Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
28 Feb 2011
Approx. EUR 280 Million of debt securities affected
Paris, February 28, 2011 -- Moody's Investors Service has assigned the following definitive ratings
to notes issued by Ifis Collection Services SRL (the "Issuer"):
....EUR90M A1Notes, Assigned A3 (sf)
....EUR10M A2 Notes, Assigned A3 (sf)
....EUR90M A3 Notes, Assigned A3 (sf)
....EUR90M A4 Notes, Assigned A3 (sf)
The transaction is a cash securitisation of factoring receivables originated
by Banca Ifis SpA in Italy, which has retained the role of servicer
in this transaction. The transaction has closed in October 2008
and is revolving until November 2013. This is the first public
securitisation transaction sponsored by Banca Ifis SpA.
The securitised portfolio consists of unsecured trade receivables purchased
by Banca Ifis from its Italian corporate clients (the assignors) under
standard factoring contracts. Those trade receivables were initially
extended by the assignors to their Italian corporate clients (the debtors)
within their business relationships. The 1st January 2011 portfolio
comprises approximately 1800 assignors and 1600 debtors and shows some
degree of concentration as the top first debtor account for 4.87%
of the total portfolio amount and the top assignor 3.55%.
Moreover, the portfolio is exposed to industrial sector concentration
with 16.42% of the debtors belonging to the Construction
and Building sector. The debtor concentration level is capped given
each debtor group rating, with the maximum concentration of unrated
debtor group at 4%, while the top assignor group shall not
account for more than 5%. The average payment terms of the
factoring receivables is 4 months. The eligibility criteria provide
that the public entities are excluded from the debtor portfolio as well
as the receivables which are delinquent by more than 90 days. As
of 1 January 2011, the portfolio consists of approximately 57,000
The Class A1, A2, A3 and A4 notes (together the Class A notes)
are pro rata and pari passu. The Class A notes benefit from a 6
months liquidity in the form of a cash reserve fund to cover senior expenses
and notes coupon during the amortisation period (12 months of liquidity
is available during the revolving period). The credit enhancement
of the Class A1 to A4 notes is in the form of overcollateralisation through
a deferred purchase price (DPP) of which payment is subordinated to the
notes principal payment. The DPP amount may vary on a monthly basis
given a dynamic formula which stresses the default and dilution past 12
months average rate by 2.15. The DPP formula include a floor
set at 16% for default risk and 2% for dilution risk.
The total credit enhancement resulting from this DPP formula is 18.96%
as of the end of February 2011.
According to Moody's, the transaction benefits from credit strengths
such as a reserve fund available to cover up to 6 months of liquidity
shortfalls throughout the amortisation period and credit enhancement that
will adjust to the preceding year performances. Furthermore,
a floor of credit enhancement to cover for the top debtors concentration,
the debtors and assignors concentration limits, the short average
life of the receivables together with the performance triggers attached
to the default rate, dilution rate and asset/liability test also
are mitigants given the revolving nature of the transaction. In
addition, the debtors notification to pay directly in the issuer
bank account strongly mitigates the commingling risk.
The Class A notes rating was constrained by the transaction operational
weaknesses given that the originator and servicer is not rated and given
the absence of back-up servicer at closing of the transaction.
The transaction is exposed to the ability of the servicer to perform its
various obligations related to servicing and to the cash manager ability
to act in a timely fashion (a role associated with payment calculations
and instructions handled by Securitisation Services as calculation agent
and BNP Paribas as paying agent). The absence of back-up
servicer at closing is mitigated by the back-up servicer facilitator
appointment (being Securitisation Services S.p.A being also
the Representative of Noteholders). The transaction documents include
replacement events that are triggered when the capital adequacy ratio
of Banca Ifis ceases to be in line with Bank of Italy requirements.
However, Moody's believes these triggers imperfectly protect the
transactions from possible disruptions in the event of a sudden deterioration
in the credit quality of Banca Ifis and if a successor servicer could
not be rapidly found, especially given the short term nature of
From a quantitative stand point, Moody's assessed the credit
enhancement floor under various portfolio scenario to anticipate on the
potential portfolio volatility over the 3 year revolving period.
In that respect, Moody's assumed a debtor weighted average
default rate of 11.6% and a 50% volatility over a
3 year average life, equivalent to a B1 default probability rating
following "Moody's Approach to Rating Granular SME Transactions
in Europe, Middle East and Africa, June 2007".
The debtor portfolio was analysed under different concentration scenario
using CDOROM model as per "Moody's Approach to Rating the
CDOs of SMEs in Europe, February 2007". Further,
Moody's weighted in its analysis the dilution risk through the modelling
of the assignors portfolio credit risk under various dilution rate scenario
from 5% to 50%. Although Banca Ifis origination and
servicing procedures mitigates the dilution risk, such risk is by
nature volatile and explain such range of scenario. The assignor
portfolio credit risk was also assessed following the same approach as
for the debtors credit risk, resulting in a B1/B2 equivalent default
rate and 45% volatility.
The V-score analysis for the transaction is Medium/High.
Moody's has compared the transaction v-score with the Italian Leasing
sector scores. The main contribution to an overall Medium/High
V-score assessment for the transaction is from the absence of back-up
servicer arrangement and limited historical data provided of up to 5 years.
For more information on V-scores, please see the report "V
Scores and parameter Sensitivities in the EMEA Small-to-Medium
Enterprise ABS Sector", published in June 2009.
The principal methodologies used in this rating were Moody's Approach
to Rating Granular SME Transactions in Europe, Middle East and Africa,
June 2007 Moody's Approach to Rating the CDOs of SMEs in Europe,
February 2007 and the Moody's Approach to rating trade receivables
backed transactions, July 2002.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments in this transaction.
The ratings address the expected loss posed to investors by the legal
final maturity of the notes. In Moody's opinion, the structure
allows for timely payment of interest and ultimate payment of principal
on the Class A Notes. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks
have not been addressed, but may have a significant effect on yield
Moody's used its excel based Moody's CDOROM™ as part of its quantitative
analysis of the transaction.
In rating factoring receivables ABS, debtors default rate and debtors
concentration levels are two key inputs that the minimum credit enhancement
to support the floor analysis level. Parameter sensitivities for
this transaction have been tested in the following manner: Moody's
tested three scenarios derived from the combination of the debtors mean
default: 11.6% (base case), 13% (base
case -- 0.5 notch), 14. 5% (base case
-- 1 notch) . The model output results for Class A notes under
these scenarios vary from A3 to Baa3. Parameter Sensitivities provide
a quantitative/model-indicated calculation of the number of notches
that a Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. It is not intended
to measure how the rating of the security might migrate over time,
but rather, how the initial model output of the security might have
differed if the two parameters within a given sector that have the greatest
rating impact were varied.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
and public information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entity or its related third parties within the
three years preceding the Credit Rating Action. Please see the
ratings disclosure page www.moodys.com/disclosures on our
website for further information.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Senior Vice President
Structured Finance Group
Moody's Italia S.r.l
Moody's France SAS
Moody's Investors Service has assigned definitive ratings to notes issued by Ifis Collection Services SRL
96 Boulevard Haussmann
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.