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I AGREE
04 Jul 2011
EUR 300 million of debt securities affected
Paris, July 04, 2011 -- Moody's Investors Service has today placed on review for downgrade the
Aaa(sf) rating of the class A notes issued by Medioleasing S.r.l.:
....EUR300M A Note, Aaa (sf) Placed
Under Review for Possible Downgrade; previously on May 23,
2008 Assigned Aaa (sf)
RATINGS RATIONALE
Today's rating announcement reflects: (i) the worse-than-expected
performance of the collateral to date and its deviation from Moody's
initial expectations; (ii) credit enhancement levels below those
required to absorb higher-than-initially-expected
losses on the portfolio of assets; and (iii) the long revolving period,
which can last until April 2017 and does not allow for any deleveraging
of the transaction until then.
Cumulative default levels are worse than expected at closing compared
with the portfolio's pool factor and amortisation rate. Cumulative
defaults currently stand at 5.12% since closing in May 2008,
representing 73% of Moody's initial mean default assumption of
7% for the life of the transaction. The current pool factor
is 100% as the deal is still revolving.
Credit enhancement for the class A notes consists of (i) 26% subordination
from the class B notes and (ii) 1.5% cash reserve and will
not increase before the end of the revolving period scheduled in 2017.
In this transaction, the class A and B notes benefit from a liquidity
guarantee provided by Banca delle Marche S.p.A. (A3/P-2)
that covers the interest and principal due on or after April 2017,
which is the end of the nine-year revolving period. Moody's
factored in this support in its analysis and the rating of the class B
notes is highly linked to the rating of Banca delle Marche S.p.A.
Medioleasing is an Italian lease securitisation transaction. The
portfolio is located mainly in central Italy and comprises three pools
of Italian financial leases for equipment, auto and real-estate
leases. As the deal is still revolving, the split between
the three sub-pools has not changed a lot since closing and is
approximately 20% for equipment, 3% for auto and 77%
for real estate. During the revolving period, the real estate
sub pool is allowed to grow up to 85% of the total pool.
As part of its detailed transaction review, Moody's will reassess
the cumulative default rate for the remaining life of the transaction,
reflecting the collateral performance to date, as well as the future
macroeconomic environment. Moody's will also request, updated
data on cumulative defaults and other pool characteristics, such
as geographic concentration, origination vintage of the loans and
product type. Moody's expects to conclude the detailed transaction
reviews over the next six months.
The principal methodology used in this rating was Moody's Approach to
Rating Multi-Pool Financial Lease-Backed Transactions in
Italy, published in June 2006. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology .
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Moody's reviews for downgrade Medioleasing Finance S.r.l. class A notes, Italian leases ABS
No Related Data.
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