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Rating Action:

Moody's assigns provisional ratings to IM GRUPO BANCO POPULAR EMPRESAS V's SME CDO notes

25 Feb 2013

EUR2,650 million of debt securities rated

Madrid, February 25, 2013 -- Moody's Investors Service has assigned provisional (P) ratings to two series of notes to be issued by IM GRUPO BANCO POPULAR EMPRESAS V FTA (the Fondo):

- EUR1,987.5 million Series A Notes, assigned (P) A3 (sf)

- EUR662.5 million Series B Notes, assigned (P) Ba3 (sf)

RATINGS RATIONALE

IM GRUPO BANCO POPULAR EMPRESAS V FTA is a securitisation of standard loans mainly granted by Banco Popular (Ba1 Possible Downgrade/NP) to small and medium-sized enterprise (SME) and self-employed individuals.

At closing, the Fondo -- a newly formed limited-liability entity incorporated under the laws of Spain -- will issue two series of rated notes. Banco Popular will act as servicer of the loans, while Intermoney Titulización S.G.F.T., S.A. will be the management company (Gestora) of the Fondo.

As of 28 January 2013, the provisional asset pool of underlying assets was composed of a portfolio of 49,580 contracts granted to SMEs and self-employed individuals located in Spain. The assets were originated mainly between 2008 and 2012. The weighted-average seasoning of the portfolio is 1.89 years and the weighted-average remaining terms is 3.99 years. The whole pool is unsecured. Geographically, the pool is well diversified with Madrid (16.35%), Catalonia (16.26%) and Andalusia (13.24%) as top regions. At closing, there will be no loans more than 90 days in arrears and above 30 days only up to a maximum of 1%.

In Moody's view, the strong credit positive features of this deal include, among others: (i) a relatively short weighted average life of 2.18 years; (ii) a granular pool (with an effective number of obligors of over 3,000); (iii) a good seasoning of 1.89 yrs; and (iv) a geographically well-diversified pool. However, the transaction has several challenging features: (i) strong degree of linkage to Banco Popular acting as servicer and paying agent; (ii) no swap in place and (iii) all the assets are unsecured. These characteristics were reflected in Moody's analysis and provisional ratings, where several simulations tested the available credit enhancement and 10% reserve fund to cover potential shortfalls in interest or principal envisioned in the transaction structure.

The ratings are primarily based on the credit quality of the portfolio, its diversity, the structural features of the transaction and its legal integrity.

In its quantitative assessment, Moody's assumed a mean default rate of 9.31%, with a coefficient of variation of 66.6% and a stochastic mean recovery rate of 35.0%. Moody's also tested other set of assumptions under its Parameter Sensitivities analysis. For instance, if the assumed default probability of 9.31% used in determining the initial rating was changed to 10.40% and the recovery rate of 35% was changed to 30%, the model-indicated rating for Serie A and Serie B of A3(sf) and Ba3(sf) would be Baa1(sf) and B1(sf) respectively. For more details, please refer to the full Parameter Sensitivity analysis included in the New Issue Report of this transaction.

The global V Score for this transaction is Medium/High, which is in line with the score assigned for the Spanish SME sector and representative of the volatility and uncertainty in the Spanish SME 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. For more information, the V-Score has been assigned accordingly to the report " V Scores and Parameter Sensitivities in the EMEA Small-to-Medium Enterprise ABS Sector " published in June 2009.

The methodologies used in this rating were "Moody's Approach to Rating CDOs of SMEs in Europe" published in February 2007, "Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA", published in March 2009 and "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", published in June 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

In rating this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the Inverse Normal distribution assumed for the portfolio default rate. On the recovery side Moody's assumes a stochastic (normal) recovery distribution which is correlated to the default distribution. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed scenarios.

On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modelling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today's rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions", (http://www.moodys.com/research/Approach-to-Assessing-the-Impact-of-a-Rapid-Country-Credit--PBS_SF294880) for further details regarding the implications of the proposed methodology changes on Moody's ratings.

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF317712

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Luis?Mozos
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Stefan?Augustin
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns provisional ratings to IM GRUPO BANCO POPULAR EMPRESAS V's SME CDO notes
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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