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Rating Action:

MOODY'S LATIN AMERICA ASIGNA UNA CALIFICACION PRELIMINAR DE A1.ar A NIDEXPORT I

06 May 2004
MOODY'S LATIN AMERICA ASIGNA UNA CALIFICACION PRELIMINAR DE A1.ar A NIDEXPORT I Moody's Latin America ha asignado una calificación preliminar de A1.ar en la escala de calificación nacional a los Valores Representativos de Deuda Fiduciaria (VRD) a ser emitidos por el ING Bank N.V. Sucursal Argentina (actuando únicamente como Emisor y Fiduciario).


Los VRDs estarán respaldados por un flujo de exportaciones entre Nidera S.A. -calificada A1.ar en la Escala Nacional - y Nidera Handelscompagnie BV (NHBV).


Nidera S.A. provee una garantía adicional para cubrir cualquier faltante en la cuenta Activos y Cobranzas.


Según Moody´s, la calificación de A1.ar se basa en los siguientes aspectos: 1) la capacidad y voluntad de Nidera S.A. para realizar pagos a los inversores en moneda local bajo los términos de la garantía 2) la capacidad del ING Bank N.V. Sucursal Argentina para actuar como Fiduciario en beneficio de los inversores 3) los aspectos estructurales y legales de la transacción.


INTRODUCCIÓN

Nidera S.A. es una compañía agroindustrial con base en Argentina y se especializa en la producción y comercialización de granos, aceites vegetales, fertilizantes, agroquímicos y semillas. NHBV por su parte es una compañía de trading creada en 1920 y localizada en los Países Bajos. Ambas compañías son operativamente independientes aunque pertenecen al mismo holding.


En esta transacción hay varios riesgos operacionales, de comercio y crediticio relacionados con los flujos de exportaciones que se encuentran mitigados por una garantía provista por Nidera S.A. Por lo tanto, Moody's no basa su análisis en los riesgos relacionados con los contratos de exportación sino en la garantía provista por Nidera S.A. tal como se explica más adelante en este comunicado de prensa.




ACCION DE CALIFICACIÓN

Hasta 20 Millones de Dólares en Valores Representativos de Deuda a Tasa Fija -del Fideicomiso Financiero Nidexport I- calificado en A1.ar.


ESTRUCTURA

ING Bank Sucursal Argentina emitirá una clase de VRD y un Certificado de Participación (no calificado), todos denominados en dólares pero pagaderos en pesos mediante el flujo de exportaciones recibido desde NHBV o en su defecto por la garantía de Nidera S.A. Los VRDs pagarán una tasa fija.


La promesa a los inversores es el pago trimestral puntual de intereses y el capital al final legal de la transacción. En ambos casos la calificación de la transacción se basa en la fecha de pago esperada (FPE) más un período de remedio de 10 días, es decir, la fecha de pago (FP).


Se promete a los inversores recibir el equivalente en pesos de los montos debidos en dólares utilizando el tipo de cambio publicado por EMTA ARS Industry Survey Rate vigente dos días antes de la FPE o de la FP. Si el Banco Central establece un tipo de cambio oficial al que se cursan la mayoría de las exportaciones agropecuarias, entonces los VRDs se podrán pagar -a opción del inversor- utilizando dicho tipo de cambio como referencia tal como se explica en el siguiente párrafo.


El final legal de la transacción se producirá a los 3 años y 10 días desde la fecha de integración. Sin embargo, ante un evento de desdoblamiento cambiario, definido como aquel evento que ocurre cuando la diferencia entre el tipo de cambio de libre mercado y el tipo de cambio oficial para exportaciones agrícolas es mayor a un 5%, los inversores podrán tener la posibilidad de diferir el pago tanto de interés y/o de capital mediante una asamblea de beneficiarios.


Los pagos de interés pueden ser prorrogados por un trimestre y podrán ser capitalizados anualmente. Cada trimestre, los inversores podrán volver a votar para decidir entre una prorroga del pago de interés o recibir el pago estipulado al tipo de cambio oficial para exportaciones.


Los pagos de capital podrán ser prorrogados por períodos de seis meses. Cada semestre los inversores podrán volver a votar para decidir entre la prórroga del capital o recibir el pago estipulado al tipo de cambio oficial para exportaciones. Los pagos de capital podrán ser prorrogados hasta un máximo de 8 años y 10 días desde la fecha de integración.


En ambos casos, Nidera S.A. tiene la obligación de continuar desempeñando sus funciones de acuerdo a los documentos de la transacción.


Si el evento de desdoblamiento cambiario se produce en una fecha tal que imposibilite una convocatoria a asamblea, entonces los pagos de interés y/o de capital serán automáticamente prorrogados por un período de tres y seis meses respectivamente. Si esto sucede, los inversores tendrán que votar en Asamblea dentro del mes siguiente a la FPE para ratificar la prórroga o recibir los montos debidos. Si eligen recibir los montos debidos entonces el pago se efectuará 10 días después de la decisión de la asamblea utilizando el tipo de cambio de 8 días después de dicha decisión.


Esto significa que los inversores corren el riesgo de que la brecha cambiaria entre el tipo de cambio libre y el tipo de cambio de exportación al momento de la prórroga automática sea menor al tipo de cambio vigente a la fecha de efectivo pago posterior a la decisión de la Asamblea. Si los inversores optan en ese momento por recibir el pago al tipo de cambio de exportación, entonces sufrirán una pérdida en comparación con los montos que hubieran recibido si la prórroga no se hubiera producido. Este riesgo se encuentra descripto en los documentos de la transacción.


El proceso de votación funciona de la siguiente manera: al menos el 60% de los tenedores senior decidirán si desean la prórroga o no.


La decisión de la Asamblea se aplica para todos los inversores por igual -hayan participado o no de la reunión- e incluyendo a aquellos que votaron en contra de la moción. El proceso de decisión toma vigencia luego de publicada en el Boletín de la Bolsa de Comercio de Buenos Aires.


La garantía de Nidera también aplica en el caso de un evento de desdoblamiento cambiario o prorroga de pagos.


FUNDAMENTOS DE LA CALIFICACIÓN


En esta transacción, existe una garantía en última instancia provista por Nidera S.A. que cubre cualquier faltante relacionado con los fondos depositados en la cuenta Activos y Cobranzas relacionados con los servicios de deuda. El lenguaje en los documentos cubre cualquier riesgo operacional, de mercadería, relacionado con el importador que ocurra por motivos crediticios, omisiones, errores, problemas, entre otros.


Los riesgos no cubiertos se extienden al fraude por parte del Fiduciario y a la expropiación o confiscación de fondos en la cuenta Activos y Cobranzas por parte del Gobierno Nacional Argentino. En el primer caso el riesgo se encuentra mitigado por las características propias del fiduciario designado (ING Bank Sucursal Argentina). Aunque la sucursal argentina del ING no se encuentra calificada por Moody's es una full branch de ING Bank N.V. (calificada en Aa2 para Depósitos Bancarios) y en el segundo caso porque la calificación de la transacción es inferior a la máxima calificación en moneda local que puede obtener un emisor argentino.


Dos días hábiles cambiarios antes de la FPE, el Fiduciario estará obligado a verificar si los fondos disponibles en la cuenta Activos y Cobranzas son suficientes para cubrir cualquier faltante en el servicio de deuda. En caso de que exista un faltante, el fiduciario está obligado por carta documento a notificar a Nidera S.A. acerca del faltante, el día hábil siguiente.


Cualquier faltante en dólares entre el monto en pesos disponible y el servicio de deuda en dólares será pagado en el décimo día después de la FPE. Para realizar la conversión a pesos del faltante se utilizará el tipo de cambio del día octavo después de la FPE. Los inversores recibirán interés por el período de remedio. Esta es una transacción tipo bullet; por lo tanto los pagos de interés serán siempre calculados sobre el monto original, con la excepción de los pagos de interés capitalizados y los pagos parciales realizados en la FPE. Por lo tanto el interés será calculado por el monto vigente. Los impuestos y gastos del Fideicomiso también estarán cubiertos en última instancia por Nidera S.A.


Detalles del análisis de Moody's se podrán encontrar en nuestro próximo Pre-Sale Report Fideicomiso Financiero Nidexport Serie I.


No Related Data.
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