC Alba has only limited experience
in the active management of non-performing loans (NPLs) due to
their very low level in its portfolio. Moody's believes that
the bank might be challenged to maintain the quality of its operations
during an economic downturn in which the level of NPLs increased substantially.
In addition, the absence of a rated parent could potentially increase
the volatility of BCC Alba's financial condition in periods of economic
stress, Moody's noted. Nonetheless, its creditworthiness
is viewed by Moody's as average in comparison with other Italian
Moody's Servicer Quality (SQ) ratings are indicators of a servicer's
ability to minimise losses in a pool of residential mortgage loans.
They thus deliver the rating agency's assessment of a servicer's
ability to strengthen the performance of a residential mortgage pool consistently
over the life of the deal. A servicer's longevity is of critical
importance to issuers and investors. Moody's reviews the
factors that contribute to long-term stability, including
commitment to its business, financial strength and ability to weather
SQ ratings are assigned to primary, special and master servicers
and are reviewed at least annually in order to address potential changes
in a servicer's strategy, portfolio, operational guidelines
or overall performance. The rating scale ranges from SQ1 (strong)
to SQ5 (weak).
For more information on Moody's SQ methodology, see "Residential
Mortgage Servicer Quality ("SQ") Ratings in EMEA: Moody's
Methodology," October 2003.
For more details on Moody's SQ rating analysis of Banca di Credito
Cooperativo di Alba, Langhe e Roero, please refer to Moody's
Servicer Report on the bank.
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
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