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Rating Action:

Moody's upgrades the rating of several classes of notes in three Italian healthcare ABS transactions

13 Dec 2021

Madrid, December 13, 2021 -- Moody's Investors Service ("Moody's") has today upgraded the ratings of several classes of notes in the following Italian healthcare ABS transactions: Cartesio S.r.l. - Series 2003-1, POSILLIPO FINANCE S.R.L. and POSILLIPO FINANCE II S.R.L. SERIES 2007-1. This rating action results from the upgrade of the Italian Region of Lazio and Region of Campania to Ba1 from Ba2 in November 2021. Moody's has also affirmed the rating of the tranche A2 in POSILLIPO FINANCE II S.R.L. SERIES 2007-1, wrapped by Assured Guaranty UK Limited.

Issuer: Cartesio S.r.l. - Series 2003-1

....EUR 200M (Current outstanding amount of EUR 115.4M) Tranche 1 Notes, Upgraded to Ba1 (sf); previously on Jul 3, 2015 Upgraded to Ba3 (sf)

....GBP 200M Tranche 4 Notes, Upgraded to Ba1 (sf); previously on Jul 3, 2015 Upgraded to Ba3 (sf)

....EUR 141M (Current outstanding amount of EUR 81.4M) Tranche 5 Notes, Upgraded to Ba1 (sf); previously on Jul 3, 2015 Upgraded to Ba3 (sf)

Issuer: POSILLIPO FINANCE II S.R.L. SERIES 2007-1

....EUR 870M (Current outstanding amount of EUR 580.9M) Class A1 Notes, Upgraded to Ba1 (sf); previously on Oct 25, 2018 Downgraded to Ba2 (sf)

........Underlying Rating: Upgraded to Ba1 (sf); previously on Oct 25, 2018 Downgraded to Ba2 (sf)

....EUR 870M (Current outstanding amount of EUR 580.9M) Class A2 Notes, Affirmed A2 (sf); previously on Oct 25, 2018 Affirmed A2 (sf)

........Underlying Rating: Upgraded to Ba1 (sf); previously on Oct 25, 2018 Downgraded to Ba2 (sf)

Issuer: POSILLIPO FINANCE S.R.L.

....EUR 452.655M (Current outstanding amount of EUR 302.3M) Series 2007-1 Asset-Backed Floating Rate Notes due 2035, Upgraded to Ba1 (sf); previously on Oct 25, 2018 Downgraded to Ba2 (sf)

RATINGS RATIONALE

Today's rating action reflects the improvement of the credit quality of the transactions' main obligors, that are, the Region of Lazio for Cartesio S.r.l. and the Region of Campania for the Posillipo transactions. Moody´s upgraded the rating of these two regions from Ba2 to Ba1 in November 2021. The underlying ratings of the notes in these three transactions are fully linked to the rating of the corresponding Italian regions that act as obligors.

In the case of Cartesio S.r.l. - Series 2003-1, the rating action today is also prompted by a reduced counterparty risk.

Counterparty Exposure

Today's rating action took into consideration the notes' exposure to relevant counterparties, such as servicer, swap or account banks, using the methodology "Moody's Approach to Assessing Counterparty Risks in Structured Finance" published in May 2021. Moody's concluded the ratings of the notes are not constrained by these risks.

Exposure to cross-currency or interest-rate swaps over a long-term horizon could increase the loss severity incurred by noteholders in a situation of swap counterparty default.

The ratings in Cartesio S.r.l. - Series 2003-1 were previously capped 1 notch below the rating of the Region of Lazio, constraint due to swap counterparty risk. The credit quality of the swap counterparties has improved since last rating action due to the upgrade of Deutsche Bank AG in August 2021 to A2(cr) from previously A3(cr).

The principal methodology used in these ratings was "Moody's Approach to Rating Repackaged Securities" published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. Alternatively, 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) improvement in the credit quality of the respective Italian region, (2) improvement in the credit quality of the transaction counterparties and (3) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the ratings include (1) deterioration in the credit quality of the respective Italian region, (2) deterioration in the credit quality of the transaction counterparties and (3) 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 in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

The analysis focuses on the risks relating to the credit quality of the assets backing the repack and of the counterparties. Moody's generally determines the expected loss posed to noteholders by adding together the severities for loss scenarios arising from either underlying asset default, and if applicable, hedge counterparty risk, each weighted according to its respective probability.

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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

Cristina Quintana Poves
Asst Vice President - 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

Javier Hevia Portocarrero
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.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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 JPY100,000 to approximately JPY550,000,000.

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

​
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