Pitagora S.p.A. obtained the rating on the Senior Securities of the Annette Operation, a third securitization resulting from a consumer credit portfolio, assisted by the deduction of a fifth of salary/pension, for a nominal value of 525 million euros, formed in December 2015 with the parent company Banca CR Asti S.p.A. underwriter of 95% of the Securities. The remaining 5% is held by Pitagora for the mandatory retention rule.
Specifically, the Senior Securities of the Transaction, for a total of 441 million euros, after receiving the rating from Moody’s and DBRS respectively of Aa2 (sf) and A (sf), were listed on the Luxembourg Stock Exchange.
The structure of the transaction, with a 36-month “ramp up” period, expected for the sale of the portfolio to the SPV Annette s.r.l. and the issue of two classes of securities, “asset-backed” and “partly paid”, subscribed by Pitagora itself and Banca CR Asti.
Pitagora, “originator” and “servicer” of the credits, acts as a specialized broker in the sector of loans assisted by the transfer of the fifth of the salary and/or pension.
Pitagora, which became part of the Group CR Asti S.p.A in 2015, is now positioned at the high end of the industry.
“With this operation, Pitagora strengthened its role in the international financial market, confirming the importance of securitization operations in the core business”, says Massimo Sanson the CEO of Pitagora.