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28 Sep 2010
ARS 53,251,341 of debt securities rated
Buenos Aires, September 28, 2010 -- Moody's Latin America (Moody's) has rated the debt securities and certificates
of Fideicomiso Financiero Pvcred III issued by Equity Trust Company (Argentina)
S.A.- acting solely in its capacity as issuer and
- ARS 12,780,322 in Class A Fixed Rate Debt Securities
of "Fideicomiso Financiero Pvcred Serie III", rated Aaa.ar
(sf) (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
- ARS 31,418,291 in Class A Floating Rate Debt Securities
of "Fideicomiso Financiero Pvcred Serie III", rated Aaa.ar
(sf) (Argentine National Scale) and Ba2 (sf) (Global Scale, Local
- ARS 7,987,701 in Class B Debt Securities of "Fideicomiso
Financiero Pvcred Serie III", rated Ba2.ar (sf) (Argentine
National Scale) and Caa1 (sf) (Global Scale, Local Currency)
- ARS 1,065,027 in Certificates of "Fideicomiso Financiero
Pvcred Serie III", rated Caa3.ar (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale, Local Currency).
The rated securities are payable from the cash flow coming from the assets
of the trust, which is an amortizing pool of approximately 9,496
eligible personal loans denominated in Argentine pesos, bearing
fixed interest rate, originated by Pvcred, a financial company
owned by Comafi's Group in Argentina.
These personal loans were originated through Pvcred branches (using the
trade mark "Provencred") and were granted to pensioners and low/middle
The Class A Fixed Rate Debt Securities will bear a fixed interest rate
of 11%. The Class A Floating Rate Debt Securities will bear
a BADLAR interest rate plus 290 basis points. The Floating Rate
Debt Securities' interest rate will never be higher than 20% or
lower than 13%. The Class B Fixed Rate Securities will bear
a fixed interest rate of 21%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread.
The transaction has initial subordination levels of 76% and 17%
for the VRDA TF and the VRDA TV respectively. The subordination
levels will increase overtime due to the turbo sequential payment structure.
The transaction also benefits from an estimated 41.39% annual
excess spread, before considering losses or prepayments and calculated
at the cap of 20% for Class A floating rate securities.
Moody's considered the credit enhancement provided in this transaction
through the initial subordination levels for each rated class, as
well as the historical performance of Pvcred portfolio. In addition,
Moody's considered factors common to consumer loans securitizations such
as delinquencies, prepayments and losses; as well as specific
factors related to the Argentine market, such as the probability
of an increase in losses if there are changes in the macroeconomic scenario
These factors were incorporated in a cash flow model that takes into account
all the relevant features of the transaction's assets and liabilities.
Monte Carlo simulations were run, which determines the expected
loss for the rated securities.
Moody's analyzed the historical performance data of previous transactions
and similar receivables originated by Pvcred, ranging from January
2007 to November 2009. In assigning the rating to this transaction,
Moody's assumed a triangular distribution for losses centered around the
most likely scenario of 20%, with a minimum of 10%
and a maximum of 35%. Also, Moody's assumed a triangular
distribution for prepayments centered around a most likely scenario of
20%, with a minimum of 15% and a maximum of 35%.
The model results showed 0.00% expected loss for Class A
Fixed Rate Debt Securities and Floating Rate Debt Securities, 12.85%
expected loss for Class B Fixed Rate Debt Securities and 42.30%
for the Certificates.
Moody's ran several stress scenarios, including increases
in the default rate assumptions. If default rates were increased
10% from the base case scenario for the pool (i.e.,
most likely scenario of 30%, a minimum of 20% and
a maximum of 45%), the ratings of the Class A Fixed Rate
would be unchanged. The ratings of the Class A Floating Rate,
the Class B and the Certificates would be likely downgraded to Ba3 (sf),
Ca (sf) and to C (sf), respectively.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Pvcred is removed as collection agent,
Banco Comafi (Ba3/Aa2.ar) will be appointed as the back-up
The main source of uncertainty for this transaction is the default level
of the securitized pool. Although Moody's analyzed the historical
performance data of previous transactions and similar receivables originated
by Pvcred, the actual performance of the securitized pool may be
affected, among others, by the economic activity and the unemployment
rate in Argentina.
For more information on this transaction, please refer to the New
Issue Report to be published in moodys.com. In addition,
Moody's publishes a weekly summary of structured finance credit,
ratings and methodologies, available to all registered users of
our website, at www.moodys.com/SFQuickCheck.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments in this transaction.
Information sources 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 issuer or obligation 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.
Senior Vice President
Structured Finance Group
Moody's Investors Service
Martin Fernandez Romero
Vice President - Senior Analyst
Structured Finance Group
Moody's Latin America, Calificadora de Riesgo
Moody's rates Fideicomiso Financiero Pvcred III, a personal loan securitization in Argentina
Cerrito 1186, 11th fl
Buenos Aires C1010AAX
No Related Data.
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