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I AGREE
08 Feb 2011
BRL544.8 million of senior shares and BRL43.2 million of mezzanine shares rated
Sao Paulo, February 08, 2011 -- Moody's America Latina (Moody's) has assigned definitive ratings of Aaa.br
(sf) (Brazilian National Scale) and Baa3 (sf) (Global Scale, Local
Currency) to the Senior Shares, and Ba1.br (sf) (Brazilian
National Scale) and B2 (sf) (Global Scale, Local Currency) to the
Mezzanine Shares issued by Chemical VI - FIDC Indústria
Petroquímica ("Chemical VI - FIDC"), a securitized
transaction backed by a pool of trade receivables originated by Braskem
Group.
Issuer: Chemical VI - FIDC Indústria Petroquimica
Senior Shares - Aaa.br (sf) (National Scale) & Baa3
(sf) (Global Scale, Local Currency)
Mezzanine Shares -- Ba1.br (sf) (National Scale)
& B2 (sf) (Global Scale, Local Currency)
RATINGS RATIONALE
The ratings are based on the following factors, among others:
- Overcollateralization ratio (O/C) ranging from a minimum of 110%
to a maximum of 115% for the benefit of the Senior Shares outstanding,
and 102.041% for the Mezzanine Shares, to mitigate
losses, dilution and potential interest rate mismatches;
- The eligibility parameters of the trade receivables acquired
by the issuer, which include concentration limits by client,
delinquency by client, and maximum term of the trade receivables;
- Maximum individual concentration limit of 3% for all obligors;
- The ability of Banco Bradesco S.A. (A1 Long-term
Bank Deposit Rating in the Global Local Currency Scale & Aaa.br
in the Brazilian National Scale) to act as master and back-up servicer
for the transaction; and
- The legal structure of the transaction, including the bankruptcy
remoteness of the issuer.
The originators of the securitized receivables are Braskem S.A.,
Quattor Participacoes S.A., Quattor Petroquímica
S.A. and Rio Polímeros S.A. (Braskem
Group). Braskem S.A. is a large Brazilian manufacturer
of petrochemical products rated Aa2.br (Brazilian National Scale)
and Ba1 (Global Local, Currency Scale).
The transfer of receivables from the originators to the issuer is structured
as a true sale and a definitive assignment of the contracts as set forth
in the assignment of transferred credits under the Brazilian civil code.
Chemical VI - FIDC has a tenor of 48 months. The senior
and subordinated mezzanine shares will be amortized in 6 equal monthly
installments following the revolving period of 42 months.
During the 42 month revolving period, the senior and mezzanine shares
will receive seven semi-annual payments of interest, and
following the revolving period, will receive monthly interest payments
together with the scheduled principal amortizations of senior and subordinated
mezzanine shares.
In order to rate the transaction, Moody´s received pool performance
data audited by KPMG covering the time period July 2007 through June 2010
from Braskem. Key data reviewed by Moody´s included dilutions,
delinquencies, losses, receivable turnover and volume of eligible
receivables. For Moody´s modeling assumptions, Moody´s
has assumed 0.22% monthly dilutions, 0,25%
monthly losses on outstanding balance and an average turnover of 35 days.
The main uncertainties of the transaction relate to the loss levels and
dilution levels of the securitized pool. Although Moody´s
analyzed the historical performance data of previous transactions and
historical performance data of trade receivables originated by Braskem
Group, the actual performance of the securitized pool may be affected,
among others, by the economic activity in the petrochemical industry.
Moody's parameter sensitivities provide a quantitative/model-indicated
calculation of how the rating of a Moody's-rated structured
finance security may vary if certain input parameters used in the initial
rating process differed. Qualitative factors are also taken into
consideration in the ratings process, so the actual ratings that
would be assigned in each case could vary from the information presented
in the parameter sensitivity analysis. The results generated by
rating models are one of many inputs to the rating process. Ratings
are determined collectively through the exercise of judgment by rating
committees, which evaluate many quantitative and qualitative factors.
Moody's key ratings-model assumptions for this transaction
are Braskem's rating, loss rate and dilution rate.
If Braskem´s rating is downgraded to Ba3 from Ba1 and the loss rate
and dilution rate are doubled, the transaction ratings would remain
unchanged.
The principal methodology used in rating the certificates was Moody´s
Approach to Rating Trade Receivables Backed Transactions published in
July 2002.
Moody's Investors Service received and took into account a third
party due diligence report prepared by KPMG on the underlying assets or
financial instruments in this transaction and the due diligence report
had a positive impact on the rating.
REGULATORY DISCLOSURES
Information source(s) used to prepare the credit rating are the following:
parties involved in the ratings and public information.
Moody's Investors Service considers the quality of information available
on the certificates satisfactory for the purposes of assigning a credit
rating.
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.
Sao Paulo
Johann Grieneisen
Vice President - Senior Analyst
Structured Finance Group
Moody's America Latina Ltda.
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300
New York
Maria Muller
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
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JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300
Moody's assigns definitive ratings to Chemical VI - FIDC Indústria Petroquímica senior and mezzanine shares, a Brazilian trade receivables securitization
No Related Data.
© 2018 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. 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.
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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 SUCH 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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser. 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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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