The GCR Rating Agency confirmed the long-term AAA (WU) (SF) rating of the senior bonds issued by the NSIA BANQUE 7% 2020-2025 Common Debt Securitization Fund (FCTC) with a stable outlook.

GCR Rating indicated that the main rating factors are very high granularity of the securitized portfolio and its excellent resilience to stress and over-stress tests. This is the very robust degree of credit enhancement through an oversizing of the portfolio by 35% at the date of issue. A reserve portfolio of 25% of the capital outstanding; the good quality of the assets underlying the securitization operation; the predictability of the cash flows extracted from the underlying portfolio. Similarly, there is the amortizability of the bonds and the underlying debt portfolio, which anesthetizes the risk of residual value; the existence of a reserve account, which is expected to grow as excess spreads accumulate within the structure, is a positive rating factor; the sound operational management of the securitization structure and the good quality of legal documentation are neutral scoring factors.

The credit quality of NSIA Banque Côte d'Ivoire, measured by a Credit Estimate, and its resulting probability of survival at 5 years do not constitute a constraint for the rating are also part of the rating factors.