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20 Jul 2010
Buenos Aires, July 20, 2010 -- Moody's Latin America (Moody's) has assigned a rating of Aaa.ar
(Argentine National Scale) and of Ba1 (Global Scale, Local Currency)
to the Class A Fixed Rate and Floating Rate Debt Securities of Fideicomiso
Financiero Supervielle Créditos Banex XXXVII issued by Deutsche
Bank S.A. - acting solely in its capacity as Issuer
Moody's also assigned ratings of Ba1.ar (Argentine National Scale)
and Caa1 (Global Scale, Local Currency) to the Class C Fixed Rate
Securities; and ratings of Caa2.ar (Argentine National Scale)
and Caa3 (Global Scale, Local Currency) to the subordinated Certificates.
THE SECURITIZED POOL
The rated securities are payable from the cash flow coming from the assets
of the trust, which is an amortizing pool of approximately 21,176
eligible personal loans denominated in Argentine pesos, with a fixed
interest rate, originated by Banco Supervielle, in an aggregate
amount of ARS 80,001,870.
These personal loans are granted to pensioners that receive their monthly
pensions from ANSES (Argentina's National Governmental Agency of Social
Security - Administración Nacional de la Seguridad Social).
The pool is also constituted by loans granted to government employees
of the Province of San Luis. Banco Supervielle is the payment agent
entity and automatically deducts the monthly loan installment directly
from the employee's paycheck and pensioner's payment.
Deutsche Bank S.A. (Issuer and Trustee) issued three classes
of Debt Securities (Class A Fixed Rate Securities, Floating Rate
Securities and Class C Fixed Rate Securities) and one class of Certificates,
all denominated in Argentine pesos.
The Class A Fixed Rate Debt Securities will bear a fixed interest rate
of 11.75%. The Floating Rate Debt Securities will
bear a BADLAR interest rate plus 352 basis points. The Floating
Rate Debt Securities' interest rate will never be higher than 20%
or lower than 12%. The Class C Fixed Rate Securities will
bear a fixed interest rate of 19.50%.
Overall credit enhancement is comprised of subordination: 65%
for the Class A Fixed Rate Debt Securities, 15% for the Floating
Rate Securities and 5% for the Class C Fixed Rate Securities.
In addition the transaction has various reserve funds and excess spread.
Moody's considered the credit enhancement provided in this transaction
through the initial subordination levels for each rated class, as
well as the historical performance of Supervielle's portfolio.
In addition, Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses;
as well as specific factors related to the Argentine market, such
as the probability of an increase in losses if there are changes in the
macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes into account
all the relevant features of the transaction's assets and liabilities.
Monte Carlo simulations were run, which determines the expected
loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed
a triangular distribution for losses centered around the most likely scenario
of 10%. Also, Moody's assumed a triangular distribution
for the prepayments centered around a most likely scenario of 20%.
Moody's also considered the risk that a disruption in the flow of payments
from ANSES or the Government of San Luis to pensioners and employees respectively,
could severely affect the performance of the pool. Moody's believes
that the ratings assigned are consistent with this risk.
Finally, Moody's also evaluated the back-up servicing
arrangements in the transaction. If Banco Supervielle is removed
as servicer, Deutsche Bank S.A. (Argentina) will be
appointed as the back-up servicer.
For more information on this transaction, please refer to the New
Issue Report to be published in 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.
Originator: Banco Supervielle S.A.
ARS 28,000,000 in Class A Fixed Rate Debt Securities of "Fideicomiso
Financiero Supervielle Créditos Banex XXXVII", rated Aaa.ar
(Argentine National Scale) and Ba1 (Global Scale, Local Currency)
ARS 40,000,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Créditos Banex XXXVII", rated Aaa.ar
(Argentine National Scale) and Ba1 (Global Scale, Local Currency)
ARS 8,000,000 in Class C Fixed Rate Debt Securities of "Fideicomiso
Financiero Supervielle Créditos Banex XXXVII", rated Ba1.ar
(Argentine National Scale) and Caa1 (Global Scale, Local Currency)
ARS 4,000,000 in Certificates of "Fideicomiso Financiero Supervielle
Créditos Banex XXXVII", rated Caa2.ar (Argentine National
Scale) and Caa3 (Global Scale, Local Currency)
Senior Vice President
Structured Finance Group
Moody's Investors Service
Associate Analyst 1
Structured Finance Group
Moody's Rates Supervielle Créditos Banex XXXVII, a personal loan securitization in Argentina
No Related Data.
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