Tue Oct 29, 2013 6:13am EDT
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Oct 29 (Reuters) - (The following statement was released by the rating agency)
This announcement corrects the version published on 18 October 2013, which incorrectly stated the total issued amount of the FADE programme.
Fitch Ratings has assigned Fondo de Titulizacion del Deficit del Sistema Electrico FTA's (FADE) Series tap issuance final 'BBB' ratings with Negative Outlook as follows:
EUR400m Series 4 Tap 6 (ISIN ES0378641031): 'BBB'; Negative Outlook
EUR250m Series 16 Tap 2 (ISIN ES0378641155): 'BBB'; Negative Outlook
EUR300m Series 17 Tap 1 (ISIN ES0378641163): 'BBB'; Negative Outlook
FADE bonds are backed by the Spanish electricity tariff deficits (TDs) it purchases, which are repaid by the electricity system as an annuity over 15 years in monthly instalments. TDs are reflected within the access tolls collected by the Comision Nacional de los Mercados y la Competencia (CNMC), the Spanish energy regulator (formerly CNE, Comision Nacional de Energia) who in turn pays into FADE's bank account held at Instituto de Credito Oficial (ICO, BBB/Negative/F2).
KEY RATING DRIVERS
All FADE bonds' ratings are credit-linked to the Kingdom of Spain's Long-term Issuer Default Rating (IDR) because of the guarantee provided by the Spanish government (BBB/Negative).
We consider FADE bonds to be exposed to excessive counterparty risk, as FADE's monies are accumulated at the issuer's bank account until the bullet maturity date of each bond. Moreover, the FADE programme is exposed to refinancing risk as the proceeds of some its issuance have been allocated to refinance other outstanding series. However, if there are refinancing difficulties or if ICO defaults the Spanish government guarantee would meet the payments due on the bonds.
All FADE series are exposed to the administrative capabilities of Titulizacion de Activos SGFT SA (TdA, the management company) as issuer trustee. TdA is responsible for formalising draw-downs under the guarantee if necessary. Any operational delay in making such drawings could cause a delay in payments to FADE bonds. Fitch is comfortable with this operational risk based on the broad experience of TdA. The government body Comision Interministerial created to oversee the whole process has the power to replace the management company if it fails to perform its duties. The transaction documents detail the procedures and the roles of both the management company and the Spanish treasury.
RATING SENSITIVITIES
Any change to the sovereign IDR is likely to lead to a change in the bonds' ratings. Changes to the terms of the full and unconditional guarantee from the Spanish government could also impact the bonds' ratings.
The Series 4 Tap 6, Series 16 Tap 2 and Series 17 Tap 1 issuance have no rating impact on the outstanding series 1, 2, 3, 4, 10, 13, 14, 16, 17 and 18 FADE bonds rated by Fitch as the terms of the guarantee remain unaltered.
The FADE programme can issue bonds up to the current programme limit of EUR26bn, subject to certain conditions in the programme documents. Each series can have different terms, such as different maturity dates and interest rates. However, it is a condition under the programme documentation that all the bonds issued are fully guaranteed by the Spanish government.
While the total issued amount of FADE bonds since its creation is EUR23.72bn, the outstanding amount of FADE bonds is EUR21.65bn, including the Series 4 Tap 6, Series 16 Tap 2 and Series 17 Tap 1 issuance, which took place on 18 October 2013.
Series 4, 16 and 17 maturity dates are September 2018, March 2018 and September 2016 and pay an annual fixed interest rate of 5.6%, 3.875% and 2.875%, respectively.
The agency understands that the Series 4 Tap 6, Series 16 Tap 2 and Series 17 Tap 1 issuance proceeds have been used for the acquisition of new TDs.
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