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19 Dec 2003
MOODY'S RATES TAIWAN'S COSMOS BANK CASH CARD SECURITISATION'S ESR CERTIFICATES A1.tw
NTD1,190 Million of Asset-Backed Trust Certificates Rated.
Hong Kong, December 19, 2003 -- Moody's Investors Service has assigned an A1.tw rating to the ESR
Certificates issued by Cosmos Bank George & Mary Cash Card 2003 Securitisation
Special Purpose Trust (the receivables trust). The transaction
is the first securitisation transaction of Cosmos Bank, Taiwan.
It is structured by HVB Singapore Limited and UBS Limited and brought
to the market by Yuanta Core Pacific Securities Corp. and Taiwan
International Securities Corporation. The complete rating action
is as follows:
Issuer: Cosmos Bank George & Mary Cash Card 2003 Securitisation
Special Purpose Trust
NTD1,190 Million ESR Certificates due 2010, rated A1.tw
The A1.tw rating on the ESR Certificates addresses the timely payments
of interest and the ultimate repayment of principal at par by the ESR
Certificates maturity date in January 2010.
In assigning the A1.tw rating, Moody's mainly considered
the following factors:
1. the credit quality of the underlying George & Mary cash
card receivables (GM cash card receivables);
2. the 23% subordination provided to the investor interest
by the subordinated seller interest; and the payment priority which
diverts principal to pay down the outstanding balance on the ESR Certificates
after the investor certificate is fully paid down;
3. the fully-funded reserve to cover (a) 3 months of senior
fees and expenses, and yield on the investor interest, (b)
costs related to sending out servicer termination notices, and (c)
transference expenses incurred in the event that the servicer's role has
to be transferred to the back-up servicer;
4. the transaction's structural features, including the various
triggers that are involved in servicer termination events and accelerated
5. the approval obtained from the Bureau of Monetary Affairs department
of the Taiwan Ministry of Finance on the issuance of trust certificates
by the receivables trust;
6. the perfection of the transfer of existing and future GM cash
card receivables against all parties, including the relevant obligors,
by publication prior to the transfer date;
7. the experience of Cosmos Bank, Taiwan (Cosmos) as the
originator and the servicer; and
8. the involvement of Deutsche Bank AG, Taipei branch (DB
Taipei branch) as both the receivables trustee and back-up servicer.
Cosmos Bank George & Mary Cash Card 2003 Securitisation Special Purpose
Trust, which has been established under Taiwanese law, issues
the investor certificate, the subordinated seller certificate,
the seller certificate and the ESR certificates (ESR Certificates).
Cosmos subscribes for the subordinated seller certificate and the seller
certificate. The ESR Certificates are placed in Taiwan.
Cosmos transfers a pool of GM cash card receivables to the receivables
trust. Collections from these receivables are used to fulfill various
payment obligations of the trust. A seller interest of 10%,
as represented by the seller certificate, is present to absorb fluctuations
in the receivables balance.
Interest on the ESR Certificates is paid monthly based on a fixed rate
of 2.2%. Scheduled principal will be paid starting
from the 4th month after the transaction closes if no accelerated amortization
event has occurred.
The investor certificate will enjoy 23% subordination provided
by the subordinated seller certificate. When the investor certificate
is fully paid down, principal collections will be diverted to pay
down the outstanding balance on the ESR Certificates. As a result,
the 23% subordinated seller certificate also offers protection
to the ESR Certificateholders against potential defaults in the underlying
GM cash card receivables and Moody's believes that the risk exposure of
Certificateholders is consistent with the A1.tw rating.
A more detailed analysis of the transaction will soon be available at
Moody's website: http://www.moodys.com
The issuer is a newly constituted trust under Taiwanese law pursuant to
a trust agreement. Cosmos is the originator and servicer of the
GM cash card receivables. Cosmos introduced the George & Mary
cash card in Taiwan in July 1999 and currently has the largest domestic
market share, about 55% in terms of the total outstanding
balance, of the cash card business in Taiwan. DB Taipei branch
is the receivables trustee and the back-up servicer.
Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor
is it acting on behalf of the offering party. This release is not
a solicitation or a recommendation to buy, hold or sell securities.
Michael M. Ye
Structured Finance Group
Moody's Asia Pacific Ltd.
Asst Vice President - Analyst
Structured Finance Group
Moody's Asia Pacific Ltd.
No Related Data.
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