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23 Aug 2010
New York, August 23, 2010 -- Moody's Investors Service has assigned a global foreign currency rating
of A1 (sf) to the Series 2010-1, ("the Notes")
issued by International Diversified Payment Rights Company (the SPC).
The Notes, which have an aggregate principal balance of U.S.$175
million, are backed by future U.S. dollar cash flows
generated by the MT100 electronic remittance business of the Brazilian
bank Banco Bradesco S.A. The SPC was established for the
purpose of this program by Banco Bradesco, which is the originator
of and the servicer for the receipts.
Issuer: International Diversified Payment Rights Company
U.S.$175,000,000 Series 2010-1
Floating Rate Notes due 2017, rated A1 (sf)
Moody's also notes that the issuance of the additional series, in
and of itself and at this time, did not result in the downgrade
or withdrawal of its A1 (sf) foreign currency rating currently assigned
to the Series 2003-1 Notes, Series 2004-1 Notes,
Series 2007-1 Notes, Series 2007-2 Notes, Series
2007-3 Notes, and Series 2007-4 Notes issued by the
SPC. Moody's understands that the Series 2009-1 notes
will be prepaid in full with proceeds of this issuance and as such the
current A1 (sf) rating assigned to the 2009-1 Notes will be withdrawn.
Moody's believes that the issuance of the Notes does not have an
adverse effect on the credit quality of the outstanding rated securities.
Moody's did not express an opinion as to whether these changes could
have other, non credit-related effects.
When rating financial future flow transactions backed by diversified payment
rights, Moody's considers the characteristics and historical remittance
collections backing the transaction as well as the structural mechanisms
incorporated which mitigate various risks such as originator risk and
sovereign risk, among others. Moody's also focuses
on the credit strength of the originating bank and its ability to generate
the flows in the future. The A1 (sf) rating assigned to the Series
2010-1 is based primarily on the following factors:
- The financial and operational strength of Banco Bradesco S.A.
and its prominent position in the Brazilian banking system;
- The historical volumes generated by Banco Bradesco's MT100 electronic
- The nature of the underlying future receipts - that is,
the generation of the receipts through electronic means and the off-shore
cash settlement process;
- The high quarterly and monthly ratio of remittance cash flows
to maximum scheduled debt service of 60x and 65x on a stressed proforma
basis, based on strong cash flows generated by commercial and personal
payments to non-financial institution beneficiaries in Brazil;
- The participation and strength of Bradesco's network of non-affiliated
correspondent banks, including those nine which signed acknowledgments
committing to pay all amounts otherwise owing to Bradesco in respect of
US dollar-denominated MT100s to the trustee;
- Structural and legal protections incorporated in the transaction,
including required minimum debt service coverage ratios, which,
if not met, can trigger the early amortization of the notes,
and the true sale of all of Bradesco's existing and future U.S.
dollar-denominated MT100 money transfers to the SPC.
Some of the factors which could lead to a downgrade of the Series issued
by International Diversified Payment Rights Master Trust include a downgrade
of the originator's local currency rating, a deterioration
in Bradesco's MT100 remittance business, an event risk with
respect to the credit quality of Bradesco or operational missteps of certain
key parties to the transaction such as the servicer or the trustee.
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 principal methodologies used in rating the Series under the International
Diversified Payment Rights Company were "Moody's Approach to Rating Diversified
Payment Right Securitisations", published in March 2009 and "V-Scores
and Parameter Sensitivities in the Latin American Cross-Border
Future Flows Sector" rating methodology published May 11,
2009. Other methodologies and factors that may have been considered
in the process of rating this issuer can also be found on Moody's
The V Score that Moody's has assigned to the notes indicates a Low/Medium
uncertainty about critical assumptions, in line with the V scores
of the financial future flow sector. V Scores are a relative assessment
of the quality of available credit information and of the degree of dependence
on various assumptions used in determining the rating. High variability
in key assumptions could expose a rating to more likelihood of rating
The factors contributing to a Low/Medium V Score are low performance variability,
low market value sensitivity, low analytical and transaction complexity
and low/medium ongoing disclosure of securitization performance .
The V Score also indicates Medium assessments for the quality of historical
data and legal and regulatory uncertainty, in line with the sector,
as Latin American originators are subject to local regulations in their
jurisdictions and there is a degree of uncertainty if unforeseen regulatory
or legal changes are imposed. V Scores are intended to rank transactions
by the potential for significant rating changes owing to uncertainty around
the assumptions due to data quality, historical performance,
the level of disclosure, transaction complexity, the modeling
and the transaction governance that underlie the ratings.
When analyzing the transaction's cash flows and applying parameter
sensitivities, Moody's used assumptions of 25%,
50% and 75% reductions of Proforma Quarterly Debt Service
Coverage ratios of 65 times (the Proforma Debt Service Coverage ratio
takes into consideration the most recent 12 months of collections and
compares it with the highest monthly debt service payment during the life
of the notes using a stress interest rate of 8% for all series
with variable interest rates). Under these stressed scenarios Moody's
concluded that the transaction's rating would not change from the
A1 rating currently assigned to the new issuance of notes. These
parameter sensitivities take into consideration a decrease of the flows
caused by leveraging of the program, and not by volatility resulting
from any sudden deterioration of the banks' remittance business
or bank's event risk stemming from Bradesco's possible diminished
Parameter Sensitivity results for this transaction are not modeled indicated
ratings, but rather, qualitative assessments that have been
determined by a committee. 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 rating
of the security might have differed if key rating input parameters were
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service 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.
In addition, Moody's publishes a weekly summary of structure finance
credit, ratings and methodologies available to all registered users
of our website, at www.moodys.com/SFQuick Check.
Moody's Investors Service adopts all necessary measures so that the information
it uses in assigning a credit rating is of sufficient quality and from
reliable sources; however, Moody's Investors Service does not
and cannot in every instance independently verify, audit 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.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's assigns A1 (sf) rating to new series issued by Banco Bradesco's MT100 electronic remittance program in Brazil
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