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Rating Action:

Moody's upgrades FONDO DE TITULIZACION PYMES SANTANDER 13 Class A and B notes

23 Nov 2018

Madrid, November 23, 2018 -- Moody's Investors Service (Moody's) has today upgraded the rating of Class A and B notes on FONDO DE TITULIZACION PYMES SANTANDER 13 ("Pymes Santander 13"):

....EUR2254.5M (Current Outstanding amount EUR 1426.3M) Class A Notes, Upgraded to Aa1 (sf); previously on May 17, 2018 Confirmed at A1 (sf)

....EUR445.5M Class B Notes, Upgraded to B1 (sf); previously on May 17, 2018 Confirmed at B2 (sf)

Moody's also affirmed the rating of the following tranche:

....EUR135M Class C Notes, Affirmed Caa3 (sf); previously on May 17, 2018 Affirmed Caa3 (sf)

Pymes Santander 13 is a cash securitisation of standard loans and credit lines granted by Banco Santander S.A. (Spain) ("Santander", Long Term Deposit Rating: A2 Not on Watch /Short Term Deposit Rating: P-1 Not on Watch) to small and medium-sized enterprises (SMEs) and self-employed individuals located in Spain.

RATINGS RATIONALE

The upgrade is prompted by the increase in the credit enhancement (CE) available for the affected tranche due to portfolio amortization.

Class A credit enhancement level has increased to 31% from 21.5% observed at last rating action in May 2018, a 49% increase in relative terms since the closing date of the transaction in January 2018. Class B credit enhancement has increased to 7.2% from 5% in the same period.

Revision of key collateral assumption

As part of the review, Moody's reassessed its default probabilities (DP) as well as recovery rate (RR) assumptions based on updated loan by loan data on the underlying pools and delinquency, default and recovery ratio update. Moody's maintained its DP on current balance and RR assumptions as well as portfolio credit enhancement (PCE) due to observed pool performance in line with expectations.

Exposure to counterparties

Today's rating action took into consideration the notes' exposure to relevant counterparties, such as servicer and account bank.

Moody's also assessed the default probability of the account bank providers by referencing the bank's deposit rating.

None of the ratings of the outstanding classes of Pymes Santander 13 are constrained by operational risk. Moody's considers that the current back-up servicer and cash management arrangements as well as the liquidity available are sufficient to support payments in the event of servicer disruption.

There is no swap exposure in Pymes Santander 13.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Global Approach to Rating SME Balance Sheet Securitizations" published in August 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the ratings include: (1) performance of the underlying collateral that is better than Moody's expected, (2) deleveraging of the capital structure, (3) improvements in the credit quality of the transaction counterparties, and (4) reduction in sovereign risk.

Factors or circumstances that could lead to a downgrade of the ratings include: (1) performance of the underlying collateral that is worse than Moody's expected, (2) deterioration in the notes' available credit enhancement, (3) deterioration in the credit quality of the transaction counterparties and, (4) an increase in sovereign risk.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Angel Jimenez
Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Mehdi Ababou
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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