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Rating Action:

MOODY'S CALIFICA LOS BONOS DE TITULIZACIÓN DE ACTIVOS EMITIDOS POR BCL MUNICIPIOS I, FONDO DE TITULIZACIÓN DE ACTIVOS

22 Jun 2000
MOODY'S CALIFICA LOS BONOS DE TITULIZACIÓN DE ACTIVOS EMITIDOS POR BCL MUNICIPIOS I, FONDO DE TITULIZACIÓN DE ACTIVOS Moody's ha asignado la calificaci¢n Aaa a las Series A1 (245 millones de Euros) y A2 (900 millones de Euros) y la calificaci¢n A2 a la serie B (60 millones de Euros) de los Bonos de Titulizaci¢n de Activos emitidos por BCL Municipios I, Fondo de Titulizaci¢n de Activos, para financiar la compra a Banco de Cr‚dito Local (® BCL ¯) de una cartera de pr‚stamos a ayuntamientos espa¤oles. Los costes de la operaci¢n ser n financiados mediante un pr‚stamo subordinado otorgado por BCL. Esta es la primera emisi¢n de bonos de titulizaci¢n en el mercado espa¤ol respaldada por este tipo de activos.


La cartera est  compuesta por 2.043 pr‚stamos otorgados por BCL a 1.115 ayuntamientos, con un principal pendiente de pago, a fecha 3 de mayo de 2000, de aproximadamente 1.300 millones de Euros. Los diferentes ayuntamientos se encuentran repartidos por toda la geograf¡a espa¤ola, si bien las comunidades con mayor concentraci¢n son Catalu¤a, Andaluc¡a y Valencia, que representan en conjunto m s del 55% del principal pendiente de pago de los pr‚stamos. Todos los pr‚stamos son a tipo de inter‚s variable. El tipo de inter‚s de referencia predominante es el Mibor a 3 meses (85,6% de la cartera, en t‚rminos de principal pendiente de pago), siendo el resto Mibor y Euribor a distintos plazos. El tipo de inter‚s nominal medio ponderado es de 4,38%, siendo 0,46% el margen medio ponderado sobre el tipo de referencia. Los pr‚stamos tienen una antigedad media ponderada de 39 meses y una vida residual media ponderada de 125 meses.


El fondo es abierto por el activo (el primero en Espa¤a de estas caracter¡sticas) y, si se satisfacen ciertas condiciones, podr  adquirir trimestralmente nuevos pr‚stamos a BCL. La duraci¢n inicial del per¡odo de restituci¢n es de 10 a¤os. A su t‚rmino, dicho per¡odo podr  ser prorrogado por plazos de un a¤o a la entera discreci¢n de Moody's, previa solicitud de la Sociedad Gestora.


Al asignar la calificaci¢n Aaa a las Series A1 y A2, Moody's ha tenido en cuenta : (i) la calidad crediticia de los pr‚stamos subyacentes ; (ii) el 5% de subordinaci¢n proporcionado por la Serie B ; (iii) la mejora crediticia adicional proporcionada por la l¡nea de cr‚dito subordinada otorgada por BCL (Aa2/P-1), cuyo importe inicial es el 4,5% del saldo vivo inicial de los bonos ; (iv) el contrato de permuta financiera de intereses entre el fondo y BCL, que cubre los intereses de pr‚stamos dudosos ; (v) la capacidad de BCL para actuar como administrador de los pr‚stamos ; (vi) la experiencia de la Gestora Europea de Titulizaci¢n, as¡ como la garant¡a de sus obligaciones por parte de todos sus accionistas ; y (vii) el resto de aspectos legales y estructurales de la operaci¢n. La calificaci¢n A2 otorgada a los Bonos de la serie B est  basada en lo anterior as¡ como en el car cter subordinado de estos bonos respecto de los de las series A1 y A2.


Moody's aplic¢ el m‚todo de expansi¢n binomial en el an lisis de riesgo de cr‚dito de la operaci¢n. Si bien todos los deudores pertenecen a un £nico sector, se asumi¢ un indicador de diversidad de 50, dado el gran n£mero de ayuntamientos en la cartera y el hecho de que ‚stos son independientes entre s¡. Sus fuentes de ingresos son las transferencias recibidas del Estado y de las Comunidades Aut¢nomas, as¡ como una parte de los impuestos locales. Para calibrar la probabilidad de morosidad de los pr‚stamos, Moody's realiz¢ un an lisis din mico de la morosidad de los ayuntamientos desde 1991. Se tuvieron en cuenta aquellos pr‚stamos que presentaban una morosidad superior a 24 meses, y se hipotiz¢ una tasa de recuperaci¢n nula para los mismos. Moody's concluy¢ que la calidad crediticia de la cartera en su conjunto (y no la de ning£n ayuntamiento en particular) estar¡a en torno al valor de la inversi¢n.


Las calificaciones de Moody's reflejan su opini¢n acerca del riesgo de cr‚dito de la operaci¢n y de la capacidad de cumplimiento de los pagos de intereses puntualmente en cada fecha de pago prevista y del principal de la emisi¢n en la fecha de vencimiento final (Julio de 2030). Las calificaciones no miden la capacidad de cumplimiento de la amortizaci¢n del principal de los bonos puntualmente seg£n el calendario previsto.


BCL Municipios I es un fondo de titulizaci¢n de activos dise¤ado, administrado y constituido por Europea de Titulizaci¢n, S.G.F.T., S.A., El principal accionista de la gestora es Banco Bilbao Vizcaya Argentaria, quien actuar  asimismo como agente de pagos y como director, asegurador y colocador de la emisi¢n. Banco Urquijo y Cr‚dit Agricole Indosuez asegurar n y colocar n asimismo una parte de la emisi¢n.


BCL actuar  como administrador de los pr‚stamos. Moody's estima que los procedimientos de gesti¢n de BCL y sus equipos inform ticos le permitir n desempe¤ar su cometido de administrador de manera satisfactoria.


Para obtener una copia del informe de Moody's sobre esta operaci¢n, pueden contactar con Mar¡a Hassan en el tel‚fono de Madrid 91 310 1454.
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