Brazilian Auto-Backed Deal in the Market
August 5, 2010
BV Financeira S.A.-Credito is in the market with BRL 2.5 billion deal ($1.42 billion) backed by Brazilian auto loans.
According to Moody’s Investors Service, which has assigned ‘Aa1/Ba1’ ratings to the senior notes, BV Financeira will issue a single series of senior and subordinated shares, and the subordinated shares will be fully retained by the seller.
Moody’s rating indicated the strength of the collateral and BV Financeira’s strong underwriting standards, the stable performance of the firm’s other outstanding securitizations, the 20% minimum credit enhancement provided by the subordinated shares, and the overall transaction structure and legal framework of the deal.
For more preliminary information, please click the link below featuring data from the ASR Scorecards database.
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