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DFS Funding Corp. Presale

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DFS Funding Corp. Presale Structured Finance Future Flow Receivables Turkey DFS Funding Corp. Presale Analysts Ratings Structured Finance Fitch Peter Winning, CFA Expected +44 20 3530 1377 Series Amount (EURm) Final Maturity Rating LSR CE (%) Rating Outlook [email protected] 2011‐A 50.00 June 2018 BBB+exp n.a. n.a. Positive 2011‐B 75.00 Sept 2023 BBB+exp n.a. n.a. Positive Bernardo Costa +1 312 606 3315 2011‐C 75.00 Sept 2023 BBB+exp n.a. n.a. Positive [email protected] 2011‐D 75.00 June 2016 BBB+exp n.a. n.a. Positive 2011‐E 25.00 June 2018 BBB+exp n.a. n.a. Positive Gregory J. Kabance Total Issuance 300.00 +1 312 368 2052 The expected rating does not reflect the final rating and is based on information provided by the issuer as of 18 April [email protected] 2011. Expected ratings are contingent on final documents conforming to information already received. Ratings are not a recommendation to buy, sell or hold any security. The transaction documents and other material should be reviewed Banks prior to any purchase. Levent Topcu +90 212 284 7819 n.a. - Not applicable [email protected] Gulcin Orgun +90 212 279 10 65 Transaction Summary [email protected] Fitch Ratings has assigned an expected ‘BBB+’, Positive Outlook, issue‐specific Sovereigns ratings to the EUR50m series 2011‐A, EUR75m series 2011‐B, EUR75m series 2011‐C, Ed Parker EUR75m series 2011‐D and EUR25m series 2011‐E notes issued by DFS Funding Corp. +44 20 7417 6340 [email protected] (DFS, or the issuer). The agency’s ratings address the likelihood of timely payment of interest and principal. The underlying issuance is a securitisation of existing and Related Research future USD‐, EUR‐ and GBP‐denominated diversified payment rights (DPRs) originated by Denizbank A.S. (Denizbank, Foreign Currency Issuer Default Rating Applicable Criteria • Future Flow Securitization Rating Criteria (IDR) ‘BBB−’/Positive; Short‐term IDR of ‘F3’, Local Currency IDR ‘BBB’/Positive). (March 2010) • Criteria for Interest Rate Stresses in The ‘BBB+’ ratings reflect structural mitigants to several sovereign and bank risks Structured Finance Transactions associated with Turkey and Denizbank. The rating of the notes reflects the (March 2011) performance risk of Denizbank — as measured by Fitch’s going concern assessment Other Research (GCA) score of GC3 — the strength of Denizbank’s DPR flows, and the legal structure • Turkey (November 2010) of the transaction, which provide the securitisation with a one‐notch rating up‐tick • Denizbank A.S. (June 2010) above the bank’s Local Currency IDR. Denizbank is Turkey’s ninth‐largest bank — or excluding the state‐controlled banks, the sixth‐largest privately owned bank — with noticeable market shares across most business segments. As of end Q410, Denizbank had TRY33.9bn in assets, representing approximately 2.8% of total system assets and 2.5% of deposits. The six largest Turkish privately owned banks in order of size are: Isbank, Garanti Bank, Akbank, Yapi Kredi Bank, Finansbank and Denizbank; together they represent approximately 53.7% of total system assets (as at Q310). However, this is dominated by the top four private banks, which together account for 47.1% of system assets, while Finansbank and Denizbank have much smaller market shares. Key Rating Drivers • Local Currency IDR and Going Concern Assessment of Originator: Denizbank has a Local Currency IDR of ‘BBB’/Positive, driven by the support of its foreign‐ owned parent Dexia (‘A+’/Stable/‘F1+’). Based on its position as the ninth‐ largest bank in the financial system and its relative importance to the Turkish economy, Fitch has assigned a GCA score of GC3 to the bank. Fitch has rated the notes one notch above Denizbank’s Local currency IDR following the agency’s analysis of the GC3 score and the influence of the parental support on Denizbank’s rating. www.fitchratings.com 21 April 2011 Structured Finance • Product/Asset Analysis: The collateral backing these notes involves DPRs processed by Denizbank. DPRs are essentially payment orders processed by a bank’s settlement department on behalf of its clients. Foreign currency payment orders may arise for any reason including exports, foreign direct investment (FDI) and individual remittances. The issuer will have rights to the DPRs immediately upon their generation. Fitch believes payments processing is crucial to the bank’s existence as a going concern. This view is reflected in the bank’s GCA score and the transaction rating. • Sovereign Analysis: In November 2010, Fitch affirmed both Turkey’s Foreign Currency IDR and Local Currency IDR at ‘BB+’, and revised their Outlooks to Positive from Stable. The Positive Outlook on Denizbank and on the transaction’s rating reflects the Positive Outlook on the sovereign. When contemplating ratings that exceed the Foreign Currency Rating of a country, Fitch considers potential sovereign risk events consistent with the expected rating level. These risks include transfer and convertibility, devaluations and, to some degree, nationalisation and expropriation. Any controls on transfer or conversion of foreign exchange should be mitigated in this transaction, as payments from the obligors are collected offshore. Additionally, Fitch evaluated the potential for sovereign redirection (ie payment‐diversion risk) in this transaction. Fitch believes this risk is mitigated on several levels. • Structural Features: Typical early amortisation triggers accelerate the amortisation of the notes without capturing all cash flow (after covering scheduled debt service payments, 40% of excess cash flow is returned to the bank). If all cash flow were trapped, it could cause an extraordinary liquidity event that could further deteriorate the bank’s financial condition. • Legal Analysis: Under a true sale agreement between Denizbank (the seller) and a special‐purpose corporation (SPC) called DFS Funding Corp, the seller has sold to the SPC all rights to, title to, and interest in existing and future DPRs. Selected correspondent banks have executed Acknowledgement Agreements giving the trustee control over flows from such correspondent banks. • Cash Flow Analysis: In Fitch’s base case scenario, expected monthly maximum debt service coverage levels (based on the maximum monthly debt service amount due) for the programme are approximately 28x. Fitch’s cash‐flow analysis only gives credit to non‐Turkish flows through designated depositary banks (DDBs). Fitch’s base case took the lowest monthly flow since 2008 to incorporate the effects of the recent economic recession (if the average flow since 2008 was used, the DSCR would have been approximately 56x). The agency applies various stress scenarios to the base case flow volume to test the adequacy of the coverage. • Total Size of Future‐Flow Programme Relative to Total Bank Liabilities: Fitch estimates Denizbank’s DPR programme represents approximately 3.9% of overall liabilities. In differentiating Denizbank’s IDR from the issuance ratings assigned to these notes, Fitch highlights that the additional series, in combination with the existing programme, represent a small portion of overall obligations. While Fitch is comfortable with current leverage, if programme leverage were to significantly increase, it would likely constrain the ratings of any series rated by Fitch. Rating Sensitivity Fitch believes the most significant variables affecting the rating of the transaction are the credit quality of the bank, its GCA score and the sovereign rating. While coverage levels are also a key input, the current reported monthly maximum debt service coverage ratio (DSCR) is approximately 111x and therefore the current rating could withstand a significant decline in cash flows (Fitch’s calculation of the DFS Funding Corp. April 2011 2 Structured Finance DSCR only gives credit to non‐Turkish flows through DDBs, so the agency used lower coverage levels in its analysis). Fitch also believes the current rating can withstand some level of downgrade at the bank and sovereign level; however, the reasons for the downgrades would need to be considered when analysing the impact on the rating of the transaction. Model, Criteria Application, and Data Adequacy In rating this transaction, Fitch reviewed remittance data from the DFS programme dating back to July 2004. The data were provided in a manner requested by Fitch and, upon review, found to be adequate for the purposes of its analysis. Data were broken down by remittance volume, number of transactions, beneficiary information, and currency, as well as country of origination. Fitch used a cash flow model provided by the arranger in its analytical process to simulate stresses to the transaction and determine the sufficiency of available enhancement under various simulations. The agency customised the cash flow model with its own rating stresses to test the structure of the transaction under different scenarios. Fitch’s base‐case coverage levels, modelling assumptions, and stress tests are consistent with the published future‐flow rating criteria available on its website. Transaction and Legal Structure Figure 1 Denizbank DPR Securitisation True Sale of Note Issuance & Payment Rights Proceeds of Issuance Issuer Denizbank DFS Funding Corp. Noteholders Proceeds of Note Issuance Collateral Account (Held With Indenture Amounts in Excess of Trustee) Required Amount to Quarterly Service Debt on Quarterly Required Amount Payment Dates Daily Transfers of Payment Rights Collections Designated Depository Bank (Concentration
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