CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed CCR Inc. MT-100 Payment Rights Master Trust's series 2008-A and series 2008-B notes at 'A-'. The Rating Outlook is Stable.
The notes represent a senior undivided interest in the trust assets. The program's notes are backed by the collections generated from future and existing U.S. dollar denominated Diversified Payment Rights (DPRs) originated by Banco de Credito del Peru (BCP). Upon their generation, the trust will have rights to the DPRs through accounts maintained with designated depositary banks (DDBs). DPRs refer to electronic payment orders intended for payment to third party beneficiaries via BCP (i.e. international trade financed by BCP, export remittances, workers remittances, foreign direct investment, etc). This business line is important to BCP as many of its top corporate clients are exporters. Peru's international trade balance recovered during the last year, driving the increase in total collections to $32.1 billion in 2010 up from $23.2 billion in 2009. Coverage levels for the program for 2010 averaged 99 times maximum quarterly debt service.
Fitch has taken the following rating actions:
CCR Inc. MT-100 Payment Rights Master Trust
--2008-A affirmed at
'A-', Outlook Stable;
--2008-B affirmed at 'A-', Outlook Stable.
The notes' 'A-' rating is higher than Peru's Issuer Default Rating (IDR) of 'BBB-' and local currency IDR of 'BBB', as the transaction mitigates certain sovereign risks associated with Peru. All DDBs have signed Notice, Consent and Agreements that obligate them to deposit DPR collections into a designated collection account controlled by the indenture trustee, and large coverage levels ensure that the incentive for government interference remains low. Currently, 73% of collections flow through DDBs.
BCP is the largest bank in Peru in terms of total assets, loans, deposits, and branch network. As of December 2009, BCP had total assets of $19.1 billion, which represent about 37% of the total banking system's assets. Fitch currently rates BCP's IDR 'BBB' with a Stable Outlook.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Future Flow
Securitization Rating Criteria' (March 3, 2010);
--'Global
Structured Finance Rating Criteria' (Aug. 13, 2010);
--'Peru' (June
8, 2010);
--'Banco de Credito del Peru' (Oct. 29, 2009).
Applicable Criteria and Related Research:
Future Flow
Securitization Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=502672
Banco
de Credito del Peru
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=478308
Peru
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=532185
Global
Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
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