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Banks Take Different Approaches To Manage Payment Holidays In Italian SME Lease Securitizations Mar 10
Standard & Poors, March 2010
Abstract
Since late last year, Italian banks have given borrowers in most lease securitizations the opportunity to benefit from the 'principal payment holiday' (PPH) scheme. The Association of the Italian Banks (ABI) and the Italian Ministry of Economy and Finance promoted this scheme to give relief to banks' struggling small and midsize enterprise (SME) borrowers, including those whose leases the banks have securitized. In the case of these securitized leases, the banks-working on behalf of securitization issuers-have had to manage these payment holiday renegotiations in the context of transaction documents that, in many cases, strictly limit such relief. Standard & Poor's Ratings Services has examined how the participating banks have managed the lease renegotiations with respect to these contractual limitations: Most...
Companies mentioned in this report are: Italease Finance SpA,Agri Securities S.r.l.,Leasimpresa Finance S.r.l.,Quarzo Lease S.r.l.,Vela Lease S.r.l.,F-E Green S.r.l.,Locat Securitisation Vehicle 2 S.r.l.,SPLIT 2 S.r.l.,Tricolore Funding S.r.l.,Locat SV S.r.l.,Pharma Finance 2 S.r.l.,Italfinance Securitisation Vehicle S.r.l.,Italfinance Securitisation Vehicle 2 S.r.l.,A-Leasing Finance S.r.l.,Adriatico Finance SME S.r.l.,Pharma Finance S.r.l.,CLARIS LEASE FINANCE 2009 S.R.L.,Dolomiti Finance S.r.l.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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