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Global Credit Research - 05 Oct 2010
Servicer for Auto ABS Compartiment 2006-1 and Auto ABS Compartiment 2007-1
Paris, October 05, 2010 -- Moody's Investors Service said today that it believes that the servicing
platform of Credipar has improved since its last on-site visit
in 2006. On 13 September 2010, Moody's met with Credipar,
a subsidiary of Banque PSA Finance (Baa1/C-/P-2).
Credipar is the servicer of two French asset-backed securities
(ABS) auto loan and lease transactions: Auto ABS Compartiment 2006-1
and Auto ABS Compartiment 2007-1. As of September 2010,
the total outstanding pool balance of these two transactions was EUR1.6
Banque PSA Finance, operating through its local branches,
is the servicer of two auto loan and lease transactions outside France:
Auto ABS S.r.l. in Italy and ABS Compartiment 2008-1
in Germany. The servicing procedures of the four transactions are
As part of Moody's surveillance process of ABS, it regularly
interacts with servicers to monitor the quality of the servicer and discuss
changes to the servicing infrastructure.
GOOD SERVICING OPERATION WITH TIGHT CONTROL IN PLACE
Moody's observes that the current management team is well established
and has globally improved the servicing process. No significant
change occurred in the management team recently. The management
of claims from delinquency to default is well organised and stringent.
Moreover, there is a better centralisation of the process at the
level of the parent company, Banque PSA Finance. Internal
control is done both regularly by Credipar in order to ensure risks control
and periodically by Banque PSA Finance, which checks among other
things the level of risk, that processes are being respected and
the efficiency of Credipar's control.
Credipar has actively managed its portfolio during the crisis.
In particular, their internal credit scoring system on client has
been adjusted during the crisis. Scores' threshold have been
increased. Furthermore, for professional clients, screening
has been widened for recently created companies and risky industry sectors.
For individuals, Credipar has noticed that losses linked to over
indebtedness scheme have increased during last year. However,
other sources of losses have decreased.
SECURITISED PORTFOLIO PERFORMING WELL WITHIN MOODY'S INITIAL EXPECTATIONS
Cumulative losses reported to date for Auto ABS Compartiment 2006-1
represents 0.43% of the total portfolio (auto leases) compared
to the life time assumption of 2.5%. The current
pool factor (i.e. current balance divided by initial balance)
For Auto ABS Compartiment 2007-1, the cumulative defaults
reported to date reach 1.5% of the total portfolio (auto
loans), so one-third of Moody's initial life time assumption
(i.e. 4.5%). The pool factor stands
CREDIPAR'S SERVICING OPERATIONS
Credipar is the French subsidiary of Banque PSA Finance, which is
the holding company of all the financial subsidiaries of PSA Peugeot Citroën.
Credipar's role is to make available financing tools to its customers
for the acquisition, the insurance and the maintenance of their
vehicles. Also, Credipar provides financing of new and used
cars to Peugeot and Citroën dealers.
In 2009, 43.4% of Credipar's portfolio was represented
by loans and 56.6% by leasing contracts. It grants
302 274 financing contracts in 2009 for EUR2.9 billion.
The company employs 812 staff allocated between the head office and 14
agencies. The turnover in 2009 was 5.4%, most
of it from retirement. The average service with the firm is 16
years. No significant change occurred in the management team recently.
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.
For further information, please visit our website directly or contact
Moody's Client Service Desk (+44 20) 7772 5454. Additional
information on the referenced Moody's rated transactions, including
the latest Performance Overview, is available at www.moodys.com.
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MD - Structured Finance
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's France SAS
Moody's updates on Credipar as servicer of two French auto loan and lease ABS deals
96 Boulevard Haussmann
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