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Deterioration In Performance Metrics May Result In Greater Rating Volatility For Italian ABS Leasing Transactions Nov 09
Standard & Poors, Nov 2009
Abstract
Since Q1 2009, delinquencies and defaults in Italian lease asset-backed securities (ABS) transactions have accelerated across the three asset types that typically back lease securitizations in Italy: Vehicle, equipment, and real estate. Interestingly, these metrics across these asset types seem to be converging, especially on less seasoned transactions in Standard & Poor's Ratings Services' Italian lease ABS indices. This may suggest that the current gloomy macroeconomic backdrop is negatively affecting performance in the broader leasing asset classes. This acts to smooth the relative differences in performance across asset types. So far, we have taken negative rating actions in only one Italian ABS lease transaction (driven by performance), despite the unfavorable underlying economic conditions. We believe that greater rating volatility on...
Companies mentioned in this report are: Italease Finance SpA,Agri Securities S.r.l.,Leasimpresa Finance S.r.l.,Vela Lease S.r.l.,Tricolore Funding S.r.l.,Locat SV S.r.l.,Italfinance Securitisation Vehicle S.r.l.,Italfinance Securitisation Vehicle 2 S.r.l.,A-Leasing 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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