26.11.2012 19:56
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Moody's updates on Consumer One S.r.l.

Moody's determines no negative rating impact on Consumer One S.r.l. following changes in several triggers and definitions

Frankfurt am Main, November 26, 2012 -- Moody's has determined that the proposed action (the "Proposal") to: (i) amend the swap agreements by lowering the rating downgrade triggers which require the swap counterparty to post collateral and get a replacement counterparty or guarantor; (ii) amend the account bank trigger and create an interim collection account; (iii) amend the definition of eligible investments; and (iv) lower the servicer trigger to identify a back-up servicer should not, if implemented, in and of itself at this time result in a reduction or withdrawal of the current ratings of the notes issued by Consumer One S.r.l. (the "Issuer"). Moody's does not express an opinion as to whether the Proposal may be considered to have negative effects in any other respect.

Moody's has assessed the Proposal to amend the swap agreements which - in brief - envisions lowering the rating downgrade triggers which require UniCredit SpA (Baa2/P-2) as swap counterparty to post collateral and get a replacement counterparty or guarantor. The collateral trigger changes from loss of A2 or P-1 to loss of Baa3 or, in the absence of a long-term rating, P-3 while the replacement / guarantor trigger changes from loss of A3 or P-2 to loss of Baa3 or, in the absence of a long-term rating, P-3. Moody's has assessed the probability and impact of a default of the swap counterparty on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any benefit from the swaps according to its methodology.

Moody's has also further assessed the Proposal to (i) create an "interim collection account" to be established in the name of the Issuer with an interim account bank rated at least Baa3 or, in the absence of a long-term rating, P-3 and on which all collections and recoveries received pursuant to the servicing agreement will be paid and (ii) transfer on a monthly basis the balance of the interim collection account to the collection account, (iii) amend the eligible institution definition so that the rating triggers for all accounts of the Issuer (including the collection account) are A2 or, in the absence of a long-term rating, P-1, instead of P-1 only as currently documented. On the date of implementation of the proposal, it is envisaged that the interim collection account will be opened with UniCredit SpA and all other accounts of the Issuer will be opened with BNP Paribas Securities Services (A2/P-1), Milan branch. Moody's has also assessed the Proposal to change the eligible investment definition for investments with a maturity of less or equal to 1 month to Baa3 or, in the absence of a long-term rating, P-3 and for investments with a maturity of between 1 and 3 months to Baa2 or, in the absence of a long-term rating, P-2. For the avoidance of doubt, Eligible Investments continue to have a maturity which needs to fall before the then following payment date. Moody's has assessed the probability and impact of a default of the interim account bank and eligible investment counterparties on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any cash held by the interim account bank should it default and any loss that may be incurred after that time due to any delay in redirecting payments to a new account or taking any other appropriate action.

Furthermore Moody's has also assessed the proposal to appoint a back-up servicer at loss of Baa3 or, in the absence of a long-term rating, P-3 instead of Baa2 or P-3, as currently documented.

Investors should note that, although it does not have a negative rating impact on the current notes, the Proposal further exposes the ratings of the notes of the transaction to the credit risk of the swap counterparty, the interim account bank, the account bank and the eligible investments respectively.

The principal methodology used in this rating was Moody's Approach to Rating Consumer Loan ABS Transactions published in October 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other factors used in this rating are described in The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines published in December 2008, Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk published in June 2011, and the Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions published in October 2010.

Moody's noted that on 2 July 2012, it released two Requests for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for its "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions" and to its rating implementation guidance for the temporary use of cash in structured finance transactions. If the revised rating implementation guidances are implemented as proposed, the rating on the Notes should not be negatively affected. Please refer to Moody's Requests for Comment, entitled "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions: Request for Comment" and "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modeling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Moody's will continue to monitor the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Sebastian Schranz Analyst Structured Finance Group Moody'sDeutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany 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 Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany 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.

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Analysen zu UniCredit S.p.A.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
24.07.2014UniCredit NeutralGoldman Sachs Group Inc.
21.07.2014UniCredit NeutralGoldman Sachs Group Inc.
08.07.2014UniCredit OutperformMacquarie Research
17.06.2014UniCredit overweightBarclays Capital
16.06.2014UniCredit HaltenIndependent Research GmbH
08.07.2014UniCredit OutperformMacquarie Research
17.06.2014UniCredit overweightBarclays Capital
11.06.2014UniCredit buyCitigroup Corp.
10.06.2014UniCredit overweightMorgan Stanley
09.06.2014UniCredit overweightJP Morgan Chase & Co.
24.07.2014UniCredit NeutralGoldman Sachs Group Inc.
21.07.2014UniCredit NeutralGoldman Sachs Group Inc.
16.06.2014UniCredit HaltenIndependent Research GmbH
20.05.2014UniCredit HaltenIndependent Research GmbH
13.05.2014UniCredit NeutralCredit Suisse Group
13.06.2014UniCredit UnderperformBNP PARIBAS
26.03.2014UniCredit SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
28.02.2014UniCredit verkaufenJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
27.02.2014UniCredit verkaufenExane-BNP Paribas SA
03.12.2013UniCredit verkaufenNomura
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für UniCredit S.p.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"

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