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09 Feb 2009
Approximately R$ 150 Million of Senior Shares Rated
Sao Paulo, February 09, 2009 -- Moody's America Latina (Moody's) has assigned definitive ratings
of Aa3.br (Brazilian National Scale) and Ba2 (Global Scale,
Local Currency) to the senior shares issued by FIDC Não Padronizados
FIDC CPTM is a securitization transaction (a closed-ended FIDC)
backed by future collections of certain train tickets sold by Companhia
Paulista de Trens Metropolitanos (CPTM) in some predefined eligible train
stations. The senior and subordinated shares, issued on March
2007, have a legal final maturity of 84 months, are amortized
in 72 monthly payments of principal and interest after a 12-month
The transaction is performing according to expectations. As of
December 31st, 2008 the DSCR of the transaction was at 4.3x.
When assigning the final rating, Moody's evaluated the historical
flows of ticket collections from eligible train stations that were sold
to the fund since the transaction's closing in March 2007.
Moody's considered historical volatility of collections and,
based on this historical data, stressed the cash flows.
The transaction benefits from a Debt Service Coverage Ratio (DSCR) trigger
requiring that a minimum ratio between collections in eligible train stations
and the next projected principal plus interest debt service payment is
maintained throughout the life of the transaction. If the DSCR
falls below 1.75x in any given month or 2.0x on average
within a six-month period, an early amortization event is
automatically triggered and all collections are transferred to senior
shares until they are fully paid.
Moody's ran a number of cash flow scenarios, stressing both collections
of eligible flows and the IPCA inflation index used to calculate interest
on the senior shares. In one stress scenario, Moody's considered
that the IPCA index was maintained at 3% a month (in December 2008,
the monthly IPCA index was 0.28%). If the IPCA index
reaches 3% in any given month during the life of the transaction,
an early amortization event is automatically triggered. The eligible
flows were simulated as the minimum monthly collection since April 2007
reduced by 10%, or R$11.5 million (in December
2008, the eligible collections were R$15.4 million).
In this scenario, senior shares were fully paid down in 20 months.
Moody's took into account the importance of CPTM's train system
as the major means of transportation for more than 1.4 million
commuters within Sao Paulo's metropolitan area, and the financial
support provided by the firm's parent - the State of São
Paulo - on a monthly basis, through subvention payments and
Moody's also considered other structural protections available for
the transaction, including the mitigation of commingling risk through
the deposit of collections directly into the Fund's bank account;
the ability to apply all collections to pay down the senior shares if
certain triggers, including the DSCR, are breached; and
the availability of a reserve account, equivalent to two months
of projected maximum debt service, which was funded at closing from
issuance proceeds. Moody's also analyzed the legal structure
of the transaction, including the true sale of future train ticket
collections at the eligible train stations.
Other methodologies and factors that may have been considered in the process
of rating this issue can also be found at www.moodys.com
in the Rating Methodology & Performance page.
The complete rating action is as follows:
FIDC Não Padronizados CPTM - Senior Shares - Aa3.br
(Brazilian National Scale) & Ba2 (Global Scale, Local Currency).
The last rating action occurred on November 14, 2006, when
the provisional ratings were assigned.
Additional research, including a presale report for this transaction,
is available at www.moodys.com.
Norton T. Bastos
Asst Vice President - Analyst
Structured Finance Group
Moody's America Latina Ltda.
Moody's Assigns Definitive Ratings to FIDC Não Padronizados CPTM Senior Shares
Structured Finance Group
Moody's America Latina Ltda.
No Related Data.
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