CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the following ratings as indicated:
CCR Inc. MT-100 Payment Rights Master Trust (BCP DPR)
--US$100
Series 2006-A Notes at 'A';
--US$150 Series 2008-A Notes at 'A';
--US$150
Series 2008-B Notes at 'A';
--US$63.04 Series 2010-B Notes at 'A';
--US$350
Series 2010-C Notes at 'A';
--US$150 Series 2010-D Notes at 'A';
--US$75
Series 2012-A Notes at 'A';
--US$75 Series 2012-B Notes at 'A';
--US$315
Series 2012-C Notes at 'A';
SBP DPR Finance Company (Scotiabank Peru DPR)
--US$50 million
Series 2010-A Notes at 'A+';
--US$125 million Series 2010-B Notes
at 'A+';
--US$62.5 million Series 2010-C Loans at 'A+';
--US$62.5
million Series 2010-D Loans at 'A+';
--US$50 million Series 2012-A
Loans at 'A+'.
Continental DPR Finance Company (BBVA Continental DPR)
--US$250
million Series 2008-A Notes at 'A';
--US$200 million Series 2010-A
Loans at 'A';
--US$50 million Series 2012-A Notes at 'A';
--US$75
million Series 2012-B Notes at 'A';
--US40 million Series 2012-C
Notes at 'A';
--US$70 million Series 2012-D Notes at 'A'.
In addition, Fitch Ratings has maintained the Stable Outlook on the ratings assigned to BCP DPR and Scotiabank Peru DPR. Outlooks for the ratings assigned to BBVA Continental DPR have been revised to Stable from Negative.
The transactions are backed by collections generated from future and existing diversified payment rights (DPRs) originated by Banco de Credito del Peru (BCP), Scotiabank Peru S.A.A (SBP), and BBVA Banco Continental (BBVA Continental), respectively. DPRs refer to electronic payment orders intended for payment to third-party beneficiaries mostly related to export and worker remittances and foreign direct investment.
KEY RATING DRIVERS
BCP DPR
The rating action to BCP DPR reflects (i) the strength of
BCP's credit quality and DPR business line, as well as the stable
sovereign environment; (ii) the overall performance of the transaction;
and (iii) the sponsor bank's level of future flow debt relative to total
liabilities.
BCP is assigned a local currency (LC) Issuer Default Rating (IDR) of 'BBB+' with a Stable Outlook. The bank is also assigned a Viability Rating (VR) of 'bbb+'. DPR flows through BCP, the largest bank in Peru, continue to benefit from growth in the Peruvian economy. Fitch's expected monthly debt service coverage ratio (DSCR), which considers average monthly DPR flows through designated depository banks (DDBs) in 2012 and maximum debt service for the life of the transaction, exceeds 133x.
As of May 2013, the outstanding balance of the program is $979.4 million, representing approximately 3% of total bank liabilities.
Scotiabank Peru DPR
The rating action on Scotiabank Peru DPR
reflects (i) the strength of Scotiabank Peru's credit quality and DPR
business line, as well as the stable sovereign environment; (ii) the
overall performance of the transaction; and (iii) the sponsor bank's
level of future flow debt relative to total liabilities.
Subsequent to the last surveillance review of Scotiabank Peru DPR, Fitch affirmed the bank's LC IDR at 'A', with a Stable Outlook, and upgraded its VR to 'bbb+' from 'bbb'. DPR flows through the third largest Peruvian bank continue to benefit from the country's economic growth. Fitch's expected quarterly DSCR, which considers average quarterly DDB flows in 2012 and maximum quarterly debt service, exceeds 94x.
As of May 2013, the outstanding balance of the program is $309.9 million or about 2% of bank liabilities.
BBVA Continental DPR
The rating action on BBVA Continental DPR
reflects (i) the strength of BBVA Continental's credit quality and DPR
business line, as well as the stable sovereign environment; (ii) the
overall performance of the transaction; and (iii) the sponsor bank's
level of future flow debt relative to total liabilities.
On May 29, 2013, Fitch affirmed BBVA Continental's LC IDR and VR at
'BBB+' and 'bbb+', respectively, and revised the Outlook to Stable from
Negative. The Outlook revision to Stable from Negative on the rating
assigned to the DPR program follows the revision on the Outlook to the
bank's LC IDR. Flows through BBVA Continental, the second largest bank
in the system, continue to grow alongside the Peruvian economy. Fitch's
expected quarterly DSCR, which includes average quarterly DDB flows in
2012 and maximum quarterly debt service, exceeds 70x.
As of May 2013, the outstanding balance of the program is $532.5 million, about 3% of total bank liabilities.
RATING SENSITIVITIES
The transactions are sensitive to changes in
the credit quality of the sponsor banks, the performance of the DPR
business lines, and changes in the sovereign environment. DPR flows
through Peru's three largest banks are highly linked to Peru's economic
activity, which depends greatly on commodity exports, namely those
related to mining.
Eligible remittances for BCP DPR include U.S. dollar-denominated MT-100 series payments flowing through all correspondent banks and electronic or other messages instructing BCP to make payments to third parties. BCP's Miami, FL agency also receives payment orders via the Fedwire system. While these flows are included in the definition of the trust's collateral, they are not included in the DPR flows used in the DSCR calculation.
Collateral for BBVA Continental DPR is defined as U.S. dollar payment order, including MT-100 or MT-200 category messages, as well as electronic or other messages processed through the Fedwire system.
Collateral for Scotiabank Peru DPR specifically includes MT-100 payments flowing through all correspondent banks and electronic or other payment orders instructing Scotiabank Peru to make payments to third parties.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Future Flow
Securitization Rating Criteria' (June 19, 2012)
--'Global
Structured Finance Rating Criteria' (May 24, 2013)
--'DPR
Securitizations from Lima to Istanbul' (Feb. 6, 2013)
Applicable Criteria and Related Research:
Future Flow
Securitization Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681832
DPR
Securitizations from Lima to Istanbul (A Comparative Perspective)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=700111
Global
Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793461
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