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14 May 2010
Approximately R$272.4 million of senior shares and R$21.6 million of mezzanine shares rated
Sao Paulo, May 14, 2010 -- Moody's America Latina (Moody's) has assigned provisional ratings of (P)Aa1.br
(Brazilian National Scale) and (P)Ba1 (Global Scale, Local Currency)
to the Senior Shares, and (P)Ba1.br (Brazilian National Scale)
and (P)B2 (Global Scale, Local Currency) to the Mezzanine Shares
to be issued by Chemical V - FIDC Indústria Petroquimica
("Chemical V - FIDC"), a securitized transaction backed by
a pool of trade receivables originated by Braskem S.A.
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 to be 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 regular
obligor and 8% for special obligors, with no more than 40%
aggregate concentration to special 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 originator is Braskem S.A., 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 V - FIDC will have a tenor of 36 months. The senior
and subordinated mezzanine shares will be amortized in 6 equal monthly
installments following the revolving period of 30 months.
During the 30 month revolving period, the senior and mezzanine shares
will receive five semi-annual payments of interest, and following
the revolving period, will receive monthly payments together with
the scheduled amortizations of senior and subordinated mezzanine shares.
In order to rate the transaction, Moody´s has received pool
performance data covering the time period January 2007 through December
2009 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 an average of BRL 743 million
of eligible receivables over this period, 0.1% monthly
dilutions, 0,21% monthly losses on outstanding balance
and an average turnover of 38 days.
Further details of Moody's analysis of the Chemical V --
FIDC will be found in the upcoming Chemical V - FIDC Presale Report
to be published in Moody's website, www.moodys.com.The
principal methodology used in rating this transaction is "Moody's Approach
to Rating Trade Receivables Backed Transactions", published in July
2002 and available on www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating this transaction can also be found in the Rating Methodologies
subdirectory on Moody's website. 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
The complete rating action is as follows:
Issuer: Chemical V - FIDC Indústria Petroquimica
Senior Shares - (P)Aa1.br (National Scale) & (P)Ba1
(Global Scale, Local Currency)
Mezzanine Shares -- (P)Ba1.br (National Scale) &
(P)B2 (Global Scale, Local Currency)
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's rates Chemical V - FIDC Indústria Petroquimica senior and subordinated mezzanine shares, a Brazilian trade receivables securitization
Asst Vice President - Analyst
Structured Finance Group
Moody's America Latina Ltda.
No Related Data.
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