Research: Announcement: Moody's places IM Grupo Banco Popular Leasing 1 FTA's class A notes on review for downgrade - Moody's Yes No Moodys.com Terms of Use REGULATORY . SUSTAINABILITY . DIVERSITY, EQUITY & INCLUSION CAREERS . ABOUT US . CONTACT US HOME TRENDING REPORTS SECTORS & REGIONS Ratings & Assessments Tools & Data EVENTS & TRAINING Please Note We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for "" The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left. Close Back to Previous Page Email Research Recipient email addresses will not be used in mailing lists or redistributed. Recipient's Email Use semicolon to separate each address, limit to 20 addresses. Enter the characters you see Can't read? Try a new set Send Cancel Email Research Thank you for your interest in sharing Moody's Research. 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You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​ ​ I AGREE Export PDF Export CSV Email Print Related Issuers AyT Lico Leasing I, FTA BANCAJA LEASING 1, FTA BANKINTER LEASING 1, FTA BBVA Leasing 1, FTA GC SABADELL EMPRESAS 4, FTA IM Grupo Banco Popular Leasing 1, FTA Related Research Rating Action: Moody's upgrades two tranches and affirms two tranches in 2 Spanish ABS deals Rating Action: Moody's upgrades 29 tranches and places on review for upgrade 33 tranches in 29 Spanish ABS-SME deals Rating Action: Moody's upgrades Class B notes and affirms Class C notes of BBVA Leasing 1, FTA Rating Action: Moody's upgrades 32 tranches and downgrades 1 tranche in 19 Spanish ABS-SME deals Rating Action: Moody's upgrades 29 tranches' ratings in 23 Spanish ABS deals; 2 tranches confirmed Announcement: Moody's places IM Grupo Banco Popular Leasing 1 FTA's class A notes on review for downgrade 01 Apr 2011 EUR 1612.8 Million of debt securities affected Frankfurt am Main, April 01, 2011 -- Moody's Investors Service has today placed on review for possible downgrade the class A notes issued by IM Grupo Banco Popular Leasing 1 FTA, following the downgrade of the originator Banco Popular Español, S.A.: ....EUR1612.8M A Note, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 7, 2010 Downgraded to Aa2 (sf) On 24 March 2011, Moody's downgraded the senior debt ratings of 30 Spanish financial institutions by one or more notches (see "Moody's takes rating actions on Spanish banks after Spain's downgrade to Aa2", 24 March 2011 for a detailed list of the rating actions taken by Moody's). Moody's notes that Spanish leasing asset-backed securities (ABS) transactions are exposed to legal uncertainties associated with recoveries on defaulted lease contracts following the insolvency of the originator. If an originator becomes insolvent, asset-sale proceeds could form part of the insolvency estate. Moody's assesses the impact of the legal risks by assuming a stressed recovery rate (see "Moody's updates on the impact of originator insolvency on Spanish ABS leasing transactions", 4 December 2009). Following the downgrade of the originators or the originators' parent in five of the six outstanding Spanish lease ABS deals rated by Moody's, the likelihood of an originator insolvency has increased across those five deals, which triggers a further stress on the recovery value. Banco Popular Español acts as originator in IM Grupo Banco Popular Leasing 1 and was downgraded to A2 from Aa3 on 24 March. When increasing the stress on the recovery rate assumption to a magnitude corresponding to the originator's recent downgrade, the Aa2 (sf) rated Class A notes suffer negative rating pressure. Consequently, Moody's placed on review for downgrade the rating of Class A notes . Furthermore, on 18 March 2011, AyT Lico Leasing I has already been placed on review for downgrade due to worse-than-expected performance and the increased legal risk following negative pressure on the originator's rating (see "Moody's places notes of AyT Lico Leasing I, Spanish lease ABS, on review for possible downgrade"). On 24 March 2011, Moody's downgraded Lico Leasing's rating from Baa1 to Baa3. Moody's did not place on review three Spanish lease ABS with recently downgraded originator ratings as (1) their current note ratings benefited from a cushion covering a further deterioration of the originator rating and (2) the increased credit enhancement levels resulting from the amortisation of the transactions offset the increased stress on the recovery rate. The originators of these three transactions were downgraded by one notch. During the review process, Moody's will reassess the stress on the recovery rate applied in relation to the legal uncertainties and determine the impact on the rating of the notes. Moody's decision to place this transaction on review for downgrade is based on the principal methodology "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa," published in June 2007. Frankfurt am Main Sebastian Schranz Associate Analyst Structured Finance Group Moody's Deutschland GmbH JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Paris Carole Gintz VP - Senior Credit Officer Structured Finance Group Moody's France SAS JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moody's Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moody's places IM Grupo Banco Popular Leasing 1 FTA's class A notes on review for downgrade No Related Data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. 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