DBRS Assigns Ratings to Locat SV S.r.l. – Series 2011

DBRS Ratings Limited (DBRS) has today assigned a AAA (sf) rating to the Class A Notes issued by Locat SV S.r.l. – Series 2011. The receivables securitised consist of a mixed pool of lease receivables relating to real estate, equipment, vehicles and vessels (naval).

The ratings are based upon review by DBRS of the following analytical considerations:

•Transaction capital structure and form and sufficiency of available credit enhancement.

•Relevant credit enhancement in the form of a reserve fund and subordination. Credit enhancement levels are sufficient to support DBRS projected expected cumulative net loss (CNL) assumption under various stress scenarios at a AAA (sf) standard for the Class A Notes issued by Locat SV S.r.l. – Series 2011.

•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested.

•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.

•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Rating European Consumer Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. This is not a newly created financial instrument.

The sources of information used for this rating include performance data relating to the receivables provided by Unicredit Leasing. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating concerns a newly issued financial instrument. This is the first DBRS rating on this financial instrument.

This is the first DBRS rating on this financial instrument.

For additional information on DBRS European ABS ratings, please refer to the linking document located below.

The full report providing additional analytical details is available by clicking on the link below or by contacting us at info@dbrs.com.

Alessio Pignataro is the lead rating analyst and Claire Mezzanotte is the rating committee chair.