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06 Aug 2010
Milan, August 06, 2010 -- Moody's Investors Service said today that there is no rating impact on
the Italian residential mortgage-backed securities (RMBS) issued
by Mecenate S.r.l. ("Mecenate 2007") following the
implementation of the "Piano Famiglie" payment holiday scheme by the originator,
Banca Etruria Società Cooperativa ("Banca Etruria", Not Rated).
The Piano Famiglie scheme allows borrowers that meet certain criteria
to enjoy a payment holiday period of a maximum of 12 months of either
interest and principal or just principal. The criteria that borrowers
have to meet to participate in the Piano Famiglie scheme are: (i)
loss of employment; (ii) receipt of temporary unemployment benefits
(cassa integrazione) for more than 30 days; (iii) death of an income-producing
family member or the occurrence of conditions of non-self-sustainability;
or (iv) termination of self-employment. An additional condition
is that one of the above events occurred between 1 January 2009 and 31
December 2010. Moreover, the mortgage loan has to be granted
for an amount below EUR150,000 and the annual taxable income of
the borrower has to be below EUR40,000.
Borrowers will be ineligible for the Piano Famiglie scheme if: (i)
a loan has been in arrears for more than 180 days after the occurrence
of one of the above events; (ii) a loan has been in arrears for less
than 180 days but the criterion that makes the borrower eligible for the
payment holiday occurred after the loan entered arrears; (iii) the
original maturity of the loan is less than five years; (iv) the borrower
benefits from financial support of any kind with regard to principal and/or
interest provided by a public entity; (v) mortgage loans with a fixed
instalment; (vi) mortgage loans with an insurance policy that covers
the events that make the borrower eligible; and (vii) borrowers have
already benefited from other similar private or public payment holiday
schemes. The suspension in the Piano Famiglie is retroactive,
thus unpaid instalments of eligible loans will not be considered as unpaid
Moody's understands that Mecenate 2007's documents have been amended to
allow the originator to repurchase receivables of borrowers who participate
in the Piano Famiglie scheme. The total amount of receivables repurchased
will be capped at 25% of the original purchase price though Banca
Etruria expects that a relatively small portion of the pool will be eligible
for the scheme. The loans will be repurchased at par plus interests
accrued and to accrue up of the immediately following payment date.
Moody's has addressed the risk of claw back on the amount received by
the issuer as purchase price. Moody's believes this risk
is sufficiently remote given the issuer will receive as evidence of the
solvency of Banca Etruria i) on each payment date when a repurchase has
been excecuted a certificate of good standing (certificato di vigenza),
and every three months (ii) a solvency certificate issued by the Court
(Sezione Fallimentare) and (iii) a solvency certificate of Banca Etruria.
In addition, Moody's believes that the implementation of the schemes
may result in an increase of prepayments but given the relatively low
estimated portion of eligible debtors, the impact of increased prepayments
will be minimal on the structure. With regards to the effects of
prepayments on the pool composition Moody's also notes that the payment
holiday can only apply to borrowers who are experiencing objective financial
difficulties and would contribute to the worsening of portfolio performance.
The transaction's investor report will show detailed information on all
Moody's will closely monitor the performance of the affected deal as and
when more data becomes available and will evaluate what impact,
if any, the schemes have. Moody's ratings address the expected
loss posed to investors by the legal final maturity of the notes.
Moody's ratings address only the credit risks associated with the transactions.
Other non-credit risks have not been addressed, but may have
a significant effect on yield to investors.
The principal methodology used in rating and monitoring the transaction
is "Moody's Approach to Rating Italian RMBS" published in December 2004
, which can be found at www.moodys.com in the Rating
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Rating Methodologies sub-directory
on Moody's website. Further information on Moody's analysis of
these transactions is available on www.moodys.com.
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.
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Asst Vice President - Analyst
Structured Finance Group
Moody's Italia S.r.l
Moody's Italia S.r.l
Moody's: No Rating Impact on Mecenate s.r.l. ("Mecenate 2007") Italian RMBS from "Piano Famiglie" Payment Holiday Scheme
Corso di Porta Romana 68
No Related Data.
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