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23 Jan 2009
London, 23 January 2009 -- Moody's has confirmed the long-term published monitored rating
of Aaa of the obligations foncieres ("OF") issued by Dexia
Municial Agency ("DMA") under the terms of the "Programme"
for the issuance of obligations foncieres established by it pursuant to
the relevant terms of the French Monetary and Financial Code, L.515-13
The rating of the OF was initially placed under review also as a result
of the uncertainty surrounding the magnitude of the rating migration of
DCL. The confirmation of the Aaa rating was mainly driven by the
1. Stabilised rating at the parent level. While the outlook
for Dexia Credit Local ("DCL") long term rating remains negative,
such rating is now A1 and is no longer under review. The credit
strength of the sponsor bank - in this case DCL - is a key
driver of a covered bonds rating. While a covered bonds rating
mainly addresses the expected losses posed to investors, in some
circumstances the rating of a covered bond may be constraint by the timely
payment indicator ("TPI") assigned to the covered bonds.
Thanks to the structural features described under 2. below and
added to the Programme during the review process, Moody's
is now in a position to disclose that the current TPI of the Programme
is Probable-High and that for TPI purposes the A1 rating of DCL
was relied upon. Factors that are TPI positive include: i)
the cover pool consists of public sector exposures; ii) good cash
flow matching at the DMA level; iii) majority of the swap counterparties
are external to the Dexia Group. Factors that are TPI negative
include i) coupon structure of certain assets in the cover pool;
ii) the swaps do not fully incorporate those provisions that in Moody's
opinion are capable of reducing the likelihood of swaps terminating at
the bankruptcy of the issuer. Furthermore, approximately
16% of the swaps on the assets side are internal; iii) the
OF do not contain extendable features.
2. Increased support at the SCF level. DCL has made available
to DMA an unlimited committed overdraft facility which can be drown by
DMA for any purpose which is consistent with its corporate object.
3. Over-collateralisation level. The amount of committed
over-collateralisation is 5%. For the purpose of
confirming the Aaa rating Moody's has taken into account and given
credit to the over-collateralisation in excess of the minimum 5%
which DMA is committed to post and maintain. All other things being
equal, should the rating of DCL deteriorate further Moody's
may not give credit to any amount of over-collateralisation which
is considered committed.
4. Credit risk and market risk consistent with original rating
assumptions. The credit risk and the market risk in respect of
the assets included in the cover pool continue to be in line with Moody's
assumptions and expectations. The exposure against the French public
sector and against the Italian public sector account for approximately
67% and 11% of the entire covered pool respectively.
No exposure accounts for more than 2.3% (Region Flamande)
of the entire covered pool and the 30 largest debtors account for approximately
24% of the entire covered pool. With reference to interest
rate risk, Moody's believes the following to be noteworthy.
The assets are 34% fixed rate and 36% floating rate.
The remaining 30% of the cover pool comprises of assets with a
structured coupon, namely: i) inflation linked (approximately
500 loans with an aggregate outstanding principal amount of Euro 650m);
ii) commodities linked (currently only one loan with an outstanding principal
amount of Euro 6m); and iii) barrier. The loans with a barrier
mechanism embedded in the coupon typically provide that, in the
event that the reference rate exceeds or is below a pre-determined
level, the interest payable by the borrower changes according to
a pre-determined formula. The liabilities are 81%
fixed rate and 4% floating rate. The remaining 15%
of the liabilities include i) constant maturity coupons; ii) inflation
linked coupons and iii) equity index linked coupons. Interest risk
is mitigated by DMA hedging strategy.
5. Reporting. During the review process further information
and data were made available to Moody's.
The ratings assigned by Moody's to the Covered Bonds address the
expected loss posed to investors. 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 methodologies used in rating the transaction were "Moody's
Rating Approach to European Covered Bond" published in June 2005,
"Timely Payment in Covered Bonds following Sponsor Bank Default",
published in March 2008 and "Assessing Swaps as Hedges in the Covered
Bond Market", published in September 2008. All can be found
on www.moodys.com in the Credit Policy & Methodologies
directory, within 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
Juan Pablo Soriano
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's has confirmed the long-term published monitored rating of Aaa of the obligations foncieres issued by Dexia Municial Agency.
VP - Senior Credit Officer
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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