Dec 21 - Fitch Ratings has assigned Bosphorus Financial
Services Limited's (Bosphorus) series of notes final ratings of 'BBB+' with a
Stable Outlook as follows:
Series 2012-B notes, USD75,000,000: 'BBB+', Stable Outlook
Series 2012-C notes, EUR50,000,000: 'BBB+', Stable Outlook
Series 2012-D notes, EUR10,000,000: 'BBB+', Stable Outlook
Bosphorus is a securitisation of future diversified payment rights (DPR)
denominated in USD, EUR, and GBP and originated by Finansbank A.S. (Finansbank;
'BBB-'/Stable/'F3'. Finansbank is Turkey's eighth-largest bank and although it
is 94.8% owned by the National Bank of Greece S.A. (NBG, 'CCC'/'C'), no support
is factored in from its parent and contagion risk is viewed as minimal.
Finansbank's ratings are therefore driven by its stand-alone viability,
reflected in its Viability Rating of 'bbb-'. As with all DPR transactions, the
rating is credit-linked to the originator's local currency Issuer Default Rating
(IDR) of 'BBB-' via the Going Concern Assessment score (GC score). All series of
notes rank pari passu, although each series has a different scheduled maturity
date and amortisation profile.
Fitch has analysed the impact of the new issuance using its Future Flow
Securitization Rating Criteria. The issuance currently represents the full
outstanding DPR programme amount. Given its small size as well as the stability
in flows, the agency expects debt service coverage ratios (DSCRs) to remain
comfortably above their trigger, even under the stress scenarios commensurate
with the notes' ratings. When assigning the rating to the notes Fitch took into
account Finansbank's local currency IDR of 'BBB-'/Stable and its GC score of
GC3, which reflects its relative importance to the Turkish financial system.
Fitch has rated the notes two notches above Finansbank's local currency IDR
following the agency's analysis of the GC3 score.
Fitch's new issue report outlining the agency's analysis for the new and
existing series is available at www.fitchratings.com.
Link to Fitch Ratings' Report: Bosphorus Financial Services Limited