Kurse + Charts + RealtimeNews + AnalysenFundamentalUnternehmenzugeh. WertpapiereAktion
Kurs + ChartChart (groß)NewsBilanz/GuVDividende/HVZertifikateDepot/Watchlist
Times + SalesChart-AnalyseAnalysenSchätzungenTermineOptionsscheinemyHome
BörsenplätzeChartvergleichKurszieleVergleichProfilKnock-OutsSenden/Drucken
OrderbuchRealtime StuttgartFundamentalanalyseRatingInsidertradesFondsInvestmentreport
HistorischRealtime PushmyNews im ForumAnleihen
Kaufen
Verkaufen

28.11.2012 15:59

Senden

Moody's assigns definitive rating to ABS notes issued by Cars Alliance Auto Loans France V 2012-1

Renault zu myNews hinzufügen Was ist das?


EUR 700 Million of Debt Securities rated

London, 28 November 2012 -- Moody's Investors Service has today assigned definitive rating to ABS notes issued by Cars Alliance Auto Loans France V 2012-1:

EUR 700M Class A Notes, Assigned Aaa (sf)

EUR 109.2M Class B Notes were not rated by Moody's.

The rating addresses the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Notes by legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on yield to investors.

Cars Alliance Auto Loans France V 2012-1 is a revolving cash securitisation of a portfolio of auto loan receivables originated by RCI Banque through its French subsidiary Diac. The pool results from amortising loans as well as balloon loans granted to Diac retail clients in order to finance the purchase of new and used vehicles branded mainly Renault, Nissan and Dacia. Investors should note that this transaction is a separate stand-alone securitisation and it is not part of the Cars Alliance Auto Loans France Master Programme which issued Notes on 25 May 2012 nor the Cars Alliance Auto Loans France F 2012-1 static transaction which issued Notes on 27 June 2012.

RATINGS RATIONALE

According to Moody's, the transaction benefits from a highly granular portfolio on which over eight years of historical data was provided. Further strengths of the transaction include an experienced originator, positive performance of past similar French transactions, and a discount rate mechanism envisioned to create a minimum fixed interest rate of at least 7% on each loan in the portfolio.

Moody's notes that the transaction features some credit weaknesses such as significant proportion of contracts which include a balloon payment (approx. 20%) and approx. 35% of the portfolio consisting of used car loans. The portfolio also revolves for 12 months. Triggers and eligibility criteria provide certain structural protections against these risks and Moody's has factored these aspects in its quantitative analysis. In addition, certain commingling risk exposure may exist following the servicer insolvency. However, this is mitigated by the daily sweep of funds from the servicer collection account (French compte à affectation spéciale) to the issuer account and a dedicated reserve to be funded upon Diac rating downgrade below P-2.

The V-Score analysis for the transaction is Low/Medium. One aspect of note is the assessment absence of back-up servicing arrangement poses some increased uncertainty as the structure relies strongly on Diac as servicer for the portfolio. As of the closing date, there is no back-up servicer in place and no trigger is incorporated to identify a back-up servicer prior to a potential servicer termination event such as actual servicer insolvency. Nevertheless, in Moody's opinion, the likelihood of severe disruptions in the servicing process is reduced as (1) Diac ( (P)Baa2/P-2) is a wholly owned subsidiary of RCI Banque (Baa2/P-2) which is highly integrated in the Renault S.A. (Ba1 / NP) group and considered to be strategically important for the Renault group to support the sale of vehicles across Europe even in times of deteriorating credit standing of the manufacturer itself, (2) the likelihood that a default on any of Renault group's financial obligations would result in the immediate liquidation of the Renault group (including Diac operations) is low; and (3) the structure envisions the management company, Eurotitrisation, to take over the role as back-up servicer facilitator, i.e. finding a potential back-up servicer, if needed. Nonetheless, in case of significant deteriorations of Renault group's and / or RCI Banque's credit standing or strategic importance, some rating volatility could occur. For more information, the V-Score has been assigned accordingly to the report "V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS Sector", published in January 2009.

The principal methodology used in this rating was Moody's Approach to Rating European Auto ABS published in November 2002. Please see the Credit Policy page on http://www.moodys.com for a copy of this methodology.

Other factors used in this rating are described in The Lognormal Method Applied to ABS Analysis published in July 2000.

In rating this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche." As such, Moody's analysis encompasses the assessment of stressed scenarios.

In its quantitative assessment, Moody's assumed a mean default rate of 4.60%, with a coefficient of variation of 45% and a recovery rate of 40%. Moody's also tested other set of assumptions under its Parameter Sensitivities analysis. The results show that the model output would be one notch lower if the mean default rate assumption was to increase to 5.60%, all other parameters being kept unchanged. Similarly, the model output would be one notch lower if the recovery rate assumption was to decrease to 30%. For more details, please refer to the full Parameter Sensitivity analysis included in Moody's Report of this transaction.

Provisional ratings have been assigned on 15 October 2012. Please note that the notes issuance amounts has changed from provisional ratings due to the final portfolio securitised but in substance remains consistent from a credit analysis perspective.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

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

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF307629.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Christophe Larpin Asst Vice President - Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Alex Cataldo Associate Managing Director Structured Finance Group Telephone:+39-02-9148-1100 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. 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.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". 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.

This credit rating is an opinion as to the creditworthiness or 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. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Kommentare zu diesem Artikel

Geben Sie jetzt einen Kommentar zu diesem Artikel ab.
Kommentar hinzufügen
  • Relevant
  • Alle
    2
  • vom Unternehmen
    2
  • Peer Group
  • Sprache:
  • Alle
  • DE
  • EN
  • Sortieren:
  • Datum
  • meistgelesen
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu Renault S.A.

mehr
  • Alle
  • Buy
  • Hold
  • Sell
08.04.14Renault overweightBarclays Capital
04.04.14Renault buyUBS AG
26.03.14Renault buyDeutsche Bank AG
18.03.14Renault overweightBarclays Capital
18.03.14Renault OutperformMacquarie Research
08.04.14Renault overweightBarclays Capital
04.04.14Renault buyUBS AG
26.03.14Renault buyDeutsche Bank AG
18.03.14Renault overweightBarclays Capital
18.03.14Renault OutperformMacquarie Research
13.02.14Renault haltenCommerzbank AG
11.02.14Renault haltenGoldman Sachs Group Inc.
04.02.14Renault haltenHSBC
20.12.13Renault haltenCommerzbank AG
04.12.13Renault haltenGoldman Sachs Group Inc.
23.01.14Renault verkaufenExane-BNP Paribas SA
03.12.13Renault verkaufenExane-BNP Paribas SA
28.10.13Renault verkaufenNorddeutsche Landesbank (Nord/LB)
18.09.13Renault verkaufenBernstein
13.08.13Renault verkaufenBernstein
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Renault S.A. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"

AKTIEN IN DIESEM ARTIKEL

Renault S.A.70,90
2,41%
Renault Jahreschart

ANZEIGE

Private Krankenversicherung Tarifvergleich

Anzeige

ANZEIGE

Die 5 beliebtesten Top-Rankings






Die Zahl der Beschwerden von Privatversicherten über ihre Krankenkasse ist 2013 leicht gesunken. Wie Zufrieden sind Sie mit Ihrer Krankenkasse?
Ich gehöre zu denen die sich beim Ombudsmann der privaten Krankenversicherung (PKV) beschwert haben.
Ich war im letzten Jahr unzufrieden, habe mich aber nicht beschwert.
Ich hatte keine Probleme mit meiner Versicherung
Abstimmen