Moody's said it has assigned definitive ratings to Rmbs notes issued by Berica. The transaction represents the fifteenth securitization transaction rated by Moody's with loans originated by Banca Popolare di Vicenza and Banca Nuova, both part of Banca Popolare di Vicenza group.
The securitization includes € 507.2 million Class A Residential Mortgage Backed Floating Rate Notes due November 2067 (rating Aa2), € 39.2 million Residential Mortgage Backed Floating Rate Notes due November 2067 (rating A1) and €20.6 million Class C Residential Mortgage Backed Floating Rate Notes due November 2067, (rating A3).
“The assets supporting the notes, which amount to around €618.5 million, consist of prime residential mortgage loans extended to individuals with a first economic lien on residential properties located in Italy,” the rating agency said.
“The portfolio comprises pure floating rate loans (41.85%), floating rate loans with a cap (16.05%), fixed rate loans (38.57%) and optional loans (3.53%) where the interest rate can switch every three years to a fixed rate or a floating rate,” Moody’s said.
The definitive ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows “for timely payment of interest and ultimate payment of principal by the legal final maturity with respect to the Class A , B and C notes. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.”
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