LONDON, Feb. 12 /PRNewswire/ -- Preliminary ratings were today assigned to
the EUR668.7 million asset-backed floating-rate notes to be issued by
Leasimpresa Finance S.r.l., a special-purpose entity (see list below).
The notes are backed by lease receivables generated from vehicles,
equipment, and real estate lease contracts originated by Leasimpresa SpA.
The preliminary ratings reflect an analysis of the servicer's ability to
fulfil its role in this transaction, the sound legal and payment structures of
the transaction, and the sound cash flow mechanics of the transaction.
Other key rating considerations include:
-- The strong protection for the class A noteholders provided by a
combination of the 6.28% subordination of the class B notes, the 0.10%
subordination provided by the class C notes, the 2.33% deferred
purchase price (DPP) on closing, and the excess spread;
-- The strong protection for the class B noteholders provided by a
combination of the subordination of the class C notes, the DPP on
closing, and the excess spread;
-- The protection provided by various early amortization triggers; and
-- The availability of principal proceeds to cover interest shortfalls in
the transaction.
A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. The report is also available on Standard &
Poor's Ratings Services Web site at http://www.standardandpoors.com. Under Presale
Reports, select Structured Finance, then Asset-Backed Securities.
PRELIMINARY RATINGS ASSIGNED
Leasimpresa Finance S.r.l.
EUR668.7 Million Asset-Backed Floating-Rate Notes
Class Rating Amount (Mil. EUR)
A AAA 625.00
B A 43.00
C N.R. 0.68
N.R. -- not rated.
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Fabio Tamburrano, +44-20-7826-3521, or
Patrizia Medvedich, +44-20-7826-3837, both of Standard & Poor's,
London
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