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14 Nov 2006
Approximately R$150.0 Million of Senior Shares Rated
Sao Paulo, November 14, 2006 -- Moody's America Latina (Moody's) has assigned provisional
ratings of (P)Aa3.br (Brazilian National Scale) and of (P)Ba2 (Global
Scale, Local Currency) to the senior shares to be issued by Fundo
de Investimento em Direitos Creditórios Companhia Paulista de Trens
Metropolitanos -- CPTM ("FIDC CPTM", the fund or
the issuer), a securitized transaction backed by future collections
of certain train tickets sold by Companhia Paulista de Trens Metropolitanos
("CPTM") in specified eligible CPTM stations.
The provisional ratings are based on the following factors:
The ability of CPTM, as a company controlled by the State
of Sao Paulo, to provide continued train transportation services
within the Sao Paulo's metropolitan region;
The importance of the CPTM's train system as the major mean
of transportation for more than 1.4 million commuters within Sao
Paulo's metropolitan area;
The financial support provided by the State of Sao Paulo to CPTM,
on a monthly basis, through subvention payments and capitalization;
The historical volumes of "Exclusive" ticket collections
originated in the eligible stations;
The structural protections of the transaction, including
the mitigation of commingling risk through the deposit of collections
directly into the Fund's bank account, and the ability to
apply all collections to pay down the senior shares if certain triggers,
including the Debt Service Coverage Ratio (DSCR), are breached;
The reserve account, equivalent to two months of projected
maximum debt service, which will be funded at closing from issuance
The legal structure of the transaction, including the bankruptcy
remoteness of the issuer.
The issuer is a closed-end FIDC that will issue senior and subordinated
shares, backed by future flow collections of "Exclusive"
tickets that are sold by CPTM in cash at 21 designated or eligible stations
("eligible flows"). The designated stations include
21 stations located along CPTM's six lines and any future stations
to be built within 3 kilometers from these 21 stations, says Luis
Barretto, an AVP/Analyst at Moody's.
The fund's legal final maturity date is 84 months from the date
of issuance. Senior and subordinated shares will amortize in 72
monthly payments of principal and interest, after a 12-month
grace period. If an early amortization period commences,
all collections will be applied to make interest and principal payments
to senior investors, and the legal final date of the transaction
will be automatically extended until the senior shares have been paid
in full. Moody's ratings address the expected loss on the
senior shares taking into account the legal final maturity of the fund
(84 months after closing).
CPTM, founded in 1992, is the company that runs the train
system of Sao Paulo's metropolitan region. CPTM is controlled
by the State of Sao Paulo (ratings of Ba2 on the Global Scale, Local
Currency and Ba2 on the Global Scale, Foreign Currency).
CPTM's system has 6 lines and 88 stations, serves 22 municipalities
and transports on average 1.4 million passengers in a weekday.
Details of Moody's analysis can be found in the forthcoming FIDC CPTM
presale report, to be published on Moody's website (http://www.moodys.com).
Fundo de Investimento em Direitos Creditórios CPTM -- FIDC
CPTM, rated (P)Aa3.br (Brazilian National Scale) and (P)Ba2
(Global Scale, Local Currency).
Asst Vice President - Analyst
Structured Finance Group
Moody's America Latina Ltda.
Moody's America Latina Rates (P)Aa3.br The Senior Shares To Be Issued by FIDC CPTM
Structured Finance Group
Moody's Investors Service
No Related Data.
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