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Rating Action:

MOODY'S ATTRIBUE UNE NOTATION FINALE Aaa AUX OBLIGATIONS DE VMG

01 Jul 2003
MOODY'S ATTRIBUE UNE NOTATION FINALE Aaa AUX OBLIGATIONS DE VMG Moody's Investors Service attribue une notation finale Aaa aux obligations structurées de Vauban Mobilisations Garanties (VMG) émises pour un montant de EUR 800 millions, au taux de 3,75% et venant à échéance en juillet 2013. Moody's avait attribué une notation prévisionnelle à cette émission obligataire le 20 juin 2003.

Cette notation repose principalement sur : (1) les caractéristiques et la qualité de crédit des Parts prioritaires des FCC (Fonds Commun de Créances) auxquelles les obligations structurées sont adossées; (2) les règles contractuelles relatives aux acquisitions d'actifs, au risque de taux d'intérêt et à la gestion actif/passif ; (3) la solidité de la structure, y compris le gage de compte d'instruments financiers au bénéfice des investisseurs ; (4) les capacités et la qualité de crédit d'Entenial (A2/Prime-1/D+) qui agit en tant qu'actionnaire, agent comptable, juridique et administratif de VMG ainsi qu'en tant que cédant et recouvreur des actifs auxquels sont adossées les Parts de FCC.


VMG est une Société Anonyme française, détenue à 100% par Entenial, qui émet des obligations structurées ("les Obligations") dont les produits sont ensuite prêtés à Entenial. Pour garantir les obligations de remboursement d'Entenial, VMG investit dans des Parts prioritaires de FCC adossées à des crédits hypothécaires. Ces parts sont financées par un prêt subordonné octroyé par Entenial à VMG. Chaque acquisition de Parts de FCC est soumise à une confirmation préalable par Moody's de la notation des Obligations.


Le profil d'amortissement prévu pour les Obligations est de type «in fine». Néanmoins, si Entenial n'était pas en mesure d'honorer ses obligations de remboursement envers VMG, les Obligations deviendraient amortissables au gré des encaissements reçus sur les Parts de FCC amortissables. Ces dernières sont détenues sur un compte d'instrument financier gagé au bénéfice des investisseurs. La notation Moody's porte sur la capacité de VMG à rembourser les Obligations à leur date ultime (octobre 2051), et non pas sur la capacité de VMG à rembourser les Obligations à leur date de remboursement attendue «in fine».


Le règlement intérieur de VMG comprend des règles de gestion mises en place afin de s'assurer que les flux de principal et d'intérêt des Parts prioritaires de FCC détenues par VMG permettent le remboursement des intérêts à bonne date et du principal à la date ultime de remboursement des Obligations. Le règlement intérieur ne peut être modifié sans que Moody's ne confirme au préalable qu'une telle modification n'engendrera pas une dégradation de la notation des Obligations existantes.


Tous les prêts immobiliers auxquels sont adossées les Parts prioritaires émises par onze FCC ont été octroyés par Entenial ou ses prédécesseurs et le recouvrement des prêts est assuré par Entenial. Moody's a procédé à une analyse approfondie des Parts prioritaires de FCC et a conclu que les risques de crédit des Parts prioritaires de FCC sont compatibles avec la notation des Obligations. Les caractéristiques négatives des portefeuilles sont notamment les suivantes : une quotité financée moyenne relativement élevée, un pourcentage important de prêts à taux variable et un pourcentage assez élevé de prêts destinés aux investisseurs. Moody's a en outre pris note des caractéristiques positives suivantes : (1) des prêts pour la plupart amortissables, (2) des estimations systématiques de la valeur des biens lorsque les prêts ont des encours importants, (3) une garantie supplémentaire sous forme de polices d'assurance-vie et de dépôts d'épargne, (4) les bonnes performances historiques des portefeuilles des FCC (dont le plus ancien a été créé en 1997).


Pour plus de détails sur VMG, veuillez vous reporter à notre « New Issue report » disponible très prochainement auprès de notre Rating desk au 44 207 772 5454 ou sur www.moodys.com.

No Related Data.
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