Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to six tranches of notes (the "Notes") issued by Gedesco Trade Receivables 2020-1 Designated Activity Company ("Gedesco 2020-1").
Gedesco Services Spain S.A.U. ("Gedesco", the "Servicer" or the "Company") is a specialised non-bank financial institution that offers factoring and promissory note lending services. Established in 2001, Gedesco now offers products through several different subsidiaries and related companies, Toro Finance S.L.U., Gedesco Factoring S.L.U. and Pagaralia S.L.U. (together referred as the "Sellers" and individually as a "Seller"). Each Seller adheres to its own underwriting policies, products, and target market strategies. As of 31 July 2019, the preliminary portfolio has an outstanding balance of €357.7 million, which consisted of 9,302 contracts and 1,634 unique debtors.
The Notes will be secured by a revolving pool of receivables consisting of (i) direct lending, (ii) promissory notes, and (iii) factoring receivables. The transaction features a revolving period (the "Revolving Period"), which will end on the earlier of (i) the payment date occurring in the month that is 36 months after the initial closing date, and (ii) the date on which an Amortisation Trigger Event occurs. During the Revolving Period, the transaction will only pay interest and use proceeds from the repayment of receivables to purchase additional eligible collateral so long as all conditions set forth in the transaction documents are met. Following the end of the Revolving Period, all remaining funds after payment of servicer advances, fees and interest will pay down the rated Notes sequentially.
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Disclosures
Further disclosures relating to this rating action are available in the EU Information Disclosure Form. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com
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Related Publications: (available at www.kbra.com
- Gedesco 2020-1 Pre-Sale Report
- Global General Rating Methodology for Asset-Backed Securities
- Global Structured Finance Counterparty Methodology
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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