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5 年前
TEXT-Fitch on Spanish SF exposure to Banco Cooperativo Espanol
2012年2月29日 / 下午3点52分 / 5 年前

TEXT-Fitch on Spanish SF exposure to Banco Cooperativo Espanol

Feb 29 - Fitch Ratings says that following the downgrade of Banco
Cooperativo Espanol's (BCE) Long-term Issuer Default Rating (IDR) to 'BBB+' from
'A' (see 'Fitch Downgrades CECA and Banco Cooperativo to 'BBB+'; Outlook
Negative' dated 08 February 2012 at www.fitchratings.com), and in accordance
with its Structured Finance (SF) counterparty criteria, which indicates a
minimum rating threshold of 'A/F1' for notes rated above 'A+sf', the agency is
analysing the effect on SF deals where BCE is counterparty.	
	
Fitch has contacted and met with representatives from BCE and Europea de
Titulizacion SGFT (the management company of the affected transactions) and
understands the parties are working on a comprehensive agenda that will detail
the remedial actions to be implemented at transaction level.	
	
On a preliminary basis, Fitch understands that the main remedial actions will
include the substitution of ineligible bank accounts, and the cash
collateralisation of ineligible swap providers. With regards to the paying
agent, the transaction documents will be amended to replace the existing
'A'/'F1' triggers with 'BBB+'/'F2' triggers. Although Fitch and investors should
be entitled to assume that the terms of transaction documents will be complied
with at all times, as the paying agent is an indirect support role that performs
ancillary services, rather than a material credit exposure to the counterparty,
Fitch believes this proposed amendment will not have an immediate rating impact
on the SF notes.	
	
Due to the large number of transactions affected, Fitch understands the
timeframe until full implementation of remedials will be slightly longer than
contracted terms. Deals in which BCE acts as counterparty include:	
	
ABS	
Consumo Bancaja 1, FTA	
	
CDO	
AyT FTPYME I, FTA	
FTPYME Bancaja 2, FTA	
Ruralpyme 2 FTPYME, FTA	
	
RMBS	
Bancaja 3, FTA	
Bancaja 4, FTH	
Bancaja 8, FTA	
Bancaja 9, FTA	
Caja Ingenieros TDA 1, FTA	
MBS Bancaja 1, FTA	
MBS Bancaja 2, FTA	
MBS Bancaja 3, FTA	
MBS Bancaja 4, FTA	
MBS Bancaja 7, FTA	
MBS Bancaja 8, FTA	
Rural Hipotecario Global I, FTA	
Rural Hipotecario VI, FTA	
Rural Hipotecario VII, FTA	
Rural Hipotecario VIII, FTA	
Rural Hipotecario IX, FTA	
Rural Hipotecario XII, FTA	
VAL Bancaja 1, FTA	
Valencia Hipotecario 1, FTA	
Valencia Hipotecario 2, FTH	
Valencia Hipotecario 3, FTA	
	
	
Additional information is available at www.fitchratings.com	
	
Applicable criteria, "Counterparty Criteria for Structured Finance
Transactions", dated 14 March 2011, "Counterparty Criteria for Structured
Finance Transactions: Derivative Addendum - Amended", dated 14 March 2011, are
available at www.fitchratings.com.	
	
Applicable Criteria and Related Research:	
Counterparty Criteria for Structured Finance Transactions	
Counterparty Criteria for Structured Finance Transactions: Derivative Addendum

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