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      FRIDAY, 01/09/2017 - Scope Ratings AG
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      Scope publishes rating report for Caixabank Consumo 3, FT – Spanish consumer ABS

      Scope Ratings publishes the rating report for CaixaBank Consumo 3, FT., a static securitization of consumer loans originated by CaixaBank

      Scope Ratings publishes the rating report for CaixaBank Consumo 3, FT., a static securitisation of amortising consumer loans originated and serviced by CaixaBank. The report contains Scope´s credit analysis regarding the rating assigned to the Serie A and Serie B notes, as well as important regulatory disclosures.

      Click here to access the full rating report

      The transaction is a EUR 2,450m static securitisation of amortising consumer loans originated and serviced by CaixaBank. This is the bank’s third post-crisis securitisation of consumer loans and the third CaixaBank securitisation publicly rated by Scope. The securitisation portfolio comprises mainly unsecured, general-purpose consumer loans (81.4%), as well as consumer loans backed by first- or second-lien mortgages (18.6%).
      The capital structure consists of two classes of strictly sequential subordinated notes –Serie A and Serie B – and a subordinated loan, provided by CaixaBank at closing, which supplies cash for a reserve fund. The notes will pay a quarterly variable rate.
       

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