long-term credit rating upgraded
S&P Global Ratings raises its </br> long-term credit rating on PSA Banque France to BBB+.
PSA Banque France announces the placement of ABS Notes backed by auto lease receivables with purchase option originated by its subsidiary CREDIPAR.
On October 31, 2018, the Fonds Commun de Titrisation Auto ABS French Leases 2018 fully placed Senior Notes for €450m and Mezzanine Notes for €60m, respectively rated Aaa(sf)/AAA(sf) and A1(sf)/A(high)(sf) by Moody’s and DBRS.
The Notes will amortize on sequential basis after a 6-month revolving period and will bear interest on a floating rate basis. The Senior Notes have an expected weighted average life of 1.83 years and the Mezzanine Notes of 3.10 years.
This is the first public ABS transaction of CREDIPAR since the cooperation in France between Banque PSA Finance and Santander Consumer Finance settled in February 2015. It further contributes to PSA Banque France Group’s strategy of funding sources diversification.