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Related Issuers
Rating Action:

Moody's upgrades Medioleasing Finance S.r.l Class B notes to B2(sf), Italian lease ABS

05 Aug 2016

Madrid, August 05, 2016 -- Moody's Investors Service has today upgraded the rating of the Class B notes of Medioleasing Finance S.r.l. to B2(sf) from B3(sf). This rating action follows the recent repurchase of the non-performing loans and subsequent increase of credit enhancement through overcollateralization.

Issuer: Medioleasing Finance S.r.l

....EUR105.4M Class B Notes, upgraded to B2(sf); previously on February 24, 2015 Upgraded to B3(sf)

Medioleasing Finance S.r.l closed in May 2008. The portfolio comprises three pools of Italian financial-lease contracts backed by auto, equipment and real-estate assets. The securitised pool is mainly exposed to real-estate contracts. The split between the three sub-pools (as of the last reporting date in July 2016) was 23.5% for equipment, 0.1% for auto and 76.4% for real estate. It is serviced by Medioleasing S.p.A., which is fully owned by Nuova Banca delle Marche S.p.A. (unrated).

RATINGS RATIONALE

Today's upgrade reflects the transaction's deleveraging following the recent repurchase, and the subsequent build-up of credit enhancement through overcollateralization.

INCREASED CREDIT ENHANCEMENT

On 21 June 2016 the Originator repurchased, on a non-recourse basis, a set of claims that as of 30 September 2015 were classified as non-performing ("in sofferenza" according to "Circolare della Banca d'Italia n. 272 del 30 luglio 2008" and subsequent amendments). The purchase price was around EUR51.5 million, which was equal to the par amount plus accrued interest, as of the date on which the loan was classified as non-performing, less any subsequent recovery. The proceeds from the repurchase have become part of the available fund to repay the senior Class A notes in July 2016. The quick deleveraging of the transaction leads to overcollateralization, i.e., the outstanding portfolio is larger than the total notes it backs. As of July 2016 the outstanding portfolio (excluding the defaulted loans) is 215.8mln and the sum of Class A and B notes is only 157 million, implying a high overcollateralization of 27% over the current pool.

Besides the overcollateralization as credit enhancement, there is also a reserve fund available in this transactions, which is amortizing and target at 20% of the class A notes' balance. However it should mostly benefit to the Class A notes as it will not be available anymore once Class A notes are fully repaid.

REVISION OF KEY COLLATERAL ASSUMPTIONS

As part of the rating action, Moody's reassessed its default probability (DP) and recovery rate assumption for the portfolio reflecting the portfolio composition and collateral performance to date. Currently, the transaction pool factor has reduced to 53% of the initial pool balance. In July 2016 the total delinquencies stood at 2.3% of the current pool balance and the reported cumulative gross default rate rose to 18.4% of total securitized pool (original pool balance plus replenishments). Moody's kept the expected DP at 18.0% of the current portfolio balance and the assumption for recovery rate at 45%. Moody's also left the coefficient of variation unchanged at 46.1%, corresponding to a portfolio credit enhancement of 25.5%.

EXPOSURE TO COUNTERPARTY RISK

Moody's has also reviewed the exposure to Medioleasing S.p.A. (unrated), which acts as servicer; Nuova Banca delle Marche S.p.A. (unrated) as the collection account; and BNP Baribas Securities Services (deposit rating A1/P1) as issuer account bank. The related counterparty exposure does not constrain any of the updates. There is no swap in Medioleasing Finance S.r.l transaction.

METHODOLOGY

The principal methodology used in this rating was "Moody's Approach to Rating ABS Backed by Equipment Leases and Loans" published in December 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Factors or circumstances that could lead to an upgrade of the rating 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's counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the rating are (1) an increase in sovereign risk (2) worse-than-expected performance of the underlying collateral; (3) deterioration in the notes' available CE; and (4) deterioration in the credit quality of the transaction counterparties.

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.

Antonio Tena
Vice President - Senior 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
SUBSCRIBERS: 44 20 7772 5454

Michelangelo Margaria
Senior Vice President/Manager
Structured Finance Group
Telephone:+39-02-9148-1100

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

No Related Data.
© 2021 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 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

​
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