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Rating Action:

Moody's upgrades the ratings of four Spanish ABS transactions backed by electricity tariff deficit receivables

22 Jan 2018

Moody's has also affirmed the ratings of one Spanish ABS transaction backed by electricity tariff receivables

Madrid, January 22, 2018 -- Moody's Investors Service ("Moody's") has today upgraded the ratings of four Spanish asset-backed securities (ABS) backed by electricity tariff deficit (ETD) receivables. Moody's has also affirmed the ratings of one Spanish ABS backed by ETD:

Issuer: Alectra Finance p.l.c.

....EUR1197.05M (Current outstanding amount of EUR 356.6M) Class A Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

Issuer: Bliksem Funding Limited

....EUR200M (Current outstanding amount of EUR 53.8M) Class A Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

Issuer: Delta SPARK Limited

....EUR1289.5M (Current outstanding amount of EUR 517.8M) Class A Notes, Affirmed A2 (sf); previously on May 11, 2015 Upgraded to A2 (sf)

Issuer: Rayo Finance Ireland (No.1) Limited

....EUR75M (Current outstanding amount of EUR 17.7M) Series 1 Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

....EUR507.63M (Current outstanding amount of EUR 121.7M) Series 2 Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

....EUR269.31M (Current outstanding amount of EUR 62.1M) Series 3 Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

....EUR439.27M (Current outstanding amount of EUR 108.2M) Series 4 Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

....EUR421.7M (Current outstanding amount of EUR 135.8M) Series 5 Notes, Upgraded to Aa3 (sf); previously on May 11, 2015 Upgraded to A1 (sf)

Issuer: Telectric 1 DAC

....EUR 359.8M (Current outstanding amount of EUR 348M) Secured Notes due 17 March 2029, Upgraded to Aa3 (sf); previously on Jul 4, 2017 Assigned A1 (sf)

RATINGS RATIONALE

Today's upgrade reflects the decrease in Electricity Tariff Deficit based on data from CNMC (a Spanish regulatory body) as of 30 November 2017. The data show a definitive surplus of EUR421m as of year-end 2016, which is the third consecutive year of surpluses after a decade of increasing deficits. In addition, CNMC's projections estimate a surplus of EUR9.4m at the end of 2017 but it is not a definitive figure yet. This projection should be confirmed and revised in the course of 2018.

Outstanding cumulative electricity system debt stands at EUR23.07bn at end of 2016 which compares with EUR25.05bn reported as of end 2015. The proportion of outstanding debt over regulated revenues has also decreased to 132% as of end 2016 from 138% at end of 2015.

Counterparty exposure

In its analysis, Moody's has considered the transactions' exposure to different counterparties, especially the issuer account bank and swap counterparties.

Delta SPARK Limited's exposure to Dexia Credit Local (Baa3/P-3) as the swap counterparty limits the class A notes' maximum achievable rating at A2 (sf). Dexia Credit Local provides a basis swap in which it pays the interest on the notes as well as senior costs and expenses. It pays one-month Euro Interbank Offered Rate (Euribor), which resets monthly, plus 0.55% per annum in interest. It receives the interest component of the credit rights at three-month Euribor, which resets annually, plus 0.65% per annum. Delta SPARK Limited waived the rating trigger breach, which would have required the replacement of the swap counterparty and the posting of additional collateral.

Swap counterparty exposure does not limit Moody's ratings in Bliksem Funding Limited, Alectra Finance p.l.c. and Rayo Finance Ireland (No.1) Limited, given that their counterparties are rated either A1 or above, with triggers in place to post collateral (if the counterparty's rating falls below A2) and replace the counterparty (if the counterparty's rating falls below A3).

Telectric 1 DAC does not have any swap counterparty exposure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Moody's Global Approach to Rating Securities Backed by Utility Cost Recovery Charges published in June 2015. 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:

The underlying assets' credit quality would weaken if any electricity reforms weaken the terms of the tariff deficit receivables, new deficits maintain or increase the system's debt level or if the Spanish government's creditworthiness weakens.

The assets' credit quality would benefit from a stronger-than-expected macroeconomic environment in Spain, resulting in an improvement in the government's creditworthiness. They would also benefit from a positive trend in ETDs reduction, in line with 2016's performance.

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.
© 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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