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Rating Action:

Moody's upgrades seven notes and affirms one note in two Italian and one Belgian transaction

23 Nov 2015

London, 23 November 2015 -- Moody's Investors Service has today upgraded the ratings of seven notes and affirmed the rating of one note in two Italian transactions (Bipitalia Residential S.r.l. and Voba Finance S.r.l.) and one Belgian transaction (PENATES FUNDING N.V./ S.A., Compartment PENATES-4).

Please refer to the end of the Ratings Rationale section for a list of affected ratings.

RATINGS RATIONALE

Today's upgrades (other than tranche C in Bipitalia Residencial S.r.l.) and affirmation reflect the correction of an error in our assessment of the account bank risk in each of the three transactions.

Today's upgrade of the rating of tranche C in Bipitalia Residencial S.r.l. reflects the reduced uncertainty related to the collateral assumption of this seasoned portfolio.

Correction of our assessment of the account bank risk in the transactions:

In line with application of 'The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines' cross-sector methodology we apply the relevant ratings cap unless the modeling of the risk results in a materially different outcome. In this case the account bank risk was not modelled and, had it been it would have resulted in a higher rating and the cap therefore would not have applied. The Class B of Penates-4 had model result in line with the current rating.

Reduced uncertainty of Key collateral assumptions:

Moody's reviewed the key collateral assumptions for the three transactions. Expected loss and MILAN CE assumptions remain unchanged for the three deals.

However, given the recent more favorable economic conditions ( low interest rates, slightly higher GDP growth and slightly improved unemployment rate) as well as stability in the delinquencies and defaults of the Italian RMBS market we believe uncertainty in the sector in general, and in these two seasoned transactions in particular, has reduced. Due to the reduced uncertainty in the sector, we have removed the additional stress analysis of key collateral assumptions.

The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in January 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Please see Moody's Approach to Rating RMBS Using the MILAN Framework for further information on Moody's analysis at the initial rating assignment and the on-going surveillance in RMBS.

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) further decrease in sovereign risk in the case of Italian deals; (2) better-than-expected performance of the underlying collateral; (3) deleveraging of the capital structure; and (4) improvements in the credit quality of the transaction counterparties.

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

LIST OF AFFECTED RATINGS

Issuer: Bipitalia Residential S.r.l.

....EUR733M A2 Notes, Upgraded to Aa2 (sf); previously on Apr 1, 2015 Upgraded to A1 (sf)

....EUR16M B Notes, Upgraded to Aa2 (sf); previously on Apr 1, 2015 Upgraded to A1 (sf)

....EUR19M C Notes, Upgraded to Aa3 (sf); previously on Apr 1, 2015 Upgraded to A3 (sf)

Issuer: PENATES FUNDING N.V./ S.A., Compartment PENATES-4

....EUR8077.5M A Notes, Upgraded to Aaa (sf); previously on Jun 23, 2015 Affirmed Aa1 (sf)

....EUR472.5M B Notes, Affirmed Aa1 (sf); previously on Jun 23, 2015 Upgraded to Aa1 (sf)

Issuer: Voba Finance S.r.l.

....EUR295.05M A2 Notes, Upgraded to Aa2 (sf); previously on Apr 1, 2015 Upgraded to Aa3 (sf)

....EUR5.65M B Notes, Upgraded to Aa2 (sf); previously on Apr 1, 2015 Upgraded to Aa3 (sf)

....EUR5.65M C Notes, Upgraded to Aa2 (sf); previously on Apr 1, 2015 Upgraded to Aa3 (sf)

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Christophe Larpin
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Masako Oshima
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Alexander Roll
Associate Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's upgrades seven notes and affirms one note in two Italian and one Belgian transaction
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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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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