Scope Ratings has reviewed the performance of Caixabank Consumo 3, FT. No rating action is warranted. The portfolio remains in line with Scope’s expectations based on the latest transaction report dated 31 March 2018. Defaults are low at 0.1% and the level of ‘90+ days past due’ delinquencies are at 1.6% of the initial portfolio balance. The reserve fund remains fully funded and will start amortising in September 2019 to 4% of the outstanding notes balance.

The ratings reflect the structure of the transaction; the counterparty exposure to Caixabank, the account bank and paying agent; and Scope’s stable view on long-term macroeconomic conditions in Spain.

The transaction is a static securitisation of amortising consumer loans originated in the ordinary course of business by CaixaBank. The capital structure comprises two classes of sequentially amortising notes as well as the reserve fund. CaixaBank performs all key counterparty roles, including servicer for the portfolio and issuer account bank. The transaction closed on 26 July 2017 and has a legal maturity date of 20 March 2053.

Scope continuously monitors all rated notes from Caixabank Consumo 3, FT.

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