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Rating Action:

MOODY'S REAFFIRME LA NOTE DES PARTS SENIORS DE BPI MASTER MORTGAGE 2003 ET CHANGE LA NOTE DES PARTS SUBORDONNEES SUITE A UNE NOUVELLE EMISSION DE PARTS

07 Jun 2004
MOODY'S REAFFIRME LA NOTE DES PARTS SENIORS DE BPI MASTER MORTGAGE 2003 ET CHANGE LA NOTE DES PARTS SUBORDONNEES SUITE A UNE NOUVELLE EMISSION DE PARTS

Euro 1.4 Billion of Debt Securities Affected.

Paris, June 07, 2004 -- Moody's Investors Service a reaffirme la note Aaa aux Parts prioritaires A et a change de A1 en A2 la note des Parts subordonnees B, respectivement emises par le compartiment FCC BPI Master Mortgage 2003. Les souscripteurs des Parts subordonnees prealablement existantes ont donne leur accord pour cette nouvelle notation.

Cette decision de notation fait suite a une nouvelle emission 301.0 millions d'Euros de parts fongibles avec les parts existantes. Moody's a reevalue le portefeuille global de creances et la couverture des risques de credit de l'ensemble des parts. Le montant total des parts emises par CIF ASSETS 2001-1 s'eleve desormais a 1,445.5 millions d'Euros, dont 1,397.0 millions d'Euros de Parts prioritaires A et 48,5 millions d'Euro de Parts subordonnees B.

BPI Master Mortgage 2003 est un compartiment du fonds commun de creances BPI Master Mortgage. Ces Parts sont des titres adosses a un portefeuille de prêts immobiliers aux particuliers octroyes par Banque Patrimoine et Immobilier ("BPI"), une filiale du groupe Credit Immobilier de France ("CIF").

Cette transaction a pour vocation d'être un outil de refinancement recurrent du groupe CIF. L'emission prevue des Parts Prioritaires et Subordonnees fera l'objet d'un placement prive aupres d'investisseurs qualifies. Les Parts Prioritaires ainsi emises devraient être refinancees par l'emission d'Obligations Foncieres par CIF Euromortgage, la Societe de Credit Foncier mise en place par la Caisse Centrale du Credit Immobilier de France (3CIF). A partir d'avril 2003, des rechargements ne sont possibles qu'aux dates d'emission annuelles (23 mai et 23 novembre) et a condition que les notations des parts soient confirmees.

Les notes attribuees aux Parts par Moody's reposent principalement sur: (1) la qualite et les caracteristiques des creances du portefeuille global; (2) la marge nette excedentaire; (3) la subordination de 3.36 pour cent offerte par les parts subordonnees B; (4) le fonds de reserve de 0.6 pour cent; (5) le swap conclu avec 3CIF (A1/P-1), destine a proteger la structure contre un risque de taux et a garantir une marge brute excedentaire de 1.75 pour cent par an; (6) les mecanismes d'allocation de flux et les seuils d'alerte; (7) la ligne de liquidite.

LE PORTEFEUILLE DE PRÊTS

Le portefeuille d'actifs sous-jacents est constitue de prêts immobiliers residentiels octroyes par BPI et adosses a des garanties de premier rang. Les prêts sont principalement a taux fixe (64 pour cent). Dans son analyse de l'operation, Moody's a tenu compte des elements favorables suivants, (1) 26.9 pour cent des prêts sont octroyes a des fonctionnaires, (2) 80.9 pour cent des prêts financent l'acquisition de residences principales et (3) l'âge moyen des prêts est de quatre ans. Moody's a egalement tenu compte des elements defavorables suivants, (1) 11.8 pour cent du portefeuille concernent des prêts financant des maisons secondaires, et 11.0 pour cent des prêts sont octroyes a des emprunteurs non-residents.

La structure inclut une periode de rechargement de deux ans prevoyant le financement des prêts recharges par l'emission de nouvelles Parts, sous reserve du respect des criteres d'eligibilite.

Les notations portent sur le paiement des interêts a bonne date et le remboursement du principal au plus tard a la date legale d'amortissement (avril 2048). La notation Moody's n'est que l'expression d'une opinion sur le niveau des risques de credit associes a l'operation.

Pour obtenir une copie du document d'evaluation des Parts de BPI Master Mortgage 2003, consulter le site internet www.moodys.com ou contacter notre Client Service Desk a Londres au +44-20-7772 5454.

Frankfurt
Detlef Scholz
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

Paris
Boudewijn Dierick
Asst Vice President - Analyst
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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