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17 Aug 2009
EUR 1,670.10 million notes rated
London, 17 August 2009 -- Moody's Investors Service has assigned the following definitive rating
to one class of Notes to be issued by Axia III Finance PLC (the "Issuer"):
- Aaa to the Euro 1,670,100,000 Class A Asset
Backed Floating Rate Notes due August 2024
This transaction is the first Greek securitisation of receivables arising
from a portfolio comprising 100% loans disbursed under allilohreos
frame agreements originated by Piraeus Bank ("PB" rated A2/P-1,
negative outlook) to SME borrowers and governed under Greek law,
and the third transaction in Greece rated by Moody's containing
such assets. Unlike the other transactions involving allilohreos
loans, all disbursements under the allilohreos frame agreements
originated by PB have a specific principal maturity date, pursuant
to either (i) a letter signed by the borrower (the "promissory letter")
and countersigned by PB for disbursements made under a revolving credit
account ("credit account") or (ii) an additional agreement
between the borrower and PB (the "addendum") for disbursements
made as a term deal ("term deal"). Moody's understands
that this a unique feature of the allilohreos loan product offered by
On the closing date, PB assigned to the Issuer the right to receive
the current termination amounts ("CTA"), this being
equal to the aggregate amount owed by the borrower under his allilohreos
frame agreement, and repayments due on eligible disbursements made
under either promissory letters or addenda. Moody's notes
that transaction documents require all eligible disbursements to made
pursuant to a promissory letter or an addendum to have a principal maturity
date of less than or equal to 12 months. The historical weighted
average life ("WAL") of credit account disbursements is 6.8
months and for term deal disbursements is 1.4 months. Given
the eligibility criterion above, Moody's has assumed that
in an amortisation scenario, the WAL of the portfolio would be approximately
Because allilohreos loans are designed to mostly cover the working capital
of the SME borrower, Moody's believes that the borrowers may face
difficulties if refinancing were not offered by PB to the SME borrower.
However, Moody's notes that there is an early amortisation
trigger which would be breached if PB's rating were downgraded below
Baa2. Given the short maturities of the loans, Moody's
considers the risk that the notes would be outstanding in an insolvency
event of PB (and hence subject to risks arising from an insolvency of
PB) following early amortisation to be remote. Therefore,
Moody's believes that the level of linkage of the notes to the rating
of PB to be commensurate with the rating assigned on the notes.
The transaction is structured to emulate the cashflow arrangements of
Master Trust structures utilised in credit card securitisation transactions
in the United Kingdom. As such, PB will retain a significant
interest in the portfolio in the form of a "seller's piece"
set at 7.0% structured by way of a deferred purchase price
mechanism. Upon occurrence of an early amortisation event,
the scheduled three-year revolving period will end and the transaction
will enter into an amortisation period whereby principal will be repaid
on the 2009-1 loan notes (and hence the rated notes) using a fixed
investor percentage set at the start of the early amortisation period.
Early amortisation would take place if, amongst other things,
the following collateral tests are not satisfied for 3 consecutive months:
(i) the proportion of term deal disbursements falls below 35% of
aggregate CTA, (iii) the number of accountholder falls below 4,500,
(iv) the largest exposure to one accountholder exceeds 1.30%
of aggregate CTA and (v) the maximum exposure to accountholders belonging
to the same group exceeds 1.5% of aggregate CTA.
In addition, the rated Notes benefit from 29% credit enhancement
in the form of subordination of an unrated Class of Notes and 3%
The rating addresses the expected loss posed to investors by the legal
final maturity. In Moody's opinion the structure allows for timely
payment of interest and ultimate payment of principal at par on or before
the rated final legal maturity date. Moody's ratings address only
the credit risks associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.
The principal methodology used in rating the transaction was "Moody's
Approach to Rating Granular SME Transactions in Europe, Middle East
and Africa", June2007, which can be found at www.moodys.com
in the Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory. Other methodologies and factors that
may have been considered in the process of rating this issue can also
be found in the Credit Policy & Methodologies directory. In
addition, please refer to the New Issue Report for this transaction.
Date of previous rating action: no previous rating action.
For further information and in order to receive the New Issue Report,
please visit www.moodys.com or contact Moody's Client Desk
in London at +44-20-7772 5454.
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's assigns rating to Greek SME ABS notes issued by Axia III Finance PLC
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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