The rankings are based totally on the credit score high quality of the portfolio, the structural options of the transaction and its authorized integrity.
In accordance with Moody’s, the transaction advantages from varied credit score strengths comparable to a granular portfolio and an amortising liquidity reserve sized at 0.28% of the full Notes stability. Nonetheless, Moody’s notes that the transaction options some credit score weaknesses comparable to no back-up servicer appointed at closing and no score set off for appointing a back-up servicer. Nonetheless, the administration firm (France Titrisation SAS) will facilitate the seek for a substitute servicer if wanted. Numerous mitigants have been included within the transaction construction such because the estimation language in place whereby France Titrisation SAS will estimate the money flows primarily based on the newest servicer report in case no up to date servicer report is accessible.
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