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S&P assigns prelim rtg to codeis securities' repack notes
2012年11月8日 / 下午5点58分 / 5 年前

S&P assigns prelim rtg to codeis securities' repack notes

OVERVIEW
     -- We have assigned our preliminary 'BBB-' rating to Codeis Securities' 
first fixed-coupon and variable-rate index-linked coupon notes due Feb. 8, 
2018.
     -- The transaction is a repackaging of three zero-coupon bonds and one 
note issuance from Societe Generale Effekten (the SGE notes).
     -- We have weak-linked our preliminary rating on the Codeis notes to the 
'BBB-' preliminary rating on the weakest link (the most severely constraining 
factor), the MPS zero bond.
  
PARIS (Standard & Poor's) Nov. 8, 2012--Standard & Poor's Ratings Services 
today assigned its preliminary 'BBB-' credit rating to Codeis Securities 
S.A.'s (Codeis, or the issuer) first fixed-coupon and variable-rate 
index-linked coupon notes (the Codeis notes). 

The transaction is a repackaging of three zero-coupon bonds and one note 
issuance from Societe Generale Effekten GmbH (the SGE notes):

     -- Banca Monte dei Paschi di Siena S.p.A.'s (MPS) zero-coupon bond, which 
matures in February 2018 (the MPS zero bond); 
     -- The Republic of Italy's euro-denominated zero-coupon bond, which 
matures in February 2018 (the Italian zero bond);
     -- The Republic of Italy's euro-denominated zero-coupon bond, which 
matures in February 2014 (the Italian income bond);
     -- The SGE notes. 
  
The credit risk applicable to the Codeis notes is equal to that of the four 
assets listed above. As such, we have weak-linked our preliminary rating on 
the Codeis notes to the 'BBB-' preliminary rating on the weakest link (the 
most severely constraining factor), the MPS zero bond. 

The MPS zero bond, the SGE notes, and the Codeis notes will be issued 
simultaneously.

We have assigned our preliminary rating based on the information we have 
received for this transaction as of Sept. 24, 2012.

RATING RATIONALE

In our analysis, we have applied our weak-linking approach that we use to base 
our ratings on repackaged securities, supported by our analysis of each cash 
flow source (see "Assessing Credit Quality By The Weakest Link," published on 
Feb. 13, 2012). Indeed, our preliminary rating on Codeis' notes is weak-linked 
to the ratings on four entities:

     -- MPS zero bond as collateral, which has a preliminary rating of 'BBB-'.
     -- The Italian zero bond and the Italian income bond as collateral, the 
rating on which is at the same level as the unsolicited 'BBB+' long-term 
rating on the Republic of Italy.
     -- Societe Generale, the guarantor of the SGE notes for the payment of 
the structure's costs through the fixed coupon paid by SGE to Codeis under the 
SGE notes. 
     -- Societe Generale Bank & Trust (A/Negative/A-1), as custodian. This is 
because there is no replacement language, in line with our 2012 counterparty 
criteria (see "Counterparty Risk Framework Methodology And Assumptions," 
published on May 31, 2012).
  
Our weak-linking approach determines the overall creditworthiness of the 
issuer's notes using the weakest link, i.e., the most severely constraining 
factor--in this case, the MPS zero bond.  

Therefore, our rating on the Codeis notes is weak-linked to the rating on the 
MPS zero bond. In addition, the performance of the Codeis notes, in our view, 
will likely depend on that of the MPS zero bond.


CONCERNS AND MITIGATING FACTORS 

We currently await the issuer's legal opinions and the transaction documents, 
including the collateral management agreement, the custody agreement, and the 
trust deed. 

The final rating on the Codeis notes is subject to our review of the 
transaction documents, legal opinions, and the final rating on the MPS zero 
bond.


17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating 
relating to an asset-backed security as defined in the Rule, to include a 
description of the representations, warranties and enforcement mechanisms 
available to investors and a description of how they differ from the 
representations, warranties and enforcement mechanisms in issuances of similar 
securities.

There is no Standard & Poor's 17g-7 Disclosure Report included in this credit 
rating report because, in our view, there are no representations, warranties, 
and enforcement mechanisms available to investors.

RELATED CRITERIA AND RESEARCH 

     -- Presale: Codeis Securities S.A., Nov. 8, 2012
     -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012
     -- European Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, March 14, 2012
     -- Assessing Credit Quality By The Weakest Link, Feb. 13, 2012
     -- Global Structured Finance Scenario And Sensitivity Analysis: The 
Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011
     -- European Legal Criteria For Structured Finance Transactions, Aug. 28, 
2008
     -- CDO Spotlight: New Nomenclature For Rating Global Notes With 
Credit-Contingent Coupons, Nov. 24, 2004
     -- Criteria For Rating Synthetic CDO Transactions: Other Synthetic 
Structures, Sept. 1, 2004

我们的标准:汤森路透“信任原则”
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