Fitch Places Casaforte S. r.l.'s Notes on Watch Evolving
EUR1,087.7m class A: 'B-sf' placed on RWE
EUR152.7m class B: 'B-sf' placed RWE
The transaction is a securitisation of rental income derived from the leasing of 683 bank branches and offices in Italy. These real estate assets are let to Banca Monte dei Paschi di Siena (MPS; B-/RWE) and its subsidiaries until July 2033.
KEY RATING DRIVERS
The assignment of RWE on the notes follows a similar rating action on MPS on 20 April 2016, as the notes are credit-linked to the sole tenant MPS (see "Fitch Places Banca Monte dei Paschi di Siena on Rating Watch Evolving" on www. fitchratings. com, dated 04 August 2016).
RATING SENSITIVITIES
Resolution of the rating watch on MPS will result in a corresponding rating action on Casaforte's rated notes.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.
Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.
SOURCES OF INFORMATION
The information below was used in the analysis.
-Transaction reporting provided by BNP Paribas/MPS as at July 2016
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