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I AGREE
23 Mar 2011
ARS 100,000,000 of debt securities rated
Buenos Aires, March 23, 2011 -- Moody's Latin America (Moody's) has rated the debt securities and certificates
of Fideicomiso Financiero Supervielle Créditos Banex 44 issued
by Deutsche Bank Argentina S.A.- acting solely in
its capacity as Issuer and Trustee.
- ARS 31,000,000 in Class A Fixed Rate Debt Securities
of "Fideicomiso Financiero Supervielle Créditos Banex 44",
rated Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global
Scale, Local Currency)
- ARS 54,000,000 in Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Créditos Banex 44", rated
Aaa.ar (sf) (Argentine National Scale) and Ba1 (sf) (Global Scale,
Local Currency)
- ARS 10,000,000 in Class C Fixed Rate Debt Securities
of "Fideicomiso Financiero Supervielle Créditos Banex 44",
rated A2.ar (sf) (Argentine National Scale) and B3 (sf) (Global
Scale, Local Currency)
- ARS 5,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Créditos Banex 44", rated Ba1.ar (sf)
(Argentine National Scale) and Caa1 (sf) (Global Scale, Local Currency)
RATINGS RATIONALE
The rated securities are payable from the cash flow coming from the assets
of the trust, which is an amortizing pool of approximately 22,602
eligible personal loans denominated in Argentine pesos, with a fixed
interest rate, originated by Banco Supervielle, in an aggregate
amount of ARS 100,002,022.
These personal loans are granted to pensioners that receive their monthly
pensions from ANSES (Argentina's National Governmental Agency of Social
Security - Administración Nacional de la Seguridad Social).
The pool is also constituted by loans granted to government employees
of the Province of San Luis. Banco Supervielle is the payment agent
entity and automatically deducts the monthly loan installment directly
from the employee's paycheck and pensioner's payment.
The Class A Fixed Rate Debt Securities will bear a fixed interest rate
of 12.75%. The Floating Rate Debt Securities will
bear a BADLAR interest rate plus a spread of 358 bp. The Floating
Rate Debt Securities' interest rate will never be higher than 21%
or lower than 13%. The Class C Fixed Rate Securities will
bear a fixed interest rate of 21%.
Overall credit enhancement is comprised of subordination: 69%
for the Class A Fixed Rate Debt Securities, 15% for the Floating
Rate Securities and 5% for the Class C Fixed Rate Securities.
In addition the transaction has various reserve funds and excess spread.
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 Supervielle's 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 in Argentina.
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.
In assigning the rating to this transaction, Moody's assumed
a triangular distribution for defaults on the main pool centered around
a most likely scenario of 10%, a minimum of 5% and
a maximum of 20%. Also, Moody's assumed a triangular
distribution for prepayments centered around a most likely scenario of
20%, a minimum of 15% and a maximum of 35%.
These assumptions are derived from the historical performance to date
of the Banex's pools.
The model results showed 0.00% expected loss for Class A
Fixed Rate Debt Securities and Floating Rate Debt Securities, 1.54%
expected loss for Class C Fixed Rate Debt Securities and 16.03%
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 20%, a minimum of 15% and
a maximum of 30%), the ratings of the Classes A and Floating
Rate would be unchanged. The ratings for Class C Fixed Rate debt
securities would be likely downgraded to Ca (sf) and to C (sf) for the
Certificates.
Moody's also considered the risk that a disruption in the flow of payments
from ANSES or the Government of San Luis to pensioners and employees respectively,
could severely affect the performance of the pool. Moody's believes
that the ratings assigned are consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Deutsche Bank Argentina S.A. will be appointed as the back-up
servicer.
The main source of uncertainty for this transaction is the regulatory
and legal framework for the automatic deduction loans 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.
REGULATORY DISCLOSURES
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.
Buenos Aires
Martin Fernandez Romero
Vice President - Senior Analyst
Structured Finance Group
Moody's Latin America, Calificadora de Riesgo
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332
New York
Maria Muller
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Latin America, Calificadora de Riesgo
Cerrito 1186, 11th fl
Buenos Aires C1010AAX
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332
Moody's rates Supervielle Créditos Banex 44, a personal loan securitization in Argentina
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.” Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. 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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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