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16 Sep 2005
MOODY'S ASSIGNS SQ2- RATING TO CASDEN AS PRIMARY SERVICER OF RESIDENTIAL HOUSING LOANS
First assignment of Moody's servicer quality rating in France.
Paris, September 16, 2005 -- Moody's Investors Service has assigned a servicer quality ("SQ")
rating of SQ2- to CASDEN Banques Populaires ("CASDEN")
as a Primary Servicer of residential housing loans in France. CASDEN
has existing Aa3/P-1 long- and short-term deposit
ratings. This is the first SQ rating assigned by Moody's
to a servicer in France.
The SQ2- rating reflects CASDEN's strong financial stability,
the experience of its staff and management in servicing loans to its specific
customer base of civil servants in the French educational sector as well
as the quality of its newly created amicable recovery department in terms
of staff, tools and processes. However, the rating
also takes into account the need for CASDEN to complete its implementation
of improvements in its IT and reporting systems as well as its organisational
structure, and specifically in its litigation processes.
Moody's views positively the rapid pace at which current reorganisation
efforts are being made at CASDEN and will update its overall assessment
as more changes are implemented. Moody's will review CASDEN's
SQ rating on a periodic basis.
BACKGROUND -- CASDEN
CASDEN was originally established as a cooperative financial institution
for civil servants in the French educational sector. Although it
has been part of the Banques Populaires ("BP") Group since
1974, it has also retained a specific ownership structure,
with all of its clients owning part of the bank's equity in the
form of "social capital". While all other banks in
the BP Group, except recent joiner Credit Cooperatif,
are generalist banks with a regional focus, CASDEN is unique in
that it caters to a specific professional group across France, including
There are broadly two kinds of residential housing loans, in addition
to consumer loans, that can be serviced by CASDEN: (i) residential
housing loans originated and serviced by CASDEN and (ii) residential housing
loans originated by other banks in the BP Group but guaranteed by CASDEN.
These loans are serviced by the originating banks unless the guarantee
is called, usually after three months of arrears, at which
point they are transferred to CASDEN's pre-litigation department.
In general Moody's found CASDEN's servicing operations to
be of a good standard. CASDEN benefits from the extensive experience
and strong motivation of its staff and management, its focus on
its specific customer base of civil servants and the use of efficient
electronic data management tools. Additionally, Moody's
found the newly created amicable recovery team to be above the French
standard, in terms of both IT tools and staff management.
Moreover, CASDEN benefits from a strong financial stability,
reflected in its credit rating of Aa3/P-1, which applies
to all banks in the BP Group, which are linked by a solidarity mechanism.
For more details and updates on these credit ratings, see Moody's
website or Moody's latest credit report on Groupe Banque Populaire.
Moody's notes, however, that CASDEN also faces a number
of challenges, notably the following: i) it is still currently
in the process of rolling out a new organisational structure and IT tools;
ii) in particular, until the reorganisation of CASDEN's litigation
process is completed, it will remain difficult to obtain a full
measure of its performance; iii) a small portion of CASDEN's
stock of old delinquent loans is still in the process of being dealt with.
However, the majority of this stock has just been disposed of,
freeing up resources and improving the level and relevance of recovery
figures; and iv) coordination or benchmarking with other entities
in the BP Group, including those involved in the servicing process,
could be further increased. However, most of these points
are currently being addressed and are thus expected to record improvements
in the near future.
MOODY'S SQ RATINGS
Moody's Servicer Quality ratings are opinions regarding the ability
of a loan servicer to effectively prevent or mitigate losses in a securitisation
transaction. The SQ approach evaluates how effective a servicer
is at either preventing defaults from occurring or maximizing recoveries
to the transaction once defaults have occurred. SQ ratings also
consider the operational and financial stability of a servicer.
This assessment is based on a company's organisational structure and management
characteristics, its financial profile, operational controls
and procedures as well as its strategic goals.
SQ ratings are provided for companies who act as Primary Servicer (servicing
the loans from beginning to end), Special Servicer (servicing only
delinquent loans), or Master Servicer (overseeing the performance
and reporting of all of the servicers). For Primary Servicers,
the rating will apply only to the loan types identified in the Servicer
Quality Opinion. SQ ratings 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). Where
appropriate, a "+" or "-" modifier will be appended
to the SQ2, SQ3, and SQ4 rating category and a "-"
modifier will be appended to the SQ1 rating category. A "+"
modifier indicates the servicer ranks in the higher end of the designated
rating category. A "-" modifier indicates the servicer ranks
in the lower end of the designated rating category.
For details about Moody's SQ methodology, see "Residential
Mortgage Servicer Quality ("SQ") Ratings in EMEA: Moody's
Methodology," published October 2003.
For details about Moody's SQ rating analysis of CASDEN, see
the Servicer Report on Moodys.com.
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 France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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