Fitch Ratings affirms Turkish diversified trade payment rights transactions

Published July 29th, 2002 - 02:00 GMT

International rating agency Fitch Ratings has affirmed the ratings on the Trade Payment Rights Transactions of the Turkish Akbank Remittances Securitization (Series 1: 'BBB'; Series 2: 'BBB'; Series 3: 'BBB'; Series 4: 'BBB') and the Garanti Trade Payment Rights Master Trust (Series 1999-A: 'BBB'; Series 1999-B: 'BBB').  

 

The recent lowering of the Individual Rating of Garanti Bank did not affect the rating of the securitization due to the bank’s continued ability to generate diversified payment rights flows, a Fitch press release noted. 

 

Fitch also affirmed the ratings on Kocbank A.S. Diversified Payment Rights Securitization—Series 1: 'BBB'—, noting again that the recent lowering of the Individual Rating of Kocbank did not affect the rating of the securitization due to the bank’s continued ability to generate diversified payment rights flows. 

 

Vakifbank Trade & Diversified Payment Rights Securitization (Facility Agreement I: 'BBB'; Facility Agreement II: 'BBB') was also affirmed, and was also subject to the aforementioned note.  

 

Fitch's affirmation reflects the performance of the transactions since their respective closing date. Its analysis is based on collection flows and resulting credit enhancement levels given by the debt service coverage ratio. — (menareport.com) 

© 2002 Mena Report (www.menareport.com)


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